Deck 1: Exploring Entrepreneurship

Question 1

What is a social enterprise?

Answer 1

The key parts of the definition are that it is a trading organization, but also that it serves a social purpose. You should also include the idea that it can take a number of different legal forms; it does not have to be a limited company, for example. See Section 1.2.3 for more information.

Question 2

What are entrepreneurs?

Answer 2

The key parts of the definition entrepreneurs seek to value by the creation or expansion of economic activity. The way in which they do this is by identifying and exploiting opportunities. See Section 1.2.2 for more information.

Question 3

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).

Answer 3

information; resources
Explanation: A successful venture needs both of those ingredients across the relevant fields.

Question 4

Fills the gaps in the following sentence.
The term technology entrepreneur typically describes a person who has founded a ______ in order to develop some form of ______ , most commonly in industry sectors such as ______, ______, ______ and other applied sciences.

Question 5

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.

Question 6

Please fill the gaps in this quote about social enterprises' success, by John Elkington.
"Social enterprises' success often depends upon their ability to satisfy the three-pronged fork of ______, ______, and ______."

Question 7

Complete the following statement.
One of the key skills of successful entrepreneurs is being able to identify ______ and to recognize the ______ that they make possible.

Question 8

Complete the following statements.
One of the major disadvantages of the emergent approach is that it can be difficult to explain your ______ to other people, including potential financiers and partners. This may be appropriate for some kinds of venture, including those that are less ______ and more ______.

Question 9

Match the following elements of a business plan with their descriptions.
-Executive summary.

A) Sets out practical aspects of the venture including key processes, information systems, assets (e.g. premises, technologies), and controls.
B) Sets out what venture aims to provide, why there is a demand and who is involved in the process (e.g. customers, suppliers, partners).
C) Outlines the key features of the venture and may highlight relevant points such as funding required, growth potential and returns for investors.
D) Analyses potential market and competition, summarizes marketing mix and explains how products and services will be promoted.

Question 10

Match the following elements of a business plan with their descriptions.
-The business opportunity.

A) Sets out practical aspects of the venture including key processes, information systems, assets (e.g. premises, technologies), and controls.
B) Sets out what venture aims to provide, why there is a demand and who is involved in the process (e.g. customers, suppliers, partners).
C) Outlines the key features of the venture and may highlight relevant points such as funding required, growth potential and returns for investors.
D) Analyses potential market and competition, summarizes marketing mix and explains how products and services will be promoted.

Question 11

Match the following elements of a business plan with their descriptions.
-Marketing and promotional strategy.

A) Sets out practical aspects of the venture including key processes, information systems, assets (e.g. premises, technologies), and controls.
B) Sets out what venture aims to provide, why there is a demand and who is involved in the process (e.g. customers, suppliers, partners).
C) Outlines the key features of the venture and may highlight relevant points such as funding required, growth potential and returns for investors.
D) Analyses potential market and competition, summarizes marketing mix and explains how products and services will be promoted.

Question 12

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

A) Sets out practical aspects of the venture including key processes, information systems, assets (e.g. premises, technologies), and controls.
B) Sets out what venture aims to provide, why there is a demand and who is involved in the process (e.g. customers, suppliers, partners).
C) Outlines the key features of the venture and may highlight relevant points such as funding required, growth potential and returns for investors.
D) Analyses potential market and competition, summarizes marketing mix and explains how products and services will be promoted.

Question 13

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.

Question 14

Match their titles to their descriptions:
-Infrastructure management.

A) Cost, profit and revenue
B) Capabilities, partnerships and value configuration
C) Offering and value proposition
D) Customer, channel and relationship

Question 15

Match their titles to their descriptions:
-Product innovation.

A) Cost, profit and revenue
B) Capabilities, partnerships and value configuration
C) Offering and value proposition
D) Customer, channel and relationship

Question 16

Match their titles to their descriptions:
-Customer relationship.

A) Cost, profit and revenue
B) Capabilities, partnerships and value configuration
C) Offering and value proposition
D) Customer, channel and relationship

Question 17

Match their titles to their descriptions:
-Financial aspects.

