FTM 310 Final Exam

What type of innovation is illustrated by the ideas of the airplane and penicillin?

breakthrough innovation

Brainwriting is a written form of brainstorming.

True

Elon Musk's brother is a leading figure in creating "learning gardens" in hundreds of schools and is passionate about everyone having access to fresh vegetables.

True

What are the three significant challenges facing us in our lifetimes according to Elon Musk?

solar power, space travel, electric cars

What is the main reason driving Elon Musk as an entrepreneur?

solving problems for the future of humanity

Reverse brainstorming is much like brainstorming except that:

the process usually involves identification of everything wrong with an idea.

Lisbeth Arias named her company Descalza to honor her mother and where she if from. What does Descalza mean?

Barefooted

In 1994 Robert Mondavi came up with:

a capsule-free, flange-top bottle design

Where did Tula Summerford go to school?

Fashion Institute of Technology

What was the original application for the GoPro?

Making a video of the creator surfing

After selling his electrical, engineering and construction business that was started by his father, Richard China started a new company with a contract from FEMA to manufacture low-cost emergency response housing. When that business failed he refocused the company how?

- He realized that almost a billion people in the world live in substandard housing and there was an incredible need for affordable housing. - In East Africa alone, the are over 62 million people living in substandard housing, and he could build most of the housing there with local materials.

Hafner has lived in multiple locations throughout his life. Constant traveling allowed him to become aware of:

- How difficult it was to purchase airline tickets - How difficult it was to rent automobiles - How difficult it was to book hotel rooms

Which are the following are characteristics of an entrepreneurial environment?

- New ideas are encouraged - Trial and error is encouraged - Failures are allowed - Sponsors and champions are available to help - Resources are available and accessible

Which entrepreneur's philosophy is "treat others as you would like to be treated"?

Ewing Marion Kauffman

Walter Cole has an interesting background. Before starting Skyport Drones he had what other jobs and educational training.

Musician, Elementary school teacher, Worked for Lenovo, sold real estate

Where did Emily Harris go to school and what was her major?

NC State Wilson College of Textiles and FTM Brand Management & Marketing

What is Tula Summerford's passion?

Fabric

What idea was very important to Sara Blakely and her family growing up?

Failure is a good thing.

The inventor of the GoPro had a well developed business plan that he followed as he created his business of making and selling GoPros.

False

Which of the following statements about Professor Andre West are true?

- He has an MFA in Visual Arts - When he was young, Kodak named him the most photogenic boy in the U.K. - Venus Williams was one of his students who got a degree in fashion design. - He is now working on special knit fabrics to fight Malaria.

Maggie Kane said that everyday is a challenge. What did she say was her number one challenge?

Just keeping going

How did Lisbeth Arias raise the money she needed to launch her business?

Kickstarter

What was Neil Blumenthal's first business idea?

Making and selling dried fruits

Match the guest speaker with the word or phrase that describes his or her topic or key points.

Nick Sailer → Storytelling video Andre West → Protective clothing Tula Summerford → Interior Design Lisbeth Arias → Imported fabrics, unique designs Maggie Kane → Leader in social entrepreneurship Emily Harris → Blog and brick-and-mortar store

What was Tula Summerwood's undergraduate degree?

Textile Technology

Chet Kanojia had an idea for a revolutionary service that compete with the major broadcasting networks. What has slowed him down?

The Supreme Court

Where were Neil Blumenthal and David Gilboa when they had the idea for Warby Parker?

The Wharton Business School

Who should write the business plan?

The entrepreneur

What company did Randy Ward create?

This End Up Furniture

How does Dr. West define entrepreneurship?

Those who identify a need and fill it

A distinguishing word, name, or symbol used to identify a product is a what?

Trademark

A new entry can be either offering a new product to a new market or creating a new organization.

True

A patent is a contract between the government and an inventor.

True

A provisional patent application can be used to establish the date of conception of the invention.

True

Most entrepreneurs indicate that their most significant venture was not their first one.

True

The key to successful entrepreneurship is to develop an idea that has a market with a need for the product or service idea conceived.

True

The period of time when the environment is favorable for entrepreneurs to exploit a particular new entry is called the window of opportunity.

True

What famous person did Dr. Andre West teach (it took her 9 years to graduate)?

