ENT 240

The moral and pragmatic defense of capitalism involves not simply an affirmation of the virtues of capitalism, but also a critique of the state.

true

What trends are ahead in the coming years for retail clothing stores?

use of technology/more modern

Successful Entrepreneurs

want to disprove a concept before it is too late

Define Differentiation

offering customers something they value

Capitalism is defined by three principle conditions which include:

production is organized for the market

what is an ibis report?

provides industry and procurement research reports online. Its industry research reports provide strategic insights and analysis on various industries. The company offers industry risk rating, global industry research, and business environment reports.

This kind of borrowing or investing may stress your relationships.

Borrowing from friends

For most entrepreneurs it is best to _________ large equipment when starting a business.

Rent

A way to detail how an entrepreneur organizes resources and creates value.

Concept Model

To determine why a venture failed you would look at which of the following:

The experience of the entrepreneur and the opportunity

Define Creativity

the use of the imagination or original ideas, especially in the production of an artistic work.

In the planning and financing stage we want to know how venture efforts will result in a particular "bottom line" value.

true

It is a good strategy to name your business with a name that reflects what you do

true

It is dangerous to assume that customers will agree with our perception of our product or service.

true

Naming your company the wrong name can prevent you from changing and growing your venture.

true

Repeatedly successful entrepreneur agree that the foundation of a successful idea is to start with, "who is your customer?"

true

To compensate for the lack of experience a new entrepreneur should:

. All of the choices should be included

This stage requires an entrepreneur to identify and then create appropriate structures, systems, and even cultures, which enable a competitive (or sustainable) product or services to come into existence.

. Set up

If we look back to 2002 research, a prediction was made that less than _________ percent of jobs were lost to outsourcing

1.3%

It took Thomas Edison ____________ tries before making a successful prototype for the light bulb.

1000

In this decade the US economy started to slow down and small businesses were more likely to create more jobs.

1970's

_________ of entrepreneurial activity is reported to be initiated by men

2/3

How many of the suppliers to Walmart are based in China?

80%

As firms develop in an international context, their pursuits take form in various ways including:

All of the s are correct

Theorized that entrepreneurs are agents who bring together resources and capital to create opportunity

Baptist Say

Economically speaking, in order to encourage competition countries must eliminate barriers by:

Supporting free trade and with the use of patents.

Coined the term Entrepreneurship

Cantillion

Included in the inventions that have democratized entrepreneurship is the:

Cell phone

This country has become like a super market for those interested in manufacturing.

China

The five forces can help

Determine if 2 products are similar and in the some industry

When assessing opportunity for doability you should consider which of the following s except:

Do I want to do it and have others done it?

Which of the following is an example of a reluctant entrepreneur?

Doctor

what are the types of Entrepreneurs?

Nascent- an individual who has not completed steps to become entrepreneur but has started the process of venture creation habitual- experienced entrepreneur who engage in related entrepreneur behavior *serial- owns one business after another *Portfolio- owns multiple at one time Social- sustain communities

what are the Theorist who defined entrepreneurship

Economic, Resource-Based, Psychological, Sociological/Anthropological, Opportunity-Based

A venture's opportunity to create value and to differentiate from the rest of the market happens

Everywhere they come in contact with the customer

Discussing Entrepreneurial types does not help us to better understand the reasons that individuals become entrepreneurs.

False

It is always a good choice to name your business after your last name.

False

On the continent of African you will find the fastest growing emerging economies.

False

Schumpeter was the first philosopher who paid attention to the concept of entrepreneurship.

False

Understanding the risk involved in a venture is a secondary function of an entrepreneur.

False

Very few fields of study recognize entrepreneurship as the solution to critical problems, this is why majoring in entrepreneurship will give you an advantage in the marketplace.

False

The term "Entrepreneur" has origins in:

France

According to your online lecture which of the following is the reason American culture is so conducive to entrepreneurial experiences?

In the US we find it important to examine and sometimes eliminate barriers to trade.

Who are the Phoenicians?

The Phoenicians were among the greatest traders of their time and owed much of their prosperity to trade. At first, they traded mainly with the Greeks, trading wood, slaves, glass and powdered Tyrian purple. Tyrian purple was a violet-purple dye used by the Greek elite to color garments.

The three main values of the creative class include:

Individuality

There is an __________ relationship between entrepreneurship and gross domestic product according to the GEM Study.

Inverse

Theorized that entrepreneurs take risk and encounter uncertainty.

Knight

For these types of entrepreneurs, owning your own business is the way to meet your fullest potential.

Macro-entrepreneur

Which type of entrepreneur sees the opportunity to start a venture as a source of income or to establish family employment.

