MGMT440 Midterm (4-6)

Resource-rich countries and market-rich countries are usually one and the same.

False

Social entrepreneurship avoids private-sector focus on risk taking.

False

Pricing becomes less of a concern when customers know about a product's unique characteristics that are superior to the competition.

True

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

True

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

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

Which of the following is an example of a process need?

decaffeinated coffee

Which of the following types of risks incorporates fluctuating exchange rates?

financial risks

Which of the following can cause an individual to act on the basis of a distorted picture of reality?

stereotypes

Hiring and promotions on the basis of nepotism rather than qualification are associated with

the concept of a team approach

In determining the potential market, one should look ___ into the future.

three to five years

There are three main types of strategic international alliances.

True

Background or knowledge accumulation is the second phase of the creative process.

False

Which of the following is a key question to ask when performing a feasibility criteria approach?

Is it proprietary?

Which of the following researchers believes that the social mission, not wealth creation, is the most important criterion?

J. Gregory Dees

Which of the following statements is true with regard to creativity?

People's process will remain the same, but their approach will change

Which of the following statements is true?

Successful innovations are simple and focused

A product does not have to be patented in order to be introduced into the marketplace.

True

Creativity, in the entrepreneurial context, is the generation of ideas that result in the improved efficiency or effectiveness of a system.

True

Ecopreneurship is a combination of ecologically and economically sustainable development.

True

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

True

Incubation in the creative process often occurs when the individual is doing something completely unrelated to the subject

True

Innovation should follow a milestone schedule.

True

The three a's of metrics are

actionable, accessible, and auditable

"There is no replacement for passion," is a statement associated with which of the following?

doing what you love

A(n) ___ approach to problem-solving includes soliciting feedback from the target audience early and often and is encouraged under design thinking.

iterative

People practice the creative search for background knowledge in which of the following ways?

joining professtional groups and organizations

Logical and analytical skills are developed in the ___ hemisphere of the brain.

left

Which of the following activities does not characterize the social entrepreneur?

operating with a low sense of accountability

Problems associated with the managerial team include

poor relationships with parent companies

When premature entry into the marketplace causes the failure of a new venture, it can be termed

poor timing

The triple bottom line focuses on all of the following except

precedence

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

preliminary investigation

General sources for a market feasibility analysis include

pricing data

People with muddling mind-sets exhibit all of the following habits except

process thinking

Benefit corporations concern themselves with

purpose, accountability, and transparency

Rapid technological advances in many industries cause a concern for ___ in new venture development.

rapid product obsolescence

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

size

Financial considerations play a major role in

small profitable ventures

The basic challenge for social enterprise is addressing the obligations of business to

society

Creativity is most likely to occur when the "climate" is right. Which of the following is a characteristic of that climate in the workplace?

trustful management that does nto exert strict control over employees

A new venture should be

unique

The right-hemisphere skills include

using metaphors and analogies to describe things or people

Global entrepreneurs are now considered by others as

wearing different hats.

Entrepreneurs sense potential in business problems by asking

what if and why not?

Social responsibility consists of those obligations that society has to businesses.

False

Successful creations do not require investigation and information gathering.

False

Successful entrepreneurs are able to identify and implement ideas that

are workable and that they have the skills to implement

The first of the five steps for entering the international marketplace is

conducting research

Which of the following terms describes a possible leadership style for ecologically innovative firms?

ecovision

Market feasibility analysis relies on

general economic trends and competitor data

Bottom-line measures of economic performance include all of the following except:

global competition

Which of the following evaluation methods enables an entrepreneur to judge a business's potential?

profile analysis

Most successful innovations are ___ and ___.

simple;focused

Among the advantages for global entrepreneurs of diaspora networks is the

speed with which information flows across borders

Sales growth is a critical factor in the ___ phase.

start-up

As of 2015, the largest US trading partners included

Canada, China, and Mexico

Successful global start-ups, or entrepreneurial businesses that are "born global," surprisingly often lack internationally experienced management.

False

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

False

Structured and focused chaos is necessary for creativity to occur.

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 build-measure-learn feedback loop begins with identifying which hypothesis to test and ends with requiring the entrepreneur to take a look at the results and determine whether a pivot is required.

True

The entrepreneurial motivations of individuals relate to the entrepreneur, the environment, and the venture.

True

Lack of transparency and trust by the entrepreneur is a common cause of new-venture failure.

True

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

True

One way that social entrepreneurship seeks to enhance social wealth is by creating new ventures.

True

Only new patterns fo thinking lead to new ideas and innovation.

True

Peter Drucker has stated that successful innovators must look, ask, and listen.

True

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

True

Social entrepreneurs are known to combine resources to exploit opportunities to create social value.

True

A checklist approach allows the entrepreneur to identify ___ factors of a new venture.

critical

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

profile analysis

Timing has little to do with a new venture's success or failure.

False

Innovative activity should be regarded as heroic.

True

Which of the following mental habits inhibits creativity and innovation?

either/or thinking, stereotyping

Which of the following is a critical consideration when assessing customer availability?

length of time needed to determine who the customers are, as well as their buying habits

Which of the following can help entrepreneurs carry out the evaluation and implementation stage?

increasing energy level

Shifts in consumer tastes and attitudes are an example of

industry and market changes

There are three types of design-centered entrepreneurship.

False

Benefit corporations are one of the oldest forms of incorporation, having been adopted in all 50 states.

False

Importing, in essence, is buying and shipping domestically produced goods for foreign consumption.

False

It is really genius and not hard work that creates success for the entrepreneur.

False

Social entrepreneurship is rarely a vehicle for sustainable development.

False

Synthesis is the combining of two new concepts into an existing formulation.

False

The learn stage of the build-masure-learn-feedback loop is a process in which one learns by trying out an initial idea and then measuring it to validate the effect.

False

The triple bottom line is an accounting framework that focuses on optimizing short-term financial performance.

False

Thanks to the NAFTA, each year thousands of smaller enterprises are actively engaged in the international arena.

True

The maverick entrepreneur who avoids reaching out and finding help is a myth of the past.

True

The three dimensions of performance associated with the triple bottom line are people, the planet, and profits.

True

Which of the following questions concerning innovation is not relevant?

When should the product go to market?

Examples of social enterprise obligations to the environment include all of the following except

construction of energy