ENTR FINAL

The window of opportunity is part of:

assessing the attractiveness of a new entry opportunity.

Entrepreneurial Opportunities are defined as:

situations in which new goods, services, raw materials and organizing methods can be sold at greater than their production cost.

Risk reduction strategies

Which of the following is not one of the three key stages of an entrepreneurial strategy?

True

Internal corporate venturing consists of creating something new of value either by redefining the company's current products or services, developing new markets, or forming more formally autonomous or semiautonomous units or firms.

ASSESSMENT OF A NEW ENTRY'S ATTRACTIVENESS

The _______ is less about whether an opportunity really exists and more about whether the entrepreneur believes they can make it work

product life cycle

The ________ is defined as the stages each product goes through from introduction to decline

Customer Switching costs

The costs that must be borne by customers if they are to stop purchasing from the current supplier and begin purchasing from another is:

window of opportunity

The period of time when the environment is favorable for entrepreneurs to exploit a particular new entry is the:

entrepreneurial strategy

The set of decisions, actions, and reactions that first generate, and then exploit over time, a new entry is:

True

Traditionally managed firms typically punish failure

Breakthrough Innovation

What type of innovation is illustrated by the ideas of the airplane?

bricolage

When entrepreneurs make do by applying combinations of the resources at hand to new problems and opportunities, this is known as

Continuous innovations are described as:

having the least disrupting influence on established consumption patterns.

Market

knowledge refers to the entrepreneur's possession of information, technology, know-how, and skills that provide insight into the industry and customers.

Lead Time is

the time in which the first mover operates in the market under conditions of limited competition

True

Entrepreneurially managed firm structure is usually flat with multiple informal networks

False

Entrepreneurially run firms are driven by controlled resources whereas traditionally managed firms are driven by perception of opportunity

True

Entrepreneurs focus on how to minimize resources needed whereas traditional firms focus on accumulating resources.

False

Entrepreneurs have stronger intentions to act when taking action is perceived to be impossible and risky.

Environmental instability

A disadvantage of being a first mover is:

True

An organization that wants to become more entrepreneurial must learn to be more productive with fewer resources

Brainstorming groups should:

try to generate as many ideas as possible.

True

Most entrepreneurs indicate that their most significant venture was not their first one

True

Bricolage is entrepreneurs making do by applying combinations of the resources at hand to new problems and opportunities.

True

Comprehension questions are designed to stimulate entrepreneurs to think about their own understanding of the nature of the environment.

True

Corporate entrepreneurship is most strongly reflected in entrepreneurial activities as well as in top management orientations in organizations

True

Developing a spirit of entrepreneurship within the existing organization, called corporate entrepreneurship, can lower resistance to flexibility, growth, and diversification.

True

Dissatisfaction with various aspects of one's job often motivates the launching of a new venture.

Five

How many stages are in the product planning and development process?

True

In corporate entrepreneurship, trial and error are encouraged

False

In encouraging a culture for corporate entrepreneurship, using older, proven, technology is recommended in order to increase stability in the organization

feasible

Individuals have stronger intentions to act when taking action is perceived to be ________ and desirable.

True

Previous start-up experience is a good predictor of starting subsequent businesses

Brainstorming

Probably the most well-known and widely used technique for creative problem solving is:

Comprehension Questions

Questions designed to increase an entrepreneurs' understanding of the nature of the environment are known as

First Movers

are better positioned to satisfy customers

Patents

are used to protect the owner of the technology from people imitating the technology

Technological knowledge

can lead to a new product that is the basis for a new entry

A new entry includes all of the following except:

creating a new brand name for your company

An error of omission occurs when an entrepreneur:

decides not to enter a market that is, in fact, desirable.