CHAPTER 6

Question 1

The process by which individuals pursue
opportunities without regard to resources they currently control. Essentially, it is the art of turning an idea into a business which can lead to creative destruction.

Answer 1

Entrepreneurship

Question 2

The removal of a previous product/service due to the superiority of the new product/service

EXAMPLES: DVDs Replace VCRs

Answer 2

Creative Destruction

Question 3

Conceptualization(process of forming a concept or idea of something) of entrepreneurship at the firm level

Answer 3

Corporate Entrepreneurship

Question 4

1st step of being a Successful Entrepreneurs

Answer 4

Passion for the business

Question 5

2nd step of being a Successful Entrepreneurs

Answer 5

Product/Customer Focus

Question 6

3rd step of being a Successful Entrepreneurs

Answer 6

Tenacity Despite Failure

Question 7

4th step of being a Successful Entrepreneurs

Answer 7

Execution Intelligence

Question 8

(not simply an idea) is a favorable set of
circumstances that creates a need for a new product, service, or business. It has four essential qualities

(1) Attractive
(2) Durable
(3) Timely (within the realistic “window of opportunity”)
(4) Anchored in a product or service that adds value for the end user

Answer 8

Opportunity

Question 9

What are some Personal Characteristics for Recognizing Business Opportunities?

Answer 9

Prior Experience in the Industry

Cognitive Factors (i.e., Opportunity Recognition)

Social Networks

Creativity

Question 10

A proposed business should evaluate the ability of its management team. Two of the most important factors to have are passion and an understanding of the potential market.

Answer 10

Management Prowess