BA 105 Chapter 4 Set Exam Questions and Answers All Correct

BA 105 Chapter 4 Set Exam Questions and Answers All Correct opportunity recognition - Answer-Searching and capturing new ideas that lead to business opportunities. This process often involves creative thinking that leads to discovery of new and useful ideas. entrepreneurial alertness - Answer-A special set of observational and thinking skills that help entrepreneurs identify good opportunities; the ability to notice things that have been overlooked, without actually launching a formal search for opportunities, and the motivation to look for opportunities. imitative strategy - Answer-An overall strategic approach in which the entrepreneur does more or less what others are already doing. incremental strategy - Answer-Taking an idea and offering a way to do something slightly better than it is done presently. radical innovation strategy - Answer-Rejecting existing ideas, and presenting a way to do things differently. causal model of entrepreneurship - Answer-One of two approaches to thinking about entrepreneurship (the other is effectuation). The causal approach is one in which you want to create a particular product or service that does not yet exist, and to achieve that end, you have to cause the product or service to exist. This can mean you will have to learn new skills, or find others to help you achieve your end. retail arbitrage - Answer-An approach to business where the entrepreneur buys something at a severely reduced retail price (like clearance or closeout merchandise from a retailer) and then resells it (most typically online) at a price closer to the typical retail price. license - Answer-A legal agreement granting you rights to use a particular piece of intellectual property.