Entrepreneurship MCQ Entrepreneurship Chapter 1 ______ are designed to stimulate thought about entrepreneurs' understanding and feelings as they progress through the entrepreneurial process. Show
A. Strategic questions Answer: C entrepreneurial opportunities those situations in which new goods, services, raw materials, and organizing methods can be introduced and sold at greater than their cost of production Action through the creation of new products/processes and/or the entry into new markets, which may occur through a newly created organization or within an established organization. individuals mental processes of overcoming ignorance to decide whether a signal represents an opportunity for someone and/or reducing doubt as to whether an opportunity for someone is also an opportunity for them specifically, and/or processing feedback from action steps taken Exist when the basic (relatively easy to observe) elements of the technology resemble (match) the basic (relatively easy to observe) elements of the market Exist when the underlying mechanisms of the technology resemble the underlying mechanisms of the market. Entrepreneurs making do by applying combinations of the resources at hand to new problems and opportunities. a process that starts with a desired outcome and focuses on the means to generate that outcome a process that starts with what one has (who they are, what they know, and whom they know) and selects among possible outcomes Involves the ability to rapidly sense, act, and mobilize, even under uncertain conditions. Describes the extent to which entrepreneurs are dynamic, flesible, self-regulating, and engaged in the process of generating multiple decision frameworks focused on sensing and processing changes in their environments and then acting on them. Questions designed to increase entrepreneurs' understanding of the nature of the environment. Tasks designed to stimulate entrepreneurs to think about the situation in terms of similarities to and differences from situations previously faced and solved Tasks designed to stimulate ent's to think about which strategies are appropriate for solving the problem (and why) or pursuing the opportunity (and how) tasks designed to stimulate entrepreneurs to think about their understanding and feelings as they progress through the entrepreneurial process entrepreneurial intentions the motivational factors that influence individuals to pursue entrepreneurial outcomes entrepreneurial self-efficacy the conviction that one can successfully execute the entrepreneurial process the degree to which an individual has a favorable or unfavorable evaluation of the potential entrepreneurial outcomes The past work experience of an individual Individuals whose example an entrepreneur can aspire to and copy Individuals who give psychological support to an entreprenuer professional support network individulas who help the entrepreneur in business activities Sustainable Entrepreneurship Entrepreneurship focused on preserving nature, life support, and community (sustainability) in the pursuit of perceived opportunities to bring future products, processes, and services into existence for gain (entrepreneurial action) where gain is broadly construed to include economic and noneconomic benefits to individuals, the economy, and society (development). a mindset or way of thinking that is opportunity focused, innovative, and growth oriented. It can be a set of behaviors. ____ recognize the ____, gather the ____ to ____ the opportunity, and drive the opportunity towards ____.
Entrepreneurs; opportunity; resources; execute; completion Entrepreneurship is about ____ ____ into ____ or ____ markets, and about ____ new or existing products or services. novel entry; new; established; exploiting gigantic companies were the norm. the companies lacked competition from Europe and Japan at the time. We saw the macroeconomic turmoil, internation competition, technological revolution. inflated rates because of Vietnam, creative financing, no job security. Smaller businesses became prominent. Civil service was a secure job. solo entrpernuership (small businesses) high tech entrepreneurial era, the information age, commercial internet allowed people to compete on higher levels. Team based entrepernuship the internet and beyond, y2k, dot com era, interest in "non internet" ways was wanning. Use tools as opposed to physical labor. Low cost competition passion is one of the only characteristics that you must have characteristics of an entrepreneur for a new venture: entry strategy, business model concept, start up resources, risks and rewards, founding team, location, process important characteristics of outcome: economic growth, industry formation, and job creation Technology is the leading force behind ____ ____. It also comes about through ____, ____, and ____ economic growth; investment; trade; interactions occurs when an entrpernuer identifies new customer segments that appear to be emerging, new customer needs, existing customer needs that have not yet been satisfied, new ways to manufacture or distribute. These 2 play a huge role in entrepreneurship: ____ ____ are born when ____ ____ produces a novel opportunity that an enterprising entreperenur ____ new industries; technological change;
Entrepreneurship and job creation entrepreneurial ventures are responsible for significant job creation someone who starts something within a business, corportate venturer starts bricks and mortar businesses and builds it to a point where wealth can be harvested. Retail, manufacturing, health care, etc. Those situations in which new goods, services, raw materials, and organizing methods can be introduced and sold at greater than their cost of production. Entrepreneurial Opportunities Action through the creation of new products/processes and/or the entry into new markets, which may occur through a newly created organization within an established organization Individuals' mental processes of overcoming ignorance to decide whether a signal represents an opportunity for someone and/or reducing doubt as to whether an opportunity for someone is also an opportunity for them specifically, and/or processing feedback from action steps taken. Entrepreneurs making do by applying combinations of the resources at hand to new problems and opportunities. Exist when the underlying mechanisms of the technology resemble the underlying mechanisms of the market a process that starts with a desired outcome and focuses on the means to generate that outcome a process that starts with what one has (who they are, what they know, and whom they know) and selects among possible outcomes involves the ability to rapidly sense, act, and mobilize, even under uncertain conditions The extent to which entrepreneurs are dynamic, flexible, self-regulating, and engaged in the process of generating multiple decision frameworks focused on sensing and processing changes in their environment and then acting on them. tasks designed to stimulate entrepreneurs to think about the current situation in terms of similarities to and differences from situations previously faced and solved tasks designed to