Question 1

Entrepreneurs are most likely to exploit an opportunity when ________.

Accepted Answer

A)   customers are likely to continue using the same product
B)   there is no market demand, but an opportunity to create market demand
C)   they perceive that they have the support of important stakeholders
D)   they want to enhance the prospects of the opportunity by training an incapable management team
E)   they feel they do not have access to the resources needed to ensure high levels of organizational performanceF) D) and E)
G) All of the above

Question 2

Bryan has started a nonprofit organization that places the visually impaired in suitable jobs. What type of entrepreneurship is Bryan displaying?

Accepted Answer

A)   corporate social entrepreneurship
B)   intrapreneurship
C)   commercial entrepreneurship
D)   corporate entrepreneurship
E)   social entrepreneurshipF) A) and B)
G) A) and C)

Question 3

Entrepreneurial alertness refers to an individual's ability to notice and be sensitive to new information about objects, incidents, and patterns of behavior in the environment.

Accepted Answer

A) True 
 B)False  True

Question 4

When Nintendo develops and markets the Wii gaming system, it is an opportunity that has arisen from a ________.

Accepted Answer

A)   new product or service
B)   new geographical market
C)   new method of production
D)   new raw material
E)   new method of organizingF) All of the above
G) A) and D)

Question 5

________ occurs when a firm proactively seeks to create a new product market position that competitors have not recognized.

Accepted Answer

A)   Sustained regeneration
B)   Organized rejuvenation
C)   Public hosting
D)   Strategic renewal
E)   Domain definitionF) C) and D)
G) A) and B)

Question 6

________ are firms that raise money from investors and then use this money to make investments in new firms.

Accepted Answer

A)   Angel investors
B)   Venture capitalists
C)   Banking institutions
D)   Entrepreneurs
E)   Insurance companiesF) None of the above
G) C) and E)

Question 7

________ involves the recognition, evaluation, and exploitation of opportunities that create social value as opposed to personal or shareholder wealth.

Accepted Answer

A)   Corporate social entrepreneurship
B)   Intrapreneurship
C)   Intrepreneurship
D)   Corporate entrepreneurship
E)   Social entrepreneurshipF) All of the above
G) C) and D)

Question 8

________ refers to an individual's ability to notice and be sensitive to new information about objects, incidents, and patterns of behavior in the environment.

Accepted Answer

A)   Social networking
B)   Entrepreneurial opportunity
C)   Entrepreneurial alertness
D)   Feasibility analysis
E)   Entrepreneurial riskF) A) and D)
G) None of the above

Question 9

Which of the following is true about banking finance?

Accepted Answer

A)   Like angel investors and venture capitalists, banks invest in a business.
B)   Banks are more interested in ensuring that the entrepreneur's opportunity will survive long enough to ensure repayment.
C)   Banks typically focus on investing in a small number of industries.
D)   Banks are concerned with the long-term potential for returns.
E)   Banks typically provide more capital as the new venture becomes more established.F) B) and E)
G) D) and E) B

Question 10

________ involves improving the firm's ability to execute strategies and focuses on new processes instead of new products.

Accepted Answer

A)   Sustained regeneration
B)   Project hosting
C)   Organizational rejuvenation
D)   Strategic renewal
E)   Domain definitionF) A) and B)
G) D) and E)

Question 11

All entrepreneurs completely fund operations with their own money or credit cards.

Accepted Answer

A) True 
 B)False

Question 12

Which type of opportunity is Citibank pursuing when it provides services in China?

Accepted Answer

A)   new products or services
B)   new geographical markets
C)   new raw materials
D)   new methods of production
E)   new methods of organizingF) A) and D)
G) A) and B) B

Question 13

Opportunity evaluation is the first stage of the entrepreneurial process.

Accepted Answer

A) True 
 B)False

Question 14

________ refers to the identification, evaluation, and exploitation of opportunities.

Accepted Answer

A)   Entrepreneur
B)   Entrepreneurial opportunity
C)   Entrepreneurial alertness
D)   Entrepreneurship
E)   Entrepreneurial riskF) A) and B)
G) All of the above

Question 15

________ occurs when a firm attempts to alter its own competitive strategy.

Accepted Answer

A)   Public hosting
B)   Sustained regeneration
C)   Organized rejuvenation
D)   Strategic renewal
E)   Domain definitionF) D) and E)
G) B) and E)

Question 16

Which of the following is an example of an opportunity that has arisen from new uses for raw materials?

Accepted Answer

A)   the invention of the heart stent
B)   an American bank providing services in China
C)   raising chicken without antibiotics
D)   using the Internet to sell a product
E)   using corn to produce ethanolF) A) and E)
G) B) and D)

Question 17

Cicada Inc. is a small firm involved in the design and manufacture of residential and commercial furniture. The company has recently identified an attractive opportunity that would serve their growth and revenue plans well, but Jack Walters, one of the company's founding members, vehemently opposes the idea.
-Which of the following is true about factors that adversely influence the accuracy of an entrepreneur's risk perceptions?

