Exam 6: Entrepreneurship

Your roommate excitedly tells you that she has decide to become an entrepreneur. Her primary reason, she says, is that entrepreneurship is a perfect match for her because she is a gambler by nature. Unfortunately, your roommate has described one of the myths of entrepreneurship. In fact, entrepreneurs are not gamblers. They take careful, calculated ________ and are not afraid to act on their ________.

In the context of the entrepreneurial strategy matrix, most small business ventures are in the lower right quadrant where innovation is low and risk is high.

Sabrina, Vice President of Development for a large automobile manufacturer, has developed a radically different marketing strategy. Before she presents the idea to the CEO, she first consults with the other vice presidents to get their input and support. This step in building support for an idea is known as

In order for family-managed businesses to survive and prosper, management guru Peter Drucker advised them to

List and describe the differences between the transaction fee model and the intermediary model using examples.

An organization that resists entrepreneurial initiative

The odds of survival for a new venture improve if

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

Identify the correct statement regarding entrepreneurship.

Organizations that encourage ________ face an obvious risk: the effort can fail.

The side street effect refers to

Describe the characteristics of a successful entrepreneur.

What is the role of the economic environment in the success of entrepreneurial ventures?

A(n) ________ is a new business having growth and high profitability as primary objectives.

Paige independently owns and operates HiZ Inc., a company with 22 employees. She manages aggressively and expects rapid sales and profit growth. Paige's company is considered a(n) ________ venture.

How are entrepreneurs and inventors different? Give an example.

A(n) ________ often devotes too much attention to financial projections while neglecting other important information that is important to investors.

"My niche is designing smartphone apps for senior citizens, a growing market due to the aging of the Baby Boomer generation," said entrepreneur programmer Rich Webb. "Examples include apps for helping a shopper find his car in a parking lot, for keeping track of medications, and for monitoring blood pressure." Rich is developing entrepreneurial opportunities based upon events and trends as they unfold-in this case, due to

According to Peter Drucker, which of the following statements is true of managing a family business?

When working for a software company, and because Tomas is a(n) ________, he created a new venture based solely on his idea while using his company's proprietary technology.