Chapter 1

Question 1

Entrepeneurial Firms

Answer 1

Companies that bring new products and services to market by creating and seizing opportunities

Question 2

Entrepreneurial Intenisty

Answer 2

The position of a firm on a conceptual continuum that ranges from highly conservative to highly entrepreneurial

Question 3

Execution intelligence

Answer 3

The ability to fashion a solid business idea into a viable business, key characteristic of successful entrepreneurs

Question 4

Lifestyle Firm

Answer 4

Business that prodivde their owners the opportunity to pursue a certain lifestyle and earn a living while doing so

Golf pros, tour guides, ski instructors

Question 5

Salary-substitute firms

Answer 5

Small firms that yield a level of income for their owner or owners that is similar to what they would earn when working for an employer

restaurants, accounting firms, retail stores

Question 6

Triggering event

Answer 6

Events that promots an indivudal to become an entrepreneur

Inheriting money, losing a job

Question 7

Value

Answer 7

Relative worth, importance, utility