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Terms in this set (54)Commitment, determination, and perseverance are the only characteristics one needs to become a successful entrepreneur. False The macro view of entrepreneurship looks at factors that are specific to the individual entrepreneur.
False The word Entrepreneur is derived from the French entreprendre, which is translated as "to assume risk." Flase The entrepreneurial spirit is not unique to America and Western Europe; it can be found in nearly every part of the world. True Firms do not need to alter management techniques to encourage corporate entrepreneurship since it tends to occur naturally. False One reason that corporate entrepreneurship has become popular is because it allows corporations to tap the innovative talents of the personnel. True Creativity cannot be developed or improved False Incubation in the creative process often occurs when the individual is doing something completely unrelated to the subject. True Social entrepreneurs are known to form ventures that exploit opportunities to create social value. True Feasibility analyses include technical, market, financial, organizational, and competitive analyses. True Timing has little to do with the success or failure of a new venture. False Pricing becomes less of a concern when customers become aware of a product's unique characteristics that are superior to the competition. True Equity financing is money invested in the venture with a legal obligation to repay the principal amount with accrued interest. False Generally, the larger and more successful the franchiser, the greater the franchise fee that is charged. True In negotiating a deal to purchase an existing business, it is a bad idea to ask the seller to retain a minority interest in the firm. False Joseph Schumpeter wrote about a process of entrepreneurial innovation that he termed "creative destruction." Which of the following most closely describes the potential economic effect of the types of innovations Schumpeter was talking about? Shifting the production possibilities frontier by meeting more needs with the same amount of resources. Which of the following was the first to note the role of entrepreneurs in organizing the "factors of production" and shifting the them to more profitable opportunities? Jean Baptiste Say In the most developed economies, capital goods and automation have taken the place of manual labor - or makes it more efficient - and knowledge has become increasingly important. Entrepreneurship in these countries typically contributes to which type of economic growth? Innovation-driven economic development The process approach to entrepreneurship seeks to explain why and how an individual chooses to pursue an opportunity The decision to behave entrepreneurially is the result of the interaction of: the individual's personal entrepreneurial mind-set and an opportunity Some characteristic(s) that propel entrepreneurs to success can be exhibited to such an "extreme" that they become problems. Which of the following is NOT one of these characteristics? Resourcefulness Which of the following statements is true of personality traits, cognition and affect: In combination, the can influence the motivation of the entrepreneur to pursue an opportunity. Which of the following is something that is similar between Angel Investors and Venture Capitalists? Expected rate of return of their investment The person who has to opportunity to lead and "run" with an idea would be coined which of the following: Champion Which of the following is NOT an important characteristic for establishing an entrepreneurial climate? Punishment of mistakes In attempting to create an entrepreneurial climate, the organization should consider that the corporations that promote personal growth will attract the best people Which of the following terms refers to the systematic evolution of a product or service into newer or larger markets? Incremental innovation What are the four types of innovation? Invention, extension, synthesis, duplication Key elements in plans to create a sustainable future are likely to include which of the following? Eliminating the concept of waste Which of the following best illustrates the power of positive externalities? When organic waste (like paper and food) decomposes in a landfill, it produces methane gas. Many landfills now capture the gas and burn it to generate electricity Which of the following statements is true? The left brain helps people analyze and verbalize Entrepreneurs sense potential in business problems by asking What if and Why not? The opportunity for entrepreneurial innovation emerges from the intersection of Unmet needs, potential solutions, and entrepreneurial cognition Key resources and key activities (or processes) are two components in the description of a venture's Business model In assessing a potential start-up opportunity, product / market problems include which of the following? Unclear business definition TO be profitable, total revenue must exceed total cost. Break even analysis tells us we must look at Price per unit and total number of units sold. Which of the following type of new venture would involve the least amount of product innovation? Imitative market entry Which of the following is NOT an advantage of acquiring an ongoing venture rather than starting