40.
|
According
to the text, for an entrepreneurial start-up to be successful, three
ingredients are critical. What are they?
Beyond merely identifying a
venture concept, the opportunity recognition process also involves organizing
the key people and resources that are needed to go forward. The three factors
that are needed, therefore, to successfully proceed are opportunity,
resources, and entrepreneur(s).
|
AACSB:
Analytic
Blooms: Understand Learning Objective: 08-01 The role of opportunities; resources; and entrepreneurs in successfully pursuing new ventures. Level of Difficulty: 2 Medium Topic: Recognizing Entrepreneurial Opportunities |
41.
|
Which
of the following is not a common source of new business opportunities?
For new business start-ups,
opportunities come from many sources including current or past work
experiences, hobbies that grow into businesses or lead to inventions,
suggestions by friends or family, or a chance event that makes an
entrepreneur aware of an unmet need.
|
AACSB:
Analytic
Blooms: Understand Learning Objective: 08-01 The role of opportunities; resources; and entrepreneurs in successfully pursuing new ventures. Level of Difficulty: 2 Medium Topic: Recognizing Entrepreneurial Opportunities |
42.
|
The
process of identifying, selecting, and developing new venture opportunities
is known as _____________.
To determine which ideas are
strong enough to become new ventures, entrepreneurs must go through a process
of identifying, selecting, and developing potential opportunities. This is
the process of opportunity recognition.
|
AACSB: Analytic
Blooms: Understand Learning Objective: 08-01 The role of opportunities; resources; and entrepreneurs in successfully pursuing new ventures. Level of Difficulty: 2 Medium Topic: Recognizing Entrepreneurial Opportunities |
43.
|
Generally
speaking, the opportunity recognition process consists of two phases of
activity. They are ______________ and _____________.
Opportunity recognition
refers to more than just the Eureka feeling that people sometimes experience
at the moment they identify a new idea. Although such insights are often very
important, the opportunity recognition process involves two phases of
activity (discovery and evaluation), which lead to viable new venture
opportunities.
|
AACSB:
Analytic
Blooms: Understand Learning Objective: 08-01 The role of opportunities; resources; and entrepreneurs in successfully pursuing new ventures. Level of Difficulty: 2 Medium Topic: Recognizing Entrepreneurial Opportunities |
44.
|
Which
of the following is NOT one of the characteristics of an entrepreneurial
opportunity?
For an opportunity to be
viable, it needs to have four qualities: attractive, achievable, durable, and
value creating.
|
AACSB:
Analytic
Blooms: Understand Learning Objective: 08-01 The role of opportunities; resources; and entrepreneurs in successfully pursuing new ventures. Level of Difficulty: 2 Medium Topic: Recognizing Entrepreneurial Opportunities |
45.
|
When
an opportunity is attractive long enough for it to be successfully developed
and deployed, it is said to be _____________.
For an opportunity to be
viable, it needs to have four qualities, one of which is durable. This means
the opportunity must be attractive long enough for the development and
deployment to be successful; that is, the window of opportunity must be open
long enough for it to be worthwhile.
|
AACSB:
Analytic
Blooms: Understand Learning Objective: 08-01 The role of opportunities; resources; and entrepreneurs in successfully pursuing new ventures. Level of Difficulty: 2 Medium Topic: Recognizing Entrepreneurial Opportunities |
46.
|
Which
of the following terms is used to refer to opportunities that are practical
and physically possible?
For an opportunity to be
viable, it needs to have four qualities, one of which is achievable. This
means the opportunity must be practical and physically possible.
|
AACSB:
Analytic
Blooms: Understand Learning Objective: 08-01 The role of opportunities; resources; and entrepreneurs in successfully pursuing new ventures. Level of Difficulty: 2 Medium Topic: Recognizing Entrepreneurial Opportunities |
47.
|
Which
of the following is not a primary source of financing for entrepreneurial
start-ups?
