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LEGS 3010
| Term | Definition |
|---|---|
| Entrepreneurial start | ups and small businesses Blank______. are responsible for new jobs in the United States than any other type of U.S. business |
| True or false: New value is only associated with start | up companies. True false question. False |
| ______ is the major factor that creates all viable opportunities that emerge in the business landscape. Change | |
| Select all that apply Which of the following statements about opportunity recognition are true? It is a process entrepreneurs must go through to determine which ideas are strong enough to develop. It involves identifying, choosing, and developing pote | |
| The discovery phase of the opportunity recognition process refers to Blank______. becoming aware of a new business concept | The discovery phase of the opportunity recognition process refers to Blank______. becoming aware of a new business concept |
| Which of the following factors must be present in order for an entrepreneurial venture to create new value? at least one entrepreneur an entrepreneurial opportunity resources to pursue the opportunity | |
| Hobbies, past work experiences, suggestions by family and friends, technological developments and needs of customers are all sources of Blank______. entrepreneurial opportunities | |
| Which three activities are most encouraged by companies looking to discover new opportunities? brainstorming out | of |
| Opportunity recognition is the process of Blank______. identifying, selecting, and developing potential opportunities | Hobbies, past work experiences, suggestions by family and friends, technological developments and needs of customers are all sources of Blank______. entrepreneurial opportunities |
| Which of the following are among the four qualities necessary for an opportunity to be viable? (Check all that apply.) attractive value creating durable achievable | |
| In terms of entrepreneurship, opportunity evaluation involves analyzing an opportunity to determine whether it is viable and strong enough to Blank______. be developed into a full | fledged new venture |
| Which of the following statements regarding financial resources are true? (Check all that apply.) Financial resources are as important to new | venture creation as the product or service's market. The level of financing is a strong determining factor of how a business is launched. Cash is highly important, but access to capital is also important to the new venture's success. |
| New value is only associated with start | up companies. False |
| ______ are private individuals who provide equity capital to new ventures. Angel investors | In terms of entrepreneurship, opportunity evaluation involves analyzing an opportunity to determine whether it is viable and strong enough to Blank______. be developed into a full-fledged new venture |
| Which statement is true about the process of opportunity discovery? It is often chaotic and unstructured. | |
| A viable business opportunity must be potentially profitable. In other words, in should be Blank______. value creating | |
| Crowdfunding investment systems bring together potential investors and entrepreneurs by announcing business ideas Blank______. on a website | |
| Which of the following statements about the types of financial resources for new business are true? Funding tends to be limited for most start | ups. Personal savings and friends and family fund the majority of new businesses. The types of financial resources depend on two factors: the stage of the venture development and the scale of the venture. |
| Small businesses create the majority of U.S. jobs. True | |
| In recent years, new ventures have solved the problem of information technology expertise by _____ IT work to third | party service providers. outsourcing |
| Which of the following are the most important sources of financial resources for entrepreneurs? (Check all that apply.) venture capitalists angel investors bank financing | |
| When local businesses, prior jobs, industry organizations, and other contacts support an entrepreneur's new venture it is called Blank______ capital. social | Small businesses create the majority of U.S. jobs. True |
| Which three activities are most encouraged by companies looking to discover new opportunities? out | of |
| technology There is a risk that big firms will take advantage of the know | how of their partners. |
| manufacturing Choice There is a risk that problems with product quality and timely delivery will sour an alliance relationship. | |
| retail the sale of goods to the public in relatively small quantities for use or consumption rather than for resale. | technology There is a risk that big firms will take advantage of the know-how of their partners. |
| ______ is funding a venture by pooling small investments from a large number of investors, usually through a website. | retail the sale of goods to the public in relatively small quantities for use or consumption rather than for resale. |
| Which of the following statements about government resources are correct? (Check all that apply.) Most government support available to small businesses consists of loan guarantee programs and government contracting. The SBA provides training, counselin | |
| Which of the following statements regarding financial resources are true? (Check all that apply.) Cash is highly important, but access to capital is also important to the new venture's success. Financial resources are as important to new | venture creation as the product or service's market. The level of financing is a strong determining factor of how a business is launched. |
