Question 1

Scenario C. Four entrepreneurs are discussing the potential for success or failure of their ventures. A few of them realize that they did not understand the risk involved in their undertaking. They describe their start-ups in the following manner:
1. Raymond: "I had very little money invested but I was the first on the market with my product."
2. Lotina: "My firm had a very substantial amount of money invested in my venture because I had a completely new and unique product that was expensive to create."
3. Sharida: "I had almost nothing invested in my business which produced a product with many similar competitors already on the market."
4. Kevin: "I have spent an incredible amount of money getting my business going in an industry with many well-established competitors."

-According to the Entrepreneurial Strategy Matrix,Raymond's scenario can be described as

Accepted Answer

Raymond's scenario is high innovation/low risk because he was the first on the market with his product (high innovation) and had very little money invested (low risk).

Question 2

Miguel works as a technician for a large manufacturer of building supplies.He has discovered a technique to product composite materials more efficiently.Miguel's employer encourages their employees to pursue new ideas on company premises.Miguel's employer appears to support

Accepted Answer

The answer of Miguel works as a technician for a...

Question 3

Scenario B. Suppose that after reviewing the history of many successful entrepreneurial ventures, a few of them stand out in your mind as interesting. They are:
1. Minute Clinic's health care kiosks in Target and Albertson's Food stores.
2. Visionics biometric software that can assist in identifying runaways, shoplifters or terrorists.
3. Nanostring's molecular bar coding enterprise.
4. The tourism industry at Mt. St. Helens, a volcano in the U.S. that recently erupted.

-The tourism industry at Mt.St.Helens is an example of business that was created as a result of

Accepted Answer

The tourism industry at Mt. St. Helens was created as a result of a calamity, specifically the eruption of the volcano in 1980. The area was transformed by the eruption and became a popular tourist destination due to its unique geological features.

Question 4

Informal efforts,as opposed to official job assignments,in which employees work to create new products and processes of their own choosing and initiative are known as

Accepted Answer

Bootlegging refers to informal, unsanctioned efforts by employees to work on new ideas and projects of their own initiative, often without official approval or resources.

Question 5

The most dangerous risk in intrapreneurship is that of

Accepted Answer

Over relying on a single large project can be dangerous in intrapreneurship because if the project fails, it can have a significant impact on the company. Additionally, placing too much emphasis and resources on one project may result in neglecting other potentially valuable projects.

Question 6

Why would an individual want to become an entrepreneur? Explain.

Accepted Answer

The answer of Why would an individual want to become...

Question 7

Scenario A. Your roommate comes in after class to tell you, with great excitement, that she has decided to become an entrepreneur. Her reasons are these: First, she is a gambler so she believes this is a perfect match for her "personality." Second, she is an admitted "control freak". She is confident that all it takes is a good idea and that the money will surely follow. Finally, she made 650 on her SATs so her success, she feels, is a certainty.
-In lieu of high SAT or GMAT scores,which of the following is an important entrepreneurial characteristic?

Accepted Answer

While all of these characteristics are important for entrepreneurs, creativity, motivation, self-reliance, and ability to adapt are even more crucial than high test scores. High test scores do not necessarily equate to success in entrepreneurship.

Question 8

Discuss at least three major management challenges associated with entrepreneurship.Include strategies to overcome the difficulties.

Accepted Answer

The answer of Discuss at least three major management challenges...

Question 9

Scenario A. Your roommate comes in after class to tell you, with great excitement, that she has decided to become an entrepreneur. Her reasons are these: First, she is a gambler so she believes this is a perfect match for her "personality." Second, she is an admitted "control freak". She is confident that all it takes is a good idea and that the money will surely follow. Finally, she made 650 on her SATs so her success, she feels, is a certainty.
-Your roommate has just done an excellent job of describing some of the _________ about entrepreneurship.

Accepted Answer

The roommate's beliefs that being an entrepreneur is a good match for her "personality" as a gambler, that all it takes is a good idea and money will follow, and that her success is a certainty because of her SAT score, are all common myths about entrepreneurship.

Question 10

Successfully fostering and managing intrapreneurship involves

Accepted Answer

Intrapreneurship involves taking risks and being innovative, so it is important to reward employees who exhibit these qualities. Encouraging risk taking can lead to the development of successful new products or services within the company. Discouraging bootlegging activities, focusing on only one project, spreading efforts over too many projects, or minimizing aggressiveness with competitors are not necessarily the keys to fostering and managing intrapreneurship.

Question 11

The tendency of an organization to engage in activities designed to identify and capitalize successfully on opportunities to launch new ventures by entering new or established markets with new or existing goods or services is called

Accepted Answer

The definition given in the question points towards an entrepreneurial orientation, which emphasizes innovation, risk-taking, and proactivity in seeking out new opportunities. The other options (oligopolistic behavior, cartelism, intrapreneurial separation, spinning-off) don’t fit the definition given.

Question 12

Scenario A. Your roommate comes in after class to tell you, with great excitement, that she has decided to become an entrepreneur. Her reasons are these: First, she is a gambler so she believes this is a perfect match for her "personality." Second, she is an admitted "control freak". She is confident that all it takes is a good idea and that the money will surely follow. Finally, she made 650 on her SATs so her success, she feels, is a certainty.
-What is your assessment of your roommate's chance of success as an entrepreneur?