a new business? High growth potential associated with recognizing an unmet customer demand Which of the following is NOT a type of debt financing? Private placement When accounts receivable are bought from a company for capital funding it is called Factoring Which of the following would be used to determine how much cash needs to be borrowed or raised from investors to assure that the business has enough cash to operate over the coming months? Cash Budget Which of the following summarizes the operational results for a period of time (year, quarter, etc.) including sales made although payment hasn't yet been received and expenses incurred but not yet paid. Income Statement Which of the following lists all of the items of value owned by a firm and all of the claims against those items by creditors and investors? Balance Sheet Which of the following shows the cash generated from operations and investing along with the cash use over the past period (year, quarter, etc.) Cash - Flow Statement Which of the following DOES NOT show financing activities, such as selling stock or taking out or repaying a loan? Income Statement Which of the following would be the best way to protect an article in the newspaper comparing the performance characteristics of internet search user interfaces that allow a computer to "understand" spoken language? Copyright Which of the following would be the best way to protect the name used to market an internet search user interface that allows a computer to "understand" spoken language? Trademark Which of the following would be the best way to protect the design of an algorithm used in an internet search user interface that allows a computer to "understand" spoken language? Patent Which of the following would be the best way to protect data about how many searches are initiated per month via an internet search user interface that allows a computer to "understand" spoken language? Non-Disclosure Agreement (Trade Secret) As depicted in the process model we discussed in class, which of the following would NOT influence an individual's intention to pursue an entrepreneurial opportunity? Perceived self - efficacy Which of the following statements are true of Entrepreneurial Personality Traits: About 50% of the strength of these characteristics is determined by heredity Which of the following might be a rationalization used to justify unethical conduct? If nobody finds out, then no harm is done. Which of the following although not specifically studying entrepreneurship, provided an economic principle that helps us understand why entrepreneurship is important to the overall growth and prosperity of a country's economy? Vilferedo Pareto Which of the following best describes the concept of entrepreneurial arbitrage? Exploiting an imbalance between supply and demand by shifting resources from one market to another market or use. 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Human Resource Management15th EditionJohn David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine 249 solutions Other Quizlet setsMidterm Review- ENTR 32117 terms cartersiedel MNGT Mid Term (T/F)15 terms ttasler88 Lets get this bread40 terms parker_dornbier MNGT 321 Midterm Exam15 terms jackdcohen10 Related questionsQUESTION You can get away with using the CSM or catering manager to double check room setups on-site on the day of the event, for periodic smaller meetings. 11 answers QUESTION Such agreements are often entered into because one or both parties do not wish to become fully integrated but see a need for specific services to be delivered and some level of cooperation to do so 2 answers QUESTION food whose genetic structure has been altered by adding or eliminating genes to enhance qualities of the product.` 4 answers QUESTION Many companies are interested in expanding globally in order to 15 answers What is a characteristic of successful entrepreneurs quizlet?Entrepreneurs must persist through difficult times, even if things begin to go wrong. Entrepreneurs know what they want, and are able to focus on achieving it. Treps want to be successful and are motivated by challenges. Entrepreneurs think of new solutions to problems and think of ways to improve their business.
Which of the following skills are needed for successful entrepreneurs quizlet?Basic arithmetic and knowledge of basic record keeping are needed for the entrepreneur to make purchase decisions, calculate profit and complete financial statements. Entrepreneurs must get along with others and enjoy meeting and talking to people.
What are four characteristics of successful entrepreneurs quizlet?The four main characteristics of successful entrepreneurs are: passion for the business, execution intelligence, product/customer focus, and tenacity despite failure.
Which of the following is a characteristics of an entrepreneur?What are the characteristics of an entrepreneur that nurture success? An entrepreneur is a person who has a passion for creation and the ability to follow through on their ideas, someone who has the ability to see a need that has previously not been addressed or in some cases created a need that didn't even exist.
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Which of the following characteristics are needed to become a successful entrepreneur quizlet?
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