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RSK4803 EXAM PACK 2023

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RSK4803 EXAM PACK 2023 Dilemma facing an entrepreneur Opportunities are everywhere but they are _______ and ______ specific Past experience "Unfair Advantage" is another term for "entry by spinoff" Opportunities are highly uncertain T or F In order for opportunities to be successful, they ne...

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  • March 1, 2024
  • 17
  • 2023/2024
  • Exam (elaborations)
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RSK4803 EXAM PACK 2023

1). Dilemma facing an entrepreneur

 Ans: is how to choose an opportunity in the face of uncertainty
- Create & capture value


2). Opportunities are everywhere but they are _______ and ______ specific

 Ans: Location; Time


3). Past experience

 Ans: can enable individuals to identify a distinctive way to create and capture value


4). "unfair advantage" is another term for

 Ans: past experience


5). "entry by spinoff"

 Ans: companies are created by founders who have some past working experience in
that industry as employees (e.g., laser, disk drive, PC industry)


6). Opportunities are highly uncertain t or f

 Ans: T


7). In order for opportunities to be successful, they need to have the potential to:

 Ans: create Value


8). Opportunities create value by

 Ans: 1.) Create Novel technologies-or new combination of existing technologies
2.) Address novel needs




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, 9). Goal of create novel technologies-or new combination of existing technologies

 Ans: Goal might be to: - produce existing good at lower cost, or - create a product that
increases the value created and willingness to pay


10). 2- address novel needs-> goal might be to: •

 Ans: • "create" novel needs (e.g., new trends/cuisines)
• focus on underserved customers


11). Ex: of 2.) address novel needs

 Ans: Rihanna w/ Fenty beauty


12). Challenge of innovation-based entrepreneurship

 Ans: * come up with great ideas


13). Choosing how to implement that idea in a way that maximize value creation and capture

 Ans: challenge of innovation-based entrepreneurship


14). Both approaches (idea / research) fail when an entrepreneur faces

 Ans: 1.) Freedom
2.) Constraints
3.) Uncertainty
4.) Noisy Learning


15). Axiom 1: freedom

 Ans: There is more than one potential path to create and capture value from an idea


16). Idea does not equal strategy t or f

 Ans: t


17). Example of axiom 1: freedom

 Ans: Peets coffee & starbucks




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, 18). Axiom 2: constraint

 Ans: An entrepreneur cannot pursue all these paths at the same time


19). Axiom 3: uncertainty

 Ans: Entrepreneurs are uncertain about the value of particular strategies but also the
range of values that might result from their idea


20). Axiom 4: noisy learning

 Ans: Learning is noisy, ongoing and so finding out more about one path might not
allow a reassessment of other alternatives


21). Axiom 1 freedom + axiom 2 constraint + axiom 3 uncertainty + axiom 4 noisy learning
equals

 Ans: Paradox of Entrepreneurship


22). Choosing between alternative strategic commitments requires knowledge that can only be
gained through

 Ans: experimentation and learning


23). The process of learning and experimentation inevitably results in

 Ans: commitment that may foreclose alternative strategic options


24). Tries help with the paradox of entrepreneurship

 Ans: Entrepreneurial Strategy


25). Entrepreneurial strategy

 Ans: sequence of choices to test specific value creation and capture hypotheses




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