Question 1

An error of omission occurs from the decision not to act of a new entry opportunity when in hindsight they should have.

Accepted Answer

An error of omission is a mistake that arises when a new entry opportunity is not acted upon even though, in hindsight, it should have been.

Question 2

Knowledge is the basis of the entrepreneurial resource.

Accepted Answer

Knowledge provides entrepreneurs with the information and skills necessary to identify opportunities, develop ideas, make decisions, and solve problems. As such, it is a vital resource for starting and growing a successful venture.

Question 3

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

Accepted Answer

An entrepreneurial strategy is a set of decisions, actions, and reactions that create and sustain a competitive advantage for the firm in the marketplace. It is not specifically designed to protect the firm from new entrants, although it may provide a barrier to entry for competitors.

Question 4

Newness of a new entry is always an advantage.

Accepted Answer

The newness of a new entry, while it can provide opportunities for innovation and capturing market share, is not always an advantage. New entrants face challenges such as lack of brand recognition, difficulties in establishing distribution channels, and the need to overcome established competitors' economies of scale and customer loyalty.

Question 5

Experience is idiosyncratic-unique to the life of the individual.

Accepted Answer

Experience is subjective and shaped by an individual's personal context, culture, and history, making it unique to them. No two people will have identical experiences, even if they are in the same situation.

Question 6

The period of time when the environment is favorable for entrepreneurs to exploit a particular new entry is called the window of opportunity.

Accepted Answer

The statement is true. The window of opportunity refers to the specific period of time during which external environmental circumstances are conducive to the launch and sustainable growth of a new business concept or product. During this time, entrepreneurs are ideally positioned to capitalize on unique market conditions and gain a competitive advantage over rivals who may be slower to adapt.

Question 7

Justin Parer has created flexibility over the money side of the business and control over how strategies are formed.

Accepted Answer

There is no publicly available information or context about an individual named Justin Parer having created flexibility over the money side of a business and control over strategy formation.

Question 8

When the window of opportunity is open,the environment is unfavorable for entrepreneurs to exploit a new product or enter a new market with an existing product.

Accepted Answer

When the window of opportunity is open, it means that the environment is favorable for entrepreneurs to exploit a new product or enter a new market with an existing product.

Question 9

A franchise is the instrument used to protect the owner of the technology from people imitating the technology.

Accepted Answer

A franchise is a business model that allows individuals to operate a business under the brand and system of an established company, not a tool for protecting technology. Patents are used to protect technology from imitation.

Question 10

Does Justin Parer have passion for his entrepreneurial businesses.

Accepted Answer

As an AI language model, I don't have access to Justin Parer's personal thoughts and feelings. However, it can be assumed that most successful entrepreneurs have a passion for their businesses, as it requires a lot of hard work, dedication, and risk-taking.

Question 11

An error of commission occurs from the decision not to act on a new entry opportunity.

Accepted Answer

An error of commission occurs when a decision is made to take action but it turns out to be the wrong action or results in a negative outcome. It is not related to a decision to not act on an opportunity.

Question 12

Market research,such as surveys,has limited effectiveness because it is often difficult for customers to articulate the underlying problems they have with a product or service.

Accepted Answer

This is because customers may not be able to fully identify or express the reasons for their dissatisfaction or the improvement they require. They may not have the technical knowledge or vocabulary to describe the problem accurately, or they may not want to provide negative feedback for fear of hurting the business or being confrontational. Therefore, market research should be supplemented with other methods, such as user testing and observation, to gain a more comprehensive understanding of customer needs and preferences.

Question 13

The entrepreneur's market knowledge is deeper than the knowledge that could be gained through market research.

Accepted Answer

This is because actual experience in the market can provide insights that may not be evident in market research data. The entrepreneur may have observed trends and patterns firsthand and can use their intuition to anticipate future changes in the market.

Question 14

The long-run performance of a firm is dependent upon the ability to generate and exploit numerous new entries.

Accepted Answer

The ability to generate and exploit numerous new entries is essential for sustainable growth and long-term success of a firm. It allows the company to stay ahead of the competition, adapt to changing market trends and meet the evolving needs of the customers. Without continuous innovation and new product development, a company may struggle to maintain its market position and eventually decline. Therefore, firms with a strong focus on generating and exploiting new entries tend to perform better in the long run.

Question 15

Technological knowledge refers to the entrepreneur's possession of information,technology,know-how,and skills that provide insight into a market and its customers.

Accepted Answer

The answer of Technological knowledge refers to the entrepreneur's possession...

Question 16

The longer the entrepreneur takes to research a new entry,the less accurate customer demand estimates are.

Accepted Answer

Longer research time allows for more comprehensive data collection and analysis, leading to more accurate customer demand estimates.

Question 17

The assessment of a new entry attractiveness is less about whether this opportunity "really" exists or not and more about whether the entrepreneur believes he or she can make it work.

Accepted Answer

The statement is true. The assessment of the attractiveness of a new entry opportunity depends on the perception and belief of the entrepreneur rather than the actual existence of the opportunity.

Question 18

In order to be the basis for a firm's superior performance,a bundle of resources must be valuable,rare,and imitable.

Accepted Answer

The correct statement should include that a bundle of resources must be valuable, rare, inimitable, and non-substitutable to be the basis for a firm's superior performance, according to the VRIN framework.

Question 19

A new entry can be either offering a new product to a new market or creating a new organization.

Accepted Answer

A new entry can be introducing a new product to a market that has not yet been targeted or creating a new company altogether.

Question 20

The knowledge needed to generate innovation cannot be easily learned from a textbook.

Accepted Answer

Innovation often involves creativity, critical thinking, problem-solving, and risk-taking, which are skills that can be developed through hands-on experience and real-world application, rather than just reading about them in a textbook. Additionally, innovation often requires individuals to think outside the box and challenge conventional ways of thinking, which may not be taught in a traditional academic setting.

Quiz 3: Entrepreneurial Strategy: Generating and Exploiting New Entries