| Entrepreneurial leaders must possess the characteristics of Blank______. vision; dedication and drive; and a commitment to excellence | |
| What asset do many investors consider most important for an entrepreneurial start | up? skilled managers |
| A venture's social capital consists of the firm's Blank______. external contacts and advisers | |
| Creators of new ventures should be particularly careful to evaluate both the Blank______ before entering a new market. barriers to entry and threat of retaliation by incumbents | |
| Which of the following are major types of strategic alliance for strengthening entrepreneurial firms? (Check all that apply.) technology manufacturing retail | |
| In the United States, the federal government provides support for entrepreneurial firms in which of the following key arenas? (Check all that apply.) financing government contracting | Entrepreneurial leaders must possess the characteristics of Blank______. vision; dedication and drive; and a commitment to excellence |
| Which of the following are characteristics necessary for successful entrepreneurial leadership? vision commitment to excellence dedication and drive | |
| One strong risk associated with using a pioneering strategy is Blank______. consumers may not accept the new product or service | In the United States, the federal government provides support for entrepreneurial firms in which of the following key arenas? (Check all that apply.) financing |
| A(n) Blank______ new entry describes a firm's entry into an industry with products or services that capitalize on proven market successes and that usually includes a strong marketing orientation. imitative | Which of the following are characteristics necessary for successful entrepreneurial leadership? vision |
| New venture managers in the process of evaluating the threats and industry conditions should use Porter's Five Forces model to consider which of the following? (Check all that apply.) The likelihood of retaliation by incumbent firms Whether the barrier | |
| Which of the following statements about adaptive new entries are true? (Check all that apply.) They take an existing idea and adapt it to a particular situation. They do not involve reinventing the wheel. | |
| Potential customers of an adaptive new entry strategy must believe that the value proposition is Blank______. unique | |
| The keys to successfully implementing overall cost leadership include Blank______. (Check all that apply.) using resources efficiently keeping costs low | One strong risk associated with using a pioneering strategy is Blank______. consumers may not accept the new product or service |
| Which of the following statements regarding pioneering new entries are correct? They are disruptive to the status quo of an industry. They are usually technology | based breakthroughs. They sometimes create new industries and change the competitive landscape. |
| A key to using an imitative new entry successfully is to introduce the product or service to a market Blank______. that is underserved | Which of the following statements about adaptive new entries are true? (Check all that apply.) They take an existing idea and adapt it to a particular situation. |
| Which of the following attributes of new ventures allow them to be more successful than larger firms in deploying low cost | leadership strategies? (Check all that apply.) They can make decisions more quickly. They have simple organizational structures. They can change more quickly. |
| A(n) Blank______ new entry is a firm's entry into a market by offering a product or service that is somewhat new and sufficiently different to create value for customers by capitalizing on current market trends. adaptive | Potential customers of an adaptive new entry strategy must believe that the value proposition is Blank______. unique |
| Companies using an adaptive new entry strategy must keep the idea Blank______. fresh | |
| Which of the following statements about both pioneering and adaptive entry strategies is true? Both use some degree of differentiation. | Which of the following statements regarding pioneering new entries are correct? They are disruptive to the status quo of an industry. |
| An overall cost leadership strategy requires new entrants to Blank______. do more with less | |
| Which of the following might make it difficult for new ventures to become successful differentiators? It can be expensive. It may require highly developed technology. It may require a high degree of innovation. | |
| Start | ups that enter mature industries to create a niche market lend themselves to using a(n) Blank______ strategy. Make decisions easier and faster Adopt feedback from the marketplace quickly Adapt to upgrades in technology |
| Why are small young firms in a good position to use combination business strategies? They can be flexible to changing situations. | A key to using an imitative new entry successfully is to introduce the product or service to a market Blank______. that is underserved |
| Well | established incumbents may pose a threat to smaller new entries due to their Blank______. larger resource bundle |
| Both pioneering and adaptive entrants usually involve some sort of ____ strategy to set their entry apart. differentiation | |
| Which of the following is the most common reason why the cycle of competitive actions and reactions gets started? new entrants | |
