CIE

Question 1

Entrepreneurship is the process by which individuals pursue opportunities without regard
to resources they currently control.

Answer 1

Academic Definition (Stevenson & Jarillo)

Question 2

Entrepreneurship is the art of turning an idea into a business.

Answer 2

Venture Capitalist (Fred Wilson)

Question 3

Entrepreneurs assemble and then integrate all the resources needed –the money, the
people, the business model, the strategy—needed to transform an invention or an idea
into a viable business.

Answer 3

Explanation of What Entrepreneurs Do

Question 4

defined as a field of business that seeks to understand how
opportunities to create something new

Answer 4

Entrepreneurship

Question 5

Is the conceptualization of entrepreneurship at the firm level.

Answer 5

Corporate Entrepreneurship

Question 6

a person who seeks a profitable opportunity and takes the necessary risks to set up
and operate a business.

Answer 6

entrepreneur

Question 7

“one who creates a new business in the face of risk and uncertainty
for the purpose of achieving profit and growth by identifying significant opportunities and assembling the
necessary resources to capitalize on them”

Answer 7

entrepreneur

Question 8

The most active age for business ownership is ___________ years old.

Answer 8

35 to 45

Question 9

What makes an entrepreneur “strong” in the eyes of an investor is

Answer 9

experience, maturity, a solid reputation, and a track record of success

Question 10

The number one characteristic shared by successful entrepreneurs is

Answer 10

a passion for the
business.

Question 11

A second defining characteristic of successful entrepreneurs is

Answer 11

product/customer focus.

Question 12

A defining characteristic for successful entrepreneurs’ is their ability to persevere through
setbacks and failures.

Answer 12

Tenacity Despite Failure

Question 13

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

Answer 13

Execution Intelligence

Question 14

entrepreneurs begin with an overall idea for how to make their business idea a success

Answer 14

Vision

Question 15

a willingness to work hard

Answer 15

High Energy Level

Question 16

entrepreneurs work hard because they want to excel

Answer 16

Need to Achieve

Question 17

fearlessness in the face of difficult odds

Answer 17

Self-Confidence

Question 18

entrepreneurs are not easily discouraged

Answer 18

Tolerance for Failure

Question 19

entrepreneurs devise innovative ways to overcome difficult problems and situations

Answer 19

Creativity

Question 20

entrepreneurs take in stride uncertainties.

Answer 20

Tolerance for Ambiguity

Question 21

entrepreneurs believe they can control their own fate

Answer 21

Internal Locus of Control

Question 22

is the most operations-oriented than any of the other marketing concepts

Answer 22

The production concept

Question 23

The basic idea of this concept is that businesses will want to produce widely cheap products in maximum
volumes to maximize profitability and scale.

Answer 23

The production concept

Question 24

is not so much about the production and business output but focuses more on the
customer.

Answer 24

The Product Concept

Question 25

Companies will focus on producing superior goods and developing them over time in this marketing concept.

Answer 25

The Product Concept

Question 26

the bread and butter of marketing strategies because it assumes that customers may not buy enough of the product of a company, so companies need to convince them to do so.

Answer 26

The Selling Concept

Question 27

This idea places a lot of control in the hands of a corporation that has a whole strategy to stimulate its future customers to buy more effectively.

Answer 27

The Selling Concept

Question 28

It is a marketing notion that assumes that a company's success depends on marketing activities that offer a better value proposition than its rivals.

Answer 28

The Marketing Concept

Question 29

This idea focuses on the requirements and expectations of target marketing, as well as offering greater value than its competition.

Answer 29

The Marketing Concept

Question 30

the most progressive and modern-day applicable marketing mindset to have.

Answer 30

The Societal Marketing Concept

Question 31

It is a marketing concept that believes in giving back to society by producing better products that help the world be a better place.

Answer 31

The Societal Marketing Concept

Question 32

A established tool for raising the public image of laboratory equipment and supplies companies

Answer 32

Sponsorship

Question 33

Document that can convince the reader that the business can produce enough revenue to make a satisfactory profit and therefore attractive as an investment opportunity

Answer 33

Business plan

Question 34

is a critical skill in the health care industry. Whether you’re building your career, searching for new opportunities or hoping to stay informed on industry trends, health care networking can help you achieve your goals.

Answer 34

Networking