ENT 241 Mid-term

______ included initiative and risk-taking, as well as competitive aggressiveness and boldness.

proactiveness

multiple choice- 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.

The concept that " the whole is greater than the sim of it's parts" is known as

synergy

Which is not a strategy used to elicit information about the other party in a negotiation?

take up a new negotiation at the end of the first

Having an entrepreneurial orientation toward the control of resources means...

that one focuses on accessing others' resources

Entrepreneurial culture and growth orientation consist of all of the following expect....

the desire to grow at a slow and controlled pace.

Which statement about capital requirements in franchising is not true?

the franchisee has to spend resources to establish the credibility of the business

A "me-too' strategy consists of copying products that already exist and attempting to build an advantage through minor variations.

true

A joint venture is a separate entity that involves a partnership between two or more active participants.

true

A new franchise can be expected to be required to undergo considerable training on operation the business.

true

An acquisition is the purchase of a company, or part of a company, in which the acquired company ceases to exist independently.

true

Brainwriting is a form of brainstorming

true

By understanding more about the other party, the entrepreneur has a great opportunity to achieve integration in negotiation.

true

Creativity tends to decrease with age, education, lack of use, and bureaucracy.

true

Cultural differences between international joint venture partners can create management difficulties.

true

Expierence is idiosyncratic-unique to the life of the individual.

true

Growing a venture through franchising allows the venture to expand quickly using little capital.

true

In reverse brainstorming the focus is on all the things that are right about an idea.

true

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

true

Negotiating how the benefits of the relationship will be allocated between the parties is known as the distribution task.

true

New products may be classified from the viewpoint of either the consumer or the firm.

true

One advantage of franchising is that the entrepreneur usually enters into a business that has an accepted name and product.

true

One advantage to an acquisition is that there is an established customer base.

true

T or F A new entry can be either offering a new product to a new market or creating a new organization.

true

T or F An entrepreneurial strategy has three key stages- the generation of a new entry opportunity, the exploitation of a new entry opportunity, and a feedback look back to the first stage.

true

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

true

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

true

T or F Corporate entrepreneurship is most strongly reflected in entrepreneurial activities as well as in top management orientations in organizations.

true

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

true

T or F Entrepreneurial opportunities are those situations in which new goods, services, raw materials, and organizing methods can be sold for a financial or non-financial gain of the entrepreneur an/ or stakeholders.

true

T or F Entrepreneurially managed firm structure is usually flat with multiple informal networks.

true

T or F Entrepreneurs focus on minimizing the resources needed whereas traditional firms focus on accumulating resources.

true

T or F Knowledge is the basis of the entrepreneurial resource.

true

T or F One study found that new ventures started within a corporation preformed better than those started independently by entrepreneurs.

true

T or F Perceived desirability refers to the degree to which an individual has a favorable or unfavorable evaluation of the potential entrepreneurial outcomes.

true

T or F When developing an entrepreneurial culture, an organization needs to develop ways to become closer to its customers.

true

T or F Dissatisfaction with various aspects of one's job often motivates the launching of a new venture.

true

T or F In creating a culture for corporate entrepreneurship leadership is important.

true

T or F Traditionally managed firms typically punish failure.

true

Terminating a franchise result in more lawsuits than any other issue in franchising.

true

The bargaining zone is the rance of outcomes between the entrepreneur's reservation price and the reservation price of the other party.

true

the entrepreneur's ability to recognize a business opportunity is a result of his or her knowledge and experience.

true

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

window of opportunity

Focus groups use which of the following methods?

a moderator leads the group in an open, in-depth discussion

Creativity declines with....

age, education, lack of use, and bureaucracy

The most common type of joint venture is :

between two or more private sector companies

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

brainstorming

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

bricolage

Questions designed to increase an entrepreneur's understanding of the nature of the environment are known as...

comprehension questions

______ is not a desirable when brainstorming is in process.

criticism

First movers face...

demand uncertainty

Which of the following is not a leadership characteristic of a corporate entrepreneur according to the text?

encourages colleagues to follow a hierarchy.

With regard to the difference between the entrepreneurial and administrative to focuses which of the following is correct?

entrepreneurs rent or sporadically use resources; managers like to own resources.

Brainstorming is an unstructured process for the generation of possible ideas about a problem within a limited time frame through the spontaneous contributions of participants.

false

Customers always embrace change in products and services.

false

International joint ventures are decreasing joint venture partners can create management difficulties.

false

T or F Entrepreneurial action can be defined as times when entrepreneurs make do with resources at hand, applying those resources to new problems or opportunities.

false

T or F Entrepreneurially run firms are driven by controlled resources whereas traditionally managed firms are driven by perception of opportunity.

false

T or F To truly understand the impact of a resource, you need to consider the resource itself rather than the firm's bundle or resource's.

false

The big-dream approach is a branch of brainstorming where the group is asked to dream big with no constraints.

false

The collective notebook method involves members recording their ideas at least once a day for about a week.

false

The entrepreneur should always design and build his own webpage to maintain strategic control.

false

environmental changes are highly unlikely in emerging industries.

false

when an entrepreneur bootstraps the purchase of a company, non of the price of the acquisition is cash.

false

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

feasible

A ________ occurs when an entrepreneur or an employee group uses borrowed funds to purchase an existing venture for cash.

franchise agreement

patents filed with the US patent office

frequently suggest other new products

A _____ strategy that copies products that already exist and attempts to build an advantage through minor variations

me-too

Acquisitions are so similar to _____ that at limes the two terms are used interchangeably.

mergers

Entrepreneurial activities that create 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 best defines.

new business venturing

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

market