MGMT 440 midterm
Which of the following does not apply to the strategic formulation school of thought?
unique places
It takes ____, not _____, to innovate successfully.
work; genius
In the incubation process, ways of getting away from a problem include
working on something else.
Today, in the Age of the Individual, _____________.
you have to be your own brand
Engaging in conversations through social media interactions, calls to action through your email campaigns, or simple in-person conversations with __________, are all fantastic methods.
your target audience
In the past when someone has clearly identified an opportunity, they often leave a secure job, use their life savings, seek funding from friends and family, and then launch their new companies. This approach is defined by Dr. Cheek as the ___________________.
zero sum approach
As you begin to conceptualize your personal brand, spend some time crafting an __________—a 30- to 60-second story about who you are.
elevator pitch
Before _________ get to us with their ideas, most of us know exactly who we are and what would make us happiest.
fellow employees ? idk answer
There have been ___ objective studies on the effectiveness of personal branding.
few
Which of the following types of risks incorporates fluctuating exchange rates?
financial risks
During the prestart-up and start-up phases, _____ factors are critical.
five
All of the following are methods for going international except
foreign reclamation.
A _____ is a system of distribution that enables a supplier to arrange for a dealer to handle a specific product or service under certain mutually agreed-upon conditions.
franchise
The advantages of franchising do not include
franchise fees.
Evaluating franchise opportunities include finding out more about all of the following except the
franchise location.
The individual who buys the franchise is the
franchisee.
The individual who arranges for a dealer to handle a specific product or service under certain mutually agreed-upon conditions is known as the
franchisor.
Researchers have described a "fully developed new firm" with a number of characteristics, including
full-time commitment.
Licensing agreements can involve patents, trademarks, and technical know-how.
T
A solid analysis is
a critical task in starting a new business.
In the environmental school of thought, legal issues surrounding the natural environment are primary.
F
According to Forbes, the net worth of the richest _____ Americans was $2.29 trillion ($5.73 billion per person).
400
Gazelles have been responsible for
55 percent of innovations.
The buyer is likely to have power over the seller in the negotiation to purchase a business if
: the seller has already purchased another business.
Which of the following statements is not true?
??? either of these b.Entrepreneurs fare poorly in today's hypercompetitive market. c.Failure due to lack of proper financing often is an indicator of other problems. d.Luck happens when preparation meets opportunity.
Innovation is planned and predictable.
F
In shaping the ultimate success or failure of a new venture, which of the following statements is most applicable?
A single strategic variable is seldom responsible.
As part of your survey, ask your current customers the following questions EXCEPT
All of these questions should be in your survey
The successful Entrepreneur should do all the following EXCEPT
All of these are correct
Large ventures often use private placements as a method of raising capital.
F
As of 2015, the largest U.S. trading partners included
Canada, China, and Mexico.
Once you have found your Niche market keywords you want to work with, including the one you will work on, you should immediately check on how __________ it is.
Competitive
You have chosen your Niche and your keywords, based on the _________________ you'll be able to figure out if you are going to move forward with your niche idea.
Competitive test
Most entrepreneurs hire lawyers to brief them on the legal issues surrounding a new venture.
F
Independence, autonomy, and _____ are the major driving forces behind lifestyle ventures.
Control
Which of the following statements is not true?
Creative ideas never come out of the blue.
___________________ is good if it brings value to your brand and your followers.
Curated content
Peer-to-peer lenders are friends of the entrepreneur who want to invest in the new venture.
F
Personal branding experts don't recommend using social media strategically
F
___________ is all about knowing your audience and finding the best online strategies for reaching them.
Digital marketing
Sales records are of very little value to a buyer in evaluating a company's worth.
F
Social entrepreneurship avoids private-sector focus on risk taking.
F
The creative climate rejects the ambiguity common in work and life.
F
The entrepreneurial spirit is unique to the modern age.
F
The learn stage of the build-measure-learn feedback loop is a process in which one learns by trying out an initial idea and then measuring it to validate the effect.
F
The term risk versus loss refers to the amount of return for funds invested.
F
The venture capital pool is rapidly declining due to overfunding.
F
Truly creative people are always geniuses.
F
Venture capitalists are quick to invest.
F
Venture capitalists, surprisingly, require little information before they make an investment.
F
With a nonroutine venture, the initial innovation will maintain the company's competitive advantage without new technology.
F
A great abundance of reliable data is available concerning the start-up, performance, and failure of new ventures.
F
Amazon was one of the first unicorns, breaking above $1 billion as a private company.
