Hosp314 Test 1

The three dimensions of performance associated with the TBL are people, planet, and profits

True

There are many risks in entrepreneurship

True

Today's managers must foster excitement for innovation and remove obstacles for employees to engage in corporate entrepreneurship

True

Trust from the company is one key element to successful corporate entrepreneurship

True

Which of the following is not a type of innovation

adaptation

Appositional relationships often lead to visions that result in which of the following

new ideas, products, and services

Secretly working on new ideas on company time as well as on personal time is referred to as

bootlegging

Areas of risk to the entrepreneur include

career, family, psychic.

Gazelles have been responsible for which of the following

55 percent of innovations

As of 2015, the largest U.S. trading partners included

Canada, China, and Mexico

Which of the following is considered a myth of innovation

Creativity relies on blue sky ideas

"Ethos" means morality

False

Another common name for an I-Team is an intrapreneurial team

False

Characteristics of entrepreneurs can neither be taught nor learned

False

Creativity cannot be developed or improved

False

Ecopreneurship is a combination of ecologically and economically sustainable development

False

Entrepreneurs always start their business at a young age

False

Entrepreneurs are born not made

False

Entrepreneurs are doers not thinkers

False

Ethics represents a set of principles prescribing a behavioral code that does not include moral duty and obligations

False

Innovation is planned and predictable

False

Most entrepreneurs are objective when they evaluate their new idea

False

Most entrepreneurs hire lawyers to brief them on the legal issues surrounding a new venture

False

Social responsibility consists of those obligations that society has to businesses

False

Successful entrepreneurs fear failure the same way all people do

False

Surprisingly, growth of sales is generally not considered a critical factor in assessing new ventures

False

The decision of an entrepreneur to ignore the market is a safe one if he or she is sure that the idea will be a success

False

The innovation process involves only the development of a good idea

False

Timing is especially critical in which area

Marketing

Which of the following is a true statement about team building

The entrepreneur needs a competent team to implement an idea

A corporation can encourage entrepreneurship activities if top management sponsors entrepreneurial projects

True

A good trait for an entrepreneur is to be a calculated risk taker

True

Corporate entrepreneurship is contingent upon individual members continuing to undertake innovative activities

True

Creativity was once regarded as an exclusively inherited trait

True

During the past ten years, new business incorporations averaged nearly 400,000 per year

True

Entrepreneurs are always looking for unique opportunities to fill needs or wants

True

Entrepreneurs are fiercely independent but understand the need for a strong entrepreneurial team

True

Entrepreneurs are not extreme risk takers

True

Entrepreneurs are often very methodical people who plan their moves very carefully

True

Entrepreneurs are the major source of innovation and job creation in any economy

True

Firms need to be public about their ethical values and expectations

True

In a lifestyle venture, independence, autonomy, and control are the primary driving forces

True

Innovative activity should be rewarded

True

Innovators must always search for new ideas, opportunities, or sources of innovation

True

It is reported that more than 400,000 new firms have emerged in the United States every year since 2010

True

Licensing agreements can involve patents, trademarks, and technical know-how

True

Many entrepreneurs do not understand the marketing life cycle of a new product

True

Most successful entrepreneurs have failed at one time or another

True

Only a small percentage of new ventures succeed

True

Pricing becomes less of a concern when customers become aware of a product's unique characteristics that are superior to the competition

True

Purpose, accountability, and transparency are characteristics associated with socially sustainable enterprises

True

Social obligation, social responsibility, and social responsiveness are all ways firms view their interactions with society

True

Some of the most common entrepreneurial goals are independence, wealth, and work satisfaction

True

Thanks to the North American Free Trade Agreement, each year thousands of smaller enterprises are actively engaged in the international arena

True

The Brundtland definition of sustainable development is "meeting the needs of the present without compromising the ability of future generations to meet their needs."

True

The first step in planning a strategy of corporate entrepreneurship is sharing the vision of innovation that executives wish to achieve

True

The four basic types of innovation are invention, extension, duplication, and synthesis

True

In an innovative climate, failure is viewed as

a learning experience

Entrepreneurial characteristics include

a strong drive to succeed

Entrepreneurs are accurately described in which way

as calculated risk takers

Which of the following is not considered in the Framework of Frameworks Approach

collaborative

The first of five steps for entering the international marketplace is

conducting research

Independence, autonomy, and ______ are the major driving forces behind lifestyle ventures

control

Intrapreneurship is also referred to as

corporate entrepreneurship

Retirement centers for older people reflect which source of innovation

demographic changes

The second step in planning a strategy of entrepreneurship for the enterprise is

developing and encouraging innovation

Which of the following will help to foster an innovative climate

encourage action from employees

Ray Kroc's development of McDonald's would be a good illustration of which form of innovation

extension

What type of risks incorporates fluctuating exchange rates

financial risks

Methods for going international include all of the following except

foreign reclamation

Which of the following is not a way to combat stress

ignoring coping mechanisms

Entrepreneurial traits include which of the following

initiative

What are the four types of innovation

invention, extension, synthesis, duplication

Which of the following is not a common characteristic of entrepreneurs

lack of motivational drive

Three specific phases that a new venture goes through are

prestart-up, start-up, poststart-up

Which of the following is a tool that enables entrepreneurs to judge a business venture's potential

profile analysis

The first step in planning a strategy of entrepreneurship for enterprise is

sharing the vision of innovation

Flexibility, reliability, and safety are all examples of

technical feasibility

Generally, entrepreneurial stress is due to

the discrepancy between the entrepreneur's expectations and the ability to meet demands

A clear pattern among successful entrepreneurs is

their focus on opportunity rather than resources

The word entrepreneur is derived from the French entreprendre, which is translated as

to undertake

Which of the following is an obstacle to corporate entrepreneurship

traditional management techniques

Which of the following is not included in the set of innovative rules that 3M follows, which encourages employees to foster ideas

try to eliminate failure

Mountain gap strategies refer to

unique markets

Water well strategies refer to

unique resources

Membership in the World Trade Organization represents __________ of the world's population at present

97 percent

There are five specific phases that a new venture goes through

False

Timing has little to do with the success or failure of a new venture

False

​The need for corporate entrepreneurship has risen in response to one problem: rapid growth

False

Which of the following statements about social entrepreneurship is not true

Social entrepreneurship is limited to the world of not-for-profit corporations

In the struggle to achieve security, many people also tend to rely on the theory of _________ thinking to make decisions

probability

Corporate social responsibility refers to

actions that further some social good beyond the interests of the firm

The four phases, in order, in the creative process are

background or knowledge accumulation, incubation, idea experience, and evaluation and implementation

Rewards should be based upon _____ to encourage the desired behavior.

results

A person can develop their own creativity by

seeing new and different relationships in people, objects, and places around them

Which of the following traits is not that of an entrepreneur

shyness

Most successful innovations are

simple and focused

Which of the following is not critical to a product's success

size

Global entrepreneurs are now considered by others as

wearing different hats