Entrepreneurship -UNT MGMT 3850 - Exam 1 Questions And Answers With Verified Study Solutions

What are the functional and emotional characteristics associated with "entrepreneurs?" - Answer-Desire for responsibility, preference for moderate risk, confidence in ability to succeed, desire for immediate feedback, high level of energy, future orientation, skill at organizing, value of achievement over money also high degree of commitment, tolerance of ambiguity, flexibility, tenacity. What is the success (failure) rate for new businesses (as of 2010)? - Answer-After 2 years, 34 percent fail, after 4 years, 56 percent fail. What are psychographics? - Answer-Psychographics: categorizes consumers based on their attitudes, beliefs, interests, and motivations How many businesses in the United States are "family-owned?" - Answer-90% What percentage of cast-off corporate employees become entrepreneurs? Why? - Answer-20% - They believe entrepreneurship is the defense against future job insecurity is an entrepreneurial offense. What is creativity? - Answer-Creativity is the ability to develop new ideas and to discover new ways of looking at problems and opportunities. What is entrepreneurship? - Answer-Entrepreneurship is the result of a disciplined, systematic process of applying creativity and innovation to needs and opportunities in the marketplace. What do the two hemispheres of the human brain "do?" - Answer-Right-brain thinking draws on the power of divergent reasoning, which is the ability to create a multitude of original, diverse ideas. Leftbrain thinking counts on convergent reasoning, the ability to evaluate multiple ideas and choose the best solution to a given problem. How do entrepreneurs stimulate creativity? - Answer-By allowing themselves to be creative, giving their mind fresh input every day, observing the products and services of other companies, recognizing the creative power of mistakes, notice what is missing, keeping a journal handy to record thoughts andideas. Listening to other people, listening to customers, talking to a child, doing something ordinary in an unusual way. Not throwing away seemingly "bad" ideas. Reading books on stimulating creativity. Taking some time off. Being persistent. What are the steps or stages in the "creative process?" - Answer-1. Preparation 2. Investigation 3. Transformation 4. Incubation 5. Illumination 6. Verification 7. Implementation. What is the purpose for a diverse workforce? - Answer-Diversity embodies all the differences - life and work experiences, perspectives, cultures, race, religion, national origin, ethnicity, gender, sexual orientation, gender identity or expression, age, abilities, disabilities and other aspects of life - that create unique individuals. Inclusion entails building an environment where employee differences are valued, employees are empowered and diverse communities are connected. An inclusive environment encourages all employees to contribute their perspectives and capabilities, and fully engages a diverse workforce in achieving superior business results. Inclusion builds trust to draw out each person's best performance. Each individual can maximize their capacity to achieve success. What is intellectual capital? - Answer-Intellectual capital is the collective brainpower or shared knowledge of the workforce. What is emotional capital? - Answer-Brand value or goodwill of a product or firm that motivates people to keep on buying the brand or the firm's products. Is there a difference between intellect and emotional intelligence? - Answer-Yes. Emotional intelligence taps into a fundamental element of human behavior that is distinct from intellect. There is no known connection between IQ and emotional intelligence. Intelligence is the basic ability to learn. What is a mission statement? - Answer-Mission statement an enduring declaration of a company's purpose that addresses the first question of any business venture. "What business am I in?" What is "vision?" - Answer-A vision is an expression of what an entrepreneur stands for and believes in. What does each contribute to an entrepreneur's success? - Answer-A Mission Statement and Vision provide direction, determines decisions, motivates people and allows for perseverance in the face of adversity.What is strategic management? - Answer-Strategic management the process of developing a game plan to guide a company as it strives to accomplish its vision, mission, goals, and objectives and to keep it from straying off course. What is competitive advantage? - Answer-Competitive advantage the aggregation of factors that sets a small business apart from its competitors and gives it a unique position in the market superior to its competition. What are "key success factors?" - Answer-The factors that determine a company's ability to complete successfully in an industry. What are "opportunities?" - Answer-Positive external options that a firm can exploit to accomplish its mission, goals, and objectives.