| Which elements make differentiation costly? (Check all that apply.) paying for celebrity endorsements technological requirements advertising expenses | A(n) Blank______ new entry is a firm's entry into a market by offering a product or service that is somewhat new and sufficiently different to create value for customers by capitalizing on current market trends. adaptive |
| Small companies are especially suited to using a focus strategy because they Blank______. have limited resources | |
| Which of the following are reasons companies launch new competitive actions? (Check all that apply.) to obtain first | mover advantages to improve their market position to capitalize on growing demand |
| When new firms employ the best elements of low | cost, focus, and differentiation approaches to their ventures, they are using ____ ____ Blank 1: combination or combining Blank 2: strategies or strategy |
| Which of the following statements about the major dangers that new entrants face are correct? (Check all that apply.) Using combination strategies may lessen the threat posed by larger, established firms. Established firms may use their market power to | Start-ups that enter mature industries to create a niche market lend themselves to using a(n) Blank______ strategy. Make decisions easier and faster |
| ______ is a firm's awareness of its closest competitors and the kind of competitive actions they might be planning. Threat analysis | |
| The intense rivalry, involving actions and responses, among similar competitors that has the potential to alter a company's strategy is known as Blank______. competitive dynamics | |
| ______ commonality is whether or not competitors are vying for the same customers and how many markets they share in common. Market | |
| A competitor that has been attacked has to decide which of the following? whether or not they should respond how to respond if they are capable of responding | Why are small young firms in a good position to use combination business strategies? They can be flexible to changing situations. |
| Acts that might provoke competitors to react, such as new market entry or price cutting, is the component of competitive dynamic analysis known as Blank______. new competitive action | |
| A type of competitive action that requires significant planning and resource allocation is called Blank______ actions. strategic | |
| market dependence the reputation of the initiating company the competitor's resources | |
| Which of the following statements about threat analysis are true? (Check all that apply.) Market commonality and resource similarity are used to assess whether companies are close competitors. Environmental scanning and monitoring are an important part | Small companies are especially suited to using a focus strategy because they Blank______. have limited resources |
| Which of the following statements about single | industry businesses and competitive reactions is true? Single |
| The two factors that are used to assess whether or not companies are close competitors are Blank______ commonality and Blank______ similarity. market; resource | |
| In responding to an attack by a larger company, a small firm may be limited to Blank______. tactical actions | |
| Motivation for response and Blank______ should be evaluated before deciding how to respond to an attack by competitors. capability to respond | When new firms employ the best elements of low-cost, focus, and differentiation approaches to their ventures, they are using ____ ____ Blank 1: combination or combining |
| Firms are more likely to respond to competitive moves initiated Blank______. by market leaders | |
| Tactical actions Blank______. (Check all that apply.) include product/service enhancements and new distribution channels are refinements or extensions of strategies, such as price cuts and increased marketing | Which of the following statements about the major dangers that new entrants face are correct? (Check all that apply.) Using combination strategies may lessen the threat posed by larger, established firms. |
| The final step before initiating a competitive response is to Blank______. evaluate what a competitor's reaction is likely to be | |
| A firm's choice not to react to a rival's new competitive action is known as Blank______. forbearance | |
| A firm that has a high concentration of its business in a particular industry is said to have high Blank______ dependence in that industry. market | |
| Which of the following are true about collusion among companies? (Check all that apply.) It has legal ramifications in the United States. Entrepreneurial start | ups and small businesses Blank______. |
| True or false: New value is only associated with start | up companies. True false question. |
| ______ is the major factor that creates all viable opportunities that emerge in the business landscape. | Change |
| Select all that apply Which of the following statements about opportunity recognition are true? | It is a process entrepreneurs must go through to determine which ideas are strong enough to develop. It involves identifying, choosing, and developing potential opportunities. |
| The discovery phase of the opportunity recognition process refers to Blank______. | becoming aware of a new business concept |
| Which of the following factors must be present in order for an entrepreneurial venture to create new value? | at least one entrepreneur an entrepreneurial opportunity resources to pursue the opportunity |
| Hobbies, past work experiences, suggestions by family and friends, technological developments and needs of customers are all sources of Blank______. | entrepreneurial opportunities |