stimulate entrepreneurs to think about which strategies are appropriate for solving the problem or pursuing the opportunity tasks designed to stimulated entrepreneurs to think about their understanding and feelings as they progress through the entrepreneurial process. the motivational factors that influence individuals to pursue entrepreneurial outcomes entrepreneurial intentions the conviction that one can successfully execute the entrepreneurial process entrepreneurial self-efficacy the degree to which an individual has a favorable or unfavorable evaluation of the potential entrepreneurial outcomes What are the four ways to improve cognitive adaptability? Comprehension, connection, strategy, and reflection 6 Background characteristics of entrepreneurs 1. Education 2. age 3. work history 4. role models 5. moral support 6. professional support Truth or myth: Entrepreneurs are risk-takers Myth - Entrepreneurs work hard to share the risk Truth or myth: Most successful companies feature breakthrough technology Myth - Not technology, just better service/experience Truth or myth: Most successful companies have track records and experience Myth - 40% of Inc. 500 company starters had no experience. 33% were unemployed. Truth or myth - Most successful entrepreneurs had a well-developed business plan. Myth - 1/3 of Inc. 500 company starters had a business plan. 4% did thorough research. Truth or myth: Most successful entrepreneurs started with millions of venture capital. Myth - Most are financed by angel investors. Some have fields have venture capital, but it is very limited. Truth or myth: Entrepreneurs are born, not made. Myth - While some characteristics you are born with, the strategies to become a successful entrepreneur can be taught Truth or myth: All you need is luck. Myth - what some people may perceive as luck is just an entrepreneur seeing and opportunity and seizing it. Managers are focused on delivering a ____, ____ and ____ resut. They ____ tasks and ____ ____. consistent; expected; familiar; delegate; follow guidelines Leaders are focused on ____ and share their ____ with their associates. They ____ and ____. innovation; vision; Segmentation, Targeting, and Positioning Process. Suggested to be used for bringing a product to the market. Rewarding those who produce, and allowing decision making throughout the organization. Corporate Entrepreneurship What was Colin Austin's example of his unconventional undergraduate experience in entrepreneurship? He learned the pattern of the meter maids and parking lot attendants so he could park without a decal and move his car around campus without getting a ticket. It is a pattern of recognition, that led to opportunity recognition. Entrepreneurs who are able to increase cognitive ability have an improved ability to do what? 1. Adapt to new situations What is the
difference between entrepreneurial age and chronological age? Entrepreneurial age represents the entrepreneur's years of experience and chronological age represents the individuals years since birth. What can the general education and experience of an entrepreneur provide? Knowledge, skills, and problem solving abilities that are transferable across many different situations. How long do you have to make-up an exam (assuming it is already pre-approved)? What proportion of Inc. 500 businesses had a business plan at the outset? How long did it take for FedEx to become profitable? What makes Sam Walton a quintessential leader? He is a team builder, inspirer, great leader and teacher; he shares wealth and reward; he exerts influence in an informal way. True/False True/False Entrepreneurial action can be defined as those situations in which new goods, services, raw materials and organizing methods can be sold at greater than their production cost. True/False True/False True/False True/False True/False True/False True/False True/False True/False True/False True/False True/False True/False True/False True/False True/False True/False True/False True/False True/False True/False True/False True/False Entrepreneurial Opportunities are defined as: A. situations in which new goods,
services, raw materials and organizing methods can be sold at greater than their production cost. A. situations in which new goods, services, raw materials and organizing methods can be sold at greater than their production cost. In Stage Two of the McMullen-Shepherd Model: A. the entrepreneur decides whether or not there is an opportunity. C. the entrepreneur decides whether the opportunity that exists is a match with their own knowledge and motivation. In Stage One of the McMullen-Shepherd Model: A. the entrepreneur deals with the business failure through counseling. B. the entrepreneur decides whether or not there is an opportunity. In regards to thinking structurally, superficial similarities: D. exist when the basic (relatively easy to observe) elements of the technology resemble the basic elements of the market. The causal process of thinking: A. starts
with a desired outcome and focuses on a means to generate that outcome. A. starts with a desired outcome and focuses on a means to generate that outcome. Which of the following is NOT a stage in Kolter's procedure in bringing a product/service to market? A. Select target market segments D. File for patent protection Questions designed to increase an entrepreneurs' understanding of the nature of the environment are known as: A. Strategic questions D. Comprehension questions An entrepreneur considering if what they are doing makes sense is an example of: A. A strategic question __________ are designed to stimulate thought about entrepreneurs' understanding and feelings as they progress through the entrepreneurial process. A. Strategic questions An entrepreneur asks if there is a better way to implement a strategy. Identify the category of this question. A. Reflection tasks Individuals have stronger intentions to act when taking action is perceived to be _____ and desirable. A. elusive Which among the following aspects affects an entrepreneur's perception of feasibility? A. Locus of control On the education background, entrepreneurs: A. are less educated than the general population. B. cite an educational need in the areas of finance, strategic planning, marketing, and management. Motivation to launch a new venture can arise from all of the following except: A. lack of prior experience. A. lack of prior experience. As the venture becomes established and starts growing, which of the following types of experience becomes increasingly important? A. Technical Density, in regards to a social network, refers to: A. the extensiveness of ties between two individuals. A. the extensiveness of ties between two individuals. The moral support network is different from the professional support network in that: A. a professional support network includes finding a mentor. Within the moral-support network, most entrepreneurs indicate that their _____ are their biggest supporters. A. mentors Which group in a professional network helps keep a new venture competitive? A. Clients or buyers According to the textbook, what makes up entrepreneurial action?
