25
Mon, Jun
0 New Articles

ENTREPRENEURSHIP 2017 - Quiz Answer : Entrepreneurship and Effective Small Business Management, 11e (Scarborough) - Chapter 3

Entrepreneurship and Start Up

ENTREPRENEURSHIP 2017 - Quiz Answer and Case Study Guides

Entrepreneurship and Effective Small Business Management, 11e (Scarborough)

 

 

Entrepreneurship and Effective Small Business Management, 11e (Scarborough)

Chapter 3   Creativity and Innovation: Keys to Entrepreneurial Success

 

1) ________ is the ability to develop new ideas and to discover new ways of looking at problems and opportunities.

  1. A) Showboating
  2. B) Commoditizing
  3. C) Innovation
  4. D) Creativity

Answer:  D

Page Ref: 72

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Analytic Skills

 

2) ________ is the ability to apply creative solutions to problems and opportunities to enhance or to enrich people's lives.

  1. A) Showboating
  2. B) Commoditizing
  3. C) Creativity
  4. D) Innovation

Answer:  D

Page Ref: 72

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Analytic Skills

 

3) According to Ted Levitt, creativity is ________ new things.

  1. A) thinking
  2. B) doing
  3. C) corroborating
  4. D) emulating

Answer:  A

Page Ref: 72

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Analytic Skills

 

4) According to Ted Levitt, innovation is ________ new things.

  1. A) thinking
  2. B) doing
  3. C) corroborating
  4. D) emulating

Answer:  B

Page Ref: 72

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Analytic Skills

 

5) For entrepreneurs, simply having a great new idea is not enough; transforming the idea into a ________ product, service, or business venture is the next step.

  1. A) plausible
  2. B) legible
  3. C) intangible
  4. D) tangible

Answer:  D

Page Ref: 73

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Analytic Skills

 

6) Which one of the following is NOT a small business innovation enabler, according to Intuit?

  1. A) Compassion
  2. B) Customer connection
  3. C) Agility and adaptation
  4. D) All are enablers

Answer:  A

Page Ref: 73

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Analytic Skills

 

7) Some small businesses create innovations ________ in response to customer feedback or changing market conditions.

  1. A) responsibly
  2. B) compassionately
  3. C) reactively
  4. D) proactively

Answer:  C

Page Ref: 73

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Analytic Skills

 

8) Some small businesses create innovations ________ by spotting opportunities on which to capitalize.

  1. A) responsibly
  2. B) compassionately
  3. C) reactively
  4. D) proactively

Answer:  D

Page Ref: 73

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Analytic Skills

 

 

9) Innovation is ________ when it creates market-changing, disruptive breakthroughs that are the result of generating something from nothing.

  1. A) mandatory
  2. B) perfunctory
  3. C) evolutionary
  4. D) revolutionary

Answer:  D

Page Ref: 73

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Analytic Skills

10) More often, innovations are ________.

  1. A) evolutionary
  2. B) revolutionary
  3. C) proactive
  4. D) All of the above

Answer:  A

Page Ref: 73

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Analytic Skills

 

11) The iPod is an example of a ________ innovation.

  1. A) revolutionary
  2. B) evolutionary
  3. C) proactive
  4. D) perfunctory

Answer:  C

Page Ref: 75

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Analytic Skills

 

12) ________ thinking is going from one logical conclusion to the next.

  1. A) Vertical
  2. B) Lateral
  3. C) Simultaneous
  4. D) Parallel

Answer:  A

Page Ref: 79

Topic:  Creative Thinking

AACSB:  Analytic Skills

 

 

13) ________ thinking is considering a problem from all sides and jumping into it at different points.

  1. A) Vertical
  2. B) Lateral
  3. C) Simultaneous
  4. D) Parallel

Answer:  B

Page Ref: 79

Topic:  Creative Thinking

AACSB:  Analytic Skills

 

14) Another word for vertical thinking is ________ thinking.

  1. A) lateral
  2. B) linear
  3. C) parallel
  4. D) simultaneous

Answer:  B

Page Ref: 79

Topic:  Creative Thinking

AACSB:  Analytic Skills

15) The ________ brain processes information in a step-by-step fashion.

  1. A) left
  2. B) right
  3. C) front
  4. D) back

Answer:  A

Page Ref: 79

Topic:  Creative Thinking

AACSB:  Analytic Skills

 

16) The ________ brain processes information intuitively.