A) Cost, profit and revenue
B) Capabilities, partnerships and value configuration
C) Offering and value proposition
D) Customer, channel and relationship

Question 18

Complete the following definition.
Innovation is popularly defined as 'the introduction of ______; the ______ of what is established by the introduction of new elements or forms'.

Question 19

How does innovation in an entrepreneurship context differ from inventions or new business ideas?

Question 20

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

A) The way they are introduced to market
B) Product/service offered
C) Improvement to a part of product/service
D) Underlying business models

Question 21

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

A) The way they are introduced to market
B) Product/service offered
C) Improvement to a part of product/service
D) Underlying business models

Question 22

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

A) The way they are introduced to market
B) Product/service offered
C) Improvement to a part of product/service
D) Underlying business models

Question 23

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

A) The way they are introduced to market
B) Product/service offered
C) Improvement to a part of product/service
D) Underlying business models

Question 24

Complete the following statements:
Firstly, establishing a shared vision for the venture requires that members of the team start out with an essentially similar set of ______ about what they want to ______. Secondly, members of the team need to begin with a broadly similar set of values regarding the proposed venture. In this context, the term values refers to ______ and ______ regarding the kind of venture you want to establish and your general approach to the task. Thirdly, we need to consider the motivation of individual team members. There are two relevant aspects to motivation: the ______ of the motivation (i.e. what are the factors driving this person to take part in the venture?); and its ______ (i.e. how strongly is the person driven to contribute to the success of the venture?).

Question 25

Match the following team roles to their primary contribution.
-Chair.

A) Initiates, provides leadership and drives team towards achieving task.
B) Maintains a check on outcomes in relation to project milestones and deadlines.
C) Organizes, co-ordinates and seeks to retain teams focus and involvement.
D) Encourages other members, fosters team morale and reduces negative emotions.

Question 26

Match the following team roles to their primary contribution.
-Team Leader.

A) Initiates, provides leadership and drives team towards achieving task.
B) Maintains a check on outcomes in relation to project milestones and deadlines.
C) Organizes, co-ordinates and seeks to retain teams focus and involvement.
D) Encourages other members, fosters team morale and reduces negative emotions.

Question 27

Match the following team roles to their primary contribution.
-Team Worker.

A) Initiates, provides leadership and drives team towards achieving task.
B) Maintains a check on outcomes in relation to project milestones and deadlines.
C) Organizes, co-ordinates and seeks to retain teams focus and involvement.
D) Encourages other members, fosters team morale and reduces negative emotions.

Question 28

Match the following team roles to their primary contribution.
-Completer.

A) Initiates, provides leadership and drives team towards achieving task.
B) Maintains a check on outcomes in relation to project milestones and deadlines.
C) Organizes, co-ordinates and seeks to retain teams focus and involvement.
D) Encourages other members, fosters team morale and reduces negative emotions.

Question 29

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

A) Generates persuasive bilateral and multilateral messages directed at team members.
B) Monitors and co-ordinates messages between team members.
C) Assesses and generates primarily affective, process-related messages within the team.
D) Analyses primarily cognitive task-related messages within the team.

Question 30

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

A) Generates persuasive bilateral and multilateral messages directed at team members.
B) Monitors and co-ordinates messages between team members.
C) Assesses and generates primarily affective, process-related messages within the team.
D) Analyses primarily cognitive task-related messages within the team.

Question 31

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

A) Generates persuasive bilateral and multilateral messages directed at team members.
B) Monitors and co-ordinates messages between team members.
C) Assesses and generates primarily affective, process-related messages within the team.
D) Analyses primarily cognitive task-related messages within the team.

Question 32

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

A) Generates persuasive bilateral and multilateral messages directed at team members.
B) Monitors and co-ordinates messages between team members.
C) Assesses and generates primarily affective, process-related messages within the team.
D) Analyses primarily cognitive task-related messages within the team.

Question 33

Match the following stages of the Tuckman model to the relevant outline of activity in a new venture.
-Forming.