F
Because the advantages of going public outweigh the disadvantages, it is in a corporation's best interest to go public.
F
But perhaps there are plenty of people who do what you do, and won't be competing for the same audience. Being able to demonstrate a point of uniqueness is your key to success in a competitive market.
F
Which of the following is not a common myth about entrepreneurs?
Entrepreneurs today are considered heroes.
Creating a personal brand involves building from the outside in.
F
Equity financing is money invested in the venture with legal obligations to repay the principal amount or pay interest on it.
F
For the online Entrepreneur, once you find your "perfect" Niche, you are set for life and can't just expanding on it.
F
Gazelles produce half the innovations per employee that larger firms typically do.
F
Importing, in essence, is buying and shipping domestically produced goods for foreign consumption.
F
Once you've chosen an audience to analyze, ________ will tell you everything about them.
__________ groups are a great place to build — and engage with — a community around your topics of interest.
Like an organization's culture, a personal brand exists whether the individual knows it or not.
T
New and smaller firms obtain more patents per sale than do larger firms.
T
Business-level branding has been a key part of the economy since the _____________.
Industrial Revolution
30 to 60 year-olds are spending the most money in our economy today and are best reached via all the following EXCEPT
Influencer marketing
Which of the following is considered a myth of innovation?
Innovation relies on blue-sky ideas.
One of the most helpful avenues for developing one's own creative talents is to be aware of the habits and mental blocks that stifle creativity.
T
P2P lenders charge fees for brokering and servicing loans and collect penalties for late payments.
T
Which of the following researchers believes that the social mission, not wealth creation, is the most important criterion?
J. Gregory Dees
When selecting your domain name it should fit your ________________ perfectly if possible.
Keyword (s)
Personal branding is a model for professional success based on the idea that individuals should market themselves and their abilities in a similar fashion to corporate marketing of products.
T
Purpose, accountability, and transparency are characteristics associated with socially sustainable enterprises.
T
Social entrepreneurs are known to combine resources to exploit opportunities to create social value.
T
According to these articles, one of the keys to being a successful Entrepreneur is choosing a ___________________.
Niche market
Solid analysis and evaluation of the feasibility of the product/service idea are critical tasks in starting a new business.
T
Sources of debt financing include trade credit, accounts receivable financing, factoring, and finance companies.
T
Structured and focused chaos is necessary for creativity to occur.
T
The Lean Start-Up methodology is hypothesis-driven.
T
The actual cost of "opening the doors" of a franchise establishment can be more than $200,000.
T
The displacement school of thought focuses on the negative side of group phenomena.
T
The entrepreneurial motivations of individuals relate to the entrepreneur, the environment, and the venture.
T
The innovation process allows creative people to subconsciously mull over the information they have gathered.
T
Which of the following statements is true with regard to creativity?
People's process will remain the same, but their approach will change.
___________ is a model for professional success based on the idea that individuals should market themselves and their abilities in a similar fashion to corporate marketing of products.
Personal branding
The maverick entrepreneur who avoids reaching out and finding help is a myth of the past.
T
__________ to share customer testimonials, stories, lifestyle tips and business advice.
Produce short videos
__________ are good for polls and communications with your Audience.
Q&A posts
What do entrepreneurs and employees most often mistake as the obvious thing for Passions?
Rapid Growth
The strategic formulation school of thought emphasizes the planning process in successful venture development.
T
The Regulation D exemptions include all of the following except
Rule 503-placements of less than $500,000.
SEC stands for the
Securities and Exchange Commission.
_____ is one of the disadvantages of going public.
Shareholder pressure
He felt individuals, as they make important decisions went through a comparison process that pitted Anticipated Pain against Anticipated Pleasure. Who was this person?
Sigmund Freud
When purchasing an existing business, the prospective owner should conduct an assessment of the business's current group of employees.
T
With a little thought and planning, you can build your personal brand from scratch.
T
Which of the following statements about social entrepreneurship is not true?
Social entrepreneurship is limited to the world of not-for-profit corporations.
____________ is perhaps the most important means of managing a personal brand online.
Social media
Which of the following mental habits inhibits creativity and innovation?
either/or thinking, stereotyping
Identify who your core audience is. Don't try to appeal to everyone. Identify which audience segments are most likely to become long-term customers and advocates. These are the people you should focus on.
T
In a 2015 article in Forbes, personal branding expert William Arruda writes that the modern business model is becoming smaller and faster and that professionals seeking to market themselves need to adjust to this trend.
T
Incubation in the creative process often occurs when the individual is doing something completely unrelated to the subject.
