Entr 187 Ch.2

It can take 3000 ideas to yield one commercially viable product. To increase the odds of finding a good idea, the screening process takes all the thoughts from the ______ step of the entrepreneurial process, and puts them through a ______.

"Feel"; "Check"

_____ refers to the sum total of forces outside of an entrepreneur and a firm.

Environment

Who are you?

Who are your competitors?

The _____ of an organization will be a part of its task environment.

Competitors

_____ are considered as a part of the internal environment of a firm.

Employees

In family-owned businesses, the board of directors can only be comprised of family members.

False

Most businesses run by teams are not family related.

False

With over 8.3 million businesses owned by women, they account for a quarter of small business revenue nationally.

False

Factors such as the ages, races, and gender of customers would be an element of the firm's _____ environment.

General

The two fastest growing minority groups that represent the largest segments of minority business owners are:

Hispanics and African Americans.

Which of the following statements is true about the general environment?

It always needs to be considered in terms of its social supports and institutional supports.

Which of the following is one of the prime challenges faced by most second career entrepreneurs?

Keeping personal finances out of the business

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

Lisa is scanning the environment.

Which of the following statements about entrepreneurial teams is true?

Most entrepreneurial teams are family related.

_____ refers to a set of shared beliefs, basic assumptions, or common, accepted ways of dealing with problems and challenges within a company that demonstrate how things get done.

Organizational culture

Which of the following challenges is typical to family businesses?

Role conflict and succession

Which of the following is true with regard to minorities in small businesses?

The establishment of both public and private funding and networking initiatives has helped to level the business playing field for minority entrepreneurs.

Entrepreneurs get used to a do-it-yourself approach, which can be especially trying for second career entrepreneurs.

True

Succession plans deal with the people who will take over, what roles they will fill, and what supports they will receive.

True

The challenge of _____ refers to when woman or minority-owned businesses are simply excluded from the opportunities offered to firms owned by white males.

access

Thomas has started a new business venture for which he has been using highly economical resources, such as the market research data available in public libraries, low-interest funds borrowed from national banks, and equipments hired on lease. This technique used by Thomas to overcome resource constraints in his start-up firm is best known as _____.

bootstrapping

The firm that obtains the rights to use a particular piece of intellectual property is referred to as the:

licensee.

Following the BRIE model in starting a business, an entrepreneur creates a boundary within the environment, setting his firm apart from the rest of the environment. In doing this, the entrepreneur gives the firm an _____.

organizational identity