Venus Williams

The true inventor of jeans that partnered with Levi used metal rivets rather than sewing to make the jeans even tougher. Where did he get the idea of the rivets?

from the horse blankets he had been making

A narrow-scope market strategy:

is like putting all your eggs in one basket.

Copyrights can protect all of the following except:

molded plastic parts

Which of the following problem-solving techniques begins with group members not knowing the exact nature of the problem?

the Gordon method

The first efforts to sell the new mop on a shopping TV station failed miserably. Why?

the celebrity selling the mop did not really understand its value and was not believable as a kitchen mop salesperson

In Chapter 4 we discussed several trends that should influence our planning for a new business venture. They included:

- Green - Clean energy

What is the name of Maggie Kane's restaurant?

A Place at the Table

What does AWE stand for?

Advancement of Women Entrepreneurs

Carolina (Lisbeth) Arias works what other job to support herself while she is launching her clothing line?

As a waitress in a restaurant.

This problem-solving method involves developing new ideas by thinking without constraints.

Big-dream approach

What was one main point that Dr. Tom Miller talked about?

Don't ever let anyone tell you that your idea is a bad one

Which of the following are parts of an assessment of competitor marketing strategies?

- Product or service strategies - Pricing strategies - Distribution strategies - Promotion strategies - Strengths and weaknesses

What are the three basic legal forms of business formation?

- Proprietorship - Partnership - Corporation

Emily Harris said there are many challenges to having a brick and mortar store. What are some of these?

- Rent - Utilities - Signage - Insurance

The term of a copyright is the author's life plus:

70 years

Mondavi started his business with Michael Mondavi, who was his

Eldest son

Which of the following businesses was Justin Parer not involved with?

- A start-up tech business - A VCR reselling business

The main differences in an entrepreneurial focus and the focus of a traditionally managed corporation are:

- Driven by a perception of opportunity versus driven by controlled resources. - One is based on value creation the other on responsibility and seniority

Effectuation is the way some experts think. What is effectuation? Give an example where you have used effectuation or could use it.

"Effectuation is a process that starts with what one has (who they are, what they know, and whom they know) and selects among possible outcomes." Page 9 in our text. A good example is starting with the resources in the Wilson College of Textiles or the Garage to design, make, and market a product using friends to help establish a social media site.

What is a method for developing a new ideas when the individuals are unaware of the problems?

(garden) / gordon method

Our text describes how Justin Parer failed in his first business and then went back to school in accounting. He later bought a business that has been successful and with his brother bought another business that also has high potential. What were some of the success factors for Justin in these two businesses.

- One of his accounting customers was a shipbuilding business. From them he learned much about the business and created a network in this industry. He bought the business and knew he could improve its efficiency. - He and his brother bought a metal working business with considerable potential but also great synergy with ship building.

What are some of the interesting quotes from Walter Cole?

- Surround yourself with the right people, you are the average of the five people you hang around most. - Treat your business like a business from day one. Your friends and family will treat your business like a hobby and want stuff for free. - Revenue, revenue, revenue - it solves all problems. Investors invest if you have income.

The business plan may be read by employees, investors, bankers, venture capitalists, suppliers, customers, advisors, consultants, and others. But there are three critical perspectives that must be considered carefully in writing the business plan. What are these perspectives?

- The perspective of the entrepreneur. - The marketing perspective. - The investor's or investors' perspective.

One of the unique things about the restaurant Maggie Kane has created in downtown Raleigh is what people pay for their meals. How much to they pay?

- The suggested price - More than the suggested price if they wish - Nothing - Less than the suggested price

What are the main benefits of a registered trademark?

- The trademark provides notice to everyone that you have exclusive rights to the use of the mark throughout the territorial limits of the United States. - It entitles you to sue in federal court for trademark infringement, which can result inrecovery of profits, damages, and costs. - It establishes incontestable rights regarding the commercial use of the mark. - It establishes the right to deposit registration with customs to prevent importation of goods with a similar mark. - It entitles you to use the notice of registration (®).

What are some of the strategies that Warby Parker uses to remain competitive with designer eyeglass firms?

- They offer a "home try on" service. - They design their glasses in house. - They sell directly to customers over the Internet.