| Which three activities are most encouraged by companies looking to discover new opportunities? | brainstorming out |
| Opportunity recognition is the process of Blank______. | identifying, selecting, and developing potential opportunities |
| Which of the following are among the four qualities necessary for an opportunity to be viable? (Check all that apply.) | attractive value creating durable achievable |
| In terms of entrepreneurship, opportunity evaluation involves analyzing an opportunity to determine whether it is viable and strong enough to Blank______. | be developed into a full |
| Which of the following statements regarding financial resources are true? (Check all that apply.) | Financial resources are as important to new |
| New value is only associated with start | up companies. |
| ______ are private individuals who provide equity capital to new ventures. | Angel investors |
| Which statement is true about the process of opportunity discovery? | It is often chaotic and unstructured. |
| A viable business opportunity must be potentially profitable. In other words, in should be Blank______. | value creating |
| Crowdfunding investment systems bring together potential investors and entrepreneurs by announcing business ideas Blank______. | on a website |
| Which of the following statements about the types of financial resources for new business are true? | Funding tends to be limited for most start |
| Small businesses create the majority of U.S. jobs. | True |
| In recent years, new ventures have solved the problem of information technology expertise by _____ IT work to third | party service providers. |
| Which of the following are the most important sources of financial resources for entrepreneurs? (Check all that apply.) | venture capitalists angel investors bank financing |
| When local businesses, prior jobs, industry organizations, and other contacts support an entrepreneur's new venture it is called Blank______ capital. | social |
| Which three activities are most encouraged by companies looking to discover new opportunities? | out |
| technology | There is a risk that big firms will take advantage of the know |
| manufacturing | Choice There is a risk that problems with product quality and timely delivery will sour an alliance relationship. |
| retail | the sale of goods to the public in relatively small quantities for use or consumption rather than for resale. |
| ______ is funding a venture by pooling small investments from a large number of investors, usually through a website. | |
| Which of the following statements about government resources are correct? (Check all that apply.) | Most government support available to small businesses consists of loan guarantee programs and government contracting. The SBA provides training, counseling, and other support services. State and local governments also support small business through |
| Which of the following statements regarding financial resources are true? (Check all that apply.) | Cash is highly important, but access to capital is also important to the new venture's success. Financial resources are as important to new |
| Entrepreneurial leaders must possess the characteristics of Blank______. | vision; dedication and drive; and a commitment to excellence |
| What asset do many investors consider most important for an entrepreneurial start | up? |
| A venture's social capital consists of the firm's Blank______. | external contacts and advisers |
| Creators of new ventures should be particularly careful to evaluate both the Blank______ before entering a new market. | barriers to entry and threat of retaliation by incumbents |
| Which of the following are major types of strategic alliance for strengthening entrepreneurial firms? (Check all that apply.) | technology manufacturing retail |
| In the United States, the federal government provides support for entrepreneurial firms in which of the following key arenas? (Check all that apply.) | financing government contracting |
| Which of the following are characteristics necessary for successful entrepreneurial leadership? | vision commitment to excellence dedication and drive |
| One strong risk associated with using a pioneering strategy is Blank______. | consumers may not accept the new product or service |
| A(n) Blank______ new entry describes a firm's entry into an industry with products or services that capitalize on proven market successes and that usually includes a strong marketing orientation. | imitative |
| New venture managers in the process of evaluating the threats and industry conditions should use Porter's Five Forces model to consider which of the following? (Check all that apply.) | The likelihood of retaliation by incumbent firms Whether the barriers to entry are too high |
| Which of the following statements about adaptive new entries are true? (Check all that apply.) | They take an existing idea and adapt it to a particular situation. They do not involve reinventing the wheel. |
| Potential customers of an adaptive new entry strategy must believe that the value proposition is Blank______. | unique |
| The keys to successfully implementing overall cost leadership include Blank______. (Check all that apply.) | using resources efficiently keeping costs low |
| Which of the following statements regarding pioneering new entries are correct? | They are disruptive to the status quo of an industry. They are usually technology |
| A key to using an imitative new entry successfully is to introduce the product or service to a market Blank______. | that is underserved |
