ENTREPRENEURSHIP EXAM 1
T/F Uniform Compensation encourages entrepreneurial environment
False
T/F the corridor principle states that entrepreneurs often get stuck on one idea
False
an approach development as a criteria list from which entrepreneurs can gain insights into the viability of their new venture is the
Feasibility criteria approach
Market Feasibility analysis relies on
General economic trends and competitor data
What are skunk works?
Groups that function outside traditional lines of authority permitting rapid turnaround of new ideas
Entrepreneurial stress can be caused by having type A personality which can be defined as:
Having a chronic sense of time urgency
Methods for going international include
Importing Exporting Licensing
What is a major reason for the failure of a new venture?
Inadequate market knowledge
The process approach to entrepreneurship seeks to:
Model the various factors that characterize the entrepreneurial process
The word entrepreneur is derived from the French word meaning
To undertake
T/F Allowing bootlegging of ideas helps develop corporate entrepreneurship
True
Entrepreneurs and gazelles have been credited with making disproportionate contributions to all but which of the following
Unemployment
Mountain gap strategies refer to:
Unique Markets
High-growth ventures is a type of
Venture classification
The micro view is divided into which three theories?
Venture opportunity, entrepreneurial, strategic
What best describes a gazelle?
a business with at least 20% growth every year
Collective entrepreneurship, as a concept, refers to
a entrepreneurial thinking that is diffused throughout the company
The major thrust of corporate entrepreneurship is to
encourage innovation
Rapid technological advances in many industries cause a concern for ____ in new venture development
inadequate awareness of competitive pressures
Transformational triggers in a corporate entrepreneurial environment initiates the need for
strategically adapting to change
What are sources of innovation?
unexpected occurrences and incongruities
When entrepreneurs believe that their accomplishments and setbacks are within their own control and influence, they are exhibiting
Internal locus of control
Logical and analytical skills are developed in the
Left hemisphere of the brain
The most pro-active position for a corporation to take in regard to social responsibility would be termed:
Social responsiveness
Ecopreneurs are only concerned with
The economically sustainable development
T/F Both sides of the brain are important to the creative process
True
T/F Encouraging a bias for action helps develop corporate entrepreneurship
True
T/F Purpose, accountability, and transparency are characteristics associated with socially sustainable enterprises
True
Generally, entrepreneurial stress is due to
the discrepancy between the entrepreneur's expectations and the ability to meet demands
A _____ is a statement of ethical practices or guidelines to which an enterprise adheres
Code of conduct
Characteristics often attributed to the entrepreneur include:
Commitment, determination, and perseverance
The first of five steps for entering the international marketplace is:
Conducting research
With every new venture launched, new and unintended opportunities arise, would be what kind of principle?
Corridor principle
The second step in planning a strategy of entrepreneurship for the enterprise is
Developing and encouraging innovation
What are incongruities?
Differences between expectations and reality
The displacement school of thought can be divided into which three groups?
Economic, cultural, political
Key elements in plans to create a sustainable future are likely to include:
Eliminating the concept of conservation
The macro view can be broken down into which three areas?
Environmental, financial, and displacement
T/F A loss orientation toward grief recovery in dealing with failure can sometimes lessen negative emotional reactions
False
T/F According to the model of entrepreneurship motivation, the entrepreneur's expectations are not compared with the actual or perceived outcomes of the firm
False
T/F Ecopreneurship is a combination of ecologically and economically sustainable development
False
T/F Entrepreneurs are high risk takers
False
T/F Frustration is a trait of successful entrepreneurs
False
T/F Gazelles are almost always high tech
False
T/F International alliances rarely require the exchange of proprietary knowledge
False
T/F Overall market understanding rather than a time-consuming focus on market niches is sufficient for an evaluation
False
T/F Social responsibility consists of those obligations that society has to businesses
False
T/F Systematic evolution of a product or service into newer or larger markets is referred to as radical innovation
False
T/F The resources of the organization are irrelevant to the ability of the corporate entrepreneur to implement an idea
False
T/F There is a great abundance of the reliable data concerning the start-up, performance, and failure of new ventures
False
The macro view of entrepreneurship presents factors exhibiting a strong:
External locus of control
What are three characteristics of the dark side of entrepreneurship
External optimism, sense of distrust, desire for success
T/F Entrepreneurs are born not made
False
T/F Most entrepreneurs are well schooled in the technology associated with their ventures
False
During the past 10 years, new business incorporations averaged nearly _____ per year:
600,000
What helps account for the rise of interest in corporate entrepreneurship
An increase in corporations losing some of their best people
What are the four types of Innovations?
