Entrepreneurship Final Exam
5 C's of Credit
1) Character 2) Capacity 3) Capital 4) Collateral 5) Conditions
3 Types of new product classifications
1) Continuous innovations - Most common, least disruptive 2) Dynamically continuous innovations - Some disruption 3) Discontinuous innovations - Cutting edge product
2 stages of the McMullen-Shepherd model
1) Evaluation stage: Does entrepreneur have skills to take action 2) Attention Stage: Does opportunity exist
2 strategies to reduce uncertainties
1) Imitation strategies 2) Market scope strategies
3 main types of political risk
1) Operating 2) Transfer 3) Ownership
4 stages of product life cycle
1. Introduction 2. Growth 3. Maturity 4. Decline
Marketing Mix
1. Product 2. Price 3. Place (distribution) 4. Promotion
How long does a trade mark sit published for people to oppose
30 days
Problem inventory analysis
A method for obtaining new ideas and solutions by focusing on problems
The _________ created the commission that prescribes safety standards for products
Consumer Product Safety Act
Authors or publishers of software are protected under:
Copyrights
New Business Venturing
Creation of a new business within an existing organization
Which of the following political risks is considered the biggest risk of all? a) Transfer b) Investment c) Operating d) Ownership
D) Ownership
brand equity
the added value a brand name gives to a product beyond the functional benefits provided
The laws governing business arrangements have been standardized over 150 international legal systems.. T or F
False
The three main categories of patents are design, utility, and provisional.... T or F
False
The McMullen-Shepherd Model helps identify common traits of successful entrepreneurs. T or F
False.
In order to be the basis for a firms superior performance, a bundle of resources must be valuable, rare, and imitable... T or F
False... Should be inimitable
Organization plan described the businesses...
Form of ownership
A broad scope strategy:
opens the firm up to many different "fronts" of competition
Design patents
patents that are granted when someone has invented a new and original design for a manufactured product - Based on appearance of an object
Reverse brainstorming
Identifying everything wrong with an idea
Imitation strategy
Imitating a current product or service - Legitimacy is the #1 reason for this - Reduces costs associated with R&D
Focus groups
Open in depth discussion led by a moderator (INFORMAL)
The business plan presentation for potential investors:
Should enable the entrepreneur to "sell" his or her business concept in a designated period of time
Cognitive Adaptability
The ability to be dynamic, flexible, and self-regulating in one's cognitions given dynamic and uncertain task environments.
Which is true regarding the Sarbanes-Oxley act?
The act does not cover fraud via tv or radio
A board of advisors has less decision making authority than the board of directors does. T or F
True
Entrepreneurial structure is usually flat with multiple informal networks... T or F
True
Independent, venture-capital-start ups tend to outperform corporate start-ups T or F
True
The question "what is technology all about is a comprehension question"... T or F
True
Effectuation Process
a process that starts with what one has (who they are, what they know, and whom they know) and selects among possible outcomes
Which of the following is not as aspect of nonverbal or hidden language? a) Energy b) Time c) Space d) Business relationships
a) Energy
Fixed operating expenses include all of the following except: a) Rent b) Depreciation c) Raw materials d) Utilities
a) Raw materials
Which of the following is a variable expense? a) Raw materials b) Interest c) Insurance d) Rent
a) Raw materials - Changes with quantity required
Which of the following is an internal environmental variable? a) Industry demand b) Technology c) Financial resources d) The economy
c) Financial resources
business-to-business marketing involves
A more direct channel of distribution than consumer markets
Franchising opportunities have often evolved from changes in the environment as well as important social trends. This is not one of the factors responsible:
Acceptance of different cultures
Liability is one of the most critical reasons for establishing a: A. limited liability company. B. corporation. C. partnership. D. sole proprietorship.
B) Coorporation
Which term describes the practice of paying for goods indirectly through another source?
Barter
Trade secrets are protected:
By state law
Which methods of bankruptcy require the entrepreneur to come up with a payment plan?
Chapter 7 + Chapter 13
The section of the patent application which provides the criteria by which infringement will be determined is the...
Claims section
The section of the patent application that includes engineering specifications, materials and components is the...
Description of invention
Parameter Analysis
Developing a new idea by focusing on parameter identification and creative synthesis
Collective Notebook Method
Developing a new idea by group members regularly recording ideas
forced relationships
Developing a new idea by looking at product combinations
Big-Dream Approach
Developing a new idea by thinking without constraints
Free association
Developing a new idea through a chain of word associations
checklist method
Developing a new idea through a list of related issues
Corporate entrepreneurship
Entrepreneurial action within an established organization
Entrepreneur vs. Manager
Entrepreneurs like to rent or sporadically use resources while managers like to own resources
In regards to thinking structurally, superficial similarities:
Exist when the basic (relatively easy to observe) elements of the technology resemble the basic elements of the market
Copyrights are registered with:
Library of Congress
Gordon Method
Method for developing new ideas when the individuals are unaware of the problem - Ensures that there are no biases that could cloud judgment
Error of commission
Negative outcome from acting on a perceived opportunity
_______ includes initiative and risk taking, as well as competitive aggressiveness and boldness
Pro-activeness
The basic building blocks to a firm or the inputs into production are:
Resources
Bricolage
Reusing resources so they can be optimized
The first step in establishing corporate entrepreneurship in an organization is:
Securing commitment from top management
Brain writing
Written brainstorming
lead time
The grace period in which the first mover operates in the industry under conditions of limited competition
Motivations for going global include all of the following except: a) Competitive pressures b) Excess production capacity c) Technological advantage d) Cheap shipping costs
d) Cheap shipping costs
Patents filed with the U.S. Patent Office:
frequently suggest other new products
Casual process
starts with a desired outcome and focuses on the means to generate that outcome