A) Efforts to resolve differences; venture team reaches agreement over task and process issues.
B) Disagreements emerge over both task and process issues; some internal conflict and hostility.
C) Individuals meet, initial attempts at team composition, establishing aims of venture (i.e. task) and ways of working (i.e. process).
D) Team concentrates on achieving its common purpose, while maintaining process dimension.

Question 34

Match the following stages of the Tuckman model to the relevant outline of activity in a new venture.
-Storming.

A) Efforts to resolve differences; venture team reaches agreement over task and process issues.
B) Disagreements emerge over both task and process issues; some internal conflict and hostility.
C) Individuals meet, initial attempts at team composition, establishing aims of venture (i.e. task) and ways of working (i.e. process).
D) Team concentrates on achieving its common purpose, while maintaining process dimension.

Question 35

Match the following stages of the Tuckman model to the relevant outline of activity in a new venture.
-Norming.

A) Efforts to resolve differences; venture team reaches agreement over task and process issues.
B) Disagreements emerge over both task and process issues; some internal conflict and hostility.
C) Individuals meet, initial attempts at team composition, establishing aims of venture (i.e. task) and ways of working (i.e. process).
D) Team concentrates on achieving its common purpose, while maintaining process dimension.

Question 36

Match the following stages of the Tuckman model to the relevant outline of activity in a new venture.
-Performing.

A) Efforts to resolve differences; venture team reaches agreement over task and process issues.
B) Disagreements emerge over both task and process issues; some internal conflict and hostility.
C) Individuals meet, initial attempts at team composition, establishing aims of venture (i.e. task) and ways of working (i.e. process).
D) Team concentrates on achieving its common purpose, while maintaining process dimension.

Question 37

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

A) Fairly open and multilateral exchanges as people seek an initial indication of each others' capabilities and potential roles.
B) Greater attention to feedback as team leaders confirm consent and establish roles.
C) Strong bilateral, persuasive communication as members exchange arguments.
D) Bilateral exchanges between team members engaged in delegated roles, with some multilateral communication to ensure activities are co-ordinated.

Question 38

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

A) Fairly open and multilateral exchanges as people seek an initial indication of each others' capabilities and potential roles.
B) Greater attention to feedback as team leaders confirm consent and establish roles.
C) Strong bilateral, persuasive communication as members exchange arguments.
D) Bilateral exchanges between team members engaged in delegated roles, with some multilateral communication to ensure activities are co-ordinated.

Question 39

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

A) Fairly open and multilateral exchanges as people seek an initial indication of each others' capabilities and potential roles.
B) Greater attention to feedback as team leaders confirm consent and establish roles.
C) Strong bilateral, persuasive communication as members exchange arguments.
D) Bilateral exchanges between team members engaged in delegated roles, with some multilateral communication to ensure activities are co-ordinated.

Question 40

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

A) Fairly open and multilateral exchanges as people seek an initial indication of each others' capabilities and potential roles.
B) Greater attention to feedback as team leaders confirm consent and establish roles.
C) Strong bilateral, persuasive communication as members exchange arguments.
D) Bilateral exchanges between team members engaged in delegated roles, with some multilateral communication to ensure activities are co-ordinated.

Question 41

Link the following entrepreneurial marketing techniques to the cases that illustrate their use.
-Co-creation of customer value.

A) Adnan Awan
B) Victoria Tomlinson
C) Tim Lockett
D) Steve Woodford

Question 42

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

A) Adnan Awan
B) Victoria Tomlinson
C) Tim Lockett
D) Steve Woodford

Question 43

Link the following entrepreneurial marketing techniques to the cases that illustrate their use.
-Establishing personal credibility.

A) Adnan Awan
B) Victoria Tomlinson
C) Tim Lockett
D) Steve Woodford

Question 44

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

A) Adnan Awan
B) Victoria Tomlinson
C) Tim Lockett
D) Steve Woodford

Question 45

Match these approaches to marketing with their descriptions.
-Marketing research, market segmentation, product positioning and brand management.

A) New marketing approaches
B) Mainstream marketing approaches

Question 46

Match these approaches to marketing with their descriptions.
-You work together with customers to create ideas, communities, events and lifestyles.

