Exam 3: Generating and Exploiting New Entries

An entrepreneurial strategy is the set of decisions,actions,and reactions that protect the firm from new entrants. 

Environmental changes are highly unlikely in emerging industries. 

Franchising is an example of a new entry strategy that increases the risk of downside loss for the franchisees. 

By overestimating demand,the entrepreneur will suffer the costs of undercapacity. 

Which is the best way to gain knowledge about a potential new entry  

Lack of informal communication systems is one of the assets of newness. 

The window of opportunity is part of: 

When assessing whether a new product and/or new market are sufficiently attractive to be worth exploiting and developing,an entrepreneur partly depends on the level of information available on a new entry.Why is prior knowledge important and what are the limits of an information search Also,briefly define a window of opportunity. 

An entrepreneurial strategy has three key stages-the generation of a new entry opportunity,the exploitation of a new entry opportunity,and a feedback loop back to the first stage. 

First movers face: 

________ refers to the probability,and magnitude,of downside loss. 

The entrepreneurial attributes of persistence and determination,which are so beneficial when the new venture is on the "right course," 

By delaying entry,late movers: 

Technological uncertainty: 

A highly skilled workforce represents an important resource,but the impact of this resource on performance is reduced when it is combined with an organizational culture that enhances communication,teamwork,and innovativeness. 

Identify and briefly describe the major stages of entrepreneurial strategy. 

A narrow scope strategy offers a small product range to a small number of customer groups.