Others

Question 1

Mental Maps (Black & Gregersen)

Answer 1

Representations of information about people, place, and environments (also called cognitive maps)

Question 2

Brain Barriers (Black and Gregersen)

Answer 2

1. Failure to see
2. Failure to change
3. Failure to finish

Question 3

Resource-Based Theory (Barney and Clark)

Answer 3

Focuses on the competences and capabilities of the firm rather than its positioning in its chosen markets

Question 4

Resource in Resource-Based Theory

Answer 4

1. Valuable: resources that help a firm create or offer value to a customer
2. Rare: rare resources have great value to a market
3. Difficult to copy: resources that are hard to duplicate
4. Non-substitutable: resources that have no ready substitute

Question 5

Stage 1 of Entrepreneurship

Answer 5

Discovery (innovation)

Question 6

Stage 2 of Entrepreneurship

Answer 6

Evaluating the market (research in order to plan, collet, and analyze data about customers, competitors, and the market)

Question 7

Stage 3 of Entrepreneurship

Answer 7

Structuring the venture (sole proprietorship, partnership, or corporation)

Question 8

Stage 4 of Entrepreneurship

Answer 8

Strategy (overall direction of the business)

Question 9

Business Plan

Answer 9

Document prepared by a company’s management, detailing the present/future of the company. Includes production, finance, facilities, HR, etc.

Question 10

Porter’s Five Forces

Answer 10

1. Suppliers
2. Customers
3. Potential Entrants
4. Substitutes
5. Competitive Rivalry

Question 11

Stage 5 of Entrepreneurship

Answer 11

Operational and Financial Planning (policies, budgets, procedures, cash flow, investments required, etc.)

Question 12

Stage 6 of Entrepreneurship

Answer 12

Business Plan

Question 13

Stage 7 of Entrepreneurship

Answer 13

Funding the Venture

Question 14

Stage 8 of Entrepreneurship

Answer 14

Implementation

Question 15

Idea Champion

Answer 15

The individual who recognizes value of an innovative idea and lends organizational authority and resources to develop and execute innovation

Question 16

Idea Orchestrator

Answer 16

The individual who recognizes value of innovation and manages it through the organization’s political process

Question 17

Idea Incubator

Answer 17

In-house program or center shielded from corporate bureaucracy and interference that is meant to engage futuristic thinking and to develop new ideas

Question 18

New Venture Team

Answer 18

Unit that is separate from the main organization enterprise and is tasked with developing and executing a significant innovation (often housed in separate facilities and free from bureaucracy)