  1. A) left
  2. B) right
  3. C) front
  4. D) back

Answer:  B

Page Ref: 79

Topic:  Creative Thinking

AACSB:  Analytic Skills

 

 

17) Which brain handles language, logic, and symbols?

  1. A) Left
  2. B) Right
  3. C) Front
  4. D) Back

Answer:  A

Page Ref: 79

Topic:  Creative Thinking

AACSB:  Analytic Skills

 

18) Which brain takes care of the body's emotional, intuitive, and spatial functions?

  1. A) Left
  2. B) Right
  3. C) Front
  4. D) Back

Answer:  B

Page Ref: 79

Topic:  Creative Thinking

AACSB:  Analytic Skills

 

19) Which one of the following is a barrier to creativity?

  1. A) Searching for the one "right" answer
  2. B) Focusing on being "logical"
  3. C) Blindly following the rules
  4. D) All of the above

Answer:  D

Page Ref: 82

Topic:  Barriers to Creativity

AACSB:  Analytic Skills

20) According to research, creativity among both children and adults in the United States has declined markedly since:

  1. A) 1990.
  2. B) 1995.
  3. C) 2000.
  4. D) 2005.

Answer:  A

Page Ref: 82

Topic:  Barriers to Creativity

AACSB:  Reflective Thinking

 

 

21) ________ is (are) a valuable part of the creative process, especially when evaluating ideas and implementing them.

  1. A) Rules
  2. B) Unequivocality
  3. C) Logic
  4. D) All of the above

Answer:  C

Page Ref: 82

Topic:  Barriers to Creativity

AACSB:  Reflective Thinking

 

22) Focusing too much effort on being logical also discourages the use of one of the mind's most powerful creations: ________.

  1. A) rationality
  2. B) rigidity
  3. C) credibility
  4. D) intuition

Answer:  D

Page Ref: 82

Topic:  Barriers to Creativity

AACSB:  Analytic Skills

 

23) A common killer of creativity is ________ thinking.

  1. A) flexible
  2. B) intuitive
  3. C) equivocal
  4. D) myopic

Answer:  D

Page Ref: 84

Topic:  Barriers to Creativity

AACSB:  Reflective Thinking

 

24) ________ thinking is narrowly focused and limited by the status quo.

  1. A) Flexible
  2. B) Intuitive
  3. C) Creative
  4. D) Myopic

Answer:  D

Page Ref: 84

Topic:  Barriers to Creativity

AACSB:  Reflective Thinking

 

25) To avoid myopic thinking, creative companies include ________ in creative problem solving or idea generation sessions.

  1. A) nonexperts
  2. B) experts
  3. C) industry specialists
  4. D) industry generalists

Answer:  A

Page Ref: 84

Topic:  Barriers to Creativity

AACSB:  Analytic Skills

 

26) ________ encourages us to "think something different."

  1. A) Ambiguity
  2. B) Reciprocity
  3. C) Animosity
  4. D) All of the above

Answer:  A

Page Ref: 84

Topic:  Barriers to Creativity

AACSB:  Reflective Thinking

 

27) Creative thinking is no place for ________.

  1. A) ambiguity
  2. B) conformity
  3. C) flexibility
  4. D) All of the above

Answer:  B

Page Ref: 84

Topic:  Barriers to Creativity

AACSB:  Analytic Skills

 

28) Thanks to ________, the cost of failed attempts at innovation has never been lower.

  1. A) globalization
  2. B) distance
  3. C) technology
  4. D) localization

Answer:  C

Page Ref: 85

Topic:  Barriers to Creativity

AACSB:  Reflective Thinking

 

 

29) Which one of the following is a suggestion to enhance creativity in organizations?

  1. A) Include creativity as a core company value and make it an integral part of the company's culture
  2. B) Hire for conformity
  3. C) Eschew diversity
  4. D) All of the above

Answer:  A

Page Ref: 87

Topic:  How to Enhance Creativity

AACSB:  Analytic Skills

30) Innovative companies do not take a(n) ________ approach to creativity.

  1. A) proactive
  2. B) active
  3. C) passive
  4. D) All of the above

Answer:  C

Page Ref: 87

Topic:  How to Enhance Creativity

AACSB:  Reflective Thinking

 

31) One of the best ways to cultivate a culture of creativity is to hire a ________.