The majority of new firms are
low-budget start-ups launched with personal savings and the contributions of
family and friends. Angel investors, private individuals who provide equity
investments for seed capital during the early stages of a new venture, favor
companies that already have a winning business model and dominance in a
market niche.
|
AACSB: Analytic
Blooms: Understand Learning Objective: 08-01 The role of opportunities; resources; and entrepreneurs in successfully pursuing new ventures. Level of Difficulty: 2 Medium Topic: Recognizing Entrepreneurial Opportunities |
48.
|
According
to a study by the Kaufmann Foundation, which of the following is the largest
source of funding for businesses that have been operating at least five
years?
According to the Kauffman
Foundation study, after five years of operation, the largest source of
funding is from loans taken out by the business.
|
AACSB:
Analytic
Blooms: Understand Learning Objective: 08-01 The role of opportunities; resources; and entrepreneurs in successfully pursuing new ventures. Level of Difficulty: 2 Medium Topic: Recognizing Entrepreneurial Opportunities |
49.
|
The
majority of entrepreneurial start-ups are financed through monies from _____________.
The majority of new firms are
low-budget start-ups launched with personal savings and the contributions of
family and friends.
|
AACSB:
Analytic
Blooms: Understand Learning Objective: 08-01 The role of opportunities; resources; and entrepreneurs in successfully pursuing new ventures. Level of Difficulty: 2 Medium Topic: Recognizing Entrepreneurial Opportunities |
50.
|
Private
individuals who provide seed capital to young ventures are known as
_____________.
Angel investors, private
individuals who provide equity investments for seed capital during the early
stages of a new venture, favor companies that already have a winning business
model and dominance in a market niche.
|
AACSB:
Analytic
Blooms: Remember Learning Objective: 08-01 The role of opportunities; resources; and entrepreneurs in successfully pursuing new ventures. Level of Difficulty: 1 Easy Topic: Recognizing Entrepreneurial Opportunities |
51.
|
Which
of the following statements about venture capital is not true?
Start-ups that involve large
capital investments or extensive development costs may seek venture capital,
a form of private equity financing through which entrepreneurs raise money by
selling shares in the new venture. Venture capitalists nearly always have
high performance expectations from the companies they invest in, but they
also provide important managerial advice and links to key contacts in an
industry.
|
AACSB:
Analytic
Blooms: Understand Learning Objective: 08-01 The role of opportunities; resources; and entrepreneurs in successfully pursuing new ventures. Level of Difficulty: 2 Medium Topic: Recognizing Entrepreneurial Opportunities |
52.
|
Based
on statistics reported in the text, which of the following statements is not
true?
Among firms included in the Entrepreneur
Magazine list of the 100 fastest-growing new businesses in a recent year, 61
percent reported that their start-up funds came from personal savings. When
firms receive venture-capital investments, they receive a substantial level
of investment, over $1 million on average in the Kaufmann Foundation survey.
|
AACSB:
Analytic
Blooms: Understand Learning Objective: 08-01 The role of opportunities; resources; and entrepreneurs in successfully pursuing new ventures. Level of Difficulty: 2 Medium Topic: Recognizing Entrepreneurial Opportunities |
53.
|
According
to the text, new ventures launched by entrepreneurial teams are more likely
to be successful than ventures launched by _____________.
Managers need to have a
strong base of experience, extensive domain knowledge, and an ability to make
rapid decisions and change direction as needed. In the case of start-ups,
more is better. New ventures that are started by teams of three, four, or
five entrepreneurs are more likely to succeed in the long run than are
ventures launched by lone wolf entrepreneurs.
|
AACSB:
Analytic
Blooms: Understand Learning Objective: 08-01 The role of opportunities; resources; and entrepreneurs in successfully pursuing new ventures. Level of Difficulty: 2 Medium Topic: Recognizing Entrepreneurial Opportunities |
54.
|
Which
of the following is the most important resource for a start-up
activity?