A) New marketing approaches
B) Mainstream marketing approaches

Question 47

Match these approaches to marketing with their descriptions.
-Use of developments in psychology and the social sciences to develop new ways of analysing and exploiting different consumer preferences and behaviours.

A) New marketing approaches
B) Mainstream marketing approaches

Question 48

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.

A) New marketing approaches
B) Mainstream marketing approaches

Question 49

This question should be completed after reading the Introduction to Chapter Five. Complete the following sentences by choosing the appropriate selection for each gap.
Two competencies for marketing (in large organizations) are, ______ and ______. The management of entrepreneurial marketing is characterized by ______, ______, ______.

Question 50

Fill in the gaps below.
To be competitive an enterprise needs to add ______, as ______ by its customers, by the ______. Any venture will have a wide range of processes that cover everything from legal 'terms and conditions' for customers to 'employment contracts' with staff. Your new venture will have to perform these to a certain ______ standard just to ______ in your ______.

Question 51

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).

Question 52

Match the following terms to their definitions.
-Liabilities.

A) The difference between total assets and total liabilities
B) Sum of creditors, accrued liabilities and tax owed
C) The value of the company's worth
D) The amount a company owes to other entities

Question 53

Match the following terms to their definitions.
-Owners' equity.

A) The difference between total assets and total liabilities
B) Sum of creditors, accrued liabilities and tax owed
C) The value of the company's worth
D) The amount a company owes to other entities

Question 54

Match the following terms to their definitions.
-Assets.

A) The difference between total assets and total liabilities
B) Sum of creditors, accrued liabilities and tax owed
C) The value of the company's worth
D) The amount a company owes to other entities

Question 55

Match the following terms to their definitions.
-Current liabilities.

A) The difference between total assets and total liabilities
B) Sum of creditors, accrued liabilities and tax owed
C) The value of the company's worth
D) The amount a company owes to other entities

Question 56

Fill in the missing words for this discussion of a cashflow forecast.
The cash flow forecast is based on a number of key ______ , which vary depending on the ______ and the ______ of the forecast.

Question 57

Fill in the missing words for this discussion of key performance indicators.
In addition to the normal ______ produced as part of the management or statutory accounts there is other ______ information, which can give an ______ of how well (or not) an organization is ______.

Question 58

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

A) A comparative indicator of profit in relation to sales value.
B) Gross profit less all operating expenses but not interest and taxes.
C) A measure of company performance after deducting operating expenses and interest but not taxes.
D) A simple measure of profit obtained from the sale of goods and services. Also referred to as sales profit.

Question 59

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

A) A comparative indicator of profit in relation to sales value.
B) Gross profit less all operating expenses but not interest and taxes.
C) A measure of company performance after deducting operating expenses and interest but not taxes.
D) A simple measure of profit obtained from the sale of goods and services. Also referred to as sales profit.

Question 60

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

A) A comparative indicator of profit in relation to sales value.
B) Gross profit less all operating expenses but not interest and taxes.
C) A measure of company performance after deducting operating expenses and interest but not taxes.
D) A simple measure of profit obtained from the sale of goods and services. Also referred to as sales profit.

Question 61

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

A) A comparative indicator of profit in relation to sales value.
B) Gross profit less all operating expenses but not interest and taxes.
C) A measure of company performance after deducting operating expenses and interest but not taxes.
D) A simple measure of profit obtained from the sale of goods and services. Also referred to as sales profit.

Question 62

Fill in the missing words for this discussion of what different types of financiers are looking for:
But, whereas ______ will want capital ______ over an agreed term, investors will probably be looking for significant ______ on an ______ investment.

Question 63

Match the type of knowledge with the relevant examples.
-Practical knowledge of the entrepreneur.

A) The founders of a new social enterprise know about the needs of young disabled people in their city.
B) The owner-manager of an established internet service provider knows which providers of venture finance to approach in order to grow her business.
C) Economists identify a correlation between research and development spill-overs and economic growth in two countries.
D) Organizational researchers show how entrepreneurs can use social networks more effectively.

Question 64

Match the type of knowledge with the relevant examples.
-Practical knowledge about entrepreneurship.