T
Informal risk capitalists are those who have already made their money and now seek to help new ventures.
T
Innovation should follow a milestone schedule.
T
It is reported that more than 400,000 new firms have emerged in the United States every year since 2010.
T
Just as company brands change over time, personal brands also may need to adapt to remain current.
T
A good idea is important, but a good management team is even more important.
T
A startup that surpasses the $1 billion level is known as a unicorn.
T
After you are aware of the opportunity which your niche is able to give to your startup it is the time to think about the uniqueness of your niche.
T
Bottom-line measures of social performance include the unemployment rate and health-adjusted life expectancy.
T
Crowdfunding provides entrepreneurs with access to beta-testing and market feedback.
T
Design is now a hot topic in the business world.
T
During the past 10 years, new business start-ups averaged more than 400,000 per year.
T
Ecopreneurship is a combination of ecologically and economically sustainable development.
T
Entrepreneurs who exploit a radical new technology to provide a product and radically disrupt the market through the creation of a new product space represent the highest level of innovation "newness" relative to other alternatives.
T
Everything starts with your audience.
T
Failure to anticipate the technical difficulties related to developing or producing a product can sink a new venture.
T
An additional consideration to keep in mind when negotiating to purchase an existing business includes requesting that the seller retain _____ in the firm.
a minority interest
Which of the following statements is true?
The right brain helps people understand analogies and imagine things.
Which of the following statements is not true of venture capitalists?
They are interested in managing firms themselves.
The person who purchases the franchise is usually required to do all of the following except
design a logo for the unit.
Though 60+ are the least active consumers online, seniors are using the internet more frequently every day. They also have the most disposable income of anyone in the United States. Placement is the key to reaching this audience group. They can be reached by all the following EXCEPT
Videos
Which of the following is not one of the most common questions typically required to be answered by entrepreneurs seeking funding?
What exact date will you repay the money?
Which of the following is not a question commonly asked by banks of entrepreneurs?
What interest rate did you have in mind?
Which of the following is not a key question a prospective buyer needs to ask in buying a business?
What is the owner's personal net worth?
The franchisor's responsibility does not include providing
a business relationship.
Evaluation of new-venture proposals includes all the following processes except
a product prototype.
Which of the following terms would be associated with the left hemisphere of the brain?
abstract
While trust in regular employees and "people like you" reported huge increases. Only _______ and technical experts are seen as more credible and their trust level is flattening.
academics
Corporate social responsibility refers to
actions that further some social good beyond the interests of the firm.
Which of the following is not a type of innovation?
adaptation
Competitor factors in a buying decision do not include
age of the competition's owners.
Being an entrepreneur who is presented with "being in the right place at the right time" is associated with which of the following myths?
all entreprenuers need is luck
When should a potential franchisee receive the Franchise Disclosure Document (FDD)?
at least 10 days before signing a contract or paying any money
Generalizing your campaign or trying to appeal to a much larger group — also defined as the mainstream masses —will likely turn out to be a _________ when it comes to marketing.
big mistake
As Jeff Bezos (founder of Amazon) famously said, "Your ______ is what people say about you when you're not in the room."
brand
Your ________ should communicate clearly who you are, it should be simple and memorable, and it should feel inspiring to you.
brand mantra
John Lee Dumas has famously talked about identifying your ________. This means you'll want to create a fictional persona of your ideal customer, to the point of naming it, knowing how many kids it has or what it does on the weekends.
business avatar
Identifying the target market is the first step in making a ___________.
business plan
Business-related reasons for selling may include all of the following except
changes in location.
Which of the following is not considered in the framework of frameworks approach?
collaborative
The most common source of debt financing is
commerical banks
Regardless of marketing, you must know your _________ well to make an impact in your current market.
competitors
Examples of social enterprise obligations to the environment include all of the following except
construction of energy.
We have to create compelling ______ and we need to nurture our networks so that we have the personal influence to share great content in an authentic and helpful way.
content
One study suggested four basic legitimation strategies available to new ventures: conformance, selection, manipulation, and
creation
Which of the following costs add to the cost of franchising pertaining to principal and interest payments?
debt services
Emerging opportunities in the international arena are being fueled by a(n) _____ in trade barriers and _____ trading blocs.
decrease; the emergence of trading blocs
In the Five Steps to Finding Your Passion the author Susan Biali discusses Inventory Your Talents. She thinks you should find the things you have a knack for that _____________.
delight or happily occupy you
Retirement centers for older people reflect which of the following sources of innovation?
demographic changes
The Cheek Model allows the first time Entrepreneur to __________________.
