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