  1. A) monolithic workforce
  2. B) diverse workforce
  3. C) homogeneous workforce
  4. D) local workforce

Answer:  B

Page Ref: 87

Topic:  How to Enhance Creativity

AACSB:  Reflective Thinking

 

32) Research suggests that innovative companies are structured like ________ rather than a traditional pyramid.

  1. A) boxes
  2. B) circles
  3. C) linguini
  4. D) spaghetti

Answer:  D

Page Ref: 88

Topic:  How to Enhance Creativity

AACSB:  Reflective Thinking

 

 

33) The ________ environment in which people work has an impact on their level of creativity.

  1. A) emotional
  2. B) physical
  3. C) national
  4. D) All of the above

Answer:  B

Page Ref: 89

Topic:  How to Enhance Creativity

AACSB:  Reflective Thinking

 

34) ________ are entrepreneurs who operate within the framework of an existing business.

  1. A) Managers
  2. B) Disruptors
  3. C) Intrapreneurs
  4. D) Challengers

Answer:  C

Page Ref: 90

Topic:  How to Enhance Creativity

AACSB:  Reflective Thinking

35) While working for iRobot, Jim Lynch came up with a new product while cleaning the gutters on his house.  Lynch is an example of a(n) ________.

  1. A) entrepreneur
  2. B) disruptor
  3. C) intrapreneur
  4. D) manager

Answer:  C

Page Ref: 90

Topic:  How to Enhance Creativity

AACSB:  Reflective Thinking

 

36) The voice of a ________ can be an important source of creative ideas.

  1. A) customer
  2. B) competitor
  3. C) operator
  4. D) manager

Answer:  A

Page Ref: 91

Topic:  How to Enhance Creativity

AACSB:  Analytic Thinking

 

 

37) Focusing on the "________" uses of a product or service limits creativity.

  1. A) unconventional
  2. B) innovative
  3. C) traditional
  4. D) unorthodox

Answer:  C

Page Ref: 91

Topic:  How to Enhance Creativity

AACSB:  Reflective Thinking

 

38) Creativity is "________" as much as it is "taught."

  1. A) bought
  2. B) caught
  3. C) sought
  4. D) concocted

Answer:  B

Page Ref: 92

Topic:  How to Enhance Creativity

AACSB:  Reflective Thinking

 

39) Creativity is "caught" as much as it is "________."

  1. A) bought
  2. B) sought
  3. C) concocted
  4. D) taught

Answer:  D

Page Ref: 92

Topic:  How to Enhance Creativity

AACSB:  Reflective Thinking

40) ________ is (are) the fuel that drive(s) creativity.

  1. A) Rules
  2. B) Imagination
  3. C) Conformity
  4. D) Rigidity

Answer:  B

Page Ref: 93

Topic:  Enhancing Individual Creativity

AACSB:  Analytic Thinking

 

 

41) ________ is finding something while looking for something else.

  1. A) Tenacity
  2. B) Ambiguity
  3. C) Opportunity
  4. D) Serendipity

Answer:  D

Page Ref: 93

Topic:  Enhancing Individual Creativity

AACSB:  Reflective Thinking

 

42) "________ points" are missing products or services or flaws in existing products or services.

  1. A) Opportunity
  2. B) Opening
  3. C) Pleasure
  4. D) Pain

Answer:  D

Page Ref: 95

Topic:  Enhancing Individual Creativity

AACSB:  Reflective Thinking

 

43) Which of the following is NOT a step in the creative process?

  1. A) Transliteration
  2. B) Preparation
  3. C) Investigation
  4. D) Illumination

Answer:  A

Page Ref: 96

Topic:  The Creative Process

AACSB:  Reflective Thinking

 

44) In the creative process, ________ involves viewing the similarities and differences among the information collected.

  1. A) transformation
  2. B) investigation
  3. C) incubation
  4. D) verification

Answer:  A

Page Ref: 99

Topic:  The Creative Process

AACSB:  Reflective Thinking

 

45) ________ thinking is the ability to see the similarities and the connections among various and often diverse data and events.