A) The founders of a new social enterprise know about the needs of young disabled people in their city.
B) The owner-manager of an established internet service provider knows which providers of venture finance to approach in order to grow her business.
C) Economists identify a correlation between research and development spill-overs and economic growth in two countries.
D) Organizational researchers show how entrepreneurs can use social networks more effectively.

Question 65

Match the type of knowledge with the relevant examples.
-Social science knowledge with practical implications for entrepreneurship.

A) The founders of a new social enterprise know about the needs of young disabled people in their city.
B) The owner-manager of an established internet service provider knows which providers of venture finance to approach in order to grow her business.
C) Economists identify a correlation between research and development spill-overs and economic growth in two countries.
D) Organizational researchers show how entrepreneurs can use social networks more effectively.

Question 66

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

A) The founders of a new social enterprise know about the needs of young disabled people in their city.
B) The owner-manager of an established internet service provider knows which providers of venture finance to approach in order to grow her business.
C) Economists identify a correlation between research and development spill-overs and economic growth in two countries.
D) Organizational researchers show how entrepreneurs can use social networks more effectively.

Question 67

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.

A) Business history
B) Psychology and behavioural studies
C) Economics
D) Sociology, human geography and anthropology

Question 68

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.

A) Business history
B) Psychology and behavioural studies
C) Economics
D) Sociology, human geography and anthropology

Question 69

Match the disciplinary perspective with the insights that they have provided into entrepreneurship or the methods that they have used
-Research at the individual-level with a focus on how entrepreneurship is shaped by larger social forces.

A) Business history
B) Psychology and behavioural studies
C) Economics
D) Sociology, human geography and anthropology

Question 70

Match the disciplinary perspective with the insights that they have provided into entrepreneurship or the methods that they have used
-A focus on archive-based research (e.g. investigating early company documents, personal diaries, trade publications etc.).

A) Business history
B) Psychology and behavioural studies
C) Economics
D) Sociology, human geography and anthropology

Question 71

Complete the following sentence by choosing the appropriate phrase for each gap.
In the late 20th century, a powerful coalition of economists and political scientists, sometimes referred to as the 'New Right', developed a series of ______ initiatives to create more ______ economies based on a ______ model.

Question 72

Complete the following sentence by choosing the appropriate phrase for each gap.
The 20th century political economist, Friedrich von Hayek first used the term ______ to refer to the kind of specialised local knowledge that an entrepreneur might use from day to day in order to secure a profit. Hayek contrasted this with the ______ used in economics; an example of this would be the correlation between R&D spillovers and economic growth, which has no immediate practical implications for entrepreneurial practice.

Question 73

Complete the following sentence by choosing the appropriate phrase for each gap.
Entrepreneurship researchers need to combine the theoretically informed, ______ generated by academics and the more concrete ______ of entrepreneurs.

Question 74

Complete the following sentence by choosing the appropriate phrase for each gap.
In much of the work adopting a ______ perspective, there is a largely ______ approach to entrepreneurship.

Question 75

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.

Question 76

Complete the statement dealing with individual perspectives on entrepreneurship ______ approaches are still widely used by practitioners, teachers and researchers. One of the most common applications is ______ designed to ______ or evaluate ______

Question 77

Complete the quotation from Low and Macmillan.
'______ and methodological problems associated with these past ______ studies, such as non-comparable samples, bias toward successful entrepreneurs, and the possibility that observed entrepreneurial traits are the ______ of entrepreneurial experience, make it difficult to interpret the results. Furthermore, at a more fundamental level, it can be argued that the ______ among entrepreneurs make any attempt to develop a standard ______ profile futile.'

Question 78

What did Van Stel and Storey find from their study of UK enterprise policy?
'The lessons from the present paper are that public policies to raise the formation of new firms, particularly in areas, are likely to be ______ at best and ______ at worst'.

Question 79

As a branch of the social sciences what does economics study?

Question 80

Complete the following insight offered by Simon Parker:
'In essence, the ______ of entrepreneurship analyses how economic ______ influence entrepreneurial behaviour, and how ______ In turn affects the broader economy.'