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7-95
96.
The tendency of an organization to engage in activities designed to identify and capitalize
successfully on opportunities to launch new ventures by entering new or established
markets with new or existing goods or services is called ____.
Scenario A. Jenna leaves her job at a refrigerator manufacturing company and starts her
own business. Her objective is to attain maximum growth and earn high profits. Jenna's
friend Elle still works at the refrigerator manufacturing company, where she has started a
business venture utilizing the company's resources. Nico, her colleague, states that he
would make a successful entrepreneur because he is a gambler and believes that a good
idea and talent lead to success within a year. He has also scored 665 in his SATs.
97.
In Scenario A, Nico's beliefs are some examples of the _____ of entrepreneurship.
98.
By leaving her job and starting her own business, Jenna has become a(n) ____.
99.
In Scenario A, Jenna's business would be considered an example of a(n)
100.
In Scenario A, Elle's business venture is an example of a(n) ____.
101.
Jenna's objective for her business is to attain high growth and profits, which is an example
of a(n) ____.
102.
From Scenario A, it can be understood that Elle is a(n) ____.
7-99
Scenario B. James, a student, studied the different models of the e-commerce market and
gathered some information on a few companies using Internet commerce. Blayze.com
charges its customers a fee for its goods and services. Brawdcast.com asks its clients to
pay a fee to use the site for promotions of their products and to gain demographics.
Xyrotech Inc. pays Gen-Platforum.com a commission to launch promotions on websites
associated with it. Corpbuzz.com, a newspaper website, provides access to its services
charging a monthly fee from its customers.
103.
From Scenario B, it can be inferred that Blayze.com uses the _____ model.
104.
Which of the following business models does Brawdcast.com use?
105.
Which of the following business models does Corpbuzz.com utilize?
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106.
Xyrotech Inc. pays Gen-Platforum.com a commission to launch promotions on websites
associated with it. This is an example of the _____ model.
Scenario C. Two entrepreneurs, Todd and Mei, were discussing the potential for success
or failure of their ventures. They described their start-ups in the following manner:
1. Todd stated that he had very little money invested, but he was the first in the market
with his product.
2. Mei stated that her investment in the business was very small and that her product was
similar to those already in the market.
107.
According to the entrepreneurial strategy matrix, Todd's scenario can be described as
involving
108.
According to the entrepreneurial strategy matrix, Mei's scenario can be described as
involving
Scenario D. Abdul has begun the planning process for his entrepreneurial venture. He has
completed an assessment of his vision to operate a home-care service for the elderly, for
which he feels there is a strong market. He has a good understanding of the availability of
his own resources and his personal traits to manage the business. Now he is prepared to
start compiling functional plans for marketing, finance, and human resources so that he
can obtain the financing he will need to start. He is also contemplating how to develop the
right reputation and create the proper networks to find employees and customers as well
as get advice from fellow businesspeople.
109.
Which of the following formal stages of the planning process has Abdul completed by
assessing his vision, potential success, and himself?
110.
During the formal planning process, after the current assessment, if Abdul still believes in
the potential of the venture, he should proceed with a(n) ____.
111.
When Abdul worries about his network and his business's reputation, he is concerned with
Essay Questions
112.
List a few myths about entrepreneurs and explain why they are myths.
Answers will vary.
113.
Describe your own level of interest in becoming an entrepreneur, and explain your position
referring to details about entrepreneurs described in the chapter.
Answers will vary.
114.
Contrast entrepreneurship and intrapreneurship.
Answers will vary.
115.
Identify some of the events and trends currently unfolding in which entrepreneurs can
potentially spot opportunities. Provide examples.
Answers will vary.
116.
Discuss the five successful business models in the e-commerce market.
Answers will vary.
117.
List the characteristics of a successful entrepreneur and explain each one.
Answers will vary.
118.
Discuss the entrepreneurial strategy matrix, including the characteristics of each cell.
Provide an example of a business that would be located in each cell, and explain the
usefulness of the model to entrepreneurs.
Answers will vary.
119.
Contrast the roles of business incubators and business accelerators.
Answers will vary.
120.
Discuss the role of the economic environment in entrepreneurship.
Answers will vary.
121.
Discuss at least three major management challenges associated with entrepreneurship.
Include strategies to overcome the difficulties.
Answers will vary.
122.
Explain how an organization can go public and why many entrepreneurs prefer not to go
public.
Answers will vary.
123.
Discuss the key planning elements used in developing the best business plans. Describe
the importance of each.
Answers will vary.
124.
List and explain the nonfinancial resources that are crucial for the success of a business.
Answers will vary.
125.
Explain the procedure a manager has to follow to build support for his or her project idea.
Answers will vary.
126.
Discuss the two common approaches used to stimulate intrapreneurial activity.
Answers will vary.
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127.
Describe the five tendencies of entrepreneurial orientation that allow some organizations
to be very successful in launching new ventures.
Answers will vary.
