Exam 8: Entrepreneurship and Innovation

3M's description of innovation is "a new idea together with action or implementation that has a bottom-line impact." This reflects which key component of innovation?

Entrepreneurship can provide

Entrepreneurs may obtain debt financing for specific purchases through

The small business owner is often focused on stability and profitability while the entrepreneur is focused on growth and greater presence in the market.

An entrepreneur's personal network can be formed through

When an inventor falls in love with an invention, the expectation that consumers will do so as well may lead to failure of the venture.

What is the motive for entrepreneurs to start a new business?

An early entrepreneurial venture that has the potential for rapid growth but is in a high risk situation with few assets may seek financing from

A strong belief in one's own ability to succeed, so that one accepts responsibility for outcomes and tries harder after making mistakes, is

Describe Gary Hamel's five steps in the wheel of innovation.

A means of obtaining financial resources that involves the sale of part of the ownership of the business is

A form of business organization in which new business units are developed within a larger corporation structure in order to deploy the firm's resources to market a new product or service is referred to as

Entrepreneurship

Which of the following is not a business skill utilized by entrepreneurs to create and operate an enterprise?

What are the alternatives to independent entrepreneurship that involve smaller risks?

What are the myths of entrepreneurship?

Explain equity financing for entrepreneurs.

What is a personal network as it pertains to an entrepreneur? How is it different from a business network?

As opposed to a small business, one of the important goals of an entrepreneurial venture is

The benefit of forming a corporation is limited liability.