Question 1

________ is a type of evaluation that helps entrepreneurs understand whether an idea is practical.

Accepted Answer

A) Illusion of control 
B) Entrepreneurial risk management 
C) Strategic planning 
D) Feasibility analysis 
E) Entrepreneurial alertness 
A) Illusion of control 
B) Entrepreneurial risk management 
C) Strategic planning 
D) Feasibility analysis 
E) Entrepreneurial alertness

Question 2

Which of the following is an example of an opportunity that arose from the use of a new method of organizing?

Accepted Answer

A) using corn to produce ethanol 
B) using the Internet to sell a product 
C) raising chickens without antibiotics 
D) an American bank providing services in Australia 
E) the invention of the heart stent 
A) using corn to produce ethanol 
B) using the Internet to sell a product 
C) raising chickens without antibiotics 
D) an American bank providing services in Australia 
E) the invention of the heart stent

Question 3

When an individual or group of individuals in an existing corporation creates a new organization or a new group within an existing organization,they are involved in ________ entrepreneurship.

Accepted Answer

A) corporate 
B) social 
C) commercial 
D) innovative 
E) strategic 
A) corporate 
B) social 
C) commercial 
D) innovative 
E) strategic

Question 4

Bryan has started a nonprofit organization that places the visually impaired in suitable jobs.What type of entrepreneurship is Bryan displaying?

Accepted Answer

A) corporate social entrepreneurship 
B) intrapreneurship 
C) commercial entrepreneurship 
D) corporate entrepreneurship 
E) social entrepreneurship 
A) corporate social entrepreneurship 
B) intrapreneurship 
C) commercial entrepreneurship 
D) corporate entrepreneurship 
E) social entrepreneurship

Question 5

________ refers to the resources that the entrepreneur could lose if the opportunity does not succeed.

Accepted Answer

A) Downside loss 
B) Entrepreneurial risk 
C) Feasibility analysis 
D) Information asymmetry 
E) Illusion of control 
A) Downside loss 
B) Entrepreneurial risk 
C) Feasibility analysis 
D) Information asymmetry 
E) Illusion of control

Question 6

A company starting to distribute its existing products in a new country is gaining from which type of opportunity?

Accepted Answer

A) creation of new products or services 
B) new geographical market 
C) creation or discovery of new raw materials 
D) discovery of new methods of production 
E) new methods of organizing 
A) creation of new products or services 
B) new geographical market 
C) creation or discovery of new raw materials 
D) discovery of new methods of production 
E) new methods of organizing

Question 7

Describe opportunity exploitation.

Accepted Answer

The third step in the entrepreneurship p

Question 8

Betty and David decide to conduct a survey to observe people's reaction to their innovative idea for a new product.With the help of an organization that conducts primary research,the couple is able to acquire responses of people from their town with a population of less than 500.The results are very encouraging and they decide to start their company.What error have they committed?

Accepted Answer

A) hypercorrection 
B) cognitive distortion 
C) law of small numbers 
D) defense mechanism 
E) overregularization 
A) hypercorrection 
B) cognitive distortion 
C) law of small numbers 
D) defense mechanism 
E) overregularization

Question 9

The use of corn to make ethanol created a new use for corn.This kind of opportunity comes from which of the following?

Accepted Answer

A) creation of new products or services 
B) new geographical market 
C) creation or discovery of new materials 
D) discovery of alternative uses for existing raw materials 
E) new methods of organizing 
A) creation of new products or services 
B) new geographical market 
C) creation or discovery of new materials 
D) discovery of alternative uses for existing raw materials 
E) new methods of organizing

Question 10

What is entrepreneurial opportunity? Which are the types of opportunities as described by Schumpeter?

Accepted Answer

Entrepreneurship refers to the identific

Question 11

Which of the following is true of an individual who has a low level of entrepreneurial alertness?

Accepted Answer

A) They are more likely to identify potential entrepreneurial opportunities. 
B) They spend most of their time giving feedback to employers. 
C) They are more likely to dismiss or ignore new information and overlook potential opportunities. 
D) They are more likely to follow the new market opportunities. 
E) They have low entrepreneurial risk. 
A) They are more likely to identify potential entrepreneurial opportunities. 
B) They spend most of their time giving feedback to employers. 
C) They are more likely to dismiss or ignore new information and overlook potential opportunities. 
D) They are more likely to follow the new market opportunities. 
E) They have low entrepreneurial risk.

