Explain entrepreneurship and discuss its importance correct answers is the process by which individuals pursue opportunities without regard to resources the currently control.
Describe corporate entrepreneurship and its use in established firms correct answers Is the conceptualization of entrepr...
MGMT 310 Exam 1 || A+ GRADED SOLUTIONS!!
Explain entrepreneurship and discuss its importance correct answers is the process by which
individuals pursue opportunities without regard to resources the currently control.
Describe corporate entrepreneurship and its use in established firms correct answers Is the
conceptualization of entrepreneurship at the firm level. All firms fall along a conceptual
continuum that ranges from highly conservative to highly entrepreneurial. Position of firm is
entrepreneurial intensity.
3 main reasons people become entrepreneurs correct answers 1. Desire to be their own boos
2. Desire to pursue their own ideas
3. Financial rewards
4 Characteristics of a successful entrepreneur correct answers 1. Passion for the business
2. Product/customer focus
3. Tenacity despite failure
4. Execution intelligence
5 Myth of Entrepreneurship correct answers 1. Born, not made- everyone has the potential
2. Entrepreneurs are gamblers- setting goals
3. Entrepreneurs are motivated by only money
4. They should be young and energetic
5. They love the spotlight- not actually out for public attention
Explain how entrepreneurial firms differ from salary-substitute and lifestyle firms correct
answers Salary-substitute: basically provide their owner or owners a similar level of income
to what they would be able to earn in a conventional job
Lifestyle: firms that provide their owner and owners the opportunity to pursue a particular
lifestyle, and make a living at it
Entrepreneurial: firms that bring new products and services to the market regardless of
resources
Discuss the changing demographics of entrepreneurs in the United States. correct answers 6.2
million women owned businesses in 2002 (20-30%)
Growing number of organizations that support women owned businesses (women getting
more funded as well)
Minority- increase in minority owned, biggest by latinos (11 to 23%)
Seniors- Also increasing, because of corporate downsizing
Young- not as high as it used to be
Discuss the impact of entrepreneurial firms on economies and societies. correct answers
Economic: innovation- creating something new. Small businesses outperform larger
counterparts in obtaining patents.
, :small businesses are the creator of most new jobs
Society: dramatic impact on society. All of the things that make our lives easier (exp: uber,
netflix)
Identify ways in which large firms benefit from the presence of smaller entrepreneurial firms.
correct answers many entrepreneur firm created business models around producing products
and services that help larger firms become more efficient and effective
Explain the entrepreneurial process. correct answers Step 1: Deciding to become an
entrepreneur.
Step 2: Developing successful business ideas.
Step 3: Moving from an idea to an entrepreneurial firm.
Step 4: Managing and growing the entrepreneurial firm.
Explain why it's important to start a new firm when its "window of opportunity" is open.
correct answers An opportunity is a favorable set of circumstances that creates a need for a
new product, service, or business.
The market must be open of it
Explain the difference between an opportunity and an idea. correct answers Opportunities are
more than just ideas- thought, impression, notion, based on individual perceptions.
Describe the three general approaches entrepreneurs use to identify opportunities. correct
answers 1. Observing trends- trends create opportunities to pursue
2. Solving a problem
3. Finding gaps in the marketplace
Identify the four environmental trends that are most instrumental in creating business
opportunities. correct answers 1. Economic forces: economic trends help determine areas that
are ripe for new start ups and areas to avoid
2. Social: social trends alter how people behave. These trends provide opportunities for new
businesses to accommodate the changes
3. Tech advances: Technology creates opportunities. Products can emerge from technology
4. Political: political action and regulatory changes also provide opportunity. Company
created to help other companies with a law
List the personal characteristics that make some people better at recognizing business
opportunities than others. correct answers 1. Prior experience
2. Cognitive factors- Some people believe that entrepreneurs have a "sixth sense" that allows
them to see opportunities that others miss.
3. Social Networks-People who build a substantial network of social and professional
contacts will be exposed to more opportunities and ideas than people with sparse networks
4. Creativity
Identify the five steps in the creative process. correct answers 1. Preparation
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