Chapter 3 & 4

Illumination

According to Graham Wallas' description of the creative process, ideas begin to flow in which of the following stages?

preparation

According to Graham Wallas' description of the creative process, the _____ stage of a creative thought involves exploring the problem or opportunity in all directions.

imitative strategy.

An overall strategic approach in which the entrepreneur does more or less what others are already doing refers to a(n):

organizational identity

Following the BRIE model in starting a business, an entrepreneur creates a boundary within the environment, setting his firm apart from the rest of the environment. In doing this, the entrepreneur gives the firm an _____.

people-based

Having well-known or well-regarded owners, employees, supporters, or spokespeople primarily increases a firm's _____ legitimacy.

substitute.

In the SCAMPER tool, "S" stands for:

make the process of dealing with the problem as open as possible.

Roller-Tell Inc., a major supplier of components to the automobile industry, has recently confronted a crisis as one of its manufacturing units has been forcefully shut down by the local union. As a result, the company has been unable to meet the customer demands appropriately. As the owner of the business, the most appropriate way for the firm to handle this crisis is to:

goodwill

Social capital is the major component of what accountants call _____, and it can be found on business's balance sheet.

description of the entrepreneurs

The business idea component of the feasibility study includes which of the following aspects?

licensee.

The firm that obtains the rights to use a particular piece of intellectual property is referred to as the:

external relations

The general description for the processes and skills used in the management of a firm's interactions with people, organizations, and institutions outside of its boundary is called _____.

to show potential partners that the idea can generate sales.

The strategy for using the pilot test approach is:

bootstrapping

Thomas has started a new business venture for which he has been using highly economical resources, such as the market research data available in public libraries, low-interest funds borrowed from national banks, and equipments hired on lease. This technique used by Thomas to overcome resource constraints in his start-up firm is best known as _____.

task environment.

Those parts of the external environment that directly and consistently touch on a firm are called the:

Serendipity

When a person happens to be at the right place at the right time resulting in a successful business idea, which of the following would be considered to be the factor that led to the business idea?

LaRue Hosmer's model

Which of the following includes a three-step process that has been adopted to help small businesses make better and more ethical decisions?

What is your product or idea?

Which of the following questions in a typical I2P analysis provides a simple and nontechnical description of the product?

Royalty

_____ is a payment to a licensor based on the number or value of licensed items sold.

experiential supports

Documentation and demonstration offered for products are product-based legitimacy indicators of _____.

availability of equity, credit, and employment in a country.

Economic sector in the general environment is primarily concerned about the: