MO Ch 6

To be successful, entrepreneurs should be innovators and also have good knowledge and skills in management, business, and networking.

• True
• False

The entrepreneurial strategy matrix allows one to conceptualize ventures along two dimensions: investment and risk.

• True
• False

The best business plans convey five key factors: the financing, the opportunity, the competition, the succession plan, and risk and reward.

• True
• False

Large corporations are merely passive bystanders watching entrepreneurs create new businesses.

• True
• False

Organizations that encourage intrapreneurship face the obvious risk that the effort can fail.

• True
• False

Which of the following would be classified as an entrepreneurial venture?

• Carmine and Tim expect growth and high profitability from their new business.
• Jordan and Hiroko expect growth and moderate profitability from their new business.
• Troy and Jim expect stability and minimal profitability from their new business.
• Diana and Selim expect stability and moderate profitability from their new business.
• Max and Cara expect stability and high profitability from their business.

Nora works for a corporation and is using the company’s resources to build a new line of business for her employers. Nora is a(n)

• entrepreneur.
• intrapreneur.
• extrapreneur.
• interpreneur.
• pseudopreneur.

Entrepreneurs manage ________ and develop ________ strategies, practices, and products.

• conservatively; innovative
• conservatively; imitative
• conservatively; traditional
• aggressively; innovative
• aggressively; imitative

Marcel is more deliberate and slower to act and prefers to follow, or modify, routines and processes others have established. Marcel may be better suited to be a(n) ________ instead of a(n) ________

• franchisee; franchisor
• manager; entrepreneur
• franchisor; franchisee
• entrepreneur; manager
• entrepreneur; small business owner

The essential ingredients in any recipe for entrepreneurial success are a great product or idea, a viable market, and

• a rich backer.
• good timing.
• a cautious personality.
• a large income reserve.
• unexpected luck.