Question 1

Opportunities may sometimes arise from the discovery of new geographical markets in which new customers will value the new product or service.

Accepted Answer

A) True 
 B)False

Question 2

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 3

Venture capitalists generally make more investments than angel investors.

Accepted Answer

A) True 
 B)False

Question 4

A(n)________ is an individual who identifies,evaluates,and exploits opportunities.

Accepted Answer

A) leader 
B) entrepreneur 
C) supplier 
D) distributor 
E) opportunist 
A) leader 
B) entrepreneur 
C) supplier 
D) distributor 
E) opportunist

Question 5

Entrepreneurs are most likely to exploit an opportunity when ________.

Accepted Answer

A) customers are likely to continue using the same product 
B) there is no market demand,but an opportunity to create market demand 
C) they perceive that they have the support of important stakeholders 
D) they want to enhance the prospects of the opportunity by training an incapable management team 
E) they feel they do not have access to the resources needed to ensure high levels of organizational performance 
A) customers are likely to continue using the same product 
B) there is no market demand,but an opportunity to create market demand 
C) they perceive that they have the support of important stakeholders 
D) they want to enhance the prospects of the opportunity by training an incapable management team 
E) they feel they do not have access to the resources needed to ensure high levels of organizational performance

Question 6

If a food manufacturer raises chickens for commercial use,without using antibiotics,which type of opportunity is this?

Accepted Answer

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

Illusion of control refers to the activities and investments committed to gain returns from the new product or service arising from an opportunity.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following is true about the differences between commercial and social entrepreneurship?

Accepted Answer

A) The purpose of commercial entrepreneurship is to create value for the public. 
B) Social entrepreneurs are not required to consider issues surrounding sales and costs since they have enough funding from angel investors. 
C) Most commercial entrepreneurs rely on donations as sources of funding. 
D) Commercial entrepreneurs focus on less quantitative performance measures that are not related to money. 
E) Although profits remain somewhat important,social value dominates the goal structure of social entrepreneurship. 
A) The purpose of commercial entrepreneurship is to create value for the public. 
B) Social entrepreneurs are not required to consider issues surrounding sales and costs since they have enough funding from angel investors. 
C) Most commercial entrepreneurs rely on donations as sources of funding. 
D) Commercial entrepreneurs focus on less quantitative performance measures that are not related to money. 
E) Although profits remain somewhat important,social value dominates the goal structure of social entrepreneurship.

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

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 12

The Internet allowed Netflix to offer customers a new way to rent DVDs and video games.This is an example of ________.

Accepted Answer

A) new markets 
B) new raw materials 
C) new methods of production 
D) new methods of organizing 
E) new products 
A) new markets 
B) new raw materials 
C) new methods of production 
D) new methods of organizing 
E) new products

Question 13

With respect to corporate entrepreneurship,sustained regeneration occurs when firms develop new culture,processes,or structures to support new product innovations.

Accepted Answer

A) True 
 B)False

Question 14

Explain the fundamentals of entrepreneurship.

Accepted Answer

Entrepreneurship refers to the identific

Question 15

________ is the third step of the entrepreneurial process.

Accepted Answer

A) Opportunity identification 
B) Opportunity evaluation 
C) Opportunity exploitation 
D) Opportunity selection 
E) Opportunity improvement 
A) Opportunity identification 
B) Opportunity evaluation 
C) Opportunity exploitation 
D) Opportunity selection 
E) Opportunity improvement

Question 16

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 17

________ is the likelihood and magnitude of the opportunity's downside loss.

Accepted Answer

A) Illusion of control 
B) Entrepreneurial risk 
C) Entrepreneurial alertness 
D) Exploitation 
E) Entrepreneurial opportunity 
A) Illusion of control 
B) Entrepreneurial risk 
C) Entrepreneurial alertness 
D) Exploitation 
E) Entrepreneurial opportunity

Question 18

________ 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 19

What will entrepreneurs study in a feasibility analysis?

Accepted Answer

A) customer demands,structure of the industry,ability to provide the new product or service 
B) ways to increase production and cut corners on costs 
C) strategic planning 
D) the likelihood of a product or service affecting the generation gap 
E) entrepreneurial alertness 
A) customer demands,structure of the industry,ability to provide the new product or service 
B) ways to increase production and cut corners on costs 
C) strategic planning 
D) the likelihood of a product or service affecting the generation gap 
E) entrepreneurial alertness

Question 20

Research suggests that organizations started by entrepreneurial teams tend to perform better than those started by individual entrepreneurs working by themselves.What is this attributed to?

Accepted Answer

A) The new,fresh mindset of entrepreneurs. 
B) Organizations started by teams have more money. 
C) Individual organizations do not have the manpower to help. 
D) The combination of diverse skills,experiences,and relationships of the entrepreneurial team members. 
E) Entrepreneurial teams use more research for start-up decisions. 
A) The new,fresh mindset of entrepreneurs. 
B) Organizations started by teams have more money. 
C) Individual organizations do not have the manpower to help. 
D) The combination of diverse skills,experiences,and relationships of the entrepreneurial team members. 
E) Entrepreneurial teams use more research for start-up decisions.

Exam 6: Management and Entrepreneurship

Opportunities may sometimes arise from the discovery of new geographical markets in which new customers will value the new product or service.

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

Venture capitalists generally make more investments than angel investors.

A(n)________ is an individual who identifies,evaluates,and exploits opportunities.

Entrepreneurs are most likely to exploit an opportunity when ________.

If a food manufacturer raises chickens for commercial use,without using antibiotics,which type of opportunity is this?

Describe opportunity exploitation.

Illusion of control refers to the activities and investments committed to gain returns from the new product or service arising from an opportunity.

Which of the following is true about the differences between commercial and social entrepreneurship?

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

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 ________.

The Internet allowed Netflix to offer customers a new way to rent DVDs and video games.This is an example of ________.

With respect to corporate entrepreneurship,sustained regeneration occurs when firms develop new culture,processes,or structures to support new product innovations.

Explain the fundamentals of entrepreneurship.

________ is the third step of the entrepreneurial process.

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

________ is the likelihood and magnitude of the opportunity's downside loss.

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

What will entrepreneurs study in a feasibility analysis?

Research suggests that organizations started by entrepreneurial teams tend to perform better than those started by individual entrepreneurs working by themselves.What is this attributed to?

Introducing Modern Management

Managing

Managers and Society

Management and Diversity

Managing in the Global Arena

Principles of Planning

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

Encouraging Creativity and Innovation

Controlling, Information, and Technology

Production and Control

Filters