Question 1

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

Entrepreneurial orientation is 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.

Question 2

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...

Question 3

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

Accepted Answer

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

Question 4

If, after the current assessment, Ashok still believes in the potential of the venture, he should proceed with which step of the planning process?

Accepted Answer

The business plan describes the venture and its market, strategies, and future directions. It often has functional plans for marketing, finance, manufacturing, and human resources.

Question 5

According to the entrepreneurial strategy matrix, Raymond's scenario can be described as

Accepted Answer

In the upper left quadrant of the matrix, innovation is high (ventures are truly novel ideas), and there is little risk. A pioneering product might fit here if there are no current competitors and new product investments are relatively small.

Question 6

It appears that Ashok has completed which formal stage of the planning process?

Accepted Answer

An opportunity analysis includes a description of the good or service, an assessment of the opportunity, an assessment of the entrepreneur (you), a specification of activities and resources needed to translate your idea into a viable business, and your source(s) of capital.

Question 7

What is your assessment of your roommate's chance of success as an entrepreneur?

Accepted Answer

Many entrepreneurs and observers say that in contemplating your business, you must start with a great idea. A great product, a viable market, and good timing are essential ingredients in any recipe for success.

Question 8

The most dangerous risk in intrapreneurship is that of

Accepted Answer

The most dangerous risk in intrapreneurship is the risk of relying too heavily on a single project. Many companies fail while awaiting the completion of one large, innovative project.

Question 9

Fit after Fifty is an example of a business that was created as a result of

Accepted Answer

Examples of demographic changes include the aging population. Business opportunities such as exercise studios and assisted-living facilities, are available due to this change.

Question 10

Your roommate has just done an excellent job of describing some of the _________ about entrepreneurship.

Accepted Answer

Entrepreneurship is not simple, and it is frequently misunderstood. Figure 7.1 includes 17 myths about this important career option.

Question 11

When Ashok worries about his network and his business's reputation, he is concerned with

Accepted Answer

Social capital is a competitive advantage from relationships with other people and the image other people have of you.

Question 12

According to the entrepreneurial strategy matrix, Sharida's scenario can be described as

Accepted Answer

The low-innovation/low-risk category includes conventional ventures that require minimal investment, such as service businesses having low start-up costs.

Question 13

According to the entrepreneurial strategy matrix, Kevin most likely runs

Accepted Answer

Most small business ventures are in the lower right, where innovation is low and risk is high. They are fairly conventional entries in well-established fields. New restaurants, retail shops, and commercial outfits involve a sizable investment by the entrepreneur and face direct competition from similar businesses.

Question 14

All of these businesses resulted from entrepreneurs who were able to spot a(n)

Accepted Answer

Entrepreneurs spot, create, and exploit opportunities in a variety of ways. Entrepreneurial companies can explore domains that big companies avoid and introduce goods or services that capture the market because they are simpler, cheaper, more accessible, or more convenient.

Question 15

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

Accepted Answer

Examples of calamities include wars and natural disasters. A variety of business opportunities, such as emergency preparedness products, are available due to these changes.

Question 16

Successfully fostering and managing intrapreneurship involves

Accepted Answer

Companies should tolerate some bootlegging, and some even encourage it. The most dangerous risk in intrapreneurship is the risk of relying too heavily on a single project. Organizations also court failure when they spread their entrepreneurial efforts over too many projects, where each effort may be too small in scale. A firm that is entrepreneurial tends to challenge competitors directly and intensely. Skunkworks are effective in part because the risk takers have the opportunity to earn large rewards.

Question 17

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 18

In addition to analytic ability, which of the following is an element of entrepreneurial IQ?

Accepted Answer

According to Figure 7.1, one myth is that unless you attained over 600 on your SATs or GMATs, you'll never be a successful entrepreneur. In reality, intrepreneurial IQ is a unique combination of creativity, motivation, integrity, leadership, team building, analytical ability, and ability to deal with ambiguity and adversity.

Question 19

Viviana works in software development for a large corporation. Her employer encourages employees to pursue new ideas on company premises, so she has a side project involving applications for small kitchen appliances. Viviana's employer appears to support

Accepted Answer

Bootlegging refers to informal efforts, as opposed to official job assignments, in which employees work to create new products and processes of their own choosing and initiative.

Question 20

According to the entrepreneurial strategy matrix, Lotina most likely runs

Accepted Answer

In the upper right quadrant, novel product ideas (high innovation) are accompanied by high risk because the financial investments and competition are great. A new drug or a new automobile would likely fall into this category.

Quiz 7: Entrepreneurship