dip your toe into the water of your true Passion
Dr. Susan Biali believes its critically important to ___________ in things that light you up.
discover and engage
"There is no replacement for passion," is a statement associated with which of the following?
doing what you love
The displacement school of thought can be divided into which of the following three groups?
economic, cultural, and political
Which of the following terms describes a possible leadership style for ecologically innovative firms?
ecovision
After the prospective entrepreneur has gathered all of the necessary information, it is up to the _____ to make the final decision on the matter.
entrepreneur
In the evolutionary process of economic growth, _____ plays the crucial and indispensable role of providing the "social glue" that binds together both high-tech and "Main Street" activities.
entrepreneurship
Which of the following is a source of capital for entrepreneurs?
equity
Ray Kroc's development of McDonald's would be a good illustration of which of the following forms of innovation?
extension
Bottom-line measures of economic performance include all of the following except
global competition.
The extra value a business can command in a sale is known as
goodwill
For the purposes of optimizing your social media campaigns, wisely spending your ad dollars and targeting guest blogging opportunities, you need to know where your audience _________.
hangs out online
A gap or difference between expectations and reality defines
incongruities
Shifts in consumer tastes and attitudes are an example of
industry and market changes.
Most entrepreneurs should be categorized as
inniovators
Which of the following would be most commonly used for long-term financing?
insurance companies
When the first dishwasher was introduced, it was a completely new product. This was an example of which of the following?
invention
The four types of innovation are
invention, extension, synthesis, and duplication.
A new business faces two great dangers: the possibility that it will not find a market for its goods or services and the chance that
it will not be able to control its costs.
A(n) _____ approach to problem-solving includes soliciting feedback from the target audience early and often and is encouraged under design thinking.
iterative
Appositional relationships often lead to visions that result in which of the following?
new ideas, products, and services
The _____ approach indicates the importance of people's awareness of their daily lives for developing new business ideas.
new-new
Starting a business by adapting something already on the market is called a _____ approach.
new-old
Which of the following pitfalls is described by the statement, "Engineers and technically trained people are particularly prone to falling in love with an idea for a product or service"?
lack of objective evaluation
Using the failure prediction model discussed in the chapter, the risk of failure can be reduced by using _____ in the initial stages.
less debt as initial financing and generating revenue
The incubation process involves
letting the subconscious work.
Keep in mind that many people struggle to choose a specific niche because they don't want to ________.
limit themselves
An L3C is a new legal form for social enterprises known as
low-profit, limited liability companies.
Venture capitalists are experienced professionals who provide a full range of services for new ventures including
management consulting.
Marketing doesn't work like a magic wand. Its main purpose is to ____________ with the right customers.
match the value your business is creating
Which of the following activities does not characterize the social entrepreneur?
operating with a low sense of accountability
You've identified your ________ when you've found a significant need that you can serve, in a way that sets you apart from the competition.
opportunity
It is essential that you _________ the campaign performance to keep it competitive.
monitor
The rise of branding on a personal level has been __________.
more recent
Membership in the World Trade Organization represents _____ of the world's population at present.
more than 97 percent
When buying a business, which of the following is not a factor to consider when investigating the competition?
number of employees
Finding your brilliant idea is more about ____________ than _______________.
observation, innovation
Financial equity instruments, which give investors a share of the ownership, may include
preferred stock.
When buying a small business, you need to know all of the following items except the
owner's family stability and relationships.
That story you tell, combined with those everyday interactions, ultimately define your ________.
personal brand
The more connections you make—and the more value you can provide in your interactions—the more likely it is your _________ will be recognized.
personal brand
Your ________ is more than a reflection of who you are today; it's a roadmap of where you to go.
personal brand
A common pitfall in selecting a new venture is
poor financial understanding.
When a customer sees a product that is superior to its competitors, _____ becomes less important.
price
General sources for a market feasibility analysis include
pricing data.
You must choose who the _____________ is for your product — otherwise, you won't be able to measure success, let alone obtain it.
primary consumer or customer
In the struggle to achieve security, many people also tend to rely on the theory of _____ thinking to make decisions.
probability
People with muddling mind-sets exhibit all of the following habits except
process thinking.
Which of the following evaluation methods enables an entrepreneur to judge a business's potential?
profile analysis
In the 5 Ways to Break Through the Clutter their mythological man and woman have three main avenues of exploration to satisfy their curiosity. These include all the follow EXCEPT
profitability
If we accept the argument that social entrepreneurship is a continuum, at one extreme would be social entrepreneurs driven exclusively by producing social benefits; at the other would be social entrepreneurs motivated by
profitability with social benefits being the means.
