ENT241 Midterm Ball State University

Which of the following is true about corporate entrepreneurship

A company must be willing to invest money without a guarantee of a return in the short term.

Focus groups use which of the following methods?

A moderator leads the group in an open, in-depth discussion.

Creative synthesis is an important aspect of the _______ method of creative problem solving

parameter analysis

In this method, instead of generating new ideas themselves, consumers are provided with a list of problems in a general product category.

problem inventory analysis

In which stage of the product planning and development process would it be appropriate to give product samples to a panel of potential customers?

product development stage

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

product life cycle

Which of the following is a practical implication of using the dual process of learning from failure?

recovery from loss offers an opportunity to increase one's knowledge of entrepreneurship.

are designed to stimulate thought about entrepreneurs' understanding and feelings as they progress through the entrepreneurial process.

reflection tasks

The first step in establishing corporate entrepreneurship in an organization is

securing commitment from top management

Which among the following aspects most affects an entrepreneur's perception of feasibility?

self-efficacy

__________ includes a redefinition of the business concept, reorganization, and the introduction of system-wide changes to increase innovation.

self-renewal

Which of the following was not discussed in the text as a breakthrough innovation?

spanx

the casual process of thinking

starts with a desired outcome and focuses on the possible means to generate that outcome

In the idea stage of the product planning and development process

systematic market evaluation is used

Entrepreneurial culture and growth orientation consists of all of the following except

the desire to grow at a slow and controlled pace

The largest source of new product ideas is

the entrepreneur's research and development.

Density, in regards to a social network, refers to

the extensiveness of ties between two individuals.

In addition to generating new ideas, __________ is an excellent method for initially screening ideas and concepts.

the focus group

All these are characteristics of an entrepreneurial environment except

there are short term horizons

Which group in a professional network helps keep a new venture competitive?

trade associations

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

Entrepreneurs rent or sporadically use resources; managers like to own resources

A reflection task would involve thinking about what strategies should be used to solve a problem.

False

An entrepreneur is rarely able to start a new business without some form of formal education

False

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

False

Role models are individuals who give psychological support to the entrepreneur especially during the start-up phase.

False

Strategic orientation refers to the transformation of an organization through the rejuvenation of the key ideas on which it is built

False

Strategic tasks stimulate the entrepreneur to compare the current situation with previous similar situations

False

The casual process of thinking starts with what one has and selects among possible outcomes

False

The entrepreneurial challenge often lies in making creative mental leaps based on superficial similarities

False

Which of the following statements is NOT true of the restoration orientation approach to negative emotions?

The restoration orientation approach requires oscillating between two alternate approaches to loss

Asking: How is this problem similar to problems I've already solved?" is an example of a connection task

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

True

Entrepreneurial Thinking is partly a Mental Process of Recognizing a signal and then deciding if the signal represents an opportunity for someone

True

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

True

Entrepreneurial thinking partly is about reducing doubt as to whether an opportunity for someone is also an opportunity for them specifically, and/or processing feedback from action steps taken.

True

Entrepreneurs' intentions are based on their perception of feasibility rather than someone else's impression of whether it is feasible

True

For entrepreneurial actions that preserve nature to be considered sustainable entrepreneurship, they must also develop gains for the entrepreneur, others, and/or society

True

In a social network there are 2 major properties: density and centrality

True

Augmented reality is an example of the _______ trend.

wearable

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

True

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

True

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

True

Role models can include family members as well as industry professionals

True

Self-renewal includes the redefinition of the business concept, reorganization, and the introduction of system-wide changes to increase innovation. T/F?

True

The effectuation process starts with what one has and selects among possible outcomes

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

True

An entrepreneur hired others to handle front end activities, while the entrepreneur handled all back end activities. This is an example of

a hybrid approach

The moral support network is different from the professional support network in that

a professional support network includes finding a mentor

An entrepreneur considering if what they are doing makes sense is an example of

a reflection task

Creativity declines with

age, education, lack of use, and bureaucracy.

A young manager recognizes inflexibility in both staffing and production, slowing growth and loss of competitive advantage. This manger should encourage upper management to begin developing ________ within the company.

an entrepreneurial orientation

In the _______ method a new idea is developed through a list of related issues or suggestions.

checklist

On the education background, entrepreneurs:

cite an educational need in the areas of finance, strategic planning, marketing, and management.

Which of the following creative methods involves having participants write down their ideas several times a day?

collective notebook method

________ Is not desirable when brainstorming is in process

criticism

Which of the following is defined as having some disruptive influence on established consumption patterns

dynamically continuous innovations

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

encourages colleagues to follow hierarchy

all of the following statements are true of sustainable entrepreneurship EXCEPT

entrepreneurs with a positive attitude toward the natural environment never disengage these values to exploit an opportunity.

with regard to thinking structurally, superficial similarities

exist when the basic (relatively easy to observe) elements of the technology resemble the basic elements of the market.

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

five

In the _________ method, a word is written down, then another, creating a chain of ideas.

free association

Patents filed with the U.S. Patent Office:

frequently suggest other new products

A sufficient time for top management to be committed to corporate entrepreneurship is:

at least three years

This problem-solving method requires the entrepreneur to list the properties of an item or problem and then look at each from a variety of viewpoints.

attribute listing

when establishing corporate entrepreneurship in an organization rewards should

be tied to the performance of the entrepreneurial unit created from the idea

This problem-solving method involves developing new ideas by thinking without constraints.

big-dream approach

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

brainstorming

Structural Similarities exist when the underlying mechanisms of the technology resemble, or match, the underlying mechanisms of the market

True

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

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.

While there are many components in a professional-support network, _______ are particularly good with insight on both trends and competitors.

suppliers

the stage in the product planning and development process in which actual sales results are available is the

test marketing stage

Having an entrepreneurial orientation toward the control of resources means

that one focuses on accessing others' resources

Reverse brainstorming is much like brainstorming except that

the process usually involves identification of everything wrong with an idea.

Sustainable entrepreneurship provides only environmental gains for others

False

Traditionally managed firms commitment to opportunity is revolutionary with a long duration

False

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

bricolage

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

feasible

The opportunity recognition process contains all of the following except

reformation

Brainstorming groups should

try to generate as many ideas as possible

Which of the following is true?

Independent, venture-capital based start-ups by entrepreneurs tend to outperform corporate start-ups significantly.

which of the following answer options is not an example of a front end activity?

IT infrastructure

Which of the following statements is true?

Potential entrepreneurs should establish a formal method for monitoring and evaluating competitive products and services on the market.

_________ includes initiative and risk taking, as well as competitive aggressiveness and boldness.

Proactiveness

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

comprehension questions

In what stage would it be most beneficial to use conversational interviews?

concept stage

Parameter analysis consists of two main aspects that are

creative synthesis and parameter identification

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

Breakthrough innovation

The Occupational Safety and Health Act (OSHA) mandated that first-aid kits be available in business establishments employing rnore than three people. A newly formed company was successful in developing first-aid kits that allowed companies to comply with the standards of the act. This is an example of

government regulations as a source for new product ideas

Continuous innovations are described as

having the least disruptive influence on established consumption patterns

In what stage would you use the systematic market evaluation checklist

idea stage

New product development falls under which of the four major components of corporate entrepreneurship?

innovativeness

Which of the following is not one of the reasons cited for the failure of new ventures started within a corporation?

lack of resources

Which of the following statements is not true of the loss orientation approach to negative emotions?

loss orientation is based on both avoidance and proactiveness

Packlane, a custom packaging company, allows organizations to design their own shipping boxes with custom branding. This is an example of the _______ trend

maker