Question 1

While building support for one's idea,getting together people who will offer support before formal approval from higher levels is known as

Accepted Answer

Making cheerleaders refers to the process of gathering support from others for an idea or project before seeking formal approval from higher authorities, ensuring a base of support that can help in getting the idea approved.

Question 2

________ 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.

Accepted Answer

Bootlegging refers to the informal efforts by employees to develop new products or processes on their own initiative, outside of their official job assignments. This term captures the essence of employees working "under the radar" to innovate or solve problems without explicit organizational approval or resources.

Question 3

________ are project teams designated to produce a new product.

Accepted Answer

Skunkworks are project teams designated to produce a new product. Bootleggers are informal or unauthorized projects, intrapreneurs are employees who act like entrepreneurs within a company, affiliates are separate companies or organizations that are related to one another, and incubators are organizations that provide resources and support to new startups.

Question 4

Malia works in the software development team for a large corporation.Her employer encourages employees to pursue new ideas on company premises,and therefore she has a side project involving applications for small kitchen appliances.In this scenario,Malia's employer appears to support

Accepted Answer

The answer of Malia works in the software development team...

Question 5

Ryan has a wide network of relationships,and most of his acquaintances have a positive opinion of his intelligence and integrity.This is an example of

Accepted Answer

Ryan's wide network of relationships and positive reputation among his acquaintances represent his social capital, which refers to the resources and benefits that can come from social networks and relationships.

Question 6

The first step to building organizational support for an intrapreneur's idea that involves explaining the idea to his or her boss and seeking approval to look for wider support is called

Accepted Answer

The answer of The first step to building organizational support...

Question 7

The most dangerous risk in corporate entrepreneurship is possibility of

Accepted Answer

Relying too heavily on a single large project can be dangerous as it puts all the eggs in one basket. If the project fails, it can have a significant impact on the company's financial stability and reputation. It is important to have a portfolio of projects with varying levels of risk and reward to minimize this risk.

Question 8

Successfully fostering and managing intrapreneurship requires the company to

Accepted Answer

Rewarding risk taking is key to fostering and managing intrapreneurship. Intrapreneurs need to feel that their ideas and innovations will be acknowledged and appreciated, even if they don't always result in immediate success. This encourages a culture of innovation and experimentation.

Question 9

Which of the following key planning elements should provide a competitive advantage that can be defended?

Accepted Answer

The answer of Which of the following key planning elements...

Question 10

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

This is the definition of entrepreneurial orientation, which involves seeking out and taking advantage of opportunities for new ventures or market expansion. The other answer choices do not accurately describe this tendency.

Question 11

A(n)________ is a formal planning step that focuses on an entire venture and describes all the elements involved in starting it.

Accepted Answer

A business plan is a comprehensive document that outlines the business's goals and strategies, marketing and sales plans, financial projections, and other important elements involved in starting a venture. It is a formal planning step that summarizes the entire business concept and provides a roadmap for success.

Question 12

Which of the following nonfinancial resources is crucial to the success of a new business?

Accepted Answer

Top management teams are crucial to the success of a new business because they provide the leadership, decision-making, and strategic direction necessary for the business to thrive.

Question 13

People who have an entrepreneurial orientation tend to

Accepted Answer

People with an entrepreneurial orientation are known for their tendency to innovate and take risks rather than being cautious, reactive, or dependent. While they may sometimes need to be assertive, aggression is not necessarily a defining characteristic of an entrepreneurial mindset.

Question 14

People's judgment of a company's acceptance,appropriateness,and desirability,generally stemming from company goals and methods that are consistent with societal values,is known as

Accepted Answer

The definition given in the question describes legitimacy, which is people's judgment of a company's acceptance, appropriateness, and desirability based on its consistency with societal values. Social capital refers to the networks, connections, and relationships that a company has established within a community or society. Venture capital is financial capital provided to start-up companies with high growth potential. Reliability refers to the consistency and dependability of a product or service. Consistency refers to the adherence to a particular standard or set of principles.

Question 15

Marcia decides to offer one of her subordinates,Pierre,his pick of tasks on a new project in exchange for his vocal support of it at an upcoming meeting.In this case,Marcia is

Accepted Answer

Marcia is engaging in horse trading by offering Pierre his pick of tasks in exchange for his vocal support. Horse trading is a common negotiation tactic where two parties exchange things of value in order to reach an agreement.

Question 16

"Horse trading," "making cheerleaders," "getting the blessing," and "clearing the investment" are the steps in

Accepted Answer

"Horse trading," "making cheerleaders," "getting the blessing," and "clearing the investment" are all steps in building support for an intrapreneurial idea, which involves pitching a new idea or project within an existing organization or company and gaining support from key stakeholders to make it happen.

Question 17

Chang works as a materials scientist for a paint manufacturer.He has developed a material that does not work well in paint,but it could have applications as a deck sealant.Chang has been made the team lead for a group of scientists tasked with determining some marketable uses for the new material.The group could be referred to as

Accepted Answer

"Skunkworks" refers to a group within a company that is tasked with developing new ideas and products in a more independent and flexible manner, often without the bureaucracy and constraints of the larger organization. This fits with Chang's team tasked with finding marketable uses for their new material.

Question 18

Which of the following stages for building support for an idea involves guaranteeing the project's technical and political feasibility,often with a formal presentation to higher management?

Accepted Answer

"Getting the blessing" involves ensuring the project's technical and political feasibility, often culminating in a formal presentation to higher management to gain their support and approval.

Question 19

Louise and Cecile want to start an online matchmaking service.They decide who will assume the various roles in the company,evaluate who their target customers will be,research their competitors and how they will differentiate themselves,assess the financial and regulatory issues they might expect to face,and anticipate the future risks they might encounter.Which of the following situations is most likely to happen as a result of Louise and Cecile forgetting to include certain elements in their business plan?

Accepted Answer

If Louise and Cecile forget to include a plan for how to get their message out to customers, they may struggle to attract clients even if they have a strong business plan and competitive differentiators. A lack of outreach strategy could significantly hinder the success of their matchmaking service.

Question 20

________ provides a lasting source of competitive advantage.

Accepted Answer

Social capital, which refers to the relationships, networks, and social norms that facilitate coordination and cooperation among individuals and groups, can provide a lasting source of competitive advantage because it is difficult for rivals to replicate or replace. Building and maintaining social capital takes time, effort, and trust, and once it is established, it can create opportunities for collaboration, knowledge sharing, and innovation that are hard to replicate through other means. Additionally, social capital can help firms navigate complex markets, regulations, and social contexts, giving them a competitive edge in uncertain or dynamic environments.

Quiz 7: Entrepreneurship