How can we help?

You can also find more resources in our Help Center.

Entrepreneurship Exam #1

STUDY
PLAY
A business establishment with at least 20% sales growth in each year for five years, starting with a base of at least $100,000 in annual sales.
Gazelle
Type of Entrepreneurial School-of-Thought. Considers the external factors that affect a potential entrepreneur's lifestyle.
Environmental School of Thought
Type of Entrepreneurial School-of-Thought. Based on the capital-seeking process—the search for seed and growth capital.
Financial/Capital School of Thought
Type of Entrepreneurial School-of-Thought. Alienation drives entrepreneurial pursuits.
Displacement School of Thought
What are the 3 types of displacement in the Displacement School of Thought?
Political, Cultural, and Economic displacement.
What are the 2 types of Entrepreneurial Schools-of-Thought?
Macro view: External Locus of Control and Micro view: Internal Locus of Control
What are the 3 types of External Locus of Control?
Environmental School of Thought, Financial/Capital School of Thought, and Displacement School of Thought
What are the 4 types of Internal Locus of Control?
The Entrepreneurial Trait School of Thought, Venture Opportunity School of Thought, Strategic Formulation School of Thought, and Ronstadt's View
Type of Entrepreneurial School-of-Thought. Focuses on identifying traits common to successful entrepreneurs, such as creativity, achievement, determination, etc.
Entrepreneurial Trait School of Thought
Type of Entrepreneurial School-of-Thought. Focuses on the opportunity aspect of venture development—the search for idea sources, the development of concepts, and the implementation of venture opportunities.
Venture Opportunity School of Thought
Type of Entrepreneurial School-of-Thought. Emphasizes the planning process in successful
venture development.
Strategic Formulation School of Thought
Principle that is part of the Venture Opportunity School of Thought. New pathways or opportunities will arise that lead entrepreneurs in different directions.
Corridor Principle
Type of Entrepreneurial School-of-Thought. Strategic formulation is a leveraging of unique elements.
Ronstandt's View
What are the 4 unique elements in Ronstandt's view?
unique Markets, People, Products, Resources. (better strategies for each)
What are the 3 Process Approaches to Entrepreneurship?
Integrative Approach, Entrepreneurial Assessment Approach, Multidimensional Approach
Type of Process Approach to Entrepreneurship. Built around the concepts of inputs to the entrepreneurial process and outcomes from the entrepreneurial process.
Integrative Approach
Type of Process Approach to Entrepreneurship. Focuses on the entrepreneurial process itself and
identifies five key elements that contribute to the process.
Integrative Approach
Type of Process Approach to Entrepreneurship. Provides a comprehensive picture regarding the nature of entrepreneurship that can be applied at different levels.
Integrative Approach
Type of Process Approach to Entrepreneurship. Stresses making decisions qualitatively, quantitatively, strategically, and ethically in regard to the entrepreneur, the venture, and the environment.
Entrepreneurial Assessment Approach
Type of Process Approach to Entrepreneurship. Views entrepreneurship as a complex framework that emphasizes the individual, the environment, the organization, and the venture process.
Multidimensional Approach
What are the 3 sources of information that supply data about the entrepreneurial mindset?
Publications, Direct observation of practicing Entrepreneurs, and Speeches, seminars, and presentations by practicing entres.
With Publications as a source of studying the entrepreneurial mindset, give examples of publications used.
textbooks, books, professional journals, autobiographies and biographies of entres, news periodicals, etc.
With Direct observation of practicing Entrepreneurs as a source of studying the entrepreneurial mindset, give examples of this.
Case studies, interviews, surveys
What are the 4 areas of risk for entrepreneurs?
Career, Family and social, Financial, and Psychic risk
Why is career a risk for entrepreneurs?
Loss of employment security
Why is financial a risk for entrepreneurs?
financial risk vs. profit (return) motive varies in entres' desire for wealth
Why is family and social life a risk for entrepreneurs?
Competing commitments of work and family
Why is psychic a risk for entrepreneurs?
psychological impact of failure on the well-being of entres.
A vision-directed, organization-wide reliance on entrepreneurial behavior that purposefully and continuously rejuvenates the organization and shapes its operations through the exploitation of entrepreneurial opportunity.
Corporate Entrepreneurship Strategy
______ requires the creation of congruence between the entrepreneurial vision of the organization's leaders and the entrepreneurial actions of those throughout
the organization.
Corporate Entrepreneurship Strategy
What are the 3 elements of a Corporate Entrepreneurship Strategy?
strategic Vision, proentrepreneurship organizational Architecture, and entrepreneurial Processes and Behavior exhibited through the organizational hierarchy.
Type of Innovations.The launching of inaugural breakthroughs.
Radical innovation
Type of Innovations. These innovations take experimentation and determined vision, which are not necessarily managed but must be recognized and nurtured.
Radical innovation
Type of Innovations. The systematic evolution of a product or service into newer or larger markets.
Incremental innovation
Type of Innovations. Many times the _______ will take over
after a radical innovation introduces a breakthrough.
Incremental innovation
The generation of ideas that result in the improved efficiency or effectiveness of a system.
Creativity
What are the 2 important aspects of creativity?
Process and People
Adaptor or Innovator? Employs a disciplined, precise, methodical approach
Adaptor
Adaptor or Innovator? Is concerned with solving, rather than finding, problems
Innovator
Adaptor or Innovator? Attempts to refine current practices
Adaptor
Adaptor or Innovator? Tends to be means oriented
Adaptor
Adaptor or Innovator? Is capable of extended detail work
Adaptor
Adaptor or Innovator? Is sensitive to group cohesion and cooperation
Adaptor
Adaptor or Innovator? Approaches tasks from unusual angles
Innovator
Adaptor or Innovator? Discovers problems and avenues of solutions
Innovator
Adaptor or Innovator? Questions basic assumptions related to current practices
Innovator
Adaptor or Innovator? Has little regard for means; is more interested in ends
Innovator
Adaptor or Innovator? Has little tolerance for routine work
Innovator
Adaptor or Innovator? Has little or no need for consensus; often is insensitive to others
Innovator
What are the 4 phases of the creative process?
background or knowledge accumulation, incubation process, idea experience, evaluation and implementation