Question 1

Scenario A. Use the information in the following paragraph to answer the following questions.
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 something of a gambler, so she believes entrepreneurship 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 money will surely follow. Finally, she made 650 on her SATs so her success, she feels, is a certainty.
-Your roommate has accurately described some of the _____ of/about entrepreneurship.

Accepted Answer

Entrepreneurship is not simple, and it is frequently misunderstood. Entrepreneurs are not gamblers. They take careful, calculated risks and are not afraid to act on those decisions.

Question 2

Scenario D. Use the information provided to answer the questions that follow.
Ashton has begun the planning process for his entrepreneurial venture. He has completed an assessment of his vision to operate a full-service shuttle service for the elderly, for which he feels there is a strong market. He has a good understanding of the availability of his own resources and his personal traits to manage the business. Now, he is prepared to start compiling functional plans for marketing, finance, and human resources so that he can obtain the financing he will need to start. He is also deciding how to develop the right reputation and create the proper networks to find employees and customers as well as get advice from fellow businesspeople.
-Which formal stage of the planning process has Ashton completed?

Accepted Answer

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

Question 3

In the context of the opportunity for starting a business, what are some of the possibilities that entrepreneurs can exploit?

Accepted Answer

The answer of In the context of the opportunity for...

Question 4

Scenario C. Use the information given below to answer the questions below the paragraph.
Three entrepreneurs describe their ventures in the following manner:
Raymond: "I have invested very little money but I am the first to launch the product in the market."
Sharon: "I have invested very little money in my business for a product with many similar competitors already in the market."
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

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 5

Scenario B. Use the information in the following paragraph to answer the following questions.
After reviewing the history of many successful entrepreneurial ventures, a few interesting cases stand out. They are:
• Minute Clinic's health care kiosks in supermarkets.
• Visionics biometric software that can assist in identifying runaways, shoplifters, or terrorists.
• Nanostring's molecular bar coding enterprise.
• The tourism industry at Mount Helens, a volcano in the United States that recently erupted.
-The tourism industry at Mount Helens is an example of a business that was created as a result of:

Accepted Answer

Examples of calamities include the wars and natural disasters. A variety of business opportunities such as emergency preparedness products are available due to this change.

Question 6

In the context of the entrepreneurial strategy matrix, describe the four kinds of new ventures.

Accepted Answer

The answer of In the context of the entrepreneurial strategy...

Question 7

What are the five business models that have proven successful for e-commerce?

Accepted Answer

The answer of What are the five business models that...

Question 8

Describe some of the major management challenges associated with entrepreneurship.

Accepted Answer

The answer of Describe some of the major management challenges...

Question 9

Scenario C. Use the information given below to answer the questions below the paragraph.
Three entrepreneurs describe their ventures in the following manner:
Raymond: "I have invested very little money but I am the first to launch the product in the market."
Sharon: "I have invested very little money in my business for a product with many similar competitors already in the market."
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, Kevin's venture can be described as:

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 10

Scenario A. Use the information in the following paragraph to answer the following questions.
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 something of a gambler, so she believes entrepreneurship 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 money will surely follow. Finally, she made 650 on her SATs so her success, she feels, is a certainty.
-In the context of the given scenario, which of the following is true?

Accepted Answer

Entrepreneurship is not simple, and it is frequently misunderstood. Exhibit 6.1 describes 12 myths and realities regarding entrepreneurship.

Question 11

Describe the differences between entrepreneurs, inventors, promoters, and managers.

Accepted Answer

The answer of Describe the differences between entrepreneurs, inventors, promoters,...

Question 12

Scenario B. Use the information in the following paragraph to answer the following questions.
After reviewing the history of many successful entrepreneurial ventures, a few interesting cases stand out. They are:
• Minute Clinic's health care kiosks in supermarkets.
• Visionics biometric software that can assist in identifying runaways, shoplifters, or terrorists.
• Nanostring's molecular bar coding enterprise.
• The tourism industry at Mount Helens, a volcano in the United States that recently erupted.
-All of the above businesses were started by 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 13

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 known as:

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 14

Describe some of the characteristics that make a person more likely to succeed as an entrepreneur.

Accepted Answer

The answer of Describe some of the characteristics that make...

Question 15

Distinguish between a small business and an entrepreneurial venture.

Accepted Answer

The answer of Distinguish between a small business and an...

Question 16

Scenario B. Use the information in the following paragraph to answer the following questions.
After reviewing the history of many successful entrepreneurial ventures, a few interesting cases stand out. They are:
• Minute Clinic's health care kiosks in supermarkets.
• Visionics biometric software that can assist in identifying runaways, shoplifters, or terrorists.
• Nanostring's molecular bar coding enterprise.
• The tourism industry at Mount Helens, a volcano in the United States that recently erupted.
-Minute Clinic is an example of a business that was created as a result of:

Accepted Answer

As the population ages, many organizations have sprung up to serve the older demographic, from specially designed tablet and smartphone apps for seniors to assisted- living facilities.

Question 17

What are some of the reasons why people become entrepreneurs?

Accepted Answer

The answer of What are some of the reasons why...

Question 18

Describe the five tendencies that determine entrepreneurial orientation.

Accepted Answer

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

Question 19

Describe the five key planning elements used in developing the best business plans.

Accepted Answer

The answer of Describe the five key planning elements used...

Question 20

Scenario C. Use the information given below to answer the questions below the paragraph.
Three entrepreneurs describe their ventures in the following manner:
Raymond: "I have invested very little money but I am the first to launch the product in the market."
Sharon: "I have invested very little money in my business for a product with many similar competitors already in the market."
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, Sharon's venture 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.

Quiz 6: Entrepreneurship