Question 1

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 2

________ refers to the basic longstanding needs of society and has little to do with profits.

Accepted Answer

A)  Commercial value 
B)  Social value 
C)  Economic value 
D)  Psychological value 
E)  International value 
A)  Commercial value 
B)  Social value 
C)  Economic value 
D)  Psychological value 
E)  International value

Question 3

Mike wants to start his own laundry service. However, he intends to first study the market and consider factors like who his competitors are, how they function, their market shares, how he can attract prospective customers, etc., 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 4

Define social entrepreneurship.

Accepted Answer

Social entrepreneurship involves the rec

Question 5

Jerry starts his own business even when he is advised by family and friends that it is not a suitable opportunity. His friends feel that the market is uncertain and a new entry at this juncture is inadvisable. Jerry soon realizes that his friends were right and he should have taken their advise. In spite of himself, he is forced to admit that the market situation is such that it would take more than being a good entrepreneur to survive. Which of the following is Jerry experiencing?

Accepted Answer

A)  exploitation 
B)  anchoring 
C)  information bias 
D)  illusion of control 
E)  reactance 
A)  exploitation 
B)  anchoring 
C)  information bias 
D)  illusion of control 
E)  reactance

Question 6

Which of the following is an example of an opportunity that has arisen from new uses for raw materials?

Accepted Answer

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

Question 7

What occurs when an entrepreneur decides whether he or she has just a good idea or a viable opportunity that will provide the desired outcomes?

Accepted Answer

A)  opportunity identification 
B)  opportunity selection 
C)  opportunity evaluation 
D)  opportunity feedback 
E)  opportunity success 
A)  opportunity identification 
B)  opportunity selection 
C)  opportunity evaluation 
D)  opportunity feedback 
E)  opportunity success

Question 8

Which of the following is true about factors that adversely influence the accuracy of an entrepreneur's risk perceptions?

Accepted Answer

A)  An entrepreneur's belief in the law of small numbers increases the risk he or she perceives with an opportunity. 
B)  Because individuals are more likely to obtain good information and less likely to obtain bad information, small samples of information are likely biased negatively. 
C)  Most entrepreneurs have access to large databases. 
D)  The control that an entrepreneur feels with respect to the opportunity's outcome may influence perceptions of the idea's risk. 
E)  Law of small numbers and the illusion of control positively influence the accuracy of risk perceptions when evaluating opportunities. 
A)  An entrepreneur's belief in the law of small numbers increases the risk he or she perceives with an opportunity. 
B)  Because individuals are more likely to obtain good information and less likely to obtain bad information, small samples of information are likely biased negatively. 
C)  Most entrepreneurs have access to large databases. 
D)  The control that an entrepreneur feels with respect to the opportunity's outcome may influence perceptions of the idea's risk. 
E)  Law of small numbers and the illusion of control positively influence the accuracy of risk perceptions when evaluating opportunities.

Question 9

Which of the following is an example of corporate entrepreneurship?

Accepted Answer

A)  creating new products, services, or technologies 
B)  editing papers and reports 
C)  reinvesting funds in other companies 
D)  contracting work to consultants 
E)  reducing corporate organization 
A)  creating new products, services, or technologies 
B)  editing papers and reports 
C)  reinvesting funds in other companies 
D)  contracting work to consultants 
E)  reducing corporate organization

Question 10

________ refers to the identification, evaluation, and exploitation of opportunities.

Accepted Answer

A)  Entrepreneur 
B)  Entrepreneurial opportunity 
C)  Entrepreneurial alertness 
D)  Entrepreneurship 
E)  Entrepreneurial risk 
A)  Entrepreneur 
B)  Entrepreneurial opportunity 
C)  Entrepreneurial alertness 
D)  Entrepreneurship 
E)  Entrepreneurial risk

When pursuing domain definition, what should firms hope for?

________ refers to the basic longstanding needs of society and has little to do with profits.

Define social entrepreneurship.

Which of the following is an example of an opportunity that has arisen from new uses for raw materials?

What occurs when an entrepreneur decides whether he or she has just a good idea or a viable opportunity that will provide the desired outcomes?

Which of the following is true about factors that adversely influence the accuracy of an entrepreneur's risk perceptions?

Which of the following is an example of corporate entrepreneurship?

________ refers to the identification, evaluation, and exploitation of opportunities.

Principles of Modern Management: Concepts and Skills

Managers, Society, and Sustainability

Management and Diversity

Managing in the Global Arena

Plans and Planning Tools

Making Decisions

Strategic Planning: Strategies, Tactics, and Competitive Dynamics

Fundamentals of Organizing

Responsibility, Authority, and Delegation

Human Resource Management

Organizational Change: Stress, Conflict and Virtuality

Influencing and Communication

Leadership

Motivation

Groups and Teams

Managing Organization Culture

Controlling, Information, and Technology

Production and Control

Appendix 1: Managing History and Current Thinking

Encouraging Creativity and Innovation

Filters

Exam 20: Management and Entrepreneurship: Handling Start-Ups and New Ventures

When pursuing domain definition, what should firms hope for?

________ refers to the basic longstanding needs of society and has little to do with profits.

Define social entrepreneurship.

Which of the following is an example of an opportunity that has arisen from new uses for raw materials?

What occurs when an entrepreneur decides whether he or she has just a good idea or a viable opportunity that will provide the desired outcomes?

Which of the following is true about factors that adversely influence the accuracy of an entrepreneur's risk perceptions?

Which of the following is an example of corporate entrepreneurship?

________ refers to the identification, evaluation, and exploitation of opportunities.

Principles of Modern Management: Concepts and Skills

Managers, Society, and Sustainability

Management and Diversity

Managing in the Global Arena

Plans and Planning Tools

Making Decisions

Strategic Planning: Strategies, Tactics, and Competitive Dynamics

Fundamentals of Organizing

Responsibility, Authority, and Delegation

Human Resource Management

Organizational Change: Stress, Conflict and Virtuality

Influencing and Communication

Leadership

Motivation

Groups and Teams

Managing Organization Culture

Controlling, Information, and Technology

Production and Control

Appendix 1: Managing History and Current Thinking

Encouraging Creativity and Innovation

Filters