Micro entrepreneurs

The real cost of capital includes all of the choices below except. This would need more explanation in order to be included.

Normal fixed costs of investment

The ___________________ culture created broadly based trading relationship that enhances the quality of life in much of the Mediterranean region.

Phoenician

Everett Rogers identified five attributes of an innovation that are highly predictive of whether the innovation will be adopted. They include:

Relative advantage

The most useful scale to use at start-up for most entrepreneurs should base the valuation of the venture on:

Risk, the chance the venture will succeed.

According to Fairbrothers the most meaningful driver of valuation at launch is:

Risk, the chance to succeed

Describes the men who owned large industrial firms that became the primary source of employment for many communities in the U.S.

Robber Barons

Created the term "Creative Destruction"

Schumpeter

Defines Entrepreneurs as innovators

Schumpeter

Who wrote, " Perfect competition is not only impossible but inferior".

Schumpeter

In this stage entrepreneurs focus on narrowing down the ideas generated in stage one so that future efforts to plan and finance your venture are directed to the most viable venture.

Screening

In which stage do you create a pool of rich ideas to thread together a venture that appeals to the needs of customers.

Searching

Donald Trump is an example of

Serial Entrepreneur

Who is Andrew Wiles?

Sir Andrew John Wiles KBE FRS (born 11 April 1953) is a British mathematician and a Royal Society Research Professor at the University of Oxford, specialising in number theory. He is best known for proving Fermat's Last Theorem, for which he received the 2016 Abel Prize.

An organization or venture that advances its social mission through entrepreneurial earned income strategies.

Social Entrepreneur

Which of the following are cost that the entrepreneur must pay in order to open for business the first day.

Start Up costs

According to Business Week many companies seek employees with a documented record of:

Success and failure

The total market is

The total revenue generated in any single sector of the economy.

An entrepreneur creates an organization to harvest an opportunity.

True

Entrepreneurs need to lay out all the activities it takes to run a venture before they start

True

Good ideas are ideas that we don't waste.

True

Growth helps a new business secure or maintain its competitive advantage and establish a firm foothold in the market.

True

It is best to consider your end goals for a venture idea in the beginning. Focusing on a clear end goal will help in testing various ideas and actions against a meaningful standard.

True

Trade across the world started the end of isolation for many cultures.

True

Which of the following change when your venture makes a sale?

Variable Costs

To test an initial assumption about a venture idea you should

all of the choices are correct

When you define competition which of the following forces should be considered.

all should be included

The broad pragmatic arguments for capitalism as a way of organizing economic activities include:

capitalism provides the most effective way of coordinating a complex economic system

What are associated industries for the auto repair industry?

car wash/detailing

When the owner of the firm reaches a point where they believe the venture is no longer working for them. In many cases this really is not seen as a failure, but just that the firm ceases to exist. This is called

discontinuance

Econometric studies tend to show a correlation between the levels of

entrepreneurial activities, national wealth, and economic wealth

An entrepreneur is not concerned with what a customer does after they use the product or service; they are just worried about getting the product in the hands of the consumer.

false

Entrepreneurs are more tolerant of risks than managers in larger organizations.

false

Entrepreneurship begins only with implementation.

false

Expert entrepreneurs have had very few failures in their past, which is why they are called experts.

false

It is not good for entrepreneurs to carry around a journal of their ideas because someone may take your journal and steal your business ideas.

false

Most entrepreneurs are born with the skills needed to be successful entrepreneurs.

false

Most entrepreneurs have completed a college education.

false

Past work experiences have no impact on the success of an entrepreneur.

false

Successful entrepreneurs give up when the business becomes difficult.

false

The Entrepreneurial Process includes Personal, public, and social issues but not finance.

false

The crucial ingredients for entrepreneurial success are a superb entrepreneur with a first- rate management team, regardless of the conditions for opportunities in the market.

false

The entrepreneurial process involves all the functions, activities, and actions associated with perceiving opportunities, but does not include the functions, activities, and actions associated with creating organizations to pursuing them.

false

What is the World Trade Organization?

global international organization dealing with rules between nations (\gives security with products)

how do you corrector cite in apa style including parenthetical notations?

ie:(Belafonte, 2008)

what is intellectual property?

includes trade secrets, copyrights, trademarks and patents (helps inventor add value to product or service)

The ability to perceive opportunity where others may not.

insight

Review Podcaste on what it takes to stimulate creativity

journaling, participating in arts or physical activities, brainstorming, reading, working, or puzzles

These entrepreneurs start multiple ventures at the same time.

serial

Startup companies should just

stick to a business strategy

What is technology?

the process that allows us to achieve some type of gain labor+capital+process(technology)= venture