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Exam 7: Entrepreneurship

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Question 31

Multiple Choice

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Entrepreneurs face failure in which of the following situations?

A) Only the public sector.
B) Only the private sector.
C) Only in less developed nations.
D) Only in not-for-profits.
E) In any organization.

F) A) and D)
G) A) and C)

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Question 32

Multiple Choice

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Justin recently started his own business. He has nearly recreated a company he worked for when he was in college, except that with his great business acumen he has been able to run the company much more efficiently and thus profitably. Justin would best be classified as a

A) Promoter.
B) Entrepreneur.
C) Manager-administrator.
D) Intrapreneur.
E) Inventor.

F) D) and E)
G) A) and B)

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Question 33

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Skunkworks are project teams designated to produce new, innovative products.

When an entrepreneur starts a new venture, he or she may get used to doing everything, and doing all of it with a high level of motivation. That may be a common source of difficulty for entrepreneurs, resulting in

People's judgment of a company's acceptance, appropriateness, and desirability, generally stemming from company goals and methods that are consistent with societal values, is known as

A product that represents a novel idea requiring little financial investment would be displayed in the _________ of the entrepreneurial strategy matrix.

IPO is an acronym that stands for

Entrepreneurs are best characterized as gamblers in their approach to risk.

Bootlegging refers to creating official job assignments for employees to create new products and processes of their own choosing.

Entrepreneurs, in part because they are very busy, often fail to use __________________, resulting in inadequate margins to support growth.

The best business plans convey five key factors: the people, the opportunity, the competition, the context, and risk and reward.

Acquiring venture capital is not essential to the success of most start-up businesses; in fact, it is rare.

A competitive advantage from relationships with other people and the image other people have of you is known as

New venture creators working inside big corporations are called

Early failures are nearly a guarantee that a venture will not succeed; don't be tempted to throw good money after bad.

Entrepreneurs often exhibit creativity, self-reliance, and the ability to adapt.

An entrepreneur's primary motivation to start his or her own firm is most often to get rich quickly.

Capitalizing on new clothing and music trends, the desire for fast food, and growing interest in sports are examples of which category of possibilities when spotting opportunity?

Natural disasters can provide an attractive opportunity for entrepreneurs.

Viviana works in software development for a large corporation. Her employer encourages employees to pursue new ideas on company premises, so she has a side project involving applications for small kitchen appliances. Viviana's employer appears to support