  1. A) Divergent
  2. B) Parallel
  3. C) Investigative
  4. D) Convergent

Answer:  D

Page Ref: 99

Topic:  The Creative Process

AACSB:  Analytic Skills

 

46) ________ thinking is the ability to see the differences among various data and events.

  1. A) Divergent
  2. B) Parallel
  3. C) Investigative
  4. D) Convergent

Answer:  A

Page Ref: 100

Topic:  The Creative Process

AACSB:  Analytic Skills

 

47) In the creative process, the transformation phase requires two types of thinking: ________ and ________.

  1. A) convergent, parallel
  2. B) divergent, parallel
  3. C) investigative, parallel
  4. D) convergent, divergent

Answer:  D

Page Ref: 100

Topic:  The Creative Process

AACSB:  Analytic Skills

 

48) In the creative process, ________ occurs while the individual is away from the problem, often engaging in some totally unrelated activity.

  1. A) investigation
  2. B) incubation
  3. C) transformation
  4. D) verification

Answer:  B

Page Ref: 100

Topic:  The Creative Process

AACSB:  Analytic Skills

 

 

49) Often, ideas require a ________ period.

  1. A) investigation
  2. B) verification
  3. C) gestation
  4. D) preparation

Answer:  C

Page Ref: 100

Topic:  The Creative Process

AACSB:  Reflective Thinking

50) The goal of the ________ stage in the creative process is to subject the innovative idea to the test of cold, hard reality.

  1. A) verification
  2. B) gestation
  3. C) investigation
  4. D) transformation

Answer:  A

Page Ref: 102

Topic:  The Creative Process

AACSB:  Reflective Thinking

 

51) Creativity is the ability to develop new ideas and to discover new ways of looking at problems and opportunities.

Answer:  TRUE

Page Ref: 72

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Analytic Skills

 

52) Invention is the ability to apply creative solutions to problems and opportunities.

Answer:  FALSE

Page Ref: 72

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Analytic Skills

 

53) Innovators succeed by thinking and doing new things or old things in new ways.

Answer:  TRUE

Page Ref: 72

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Reflective Thinking

 

54) According to research by Intuit, supplier connection is one of the "enablers" of small business innovation.

Answer:  FALSE

Page Ref: 73

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Reflective Thinking

 

55) Entrepreneurs' resource limitations often require them to be highly innovative.

Answer:  TRUE

Page Ref: 73

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Reflective Thinking

 

56) Entrepreneurs' resource limitations often disable their innovative capabilities.

Answer:  FALSE

Page Ref: 73

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Reflective Thinking

57) Innovation is always revolutionary.

Answer:  FALSE

Page Ref: 73

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Analytic Skills

 

58) Innovations are created proactively in response to customer feedback.

Answer:  FALSE

Page Ref: 73

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Reflective Thinking

 

59) More often, innovation is evolutionary.

Answer:  TRUE

Page Ref: 73

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Analytic Skills

 

60) The Apple iPod is an example of an evolutionary innovation.

Answer:  TRUE

Page Ref: 73

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Reflective Thinking

 

61) Market-changing, disruptive breakthroughs are examples of evolutionary innovations.

Answer:  FALSE

Page Ref: 73

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Analytic Skills

 

 

62) Entrepreneurship is the result of a disciplined, systematic process of applying creativity and innovation to needs and opportunities in the marketplace.

Answer:  TRUE

Page Ref: 75

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Reflective Thinking

 

63) Innovation is nothing but random, disjointed tinkering.

Answer:  FALSE

Page Ref: 75

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Reflective Thinking

 

64) Innovation should be an intermittent process because good ideas don't come often.

Answer:  FALSE

Page Ref: 75

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Reflective Thinking

65) As one writer explains, "trial—and lots of error—is embedded in entrepreneurship."

Answer:  TRUE

Page Ref: 75

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Reflective Thinking

 

66) Entrepreneurs are people who connect their creative ideas with the purposeful action and structure of a business.

Answer:  TRUE

Page Ref: 75

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Analytic Skills

 

67) In this fiercely competitive, fast-faced, global economy, creativity is not only an important source for building a competitive advantage but also a necessity for survival.

Answer:  TRUE

Page Ref: 76

Topic:  Creativity—Essential to Survival

AACSB:  Analytic Skills

 

68) Entrepreneurs must always be on guard against traditional assumptions and perspectives about how things ought to be because they are certain killers of creativity.