Accepted Answer

A)   An entrepreneur's belief in the law of small numbers increases the risk he or she perceives with an opportunity.
B)   Because individuals are more likely to obtain good information and less likely to obtain bad information, small samples of information are likely biased negatively.
C)   Most entrepreneurs have access to large databases.
D)   The control that an entrepreneur feels with respect to the opportunity's outcome may influence perceptions of the idea's risk.
E)   Law of small numbers and the illusion of control positively influence the accuracy of risk perceptions when evaluating opportunities.F) A) and E)
G) A) and D)

Question 18

Beth heads the team of designers at La Belle, Inc., a well-known brand for designer bags. She is an extraordinary designer herself and is also an excellent manager to her team. In the past, La Belle has successfully implemented many of her innovative ideas to their benefit. The company has now decided that Beth should be given the responsibility of managing their new business unit that specializes in clothes, shoes, and other accessories. What type of entrepreneurship is displayed in this scenario?

Accepted Answer

A)   intrapreneurship
B)   creative destruction
C)   corporate social entrepreneurship
D)   social entrepreneurship
E)   corporate entrepreneurshipF) A) and D)
G) B) and D)

Question 19

When analyzing entrepreneurial opportunities, the opportunity identification step is, "Where the rubber meets the road" and often presents a difficult challenge.

Accepted Answer

A) True 
 B)False

Question 20

________ is the third step of the entrepreneurial process.

Accepted Answer

A)   Opportunity identification
B)   Opportunity evaluation
C)   Opportunity exploitation
D)   Opportunity selection
E)   Opportunity improvementF) B) and C)
G) C) and E)

Exam 6: Management and Entrepreneurship

Entrepreneurs are most likely to exploit an opportunity when ________.

Correct Answer
verified

Bryan has started a nonprofit organization that places the visually impaired in suitable jobs. What type of entrepreneurship is Bryan displaying?

Correct Answer
verified

Entrepreneurial alertness refers to an individual's ability to notice and be sensitive to new information about objects, incidents, and patterns of behavior in the environment.

Correct Answer
verified
True

When Nintendo develops and markets the Wii gaming system, it is an opportunity that has arisen from a ________.

Correct Answer
verified

________ occurs when a firm proactively seeks to create a new product market position that competitors have not recognized.

Correct Answer
verified

________ are firms that raise money from investors and then use this money to make investments in new firms.

Correct Answer
verified

________ involves the recognition, evaluation, and exploitation of opportunities that create social value as opposed to personal or shareholder wealth.

Correct Answer
verified

________ refers to an individual's ability to notice and be sensitive to new information about objects, incidents, and patterns of behavior in the environment.

Correct Answer
verified

Which of the following is true about banking finance?

Correct Answer
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B

________ involves improving the firm's ability to execute strategies and focuses on new processes instead of new products.

Correct Answer
verified

All entrepreneurs completely fund operations with their own money or credit cards.

Correct Answer
verified

Which type of opportunity is Citibank pursuing when it provides services in China?

Correct Answer
verified
B

Opportunity evaluation is the first stage of the entrepreneurial process.

Correct Answer
verified

________ refers to the identification, evaluation, and exploitation of opportunities.

Correct Answer
verified

________ occurs when a firm attempts to alter its own competitive strategy.

Correct Answer
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Which of the following is an example of an opportunity that has arisen from new uses for raw materials?

Correct Answer
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Correct Answer
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Correct Answer
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When analyzing entrepreneurial opportunities, the opportunity identification step is, "Where the rubber meets the road" and often presents a difficult challenge.

Correct Answer
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________ is the third step of the entrepreneurial process.

Correct Answer
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Exam 6: Management and Entrepreneurship

Entrepreneurs are most likely to exploit an opportunity when ________.

Correct AnswerverifiedShow Answer

Bryan has started a nonprofit organization that places the visually impaired in suitable jobs. What type of entrepreneurship is Bryan displaying?

Correct AnswerverifiedShow Answer

Entrepreneurial alertness refers to an individual's ability to notice and be sensitive to new information about objects, incidents, and patterns of behavior in the environment.

Correct AnswerverifiedTrue

When Nintendo develops and markets the Wii gaming system, it is an opportunity that has arisen from a ________.

Correct AnswerverifiedShow Answer

________ occurs when a firm proactively seeks to create a new product market position that competitors have not recognized.

Correct AnswerverifiedShow Answer

________ are firms that raise money from investors and then use this money to make investments in new firms.

Correct AnswerverifiedShow Answer

________ involves the recognition, evaluation, and exploitation of opportunities that create social value as opposed to personal or shareholder wealth.

Correct AnswerverifiedShow Answer

________ refers to an individual's ability to notice and be sensitive to new information about objects, incidents, and patterns of behavior in the environment.

Correct AnswerverifiedShow Answer

Which of the following is true about banking finance?

Correct AnswerverifiedB

________ involves improving the firm's ability to execute strategies and focuses on new processes instead of new products.

Correct AnswerverifiedShow Answer

All entrepreneurs completely fund operations with their own money or credit cards.

Correct AnswerverifiedShow Answer

Which type of opportunity is Citibank pursuing when it provides services in China?

Correct AnswerverifiedB

Opportunity evaluation is the first stage of the entrepreneurial process.

Correct AnswerverifiedShow Answer

________ refers to the identification, evaluation, and exploitation of opportunities.

Correct AnswerverifiedShow Answer

________ occurs when a firm attempts to alter its own competitive strategy.

Correct AnswerverifiedShow Answer

Which of the following is an example of an opportunity that has arisen from new uses for raw materials?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

When analyzing entrepreneurial opportunities, the opportunity identification step is, "Where the rubber meets the road" and often presents a difficult challenge.

Correct AnswerverifiedShow Answer

________ is the third step of the entrepreneurial process.

Correct AnswerverifiedShow Answer

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True

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B

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B

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