Question 12

When Nintendo Crescendo,an electronics company,develops and markets the Wii gaming system,it is an opportunity that has arisen from a ________.

Accepted Answer

A) new product or service 
B) new geographical market 
C) new method of production 
D) new raw material 
E) new method of organizing 
A) new product or service 
B) new geographical market 
C) new method of production 
D) new raw material 
E) new method of organizing

Question 13

Entrepreneurial opportunities offering value to communities as opposed to offering value towards personal or shareholder wealth is known as ________ entrepreneurship.

Accepted Answer

A) corporate 
B) social 
C) commercial 
D) innovative 
E) strategic 
A) corporate 
B) social 
C) commercial 
D) innovative 
E) strategic

Question 14

Strategic renewal occurs when a firm proactively seeks to create a new product market position that competitors have not recognized.

Accepted Answer

A) True 
 B)False

Question 15

________ is the process in which an individual or group of individuals in an existing corporation create a new organization or instigate renewal or innovation within that corporation.

Accepted Answer

A) Corporate social entrepreneurship 
B) Intrapreneurship 
C) Entrepreneurship 
D) Corporate entrepreneurship 
E) Social entrepreneurship 
A) Corporate social entrepreneurship 
B) Intrapreneurship 
C) Entrepreneurship 
D) Corporate entrepreneurship 
E) Social entrepreneurship

Question 16

________ occurs when firms develop new culture,processes,or structures to support new product innovations in current markets as well as with existing products in new markets.

Accepted Answer

A) Domain definition 
B) Organized rejuvenation 
C) Strategic renewal 
D) Sustained regeneration 
E) Project hosting 
A) Domain definition 
B) Organized rejuvenation 
C) Strategic renewal 
D) Sustained regeneration 
E) Project hosting

Question 17

When pursuing domain definition,what should firms hope for?

Accepted Answer

A) to be moderately competitive in the market segment 
B) organized rejuvenation 
C) to become the first competitor in a market segment 
D) strategic renewal 
E) to be one of many competitors in the market segment 
A) to be moderately competitive in the market segment 
B) organized rejuvenation 
C) to become the first competitor in a market segment 
D) strategic renewal 
E) to be one of many competitors in the market segment

Question 18

Entrepreneurial alertness refers to an individual's ability to notice and be sensitive to new information about objects,incidents,and patterns of behavior in the environment.

Accepted Answer

A) True 
 B)False

Question 19

Mike wants to start his own laundry service.However,he intends to first study the market and consider factors such as who his competitors are,how they function,their market shares,and how he can attract prospective customers before he decides whether his plan is viable.Mike is engaging in ________.

Accepted Answer

A) benchmarking 
B) entrepreneurial risk management 
C) feasibility analysis 
D) exploitation 
E) angel investing 
A) benchmarking 
B) entrepreneurial risk management 
C) feasibility analysis 
D) exploitation 
E) angel investing

Question 20

________ occurs when a firm attempts to alter its own competitive strategy.

Accepted Answer

A) Public hosting 
B) Sustained regeneration 
C) Organized rejuvenation 
D) Strategic renewal 
E) Domain definition 
A) Public hosting 
B) Sustained regeneration 
C) Organized rejuvenation 
D) Strategic renewal 
E) Domain definition

________ is a type of evaluation that helps entrepreneurs understand whether an idea is practical.

Which of the following is an example of an opportunity that arose from the use of a new method of organizing?

When an individual or group of individuals in an existing corporation creates a new organization or a new group within an existing organization,they are involved in ________ entrepreneurship.

Bryan has started a nonprofit organization that places the visually impaired in suitable jobs.What type of entrepreneurship is Bryan displaying?

________ refers to the resources that the entrepreneur could lose if the opportunity does not succeed.

A company starting to distribute its existing products in a new country is gaining from which type of opportunity?

Describe opportunity exploitation.

The use of corn to make ethanol created a new use for corn.This kind of opportunity comes from which of the following?

What is entrepreneurial opportunity? Which are the types of opportunities as described by Schumpeter?