Entrepreneurial action is the creation of new products/processes and/or the entry into new markets, which may occur through a newly created organization or within an established organization. What roles do knowledge and motivation play in the McMullen-Shepherd model? After the entrepreneur realizes an opportunity they have to assess whether or not it is feasible to successfully exploit the opportunity given one's knowledge and whether it is desirable given one's motivation. What is the difference between superficial similarities and structural similarities? Superficial similarities = when the basic (easy to observe) elements of technology resemble the basic (easy to observe) elements of the market. Structural similarities = when the underlying mechanisms of the technology resemble the underlying mechanisms of the market. In short, if it is easily observed it is superficial, if not then it is structural. What is the term in the book for "tinkering, making do, experimenting"? Bricolage: making do by applying a combination of resources at hand to new problems and opportunities. What is the difference between the causal and effectuation thinking process? They are essential counterpoints. Causal begins with a desired outcome and builds toward that goal. Effectuation begins with the resources you have and then moves toward one of several possible outcomes. "What is this market all about?" A. Strategic question D. Comprehension question "How is this problem similar to problems I have already solved?" A. Strategic question "How can I organize the information to solve the problem?" A. Strategic question "What difficulties am I facing?" A. Strategic question Why are support networks important? These resources (the networks) may assist in efforts to to discover and exploit opportunities, as well as in the creation of new independent organizations. How can you
minimize risk? By having employees bear risk - accrued payroll/paid in stock Suppliers bear risk - extended terms/paid in stock Customers bear risk - buying unproven product (think how often your apps update) How do managers and leaders differ regarding creating an agenda? Managers: focus on planning and budgeting. Set to accomplish task, then allocate resources. Leaders: Focus on establishing direction, develop a vision of the future, strategies for producing changes and needs to get there. How do managers and leaders differ regarding outcomes? Managers: predictable, expected outcomes. Leaders: surpass expectations and produce useful change. What are the 6 key attributes of entrepreneurs? 1. Commitment and Determination Why do entrepreneurs cluster around universities? They have access to mentors, knowledge workers, access to capital and collaborators. What are some ways entrepreneurs give back to society? They contribute to the economy, create innovations to improve the quality of life, create many new jobs, improve the USA's position in global economic competition Regarding our discussion on "designing a customer experience" -what does it mean to "move up the value chain?" Provide a quality experience for the customer that is memorable, cool, comfortable, dramatic, encompassing, emotional, and/or transformational. Senator Jeremy Ring opened the first East coast office of what company? A)Yahoo Are designed to stimulate thought about entrepreneurs understanding and feelings as they progress through entrepreneurial process?Comprehension questions are designed to stimulate entrepreneurs to think about their own understanding. Asking "How is this problem similar to problems I've already solved" is an example of a connection task. A reflection task would involve thinking about what strategies should be used to solve a problem.
What are the major factors that lead to an entrepreneur understanding?Entrepreneurs work under the constraints of their environment – the political economy. Five factors will be key to entrepreneurial success: creativity, tolerance for risk, responsiveness to opportunities, leadership and the ability to take advantage of the rights afforded to you.
How do entrepreneurs develop understanding?Here is a list of 12 effective ways to build entrepreneurial skills that matter:. Take a different path. ... . Start a business. ... . Stick with challenges. ... . Delay gratification. ... . Manage your own finances. ... . Volunteer to lead. ... . Practice communication skills. ... . Learn from a mentor.. What are the 4 aspects of entrepreneurial process?The 4 entrepreneurial stages: Their challenges and the solutions. Stage 1: Inspiration and ideation.. Stage 2: Execution.. Stage 3: Scaling the business.. Step 4: Reaching the top of the mountain.. When entrepreneurs make do by applying combinations of the resources at hand to new problems and opportunities?The term “bricolage” can be defined as “making do by applying combinations of resources at hand to new problems and opportunities” (Baker & Nelson, p. 33).
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What are designed to stimulate thought about entrepreneurs understanding and feelings as they progress through the entrepreneurial process?
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