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Mgmt 310 Exam 1 ISU questions with verified solutions rated A+
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Mgmt 310 Exam 1 ISU questions with verified solutions rated A+
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Mgmt 310 Exam 1 ISUDescribe entrepreneurship, - correct answer ✔✔implement new ways to solve problems and create
value, taking an idea and transform it to a repeatable and scalable business.
Corporate Entrepreneurship - correct answer ✔✔Behavior orientation exhibited by established firms
with an entrepreneurial emphasis that is proactive, innovative, and risk taking
characteristics of entrepreneurial firms. - correct answer ✔✔
three main reasons people decide to become entrepreneurs. - correct answer ✔✔1. Be their own boss
(ambition, frustration)
2. Pursue their own ideas (innovate and implement new ideas)
3. Pursue financial rewards (secondary goal)
four main characteristics of successful entrepreneurs. - correct answer ✔✔1. Passion for their business
2. Product/customer focus
3. Tenacity despite failure
4. Execution intelligence
Three types of start-up firms. - correct answer ✔✔1. Salary Substitute Firms: earn similar income as
would in conventional job
2. Lifestyle Firms: Allow customers to pursue particular lifestyle while earning a living.
3. Entrepreneurial firms: bring new products and services to market by creating and seizing
opportunities.
discuss the positive effects of entrepreneurship and entrepreneurial firms on economiesand societies. -
correct answer ✔✔Creative destruction - keep technology moving forward
Innovation
Job Creation
, Explain the entrepreneurial process. - correct answer ✔✔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 the difference between opportunities and ideas. - correct answer ✔✔An idea is a thought, an
impression, or notion. However, not all ideas are opportunities as there may or may not be a need the
idea fufills or meets the criteria of an opportunity. An opportunity is a favorable set of circumstances
that creates for a new product/service/business.
Describe the three general approaches entrepreneurs use to identify opportunities. - correct answer
✔✔Observing trends - seeing what's evolve and what else can be added,
solving a problem - see a problem find a solution,
finding gaps in the market place - marketing to a specfic group of people that isn't large enough to
attract mainstream retailers.
Discuss the personal characteristics of entrepreneurs that contribute to their ability to recognize
business opportunities. - correct answer ✔✔Prior experience - wish you would have had a product or
service/knowledge to make product or service
Cognitive Factors - "sixth sense" to recognize problems and opportunities
Creativity - process of creating a useful or novel idea
Social Networks - be exposed to more business ideas
Describe an industry/market feasibility analysis, explain its purpose, and discuss the two primary issues
to consider when completing this analysis. - correct answer ✔✔Purpose: Assess appeal of the industry
and the target market for the proposed business. if the industry is large enough for your idea, what's the
industry attractiveness, along with target market attractiveness.
Describe a product/service feasibility analysis, explain its purpose, and discuss the two primary issues
that a proposed business should consider in this area. - correct answer ✔✔Purpose: Is product or
serivece viable: is it in demand, is it desirable?
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