Exam 1: Exploring Entrepreneurship

Joseph Shumpeter came up with the term 'creative destruction', about the impact of innovative entrepreneurs. Complete the following sentence which explains what this type of entrepreneur achieves. Creative destructors act as ______ in an economy, and their creation - a new ______, a new ______, or a new ______ - triggers '______ that disrupts the existing ______ or ______ structure and creates a new industry or a new infilldustrial structure through innovation.

Link the following entrepreneurial marketing techniques to the cases that illustrate their use. -Building and refining social networks.

Match their titles to their descriptions: -Customer relationship.

Match these approaches to marketing with their descriptions. -Customer relations management (CRM) and direct marketing including the use of communications technologies, such as social media.

Complete the following sentence by choosing the appropriate phrase for each gap. One of the main challenges of an entrepreneurial venture is to handle, and to integrate effectively, ______ and ______ from several different fields (e. g. marketing, operations, human resources, accounting and finance).

Match the type of knowledge with the relevant examples. -Social science knowledge with no implications for practical entrepreneurship.

What factors are used to refer to the following two dispositions (separated by semi-colons): Outgoing, sociable and optimistic; Anxious, emotionally unstable, prone to depression.

Match the following profit measures to their definitions. -Profit margin.

Encouraging entrepreneurial activity that focuses on whether we are producing young people with skills energy and ideas would be referred to as operating at what level?

Match these types of examples with the relevant decisions. -The founders of Eco Dry decide to set up a commercial holding company on a franchise-based business model; they considered adopting a social enterprise model, but decided that this had the greatest growth potential. The founders accumulate wealth from the franchisees and from their own equity stake.

Replace the missing words in the following definition of relationship marketing. Relationship marketing is defined as 'proactively ______, ______ and ______ committed, interactive and ______ exchanges with ______ customers (partners) over time' (Harker 1999).

Link the following entrepreneurial marketing techniques to the cases that illustrate their use. -Co-ordinating value constellation.

Match the disciplinary perspective with the insights that they have provided into entrepreneurship or the methods that they have used -Research has focused on how to reconcile the active role of the entrepreneur with the 'invisible hand' of the market) and a more policy-oriented and outward-looking strand that examines the relationship between entrepreneurial activity and achieving greater economic growth.

Complete the following statement. The business model approach offers two important advantages over the other approaches. Firstly, it provides you with a clear and concise way to ______ an entrepreneurial opportunity. Secondly, in the process of constructing a business model, you can improve your own ______ of the underlying concept, enabling you to refine it further and build a more convincing case.

Match the following profit measures to their definitions. -Gross profit.

Match the following stages of the Tuckman model to the typical communication patterns within the entrepreneurial team. -Norming.

Match the following team roles to their implied communication task. -Completer.

Match the following elements of a business plan with their descriptions. -Operational strategy.

Match the disciplinary perspective with the insights that they have provided into entrepreneurship or the methods that they have used -The focus is on individual human beings, with a focus on what makes people entrepreneurial and the actions associated with being entrepreneurial.

Match these types of innovation with their descriptions (based on Francis and Bessant 2005). -Product innovation.