Answer:  TRUE

Page Ref: 76

Topic:  Creativity—Essential to Survival

AACSB:  Reflective Thinking

 

 

69) The left brain takes care of the body's emotional, intuitive, and spatial functions.

Answer:  FALSE

Page Ref: 79

Topic:  Creative Thinking

AACSB:  Analytic Skills

 

70) The right brain processes information in a step-by-step fashion.

Answer:  FALSE

Page Ref: 79

Topic:  Creative Thinking

AACSB:  Reflective Thinking

 

71) The left brain processes information all at once, relying heavily on images.

Answer:  FALSE

Page Ref: 79

Topic:  Creative Thinking

AACSB:  Reflective Thinking

 

72) Left-brain vertical thinking is narrowly focused and systematic.

Answer:  TRUE

Page Ref: 79

Topic:  Creative Thinking

AACSB:  Analytic Skills

73) Left-brain thinking is at the heart of the creative process.

Answer:  FALSE

Page Ref: 79

Topic:  Creative Thinking

AACSB:  Analytic Skills

 

74) The left brain handles language, logic, and symbols.

Answer:  TRUE

Page Ref: 79

Topic:  Creative Thinking

AACSB:  Analytic Skills

 

75) Left-brain people tend to be prolific thinkers.

Answer:  FALSE

Page Ref: 79

Topic:  Creative Thinking

AACSB:  Analytic Skills

 

76) Right-brain people challenge custom, routine, and tradition.

Answer:  TRUE

Page Ref: 79

Topic:  Creative Thinking

AACSB:  Analytic Skills

 

77) Left-brain people see mistakes as mere "pit stops" on the way to success.

Answer:  FALSE

Page Ref: 79

Topic:  Creative Thinking

AACSB:  Reflective Thinking

 

78) Right-brain people realize that there may be more than one "right answer."

Answer:  TRUE

Page Ref: 79

Topic:  Creative Thinking

AACSB:  Reflective Thinking

 

79) Right-brain people have "helicopter skills," the ability to rise above the daily routine to see an issue from a broader perspective.

Answer:  TRUE

Page Ref: 79

Topic:  Creative Thinking

AACSB:  Reflective Thinking

 

80) Successful entrepreneurship requires both left- and right-brain thinking.

Answer:  TRUE

Page Ref: 79

Topic:  Creative Thinking

AACSB:  Reflective Thinking

81) Searching for the one "right" answer is not a barrier to creativity.

Answer:  FALSE

Page Ref: 82

Topic:  Barriers to Creativity

AACSB:  Reflective Thinking

 

82) According to research, creativity has gone up markedly among both children and adults in the U.S. since 1990.

Answer:  FALSE

Page Ref: 82

Topic:  Barriers to Creativity

AACSB:  Analytic Skills

 

83) Logic is not a valuable part of the creative process.

Answer:  FALSE

Page Ref: 82

Topic:  Barriers to Creativity

AACSB:  Reflective Thinking

 

 

84) In the early imaginative phases of the creative process, logical thinking can restrict creativity.

Answer:  TRUE

Page Ref: 82

Topic:  Barriers to Creativity

AACSB:  Reflective Thinking

 

85) A common killer of creativity is myopic thinking.

Answer:  TRUE

Page Ref: 84

Topic:  Barriers to Creativity

AACSB:  Reflective Thinking

 

86) To overcome myopic thinking, creative companies include nonexperts in creative problem solving or idea generation sessions.

Answer:  TRUE

Page Ref: 84

Topic:  Barriers to Creativity

AACSB:  Reflective Thinking

 

87) Creative thinkers tend to be "explorers," searching for ideas outside of their areas of specialty.

Answer:  TRUE

Page Ref: 84

Topic:  Barriers to Creativity

AACSB:  Reflective Thinking

 

88) Ambiguity can be a powerful creative stimulus.

Answer:  TRUE

Page Ref: 84

Topic:  Barriers to Creativity

AACSB:  Reflective Thinking

89) Ambiguity requires us to consider at least two different, often contradictory notions at the same time, which can be a detriment to creativity.

Answer:  FALSE

Page Ref: 84

Topic:  Barriers to Creativity

AACSB:  Reflective Thinking

 

90) Conformity is important to creativity.

