Needs to be a successful entrepreneur - Answer-A motivation to start and run a business isn't enough; it must be coupled with a solid business idea, good financial management, and effective execution to maximize chances for success.
Entrepreneurship - Answer-the process by which individuals purs...
MGT 420 Exam 1 Chapters 1 – 5
Questions with Correct Answers
Needs to be a successful entrepreneur - Answer-A motivation to start and run a
business isn't enough; it must be coupled with a solid business idea, good financial
management, and effective execution to maximize chances for success.
Entrepreneurship - Answer-the process by which individuals pursue opportunities
without regard to resources they currently control for the purpose of exploiting future
goods and services.
Entrepreneur - Answer-behavior of these people find themselves trying to identify
opportunities and putting useful ideas into practice.
Entrepreneur behavior tasks - Answer-The tasks called for by this behavior can be
accomplished by either an individual or a group and typically require 1) creativity, 2)
drive, and 3) willingness to take risks.
Corporate Entrepreneurship - Answer-Entrepreneurial action within an established
organization
entrepreneurial intensity - Answer-the position of a firm on a conceptual continuum that
ranges from highly conservative to highly entrepreneurial
be their own boss, pursue their own ideas, and realize financial rewards. - Answer-What
are the three primary reasons that people become entrepreneurs and start their own
businesses?
Four Primary Characteristics of Successful Entrepreneurs - Answer-1) Passion for the
business
2) Product/Customer focus
3) Tenacity despite failure
4) Execution intelligence
passion for their business - Answer-An entrepreneur's belief that his or her business will
positively influence people's lives; number one characteristic shared by successful
entrepreneurs; making a difference in people's lives
Five primary reasons passion is important for the launch of a successful entrepreneurial
organization - Answer-Reason Passion is Important:
1) The ability to learn and iterate
2) A willingness to work hard for an extended period of time.
3) Ability to overcome setbacks and "no's"
4) The ability to listen to feedback on the limitations of your organization and yourself
, 5) Perseverance and persistence when the going gets tough.
product/customer focus - Answer-A defining characteristic of successful entrepreneurs
that emphasizes producing good products with the capability to satisfy customers. Also
involves the diligence to spot product opportunities and to see them through to
completion.
Tenacity Despite Failure - Answer-A defining characteristic for successful entrepreneurs
is their ability to persevere through setbacks and failures. Developing a new business
idea may require a certain degree of experimentation before a success is attained.
Setback and failures inevitably occurs during this process.
execution intelligence - Answer-The ability to fashion a solid idea into a viable business
is a key characteristic of successful entrepreneurs. The factor that determines whether
a startup is successful or fails.
Myths about entrepreneurs - Answer-1. Entrepreneurs are born, not made
2. Entrepreneurs are gamblers
3. Entrepreneurs are motivated primarily by money
4. Entrepreneurs should be young and energetic
5. Entrepreneurs love the spotlight
moderate risk takers - Answer-A trait most Entrepreneurs share who are often
characterized as willing to assume a moderate amount of risk in business, being neither
overly conservative nor likely to gamble.
Common traits and characteristics of entrepreneurs - Answer-- A moderate risk taker
- optimistic disposition
- Persuasive
- A networker Promoter
- Achievement motivated
- Resource assembler/leverager
- Alert to opportunities
- Creative
- Self-confident
- Self-starter
- Decisive
- Tenacious
- Energetic
- Tolerant of ambiguity
- A strong work ethic
- Visionary
- Lengthy attention span
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