ICS Chapter 1

Which of the following is NOT a stage in Kolter's procedure in bringing a product/service to market? A. Select target market segments B. Analyze long run opportunities in the market C. Design market strategies D. File for patent protection

D. File for patent protection

Which among the following aspects affects an entrepreneur's perception of feasibility? A. Locus of control B. Learning style C. Perceived desirability D. Self-efficacy

D. Self-efficacy

True/False Research indicates that male entrepreneurs tend to start their first significant venture in their middle 30s, while women entrepreneurs tend to do so in their early 30s.

False

True/False Superficial similarities exist when the underlying mechanisms of the technology resemble, or match, the underlying mechanisms of the market.

False

True/False The McMullen-Shepherd Model helps identify the common traits of successful entreprenuers.

False

True/False The casual process of thinking starts with what one has and selects among possible outcomes.

False

True/False The question "What is this technology all about?" is a comprehension question.

True

An entrepreneur asks if there is a better way to implement a strategy. Identify the category of this question. A. Reflection tasks B. Connection tasks C. Strategic questions D. Comprehension questions

A. Reflection tasks

The moral support network is different from the professional support network in that: A. a professional support network includes finding a mentor. B. moral support is less important than professional support. C. only the "cheering squad" provides moral support. D. a moral support network comprises only of personal contacts.

A. a professional support network includes finding a mentor.

Entrepreneurial Opportunities are defined as: A. situations in which new goods, services, raw materials and organizing methods can be sold at greater than their production cost. B. new market entry through entrepreneur action. C. the entrepreneur's mental processes in deciding whether or not to act on a potential opportunity. D.a feasibility assessment.

A. situations in which new goods, services, raw materials and organizing methods can be sold at greater than their production cost.

The causal process of thinking: A. starts with a desired outcome and focuses on a means to generate that outcome. B. starts with what one has and selects among possible outcomes. C. involves bricolage. D. starts with brainstorming by meeting with industry professionals.

A. starts with a desired outcome and focuses on a means to generate that outcome.

Individuals have stronger intentions to act when taking action is perceived to be _____ and desirable. A. elusive B. feasible C. flexible D. risky

B. feasible

As the venture becomes established and starts growing, which of the following types of experience becomes increasingly important? A. Technical B. Financing C. Managerial D. Marketing

C. Managerial

__________ are designed to stimulate thought about entrepreneurs' understanding and feelings as they progress through the entrepreneurial process. A. Strategic questions B. Connection tasks C. Reflection tasks D. Comprehension questions

C. Reflection tasks

Which group in a professional network helps keep a new venture competitive? A. Clients or buyers B. Mentors C. Trade associations D. Suppliers

C. Trade associations

Questions designed to increase an entrepreneurs' understanding of the nature of the environment are known as: A. Strategic questions B. Connection tasks C. Reflection tasks D. Comprehension questions

D. Comprehension questions

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

False

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

False

True/False Comprehension questions are designed to stimulate entrepreneurs to think about their own understanding.

False

True/False Entrepreneurial action can be defined as those situations in which new goods, services, raw materials and organizing methods can be sold at greater than their production cost.

False

True/False Entrepreneurs have stronger intentions to act when taking action is perceived to be impossible and risky.

False

True/False Principles of effectuation help entrepreneurs develop their cognitive adaptability.

False

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

False

True/False Asking "How is this problem similar to problems I've already solved" is an example of a connection task.

True

True/False Bricolage is entreprenuers making do by applying combinations of the resources at hand to new problems and opportunities.

True

True/False Demographics, ethnic origin, and marital status are examples of segmentation variables.

True

True/False Dissatisfaction with various aspects of one's job often motivates the launching of a new venture.

True

True/False Entrepreneurial opportunities are those situations in which new goods, services, raw materials and organizing methods can be sold at greater than their production cost.

True

True/False Ewing Kauffman took a risk when he started his company Marion Labs in 1950.

True

True/False How Ewing Kauffman ran his business illustrates corporate entrepreneurship.

True

True/False In a social network there are two major properties, density and centrality.

True

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

True

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

True

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

True

True/False Role models can include family members as well as industry professionals.

True

True/False Structural similarities exist when the underlying mechanisms of the technology resemble, or match, the underlying mechanisms of the market.

True

True/False The McMullen-Shepherd Model explains how knowledge and motivation influence two stages of entrepreneurial action.

True

True/False The effectuation process starts with what one has and selects among possible outcomes.

True

Motivation to launch a new venture can arise from all of the following except: A. lack of prior experience. B. boredom. C. a lack of challenge. D. frustration.

A. lack of prior experience.

Density, in regards to a social network, refers to: A. the extensiveness of ties between two individuals. B. the total number of individuals in the network. C. the distance of connection between the entrepreneur and contact. D. the fact that most networks are informal and not well organized.

A. the extensiveness of ties between two individuals.

On the education background, entrepreneurs: A. are less educated than the general population. B. cite an educational need in the areas of finance, strategic planning, marketing, and management. C. who lack a formal education, fail to create new businesses and exploit discovered opportunities. D. cite formal education to be indispensible in starting a new business.

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

In Stage Two of the McMullen-Shepherd Model: A. the entrepreneur deals with the business failure through counseling. B. the entrepreneur decides whether or not there is an opportunity. C. the entrepreneur goes through the causal process of thinking structurally. D. the entrepreneur consults colleagues from previous jobs.

B. the entrepreneur decides whether or not there is an opportunity.

An entrepreneur considering if what they are doing makes sense is an example of: A. A strategic question B. A connection task C. A reflection task D. A comprehension question

C. A reflection task

In Stage One of the McMullen-Shepherd Model: A. the entrepreneur decides whether or not there is an opportunity. B. the entrepreneur consults experts in the market area of interest. C. the entrepreneur decides whether the opportunity that exists is a match with their own knowledge and motivation. D. the entrepreneur engages in bricolage.

C. the entrepreneur decides whether the opportunity that exists is a match with their own knowledge and motivation.

In regards to thinking structurally, superficial similarities: A. exist when the underlying mechanisms of the technology resemble (or match) the underlying mechanisms of the market. B. exist when supply is less than demand. C. exist when entreprenuers engage in bricolage. D. exist when the basic (relatively easy to observe) elements of the technology resemble the basic elements of the market.

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

Within the moral-support network, most entrepreneurs indicate that their _____ are their biggest supporters. A. mentors B. friends C. parents D. spouses

D. spouses