| Which of the following attributes of new ventures allow them to be more successful than larger firms in deploying low cost | leadership strategies? (Check all that apply.) |
| A(n) Blank______ new entry is a firm's entry into a market by offering a product or service that is somewhat new and sufficiently different to create value for customers by capitalizing on current market trends. | adaptive |
| Companies using an adaptive new entry strategy must keep the idea Blank______. | fresh |
| Which of the following statements about both pioneering and adaptive entry strategies is true? | Both use some degree of differentiation. |
| An overall cost leadership strategy requires new entrants to Blank______. | do more with less |
| Which of the following might make it difficult for new ventures to become successful differentiators? | It can be expensive. It may require highly developed technology. It may require a high degree of innovation. |
| Start | ups that enter mature industries to create a niche market lend themselves to using a(n) Blank______ strategy. |
| Why are small young firms in a good position to use combination business strategies? | They can be flexible to changing situations. |
| Well | established incumbents may pose a threat to smaller new entries due to their Blank______. |
| Both pioneering and adaptive entrants usually involve some sort of ____ strategy to set their entry apart. | differentiation |
| Which of the following is the most common reason why the cycle of competitive actions and reactions gets started? | new entrants |
| Which elements make differentiation costly? (Check all that apply.) | paying for celebrity endorsements technological requirements advertising expenses |
| Small companies are especially suited to using a focus strategy because they Blank______. | have limited resources |
| Which of the following are reasons companies launch new competitive actions? (Check all that apply.) | to obtain first |
| When new firms employ the best elements of low | cost, focus, and differentiation approaches to their ventures, they are using ____ ____ |
| Which of the following statements about the major dangers that new entrants face are correct? (Check all that apply.) | Using combination strategies may lessen the threat posed by larger, established firms. Established firms may use their market power to overwhelm young, small firms. Larger firms may copy successful new products or services. |
| ______ is a firm's awareness of its closest competitors and the kind of competitive actions they might be planning. | Threat analysis |
| The intense rivalry, involving actions and responses, among similar competitors that has the potential to alter a company's strategy is known as Blank______. | competitive dynamics |
| ______ commonality is whether or not competitors are vying for the same customers and how many markets they share in common. | Market |
| A competitor that has been attacked has to decide which of the following? | whether or not they should respond how to respond if they are capable of responding |
| Acts that might provoke competitors to react, such as new market entry or price cutting, is the component of competitive dynamic analysis known as Blank______. | new competitive action |
| A type of competitive action that requires significant planning and resource allocation is called Blank______ actions. | strategic |
| market dependence the reputation of the initiating company the competitor's resources | |
| Which of the following statements about threat analysis are true? (Check all that apply.) | |
| Which of the following statements about single | industry businesses and competitive reactions is true? |
| The two factors that are used to assess whether or not companies are close competitors are Blank______ commonality and Blank______ similarity. | market; resource |
| In responding to an attack by a larger company, a small firm may be limited to Blank______. | tactical actions |
| Motivation for response and Blank______ should be evaluated before deciding how to respond to an attack by competitors. | capability to respond |
| Firms are more likely to respond to competitive moves initiated Blank______. | by market leaders |
| Tactical actions Blank______. (Check all that apply.) | include product/service enhancements and new distribution channels are refinements or extensions of strategies, such as price cuts and increased marketing |
| The final step before initiating a competitive response is to Blank______. | evaluate what a competitor's reaction is likely to be |
| A firm's choice not to react to a rival's new competitive action is known as Blank______. | forbearance |
| A firm that has a high concentration of its business in a particular industry is said to have high Blank______ dependence in that industry. | market |
| Which of the following are true about collusion among companies? (Check all that apply.) | It has legal ramifications in the United States. It is a form of co |
| A larger firm with "deep pockets" would likely respond to a competitor by doing which one of the following? | Mount and sustain a costly counterattack. |
| A firm is most likely to react to a competitive challenge Blank______. | that was successful in the past |
| A firm's strategy of both cooperating and competing with rival firms is called Blank______. | co |
| Co | opetition has many benefits for companies that compete; however, they sometimes come under government scrutiny and are accused of Blank______, a practice that has legal consequences in the United States. |
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