Test Bank for Entrepreneurship - Questions and Correct Answers Latest Update 2024
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Course
Entrepreneurship
Institution
Entrepreneurship
Test Bank for Entrepreneurship - Questions and Correct Answers Latest Update 2024
Entrepreneur - Answers A person that takes initiative to bundle resources in innovative ways and is willing to bare the risk of uncertainty.
The Entrepreneurial Process - Answers Opporitunity Identification
Opport...
Test Bank for Entrepreneurship - Questions and Correct Answers Latest Update 2024
Entrepreneur - Answers A person that takes initiative to bundle resources in innovative ways and is
willing to bare the risk of uncertainty.
The Entrepreneurial Process - Answers Opporitunity Identification
Opportunity Emergence
Weigh Risk vs. Rewards
Opportunity Recognition
The Business Plan
How Entrepreneurs Should Think - Answers Effectuate
Be cognitively adaptable.
Learn from failure.
Role of Entrepreneurship in Economic Development - Answers Innovation is depicted as a key to
economic development.
Product-evolution process: Process through which innovation is developed and commercialized.
Iterative synthesis: The intersection of knowledge and social need that starts the product development
process.
New entry - Answers Offering a new product for an established or new market
Offering an established product to an old market
Creating a new organization
Resources as a Source of Competitive Advantage - Answers Resources must be:
Valuable
Rare
Inimitable
Non Substitutable
Sources:
Unique Experiences and Knowledge
Market Knowledge
, Technological Knowledge
Assessing the Attractiveness of a New Entry Opportunity - Answers Depends on the level of information
and the willingness to make a decision without perfect information.
The viability of a new entry can be described in terms of a window of opportunity.
Error of Commission
Error of Ommission - Answers Negative outcome from acting on the perceived opportunity.
Negative outcome from not acting on the new entry opportunity.
Entry Strategy: First-Mover Advantages and (Dis)Advantages - Answers Advantages:
Less Competition
Cost Advantages
Secure suppliers and distributers,
Position to satisfy Customers is better
Expertise through participation
Disadvantages:
Must learn success factors
Common Environmental changes
Demand Uncertainty
First Mover Tradeoffs - Answers Customer Uncertainty
Lead time
-Building customer loyalties.
-Building switching costs.
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