Accepted Answer

Your roommate's reasons for wanting to become an entrepreneur are based on myths and misconceptions. Being a gambler or a control freak does not necessarily translate into entrepreneurial success, and believing in the certainty of success based on standardized test scores is misguided. It is important for her to have a realistic understanding of the challenges and hard work required for entrepreneurial success.

Question 13

Identify some of the events and trends currently unfolding in which individuals can potentially spot opportunities.Provide examples.

Accepted Answer

The answer of Identify some of the events and trends...

Question 14

Scenario B. Suppose that after reviewing the history of many successful entrepreneurial ventures, a few of them stand out in your mind as interesting. They are:
1. Minute Clinic's health care kiosks in Target and Albertson's Food stores.
2. Visionics biometric software that can assist in identifying runaways, shoplifters or terrorists.
3. Nanostring's molecular bar coding enterprise.
4. The tourism industry at Mt. St. Helens, a volcano in the U.S. that recently erupted.

-Minute Clinic is an example of a business that was created as a result of

Accepted Answer

Minute Clinic was created in response to the changing demographics of the U.S. population, particularly the aging baby boomer generation and the increasing prevalence of chronic diseases. The kiosks provide convenient and affordable health care services in retail settings.

Question 15

Scenario C. Four entrepreneurs are discussing the potential for success or failure of their ventures. A few of them realize that they did not understand the risk involved in their undertaking. They describe their start-ups in the following manner:
1. Raymond: "I had very little money invested but I was the first on the market with my product."
2. Lotina: "My firm had a very substantial amount of money invested in my venture because I had a completely new and unique product that was expensive to create."
3. Sharida: "I had almost nothing invested in my business which produced a product with many similar competitors already on the market."
4. Kevin: "I have spent an incredible amount of money getting my business going in an industry with many well-established competitors."

-According to the Entrepreneurial Strategy Matrix,Sharida's scenario can be described as:

Accepted Answer

Sharida's scenario is described as having almost nothing invested in a business that produces a product with many similar competitors already on the market. This falls under the category of low innovation/low risk according to the Entrepreneurial Strategy Matrix.

Question 16

Discuss the Entrepreneurial Strategy Matrix,including the characteristics of each cell.Provide an example of a business that would be located in each cell,and explain the usefulness of the model to entrepreneurs.

Accepted Answer

The answer of Discuss the Entrepreneurial Strategy Matrix,including the characteristics...

Question 17

Scenario B. Suppose that after reviewing the history of many successful entrepreneurial ventures, a few of them stand out in your mind as interesting. They are:
1. Minute Clinic's health care kiosks in Target and Albertson's Food stores.
2. Visionics biometric software that can assist in identifying runaways, shoplifters or terrorists.
3. Nanostring's molecular bar coding enterprise.
4. The tourism industry at Mt. St. Helens, a volcano in the U.S. that recently erupted.

-All of the above businesses resulted from entrepreneurs who were able to spot a(n)

Accepted Answer

All of the successful entrepreneurial ventures listed were able to identify a promising opportunity and capitalize on it. They saw a potential gap in the market and found unique ways to fill it, leading to their success.

Question 18

Describe the five tendencies of the entrepreneurial orientation that allows some organizations to be very successful launching new ventures.

Accepted Answer

The answer of Describe the five tendencies of the entrepreneurial...

Question 19

Scenario C. Four entrepreneurs are discussing the potential for success or failure of their ventures. A few of them realize that they did not understand the risk involved in their undertaking. They describe their start-ups in the following manner:
1. Raymond: "I had very little money invested but I was the first on the market with my product."
2. Lotina: "My firm had a very substantial amount of money invested in my venture because I had a completely new and unique product that was expensive to create."
3. Sharida: "I had almost nothing invested in my business which produced a product with many similar competitors already on the market."
4. Kevin: "I have spent an incredible amount of money getting my business going in an industry with many well-established competitors."

-According to the Entrepreneurial Strategy Matrix,Lotina most likely runs

Accepted Answer

According to the Entrepreneurial Strategy Matrix, Lotina's firm falls under the category of high investment/high uniqueness ventures as she mentions having a completely new and unique product that was expensive to create. Therefore, option A (a business with high start-up costs) is the best choice.

Question 20

Discuss the key planning elements used in developing the best business plans,and the importance of each.

Accepted Answer

The answer of Discuss the key planning elements used in...

Quiz 7: Entrepreneurship

Miguel works as a technician for a large manufacturer of building supplies.He has discovered a technique to product composite materials more efficiently.Miguel's employer encourages their employees to pursue new ideas on company premises.Miguel's employer appears to support

Informal efforts,as opposed to official job assignments,in which employees work to create new products and processes of their own choosing and initiative are known as

The most dangerous risk in intrapreneurship is that of

Why would an individual want to become an entrepreneur? Explain.

Discuss at least three major management challenges associated with entrepreneurship.Include strategies to overcome the difficulties.

Successfully fostering and managing intrapreneurship involves

The tendency of an organization to engage in activities designed to identify and capitalize successfully on opportunities to launch new ventures by entering new or established markets with new or existing goods or services is called

Identify some of the events and trends currently unfolding in which individuals can potentially spot opportunities.Provide examples.

Discuss the Entrepreneurial Strategy Matrix,including the characteristics of each cell.Provide an example of a business that would be located in each cell,and explain the usefulness of the model to entrepreneurs.

Describe the five tendencies of the entrepreneurial orientation that allows some organizations to be very successful launching new ventures.

Discuss the key planning elements used in developing the best business plans,and the importance of each.