BSAD 3000 Ch. 1

The relentless pursuit of an opportunity without regard to owning all the resources to capture the opportunity.

Entrepreneurship

Characteristics similar to an entrepreneur but who works within an existing, larger corp. as an employee.

Intrapreneurs

Businesses that do not attract investors, but allow their owners to live the way they want to live are called (Blank) businesses

Lifestyle

The main difference between lifestyle business owners and entrepreneurs is the way they perceive

Opportunity

Can be beneficial because two or more people combine their efforts to functions in the capacity of entrepreneurs.

Entrepreneurial teams

(Blank) are entrepreneurs who make contractual arrangements with established business chains rather than doing everything themselves.

Franchisers

Taken over by family or others

Second-stage entrepreneurs

Focus on a social purpose so that it becomes an integral part of the company.

Social entrepreneurship

Which of the following statements is NOT one of the desirable traits of entrepreneurs listed by Spinelli and Adams? a. A domineering attitude b. Opportunity obsession c. Determination d. Tolerance of risk

a. A domineering attitude

Entrepreneurs generally think differently about resources than do employee-managers in which of the following ways? a. Managers prefer bootstrapping; entrepreneurs tend to use only their own resources. b. Managers want larger budgets; entrepreneurs work to do more with less. c. Managers take on risk personally; entrepreneurs can offload the risk to equity investors. d. Managers tend to barter for resources; entrepreneurs prefer cash transactions.

b. Managers want larger budgets; entrepreneurs work to do more with less.

Which of the following is MOST descriptive of entrepreneurial passion? a. The more passion an entrepreneur has, the more success he/she tends to have. b. Passion makes entrepreneurs open to hearing criticism of their ideas. c. An entrepreneur must have passion, but unchecked passion can be destructive. d. Entrepreneurs should eliminate emotion from consideration and focus only on the facts.

c. An entrepreneur must have passion, but unchecked passion can be destructive.

Entrepreneurs who start and lead small businesses contribute to the economy in which of the following ways? a. They make up the overwhelming majority of all businesses. b. They hire nearly half of all high-tech employees. c. They are increasingly going global, representing 97 percent of all exporters. d. All of the above.

d. All of the above.

Small companies are particularly adept at competing with larger companies when they focus on: a. Gaining a large market share. b. Mass market advertising. c. Becoming a low-cost producer. d. Customer service.

d. Customer service.