Which of the following is true of an individual who has a low level of entrepreneurial alertness?

When Nintendo Crescendo,an electronics company,develops and markets the Wii gaming system,it is an opportunity that has arisen from a ________.

Entrepreneurial opportunities offering value to communities as opposed to offering value towards personal or shareholder wealth is known as ________ entrepreneurship.

Strategic renewal occurs when a firm proactively seeks to create a new product market position that competitors have not recognized.

________ is the process in which an individual or group of individuals in an existing corporation create a new organization or instigate renewal or innovation within that corporation.

________ occurs when firms develop new culture,processes,or structures to support new product innovations in current markets as well as with existing products in new markets.

When pursuing domain definition,what should firms hope for?

Entrepreneurial alertness refers to an individual's ability to notice and be sensitive to new information about objects,incidents,and patterns of behavior in the environment.

Mike wants to start his own laundry service.However,he intends to first study the market and consider factors such as who his competitors are,how they function,their market shares,and how he can attract prospective customers before he decides whether his plan is viable.Mike is engaging in ________.

________ occurs when a firm attempts to alter its own competitive strategy.

Introducing Modern Management: Concepts and Skills

Managers,society,and Sustainability

Management and Diversity

Managing in the Global Arena

Encouraging Creativity and Innovation

Plans and Planning Tools

Making Decisions

Strategic Planning: Strategies, tactics, and Competitive Dynamics

Fundamentals of Organizing

Responsibility, authority, and Delegation

Human Resource Management

Changing Organizations

Influencing and Communication

Leadership

Motivation

Groups and Teams

Managing Organization Culture

Controlling,information,and Technology

Production and Control

Filters

Exam 2: Management and Entrepreneurship: Handling Start-Ups and New Ventures

________ is a type of evaluation that helps entrepreneurs understand whether an idea is practical.

Which of the following is an example of an opportunity that arose from the use of a new method of organizing?

When an individual or group of individuals in an existing corporation creates a new organization or a new group within an existing organization,they are involved in ________ entrepreneurship.

Bryan has started a nonprofit organization that places the visually impaired in suitable jobs.What type of entrepreneurship is Bryan displaying?

________ refers to the resources that the entrepreneur could lose if the opportunity does not succeed.

A company starting to distribute its existing products in a new country is gaining from which type of opportunity?

Describe opportunity exploitation.

The use of corn to make ethanol created a new use for corn.This kind of opportunity comes from which of the following?

What is entrepreneurial opportunity? Which are the types of opportunities as described by Schumpeter?

Which of the following is true of an individual who has a low level of entrepreneurial alertness?

When Nintendo Crescendo,an electronics company,develops and markets the Wii gaming system,it is an opportunity that has arisen from a ________.

Entrepreneurial opportunities offering value to communities as opposed to offering value towards personal or shareholder wealth is known as ________ entrepreneurship.

Strategic renewal occurs when a firm proactively seeks to create a new product market position that competitors have not recognized.

________ is the process in which an individual or group of individuals in an existing corporation create a new organization or instigate renewal or innovation within that corporation.

________ occurs when firms develop new culture,processes,or structures to support new product innovations in current markets as well as with existing products in new markets.

When pursuing domain definition,what should firms hope for?

Entrepreneurial alertness refers to an individual's ability to notice and be sensitive to new information about objects,incidents,and patterns of behavior in the environment.

Mike wants to start his own laundry service.However,he intends to first study the market and consider factors such as who his competitors are,how they function,their market shares,and how he can attract prospective customers before he decides whether his plan is viable.Mike is engaging in ________.

________ occurs when a firm attempts to alter its own competitive strategy.

Introducing Modern Management: Concepts and Skills

Managers,society,and Sustainability

Management and Diversity

Managing in the Global Arena

Encouraging Creativity and Innovation

Plans and Planning Tools

Making Decisions

Strategic Planning: Strategies, tactics, and Competitive Dynamics

Fundamentals of Organizing

Responsibility, authority, and Delegation

Human Resource Management

Changing Organizations

Influencing and Communication

Leadership

Motivation

Groups and Teams

Managing Organization Culture

Controlling,information,and Technology

Production and Control

Filters