ENT200 Cengage Ch.4

Corporate social responsibility refers to...

actions that further some social food beyond the interests of the firm.

The basic suggested venture legitimation strategies include which of the following:

all of these

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

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

The first of five steps for entering the international workplace is...

conducting research.

An approach developed as a criteria selection list from which entrepreneurs can gain insights into the viability of their venture is the...

feasibility criteria approach.

Methods for going international include all of the following except...

foreign reclamation.

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

global competition

The type of venture that is expected to attract venture capital would most likely be a...

high-growth venture.

Venture classifications include which of the following types of venture?

high-growth ventures

Logical and analytical skills are develop in the...

left hemisphere.

An L3C is a new legal form for social enterprises know as...

low-profit, limited liability companies

A common pitfall in selecting a new venture is...

poor financial understanding.

Three specific phases that a new venture goes through are

prestart-up, start-up, poststart-up

If we accept the argument that social entrepreneurship is a continuum, at one extreme would be social entrepreneurs driven exclusively by producing social benefits; at the other, would be...

social entrepreneurs motivated by profitability with social benefits being the means.

Social entrepreneurs can also be referred to as all of the following except...

social obligators.

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

support for minority-owned business.

Among the advantages for global entrepreneurs of diaspora networks are...

the speed with which information flows across borders.

An account framework that goes beyond the traditional measures of profit, return on investment, and shareholder value to include environmental and social dimensions is called...

the triple bottom line.

Green entrepreneurship is concerned with...

turning ecologically sustainable development into economically sustainable development.

There is a great abundance of reliable data concerning the start-up, performance, and failure of new ventures.

False

Which of the following critical factors in the prestart-up and start-up phases considers whether the venture should be classified as lifestyle, small profitable or high-growth?

Growth of sales

The social entrepreneurship process begins with a perceived social opportunity translated into an enterprise concept.

True

Poor financial understanding is characterized by which of the following?

Inadequate understanding of costs and funding requirements.

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

True

The three Ps of the triple bottom line are people, planet, and profits.

True

Which of the following are sources of innovation?

Unexpected occurrences and incongruities.

Using the failure prediction model discussed in the chapter, the risk of failure can be reduced by:

Using less debt as initial financing and generating revenue in the initial stages.

The phase of the creative process when the idea or solution the individual is seeking is discovered is the...

idea experience.

Overnight package delivery is illustrative of which source of innovation?

Incongruities

Which of the following statements is true?

Innovation is the specific function of entrepreneurship.

What are the four types of innovation?

Invention, extension, synthesis, duplication

The incubation process involves which of the following?

Letting the subconscious work.

Inflated owner ego, employees-related concerns, control factors and interpersonal problems are factors involved in which of the following causes for venture failure?

Managerial problems

Many entrepreneurs lack ________ for their new venture.

Objectivity

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

Preliminary investigation.

Which of the following is a factor contributing to new-venture failure?

Product/Market problems

Which of the following four factors is not included in the Social Corporate Entrepreneurship Scale (SCES) developed by researchers?

Social Intention

Which of the following statements about social entrepreneurship is not true?

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

The social entrepreneur aims to increase which of the following?

Social value

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

Synthesis

Which of the following statements is true?

The right brain helps people understand analogies and imagine things.

Which of the following is NOT true of creative people?

They must be gifted or highly intelligent.

Ecopreneurship is a combination of ecologically and economically sustainable development.

True

Feasibility analysis includes technical, market, financial, organizational, and competitive analysis.

True

Incongruities are gaps or differences between expectations and reality.

True

Innovation is the process by which entrepreneurs convert opportunities into marketable ideas.

True

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

True

Many inventions and innovations are a result of inventors seeing new and different relationships among objects, processes, materials, technologies, and people.

True

New venture legitimacy is a major challenge for every entrepreneurial start-up.

True

Obtaining external financing is considered one of the major types of problems for a new venture during its first year.

True

One of the most helpful avenues for developing one's own creative talents is to be aware of the habits and mental blocks that stifle creativity.

True

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

True

Social entrepreneurs and their ventures are driven by social goals and aim to increase social value in order to contribute to the welfare of well-being in a given community.

True

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

True

Solid analysis and evaluation of the feasibility of the product/service idea are critical tasks in starting a new business.

True

Synthesis is the combining of existing concepts into a new formulation.

True

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

True

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

True

The four phases of the creative process are knowledge accumulation, incubation, idea experience, and evaluation.

True

The left hemisphere of the brain is responsible for logical and analytical skills.

True

The entrepreneurial motivations of individuals usually relate to which of the following factors?

All of these

Which of the following is critical to a product's success?

All of these

Which of the following learning mechanisms are important for converting ideas into form in design methodology?

All of these

Which of the following statements is true?

Both sides of the brain are important to the creative process.

Looking for different or unorthodox relationships among elements and people is one way to develop creativity. How might a person develop this capacity?

By perceiving in a relational mode.

Which of the following mental habits inhibit creativity and innovation?

Either/or thinking, stereotyping

Key elements in plans to create a sustainable future are likely to include which of the following?

Eliminating the concept of waste.

International alliances rarely require the exchange of proprietary knowledge.

False

Most entrepreneurs are objective when they evaluate their new idea.

False

Most entrepreneurs are well schooled in the technology associated with their ventures.

False

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

The cognitive ability of entrepreneurs to acquire and transform information has yet to be studied.

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

False