Entrepreneurship Exam #1

Question 1

Two views of the entrepreneur

Answer 1

Popular and innovator

Question 2

People who come up with ideas and embody those ideas in high-growth companies

Answer 2

Innovators/Schumpeterians

Question 3

7 traits of an entrepreneur

Answer 3

1. Curious
2. Creative
3. Clear vision
4. Communicative
5. Leader
6. Risk Taker
7. Tenacious

Question 4

3 types of entrerpeneurs

Answer 4

1. Novice
2. Serial
3. Portfolio

Question 5

Type of entrepreneur that buys and sells businesses frequently

Answer 5

serial

Question 6

The theory that explains why the economy is populated bu business firms instead of being independent, solo-preneurs

Answer 6

Theory of the Firm: Transaction Cost Approach

Question 7

Who spoke about the nature of the firm

Answer 7

Ronald Coase

Question 8

Firms arise because

Answer 8

they avoid (or minimize) transaction costs

Question 9

The difference between an idea and an opportunity is that an opportunity has a possible….

Answer 9

solution

Question 10

Type of recognition pattern that includes having idealized representations of a category and comparing new events or trends with such idealized representation

Answer 10

Prototype

Question 11

Type of recognition pattern that emphasizes the importance of specific knowledge and compares new stimuli with relevant, real concepts

Answer 11

exemplar

Question 12

Term for having a predetermined goal, seeking optimal strategy

Answer 12

Causal thinking

Question 13

Term for allowing goals to emerge over time via interactions

Answer 13

Effectual thinking

Question 14

Effectual thinking is dependent on

Answer 14

people

Question 15

Causal thinking is dependent on

Answer 15

effect

Question 16

3 principles of effectual reasoning process

Answer 16

1. Affordable loss
2. Strategic partnerships
3. Turn unexpected into profit

Question 17

To have a business position, a firm must decide whether to:

Answer 17

a. Perform activities differently, or

b. Perform different activities compared to it’s rivals

Question 18

2 strategic groups

Answer 18

1. Competitive dynamics

2. Competitive rivalry

Question 19

Ongoing actions and responses taking place between all firms competing within a market for advantage positions

Answer 19

Competitive dynamics

Question 20

Ongoing actions and responses taking place between an individual firm and its competitors for advantageous market positions

Answer 20

Competitive rivalry

Question 21

To determine competitive scope, you determine between what types of targets?

Answer 21

Broad and narrow

Question 22

The five generic business level strategies

Answer 22

1. Cost advantage
2. Differential advantage
3. Focus cost leadership
4. Focus differentiation
5. Integrated cost

Question 23

Intangible value

Answer 23

image, status, identity, experience

Question 24

3 things strategy is not

Answer 24

1. Action
2. Aspiration
3. Vision

Question 25

3 aspects of forming a game plan

Answer 25

1. Objective 2. Scope 3. Advantage

Question 26

3 decisions for strategy formulation

Answer 26

Who, How, Evaluation

Question 27

2 aspects of external environment analyses

Answer 27

1. Industry level attractiveness | 2. Competitor level dynamics

Question 28

Term for when a firm is skilled at continually updating its array of capabilities to keep pace with changes in the environment

Answer 28

Dynamic capability

Question 29

4 components of external environmental analyses

Answer 29

1. Scanning 2. Monitoring 3. Forecasting 4. Assessing

Question 30

identifying early signs of environmental changes and trends is called

Answer 30

scanning

Question 31

Detecting meaning through ongoing observations of environmental changes and trends is called

Answer 31

monitoring

Question 32

Developing projections of anticipated outcomes based on monitored changes and trends is called

Answer 32

Forecasting

Question 33

Determining the timing and importance of environmental changes and trends for firms strategies and their management is called

Answer 33

assessing

Question 34

PESTEL Framework

Answer 34

1. Political 2. Economic 3. Sociocultural 4. Technological 5. Ecological 6. Legal

Question 35

Focus of Porter's 5 Forces

Answer 35

Factors and conditions influencing a firm's profitability within an industry

Question 36

Porters 5 forces

Answer 36

1. Buyers 2. Substitutes 3. Suppliers 4. Potential entrants 5. Industry competitors

Question 37

Internal environment analysis determines what a business can do by examining:

Answer 37

1. unique resources 2. capabilities 3. competitors

Question 38

The aim for internal environment analysis at the business level

Answer 38

building and sustaining competitive advantage

Question 39

The aim for internal environment analysis at the corporate level is

Answer 39

vertical integration and diversification

Question 40

4 components of Jay Barney's VRIN framework for sustainable competitive advantage

Answer 40

1. Valuable 2. Rare 3. Inimitable 4. Non substitutable

Question 41

3 components of being inimitable

Answer 41

1. Historical 2. Ambiguous Cause 3. Social complexity

Question 42

4 types of tangible resources

Answer 42

1. Financial 2. Physical 3. Technological 4. Organizational

Question 43

3 types of intangible resources

Answer 43

1. Human 2. Innovation and creativity 3. Reputation

Question 44

Marketing is based on

Answer 44

needs and wants

Question 45

Scope in marketing refers to ....

Answer 45

what to market (goods, services, events, etc.)

Question 46

3 tips for a start up marketing program, from the in class video

Answer 46

1. Understand customers 2. Understand how customers view your solution 3. Understand your customer's buying process

Question 47

4 Ps of Marketing Mix

Answer 47

1. Product 2. Price 3. Promotion 4. Place

Question 48

5th P of Marketing mix

Answer 48

People

Question 49

4 aspects of market segmentation

Answer 49

1. Geometric 2. Demographic 3. Psychological 4. Behavioral

Question 50

Market research steps (6)

Answer 50

1. Define question 2. Determine data 3. Collect data 4. Analyze data 5. Take action 6. Evaluate results

Question 51

4 core areas of digital marketing

Answer 51

1. Content 2. Adwords 3. Social media 4. Analytics