course outcome 3

Question 1

central to the domain of entrepreneurship and revolves around the answers to the following:
Why?
When?
How?

Answer 1

opportunity identification

Question 2

societal trends
technology trends
economic trends
government trends

Answer 2

sources of innovative ideas

Question 2

unexpected occurrences
incogruities
process needs
industry and market changes
demographic hanges
perceptual changes
knowledge-based concepts

Answer 2

sources of innovative ideas

Question 3

• Employs a disciplined, precise, methodical approach
• Is concerned with solving, rather
  than finding, problems
• Attempts to refine current practices
• Tends to be means oriented
  Is capable of extended detail work
• Is sensitive to group cohesion and cooperation

Answer 3

Adaptor

Question 3

Creativity is the generation of ideas that results in the improved efficiency or effectiveness of a system.

Creative thinking is blended with imagination in a logical process.

Develop an ability to see, recognize, and create opportunity where others find only problems.

Answer 3

entrepreneurial imagination and creativity

Question 4

• Approaches tasks from unusual angles
• Discovers problems and avenues of solutions
• Questions basic assumptions related to current practices
• Has little regard for means; is more interested in ends
• Has little tolerance for routine work
• Has little or no need for consensus; often is insensitive to others

Answer 4

Innovator

Question 5

totally new product, service, or process

Answer 5

invention

Question 6

new use or different application of an already existing product, service, or process

Answer 6

extension

Question 7

creative replication of an existing concept but with own creative enhancement

Answer 7

duplication

Question 8

combination of existing concepts and factors into a new formulation or use

Answer 8

synthesis

Question 9

The need for approval
The need for independence
The need for personal development
Welfare (philanthropic) considerations
Perception of wealth
Tax reduction and indirect benefits
Following role models

Answer 9

components of new-venture motivation

Question 10

entrepreneurial motivations
personal characteristics
the environment
the venture

Answer 10

reasons for starting a venture

Question 11

Lack of objective evaluation
No real insight into the market
Inadequate understanding of technical requirements
Poor financial understanding
Lack of venture uniqueness
Ignorance of legal issues

Answer 11

pitfalls in selecting new ventures

Question 12

1. prestart-up phase
2. start-up phase
3. post start-up phase

Answer 12

phases in new-venture start-ups

Question 13

Begins with an idea for the venture and ends when the doors are opened for business.

Answer 13

prestart-up phase

Question 14

Commences with the initiation of sales activity and the delivery of products and services and ends when the business is firmly established and beyond short-term threats to survival.

Answer 14

start-up phase

Question 15

Lasts until the venture is terminated or the surviving organizational entity is no longer controlled by an entrepreneur.

Answer 15

post start-up phase

Question 16

1. uniqueness
2. investments
3. Growth of sales (Lifestyle ventures, Small profitable ventures, High-growth ventures)
4. product availability
5. customer availability

Answer 16

critical factor for new-venture development

Question 17

1. creating the new venture
2. Acquiring an existing venture
3. obtaining a franchise

Answer 17

pathways to new ventures

Question 18

1. personal preference
2. evaluation of the venture
3. asking key questions
4. examination of opportunities

Answer 18

acquiring an established entrepreneurial venture

Question 18

less fear about successful future operation
reduced time and effort
purchasing at a good price

Answer 18

advantages of acquiring an ongoing venture

Question 19

the business environment
profits, sales, and operating ratios
assets of the venture

Answer 19

factors affecting sale of the venture

Question 20

Any arrangement in which the owner of a trademark, trade name, or copyright has licensed others to use it in selling goods or services

Answer 20

franchising

Question 21

A purchaser of a franchise

Answer 21

franchisee

Question 22

The seller of the franchise

Answer 22

franchisor

Question 23

Training and guidance
Brand-name appeal
A proven track record
Financial assistance

Answer 23

advantages of franchising

Question 24

Franchise fees
Franchisor control
Unfulfilled promises of franchisor

Answer 24

disadvantages of franchising

Question 25

Secured financing of a new venture that involves a payback of the funds plus a fee (interest for the use of the money)
Commercial Banks
Peer-to-peer Lending (P2P)

Answer 25

debt financing

Question 26

Money invested in the venture with no legal obligation for entrepreneurs to repay the principal amount or pay interest on it
Public Offering
Private Placements

Answer 26

equity financing