Resources are an essential
component of a successful entrepreneurial launch. For start-ups, the most
important resource is usually money because a new firm typically has to
expend substantial sums just to start the business. However, financial
resources are not the only kind of resource a new venture needs. Human
capital and social capital are also important.
|
AACSB:
Analytic
Blooms: Understand Learning Objective: 08-01 The role of opportunities; resources; and entrepreneurs in successfully pursuing new ventures. Level of Difficulty: 2 Medium Topic: Recognizing Entrepreneurial Opportunities |
55.
|
______________
provide(s) a key avenue for growth for many young and small firms through
partnering to obtain resources and/or expand into new markets.
Strategic alliances provide a
key avenue for growth by entrepreneurial firms. By partnering with other
companies, young or small firms can expand or give the appearance of entering
numerous markets and/or handling a range of operations.
|
AACSB:
Analytic
Blooms: Understand Learning Objective: 08-01 The role of opportunities; resources; and entrepreneurs in successfully pursuing new ventures. Level of Difficulty: 2 Medium Topic: Recognizing Entrepreneurial Opportunities |
56.
|
The
U.S. Small Business Administration supports small business through all of the
following EXCEPT
In the U.S., the federal
government provides support for entrepreneurial firms in two key arenas,
financing and government contracting. The Small Business Administration (SBA)
has several loan guarantee programs designed to support the growth and
development of entrepreneurial firms. The government itself does not
typically lend money but underwrites loans made by banks to small businesses.
The SBA also offers training, counseling, and support services through its
local offices and Small Business Development Centers.
|
AACSB:
Analytic
Blooms: Understand Learning Objective: 08-01 The role of opportunities; resources; and entrepreneurs in successfully pursuing new ventures. Level of Difficulty: 2 Medium Topic: Recognizing Entrepreneurial Opportunities |
57.
|
Which
of the following is NOT one of the three characteristics of entrepreneurial
leadership mentioned by the text?
Entrepreneurs put themselves
to the test and get their satisfaction from acting independently, overcoming
obstacles, and thriving financially. To do so, they must embody three characteristics
of leadership: vision, dedication and drive, and commitment to excellence.
|
AACSB:
Analytic
Blooms: Understand Learning Objective: 08-01 The role of opportunities; resources; and entrepreneurs in successfully pursuing new ventures. Level of Difficulty: 2 Medium Topic: Recognizing Entrepreneurial Opportunities |
58.
|
Vision
is an important element of entrepreneurial leadership because
_____________.
Vision may be the most
important asset of an entrepreneur. Entrepreneurs envision realities that do
not yet exist. Without a vision, most entrepreneurs would never even get
their venture off the ground.
|
AACSB:
Analytic
Blooms: Understand Learning Objective: 08-01 The role of opportunities; resources; and entrepreneurs in successfully pursuing new ventures. Level of Difficulty: 2 Medium Topic: Recognizing Entrepreneurial Opportunities |
59.
|
Which
of the following is NOT a common new entry strategy according to the
text?
For a new venture, the entry
strategy will vary depending on how risky and innovative the new business
concept is. New entry strategies typically fall into one of three categories:
pioneering new entry, imitative new entry, or adaptive new entry.
|
AACSB:
Analytic
Blooms: Understand Learning Objective: 08-02 Three types of entry strategies-pioneering; imitative; and adaptive-commonly used to launch a new venture. Level of Difficulty: 2 Medium Topic: Entrepreneurial Strategy |
60.
|
Seeking
products or services that have been successful in one market and introducing
the same basic product or service in another segment of the market is
referred to as _____________.
Imitators look for
opportunities to capitalize on proven market successes. An imitative new
entry strategy is used by entrepreneurs who see products or business concepts
that have been successful in one market niche or physical locale and
introduce the same basic product or service in another segment of the market.
|
AACSB:
Analytic
Blooms: Understand Learning Objective: 08-02 Three types of entry strategies-pioneering; imitative; and adaptive-commonly used to launch a new venture. Level of Difficulty: 2 Medium Topic: Entrepreneurial Strategy |
No comments:
Post a Comment