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Exam 6: Entrepreneurship

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Question 31

Multiple Choice

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The process by which enterprising individuals initiate, manage, and assume the risks and rewards associated with a business is known as a(n) :

A) start-up.
B) corporation.
C) governmental agency.
D) entrepreneurial venture.
E) joint venture.

F) B) and C)
G) A) and E)

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Question 32

Multiple Choice

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The most dangerous risk in intrapreneurship is that of:

A) spreading intrapreneurial efforts over too many projects.
B) over relying on a single large project.
C) working on too many underfunded projects.
D) limiting one's personal energy to certain tasks.
E) engaging in prospects that are too risky.

F) None of the above
G) A) and B)

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Question 33

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The tendency of an organization to engage in activities designed to identify and capitalize successfully on opportunities to launch new ventures by entering new or established markets with new or existing goods or services is known as:

In the context of building intrapreneurship, skunkworks are project teams designated to produce a new, innovative product.

Observers say that in contemplating one's business, one must start with a great idea.

Successfully fostering and managing intrapreneurship involves:

The side street effect refers to:

Which of the following key planning elements involves a competitive advantage that can be defended and should be focused on customer?

Calamities such as wars and natural disasters can provide opportunities for entrepreneurs.

Describe the five tendencies that determine entrepreneurial orientation.

Scenario C. Use the information given below to answer the questions below the paragraph. Three entrepreneurs describe their ventures in the following manner: Raymond: "I have invested very little money but I am the first to launch the product in the market." Sharon: "I have invested very little money in my business for a product with many similar competitors already in the market." Kevin: "I have spent an incredible amount of money getting my business going in an industry with many well-established competitors." -According to the entrepreneurial strategy matrix, Sharon's venture can be described as:

Scenario D. Use the information provided to answer the questions that follow. Ashton has begun the planning process for his entrepreneurial venture. He has completed an assessment of his vision to operate a full-service shuttle service for the elderly, for which he feels there is a strong market. He has a good understanding of the availability of his own resources and his personal traits to manage the business. Now, he is prepared to start compiling functional plans for marketing, finance, and human resources so that he can obtain the financing he will need to start. He is also deciding how to develop the right reputation and create the proper networks to find employees and customers as well as get advice from fellow businesspeople. -Which formal stage of the planning process has Ashton completed?

Entrepreneurs operate in a formal management hierarchy with well-defined authority and responsibility.

In the context of the entrepreneurial strategy matrix, a novel product idea that involves a large financial investment would be described as:

Orlando works as a technician for a large manufacturer of biomedical equipment. Orlando has discovered a way to produce disposable products in large quantities that will be useful in research facilities. His employer has given Orlando and a selected team of researchers the resources to develop this idea. This project is referred to as:

In the context of the entrepreneurial strategy matrix, describe the four kinds of new ventures.

Miguel works as a technician for a large manufacturer of biomedical equipment. He has discovered a technique to produce composite materials more efficiently. The company encourages its employees to pursue new ideas on company premises. Which of the following does Miguel's company support?

Today's large corporations are passive bystanders in the entrepreneurial explosion.

Scenario B. Use the information in the following paragraph to answer the following questions. After reviewing the history of many successful entrepreneurial ventures, a few interesting cases stand out. They are: • Minute Clinic's health care kiosks in supermarkets. • Visionics biometric software that can assist in identifying runaways, shoplifters, or terrorists. • Nanostring's molecular bar coding enterprise. • The tourism industry at Mount Helens, a volcano in the United States that recently erupted. -All of the above businesses were started by entrepreneurs who were able to spot a(n) :

A small business is often defined as having fewer than 100 employees, as well as being independently owned and operated.