ENTR 321 Midterm

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True

Generally, the larger and more successful the franchisor, the greater the franchise fee that is charged.

the corporations that promote personal growth will attract the best people

In attempting to create an entrepreneurial climate, the organization should consider that

False

In negotiating a deal to purchase an existing business, it is a bad idea to ask the seller to retain a minority interest in the firm.

the individual's personal entrepreneurial mind-set and an opportunity

The decision to behave entrepreneurially is the result of the interaction of:

invention, extension, synthesis, duplication

What are the four types of innovation?

Overbearing need for control

What characteristic(s) that propel entrepreneurs into success can be exhibited to such an "extreme" that it becomes a problem?

All of the above influence the individual's entrepreneurial opportunity

As depicted in the process model we discussed in class, which of the following would NOT influence an individual's intention to pursue an entrepreneurial opportunity?

False

Commitment, determination, and perseverance are the only characteristics one needs to come a successful entrepreneur.

False

Equity financing is money invested in the venture with legal obligations to repay the principle amount of interest or interest rate on it.

social entrepreneurs motivated by profitability with social benefits being the means

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

True

Incubation in the creative process often occurs when the individual is doing something completely unrelated to the subject.

Entrepreneurial arbitrage

Joseph Schumpter wrote about a process of entrepreneurial innovation that he termed "creative destruction." Which of the following most closely describes the potential economic effect of the types of innovations Schumpter was talking about?

eliminating the concept of waste

Key elements in plans to create a sustainable future are likely to include which of the following?

business model

Key resources and key activities (or processes) are two components of a venture's

True

One reason that corporate entrepreneurship has become popular is because it allows corporations to tap the innovative talents of the personnel.

True

Pricing becomes less of a concern when customers become aware of a product's unique characteristics that are superior to the competition.

unclear business definition

Product/market problems include which of the following?

True

Recognition of entrepreneurs dates back to the French economist Richard Cantillon.

True

Social entrepreneurs are known to form ventures that exploit opportunities to create social value.

Factor driven economic development

Some countries exhibit a lot of entrepreneurial activity, but a high number of the entrepreneurial ventures seem to primarily provide self-employment for the founder. Which stage of economic development typically applies to these countries?

True

The Brundtland definition of sustainable development is "meeting the needs of the present without compromising the ability of future generations to meet their needs."

False

The entrepreneurial spirit is unique to America and Western Europe.

True

The macro view of entrepreneurship includes external processes that are sometimes beyond the control of the entrepreneur.

encourage innovation

The major thrust of corporate entrepreneurship is to

unmet needs, potential solutions, and entrepreneurial cognition

The opportunity for entrepreneurial innovation emerges from the interaction of

Champion

The person who has the opportunity to lead and "run" with an idea would be coined which of the following:

model the various factors that characterize the entrepreneurial process

The process approach to entrepreneurship seeks to

False

The triple bottom line is an accounting framework that focuses on optimizing short-term financial performance

to undertake

The word entrepreneur is derived from the French entreprendre, which is translated as

False

Timing has little to do with the success or failure of a new venture.

price per unit and total number of units sold

To be profitable, total revenue must exceed total cost. Break-even analysis tells us we must look at both

financing

When accounts receivable are bought from a company for capital funding it is called

When organic waste (like paper and food) decomposes in a landfill, it produces methane gas. Many landfills now capture the gas and burn it to generate electricity.

Which of the following best illustrates the power of positive externalities?

The capital budgeting process

Which of the following could be classified as a Systematic Barrier to innovation in an organization?

Business model reconstruction

Which of the following elements of Corporate Entrepreneurship primarily depend on externally acquired knowledge rather than internal learning and innovation?

Venture capital

Which of the following is NOT a component of a new venture's business model?

Punishment of mistakes

Which of the following is NOT an important characteristic for establishing an intrapreneurial climate?

private placement

Which of the following is not a type of debt financing?

All of the above are rationalizations

Which of the following might be a rationalization used to justify unethical conduct?

About 50% of the strength of these characteristics is determined by heredity.

Which of the following statements are true of Entrepreneurial Personality Characteristics:

In combination, they can influence the motivation of the entrepreneur to pursue an opportunity.

Which of the following statements is true of personality traits, cognition and affect:

The right brain helps people understand analogies and imagine things.

Which of the following statements is true?

incremental innovation

Which of the following terms refers to the systematic evolution of a product or service into newer or larger markets?

Imitative market entry

Which of the following types of new ventures would involve the least amount of product innovation?

angel investors

Which of the following would be most commonly used for short-term financing?

True

Feasibility analyses includes technical, market, financial, organizational, and competitive analyses.

False

Firms do not need to alter management techniques to encourage corporate entrepreneurship since it tends to occur naturally.

False

Creativity cannot be developed or improved

what if and why not?

Entrepreneurs sense potential in business problems by asking


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