MGT4540 Quiz 1: Entrepreneurship

Smart entrepreneurs check the likelihood for success of their idea through feasibility analyses or customer development processes, repeating until they have a winning and saleable idea. This is done during the____step of the entrepreneurial process.

Check

_________is a special set of observational and thinking skills that help entrepreneurs identify good opportunities.

Entrepreneurial alertness

_____is the second stage of the business life cycle marked by the business being in operation but not yet stable in terms of market, operations or finance.

Existence

Causal or predictive reasoning is a logical process in which one analyzes the resources available and restraints on the use of resources to create an attainable goal.

False right answer: The process of setting a goal and then determining the strategy and resources required to attain the goal.

Tina runs her consultancy business from her home. Working from home allows her to set her own schedule and take time off at her convenience so that she can be with her family. The fact that Tina gets more time with her family can be categorized as ____reward.

Flexibility

____ is the set of risks faced by firms early in their life cycles that comes from a lack of knowledge by the owners about the business they are in and by customers about the new business. _____is the third stage of the business life cycle marked by the firm being established in its market, operation, and finances

Liability of newness;success

Lisa runs a dog grooming business and is always looking for new trends, reading articles, keeping notes, and talking to customers and supplies about what is needed in the industry. What important function is Lisa performing?

Lisa is scanning the environment

Which of the following is one of the most common behaviors found in successful entrepreneurs?

Passion

________is best thought of as a type of learned optimism, the ability to stick with some activity even when it takes a long time, and when a successful or unsuccessful outcome is not immediately known.

Perseverance

Rejecting existing ideas, and presenting a way to do things differently refers to the____

Radical innovation

Which of the following terms is not one of the four steps in the successful entrepreneurial process?

Seek

A person's belief in his or her ability to achieve a goal is called:

Self-efficacy

Which of the following is the idea trigger for the "substitute" cue of the SCAMPER tool?

The opportunities that come as a result of replacing something that already exists

Search and capture of new ideas that lead to business opportunities is called opportunity recognition.

True

The three principles of reasoning which are absolutely critical in the process of effectual reasoning are: affordable loss, strategic partnerships, and leveraging contingencies.

True

When a bookstore starts to sell videos, music, and coffee as well, it uses which of the following elements of the SCAMPER tool? Another great example is the Apple iPhone, which combines a cell phone, music player, web browser, personal organizer and much more - all in one device.

combine

When deciding whether to take a business from part-time, the key question is usually_____.

financial

All of the following are situations in which it might make better sense to undertake a part-time business except: When someone is new to business and needs to gain basic experience When someone lacks resources to pursue a full-scale business When there is a narrow window of opportunity when there is too much competition

when there is too much competition

_______is the forces, institutions and people (i.e., the rest of the world) outside the boundary of the firm. Factors such as the ages, races, and gender of customers would be an element of the firm's _____environment

External environment/general

Born and raised in India, Rashmi has always enjoyed Indian cooking. As a matter of fact, cooking was her passion and she always enjoyed reading, learning, and experimenting with different ethnic cuisines. Ever since Rashmi's family moved to the United States, her cousins, friends, and other people at dinner gatherings have always commented that Rashmi should start a catering business. Realizing that her American friends may not be able to handle or like the Indian food because of its spiciness, Rashmi decided to make changes to the recipes to suit the local taste. Rashmi is seriously contemplating whether she should start a catering business—Tastes of India. Rashmi appears to be applying which element of the SCAMPER tool in her entrepreneurship ideas?

Modify