Benefit corporations concern themselves with
purpose, accountability, and transparency.
Advantages of debt financing include all of the following except
regular interest payments.
All of the following are characteristics of a creative climate except
restricted communication with outsiders.
Which of the following is an example of a process need?
retirement communities
Which of the following is not critical to a product's success?
size
When going public with public offerings an advantage might be the
size of the company's capital amount.
Which of the following designations is not synonymous with social entrepreneur?
social activist
You have to take a look at the different ____________ and find out where your target audience is spending the most amount of time.
social media channels
Flexibility, reliability, and safety are all examples of
technical feasibility.
Which of the following does not represent a category of angel investors?
technology angels
Which of the following can cause an individual to act on the basis of a distorted picture of reality?
stereotypes
Like any product, a person's "_______," derived from their professional and personal history, is an essential branding tool.
story
Professionals each have their own _______ to tell and goals, skills, and expertise to share.
story
________ can play an important role in establishing or boosting your career.
story
Which of the following is not a major trend that has occurred in venture capital over the last few years?
stronger small start-up investments
Which of the following is not an advantage to buying a franchise business?
structured fees
Which of the following is not a factor regarding the condition of inventory?
suppliers
Establishing a ________ is a critical step in making sure the correct tone and messaging techniques are being used during your campaigns.
target audience
Lotame's Audience Profile Report can give additional insights into your _________ behaviors, interests, actions, and demographics across screens.
target audience's
An organization or company will never be successful without knowing their _________ and who purchases their products or services.
target market
Hiring and promotions on the basis of nepotism rather than qualification are associated with
the concept of a team approach.
Regardless of age, regardless of position, regardless of the business we happen to be in, all of us need to understand __________________.
the importance of branding
Which of the following individuals must negotiate a final deal to purchase a business?
the potential buyer
The Cheek Model suggests that you should approach challenges __________________.
the same way you eat an elephant, one bite at a time
In determining the potential market, one should look _____ into the future.
three to five years
The Pew Research Center has an excellent breakdown of where your audience spends their_____________.
time online
Think of _____ that your audience might be interested in. You can ask them before with the help of visual Q&A post, remember?
topics
Which of the following is not a disadvantage of a major franchise?
track record of the franchisor
The North American Free Trade Agreement (NAFTA) has developed
trade barrier reductions.
Which of the following would be most commonly used for short-term financing?
trade credit
Product/market problems involve
venture capital relationship problems.
The micro view is divided into which of the following three theories?
venture opportunity, entrepreneurial, and strategic
Global entrepreneurs are now considered by others as
wearing different hats.
_____________ continues to be the most widely used social media platform
Entrepreneurs are often methodical people who plan their moves very carefully.
T
When you are trying to identify your buyer personas or ideal customers, you should look at all the following EXCEPT
All of these are correct
For-profit enterprises have yet to make significant contributions to the world of social entrepreneurship.
F
With which of the following concepts is entrepreneurship considered synonymous?
free enterprise
In the second decade of the new millennium, the number of businesses in the United States soared to more than 28 million. This number is still growing annually at _____ percent.
15
_____ is the most significant force for global development.
free enterprise
Entrepreneurs must fit the "profile."
F
Three characteristics of an entrepreneur are personal initiative, management skills, and a desire for autonomy.
T
Entrepreneurship has become synonymous or closely linked with
free enterprise and capitalism
In traditional Entrepreneurship One Time Setup Costs and Expenses. These include all the following EXCEPT?
All of these are One Time Setup Costs and Expenses
The youngest consumers are also the most active online should be reached by all the following EXCEPT
All of these are correct
To help to identify and understand the broader market you are after, the process includes all the following EXCEPT
All of these are correct
Which of the following statements is true?
Entrepreneurship is the ability to create and build a vision from practically nothing.
Resource-rich countries and market-rich countries are usually one and the same.
F
Social entrepreneurship is rarely a vehicle for sustainable development.
F
Entrepreneurs are aggressive catalysts for change within the marketplace.
T
Entrepreneurs are typically well-organized, not shoot from the hip gunslingers.
T
Great chef strategies focus on unique people.
T
The three dimensions of performance associated with the triple bottom line are people, the planet, and profits.
T
There are three main types of strategic international alliances.
T
____________, where they are, what they are doing and how they are implementing strategies can benefit you.
Knowing your competitors
While there is an advertising platform on _______, the real power is in the prospecting tools and making one-on-one connections with your audience.
