Entrepreneurship Quiz 2

Most innovations result from:

A conscious & purposeful search for new opportunities

A code of ethics is:

A written statement of ethical practices or guidelines to which an entity adheres.

A bank in a small US town close to the border of Canada read a census report that the number of people who speak French as their first language has gone up 30% in the past 10-years. The bank decides to begin advertising their services in French in an attempt to gain some of the French speaking people in the town as patrons.

Demographic ChangesUnexpected Occurrences

The combination of existing concepts & factors into a new formulation would define which of the following terms?

Synthesis

Which of the following ethical rationalizations are used to justify questionable conduct.

The act is in the individual's or the firm's best interest. b. The act is not "really" illegal or immoral.The act will never be found out.

The entrepreneur becomes creative by:

Turns problems into opportunities, Seeking out unique opportunities to fill needs and wants, Recognizes that problems are to solutions what demand is to supply

Which of the following is not a type of innovation?

Which of the following is not a type of innovation?

Creativity to the Entrepreneur is:

the generation of ideas that results in the improved efficiency or effectiveness of a system

Which of the following questions concerning innovation is not relevant?

"When should the product go to market?"

Which of the following is not a source of innovative ideas for entrepreneurs?

Are there no other alternatives to a problem?

Successful entrepreneurs are able to identify & implement ideas that:

Are workable & that they have the skills to implement

Code of ethics issues that impact society may include:

Environmental issues, political issues, & social responsibility

Which statement is true about fads?

Fun, but no lasting impact on society

TCPalm, a subsidiary of the USA Today Network, reporter Melissa E. Holsman wrote in her December 18, 2019 article "Former Indiantown Nonprofit Housing director Donna Carman blames money thefts on gambling" that Donna Carman, the former executive director of Indiantown Nonprofit Housing pleaded guilty to "siphoning" up to $50,000 from the not-for-profit corporation. During the trial, her attorney, Michael B. Cohen, argued that his client's illegal actions to a gambling addiction. Her criminal conduct, he wrote, "represented aberrant behavior." Which of the below best describes Donna Carman's actions:

Her gambling addiction created pressure that led to her perceiving that stealing the money was the right thing to do.

Code of ethics issues that impact employees may include:

Honesty, health & safety, harassment, discrimination, & drug screenings

The phase of the creative process when the idea or solution the individual is seeking is discovered is referred to as:

Idea experience

As the population of cars grew there was a shortage of parking area. The Smart car, a small car capable of fitting in to tiny spaces was created so that more cars could be fit in to the existing spaces. The Smart car really didn't catch on as a solution to the problem. This is an example of what form of innovation?

Incongruities

Information has always been plentiful and the need to access sufficient amounts of it led to established libraries, such as the famed Library of Alexandria and more recently the New York Public Library. The creation of the World Wide Web gave rise to a search engines like Google. The creation of search engines is and example of what?

Industry & Market Changes

Which of the following statements is true about innovation?

Innovation blends imaginative and creative thinking with a systematic, logical process in order to recognize and create opportunity where others find only problems

What are the four types of innovation?

Invention, extension, synthesis, duplication

Why do we need ethics?

It is our means of deciding a course of action.

The incubation process involves which of the following?

Letting the subconscious work

On March 22, 2019 New York Daily News reporters Elizabeth Keogh, Thomas Tracy, and Stephen Rex Brown published the story "Charity volunteer for slain NYPD officers embezzled $410,000 and spent it on dentistry, landscaping, Barbra Streisand tickets: prosecutors". In the story, the journalist trio report on Lorraine Shanley, who served as volunteer treasurer for the Survivors of the Shield from 2010 to 2017. The article details how during her tenure, she spent $410,000 in donations on personal expenses including her son's legal bills, her grandchild's private school tuition, dentistry, landscaping for her Staten Island home and Barbra Streisand tickets. "Lorraine Shanley allegedly capitalized on tragedy and monetized people's generosity," Manhattan U.S. Attorney Geoffrey Berman said. "As alleged, Shanley stole over 20% of the donations to a charity whose sole mission is to help the families of NYPD officers killed in the line of duty." Which of the below best explain Lorraine Shanley's unethical choices:

Lorraine Shanley perceived an opportunity to help her family and herself out of some financial barriers.

Which of the following is not a method of generating new ideas?

Mindtapping

Paintings from antiquity of show us that famous people of that time carried a few extra pounds on them than what we would today call healthy. Researchers tell us that this is because having some extra fat on a person meant that they were healthy and that rich people could afford to eat. However, today, people who are carrying around noticeable fat are seen as obese and unhealthy. This has led to a flood of diet trends and fads as well as businesses providing meal options geared toward reducing fat intake. This is an example of what?

Perceptual Changes

Which of the following is not one of the four phases of the creative process?

Post-mortem analysis

Which of the following is not an impediment to creativity?

Problem Thinking

When Henry Ford's decided to switch to a moving assembly line instead of building cars 1 at a time. This not only simplified vehicle assembly but shortened the time necessary to produce a single vehicle from 12 hours to 90 minutes. This is an example of what form of innovation?

Process Needs

Code of ethics issues that impact customers may include:

Product quality, product safety, truth in advertising, & aggressive credit collections

On January 27, 2018 Boston Globe ran the following article; "Employee theft 'shockingly common' at nonprofits", in which reporter Todd Wallack reported that a board member of the Somerville Homeless Coalition was reviewing the nonprofit's annual financial documents in 2015 when he spotted something odd. The forms said the chief operating officer, the No. 2 executive, earned $12,000 more than the organization's top executive the previous year. Could that really be correct, he asked? Turns out it wasn't a typo. It was theft. Somerville Homeless soon discovered that the COO — who handled all the finances — allegedly embezzled approximately $108,000 over 18 months. The charity said he brazenly added some of the money directly into his paycheck — where it showed up on the group's annual financial forms — used the organization's credit card for personal expenses, and added his middle-aged son to the group's health insurance. The COO's unethical behavior was caused by which of the following:

Rationalization that they should earn as much or more than the CEO since they handled the money.

Which of the following is not a principle of Innovation?

Start big

The unethical practice of "cooking the books" is an ethical issue affecting

Shareholders and investors

Aging demographics indicates which type of trend?

Societal

What are the four sectors we look to for the seed of a fad or trend?

Societal, technology, economic and governmental

Psy's Gangham Style music video is an example of a societal acceptance and enjoyment best known as a _________

fad

nce seen as a niche product only consumed by vegans and vegetarians, plant-based meats have gained mainstream acceptance among traditionally carnivorous foodies in the coming year. The market is predicted to grow by 28% each year until it reaches a whopping $85 billion by 2030, thanks to an increasing number of consumers with health, environmental, and animal welfare concerns. Impossible Foods and Beyond Meat are leading the charge, producing alt-meats for grocery store shoppers and partnering with chain restaurants like Burger King, KFC, and Subway to bring affordable options to the masses. It is believed that even more restaurants will introduce plant-based meat menu items that go beyond (pun semi-intended) beef-free burgers.

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