As a young man, Kauffman worked in many jobs including:

- a laundry delivery person - selling more tickets than anyone else to the Boy Scout Roundup - selling eggs door to door

When he recreated his company as International Green Structures, Richard China had to make major changes as he moved into international markets. These included what?

- become familiar with local cultures - find the right partners who understand local business practices - study the unique laws of each country

In class we talked about three kinds of innovation, they are:

- breakthrough - technological -ordinary

What were two of the top selling features of Joy Magnano's new mop?

- it was easy to wring out without touching the mop head - you could take the mop head off and wash it in the washing machine

According to Dr. Annett-Hitchcock what are some of the important things that AWE provides?

- networking - podcasts - interesting speakers

A utility patent has a term of how many years?

20

Dr. Tom Miller talked about many of the resources available to students at NC State University. The garage is a wonderful shop that students can use to develop prototypes of products, have meetings with other students, and develop ideas that may lead to a company. The garage is open?

24/7

Emily Harris has a store, Jack and Georgia, and a blog. She sells online and in the store. Where do her sales come from?

30% online and 70% in her store

Our book recommends that entrepreneurs should engage in bricolage. What is bricolage? Give an example of how you might use bricolage.

Bricolage is when one uses the resources they have at hand in new and different ways to solve problems. An example of using bricolage is having items like gum and a shirt and using these items to patch a hole in a boat that has sprung a leak. This is an unusual and new way to use the resources in your possession.

At a young age, Kanojia started his entrepreneurial efforts by what?

Building bookshelf speakers and selling them

Lisbeth has her clothes for Descalza made in the United States, but where does she source her fabrics?

Central America

What does Nick Sailer believe is extremely valuable in the entrepreneurship world?

Connections

Chet Kanojia's company, Aereo, was the center of major legal concerns regarding:

Copyright infringement laws

A new entry includes all of the following except:

Creating a new product development process for your company

Walter Cole has created an acronym to remember success factors for entrepreneurship. What does DRONE stand for?

D - do things with intention R - revenue, revenue, revenue O - own your own stuff, lose the ego N - numbers matter, all goals should have a number E - efficiency over being busy

What industry is Richard China trying to revolutionize?

Housing

How much does Brunello Cucinelli pay his workers for overtime?

Nothing, overtime is forbidden

What celebrity called Spanx one of her favorite products, causing a boom in sales?

Oprah

What company purchased Kayak?

Priceline

A business plan is actually a collection of a number of plans. List five of these plans.

Production Plan, Operations Plan, Marketing Plan, Organizational Plan, Financial Plan

Where did Lisbeth Arias start her first company?

Raleigh

Match the following entrepreneur with their most well-known product/company:

Richard China - low-cost housing Sara Blakely - Spanx Neal Blumenthal - eyeglasses Chet Kanojia - Navic Networks

Match the following entrepreneur with their most well-known product/company:

Richard China → low-cost housing Neal Blumenthal → eyeglasses Sara Blakely → Spanx Chet Kanojia → Navic Networks Steve Haffner → Orbitz

Elon Musk made his first fortune when he sold the company that became PayPal for hundreds of millions of dollars. What companies did he start after that?

SpaceX, Tesla

After Orbitz went public at a market value of over one billion, what did Steve Hafner do?

Started Kayak

What was the major advice Steve Jobs gave to students at his Stanford Commencement address?

Stay Hungry. Stay Foolish.

What was the first product that Brunello Cucinelli created?

a cashmere sweater

Trade secrets can be protected for how long?

an unlimited period of time.

Authors or publishers of software are protected under:

copyrights

The legal form of business that is the favorite today with venture capitalists is?

corporation., LLC?

By entering a market later,

customer uncertainties have already been substantially reduced.

An error of omission occurs when an entrepreneur:

decides not to enter a market that is, in fact, desirable.

The _____ patent is granted for a 14-year term.

design

Corporations distribute profits to owners through:

dividends

Robert Mondavi's vision when he created his flagship Robert Mondavi Winery in Napa Valley was what?

to create in California wines that could successfully compete with premium wines from France, Spain, Italy and Germany

A firm with an entrepreneurial orientation towards culture encourages eimplyees to generate ideas, experiment, and engage in other tasks that might produce creative output.

true