Invention, extension, synthesis, duplication
What are the four phases of the creative process
Knowledge accumulation, incubation, idea experience, evaluation
The incubation process involves:
Letting he subconscious work
What does an L3C stand for?
Low-profit, limited liability companies
Michael Gerber, the author of the E-myth, explains that the failure of most small business is due to
Owners being more technical rather than entrepreneurial
What are the three Ps of the triple bottom line?
People, Planet and profits
Bottom-line measures of economic performance include:
Personal income Cost of underemployment Job growth
A common pitfall in selecting a new venture is
Poor financial understanding
Every person has the _____ and ____ to pursue a career as an entrepreneur
Potential, Free Choice
Three specific phases that a new venture goes through are
Prestart-up, start-upending start-up
In restructuring corporate thinking, top management should
Promote entrepreneurship through experimentation
What is the greatest risk to the well-being of the entrepreneur
Psychic risk
What term describes the inaugural breakthroughs launched from experimentation and determined vision
Radical Innovation
What is bootlegging?
Secretly working on new ideas on company time as well as on personal time
The first step in planning a strategy of entrepreneurship for enterprise is:
Sharing the vision of innovation
The first step in planning a strategy of corporate entrepreneurship is:
Sharing the vision of innovation that executives wish to achieve
The entrepreneurial ego can cause the entrepreneur to
Take characteristics that usually lead to success to the extreme
What is social entrepreneurship?
The combining resources to exploit opportunities to create social value
The statement, "With every new venture launched, new and unintended opportunities often arise" would be associated with what principle?
The corridor principle
The decision to behave entrepreneurially is the result of the interaction of:
The individual's personal and entrepreneurial mind-set and an opportunity
An advantage for global entrepreneurs of diaspora networks is
The speed with which information flows across borders
What is incremental innovation
The systematic evolution of a product or service into newer or larger markets
What factors should organizations concentrate on in structuring an entrepreneurial climate
Top management support, time, resources, rewards, organizational boundaries
T/F Corporate entrepreneurship has become popular because it allows corporations to tap the innovative talents of the personnel
True
T/F Entrepreneurial cognition is in part about understanding how entrepreneurs use simplifying mental models to make assessments, judgments, and decisions about opportunities
True
T/F Entrepreneurs are aggressive catalysts for change within the marketplace
True
T/F Innovation is the process by which entrepreneurs convert opportunities into marketable ideas
True
T/F Synthesis is the combining of existing concepts into a new formulation
True
T/F The cognitive ability of entrepreneurs to acquire and transform information has yet to be studied
True
T/F The generation of the twenty-first century may become known as generation E because it is becoming the most entrepreneurial generation since the Industrial Revolution
True
T/F The macro view of entrepreneurship includes external processes that are sometimes beyond the control of the entrepreneur
True
T/F a transformational trigger can be internal or external to the company
True
Throughout the years, many myths have arisen about entrepreneurship as a result of
lack of research about entrepreneurship
Area of risk to the entrepreneur include
Career, family, psychic
Corporate social responsibility refers to
Actions that further social good beyond the interests of the firm
What are the 4 phases in the creative process?
Background knowledge accumulation, incubation, idea experience, evaluation and implementation