Answer:  FALSE

Page Ref: 85

Topic:  Barriers to Creativity

AACSB:  Reflective Thinking

 

 

91) Innovative companies do not take a passive approach to creativity.

Answer:  TRUE

Page Ref: 87

Topic:  How to Enhance Creativity

AACSB:  Analytic Skills

 

92) One of the best ways to cultivate a culture of creativity is to hire a diverse workforce.

Answer:  TRUE

Page Ref: 87

Topic:  How to Enhance Creativity

AACSB:  Reflective Thinking

 

93) People who seldom fail are being creative.

Answer:  FALSE

Page Ref: 88

Topic:  How to Enhance Creativity

AACSB:  Reflective Thinking

 

94) Intrapreneurs are entrepreneurs who operate within the framework of an existing business.

Answer:  TRUE

Page Ref: 90

Topic:  How to Enhance Creativity

AACSB:  Analytic Skills

 

95) Creativity is always "caught," it is never "taught."

Answer:  FALSE

Page Ref: 92

Topic:  How to Enhance Creativity

AACSB:  Reflective Skills

 

96) Creativity is "caught" as much as it is "taught."

Answer:  TRUE

Page Ref: 92

Topic:  How to Enhance Creativity

AACSB:  Reflective Skills

97) Convergent thinking is the ability to see the similarities and the connections among various and often diverse data and events.

Answer:  TRUE

Page Ref: 99

Topic:  The Creative Process

AACSB:  Reflective Skills

 

 

98) In the creative process, transformation requires both convergent and divergent thinking.

Answer:  TRUE

Page Ref: 99

Topic:  The Creative Process

AACSB:  Analytic Thinking

 

99) Convergent thinking is the ability to see the differences among various data and events.

Answer:  FALSE

Page Ref: 100

Topic:  The Creative Process

AACSB:  Reflective Skills

 

100) Often, ideas require a gestation period.

Answer:  TRUE

Page Ref: 100

Topic:  The Creative Process

AACSB:  Reflective Skills

 

101) What is the difference between creativity and innovation?

Answer:  Creativity is the ability to develop new ideas and to discover new ways of looking at problems and opportunities. Innovation is the ability to apply creative solutions to those problems and opportunities to enhance or to enrich people's lives. In short, creativity is thinking new things and innovation is doing new things.

Page Ref: 72

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Reflective Thinking

 

102) What factors enable small business innovation?

Answer: 

∙     Passion

∙     Customer connection

∙     Agility and adaptation

∙     Experimentation and improvisation

∙     Resource limitations

∙     Information sharing and collaboration

Page Ref: 73

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Reflective Thinking

 

103) When is innovation revolutionary and when is it evolutionary?

Answer:  Sometimes innovation is revolutionary, creating market-changing, disruptive breakthroughs that are the result of generating something from nothing. More often, innovation is evolutionary, developing market-sustaining ideas that elaborate on existing products, processes, and services that result from putting old things together in new ways or from taking something away to create something simpler or better.

Page Ref: 73

Topic:  Creativity, Innovation, and Entrepreneurship

AACSB:  Analytic Skills

 

104) What is left-brain thinking and how is it different from right-brain thinking?

Answer:  The human brain develops asymmetrically, and each hemisphere tends to specialize in certain functions. The left brain is guided by linear, vertical thinking, whereas the right brain relies on kaleidoscopic, lateral thinking.  The left brain handles language, logic, and symbols; the right brain takes care of the body's emotional, intuitive, and spatial functions.

Page Ref: 79

Topic:  Creative Thinking

AACSB:  Analytic Skills

 

105) What are the barriers to creativity?

Answer: 

∙     Searching for the one "right" answer

∙     Focusing on being "logical"

∙     Blindly following the rules

∙     Constantly being practical

∙     Viewing laughter and play as frivolous

∙     Becoming overly specialized

∙     Avoiding ambiguity

∙     Fearing looking foolish

∙     Fearing mistakes and failure

∙     Believing that "I'm not creative"

Page Ref: 82-85

Topic:  Barriers to Creativity

AACSB:  Reflective Thinking

 

106) What are the steps in the creative process?

Answer: 

∙     Preparation

∙     Investigation

∙     Transformation

∙     Incubation

∙     Illumination

∙     Verification

∙     Implementation

Page Ref: 96

Topic:  The Creative Process

AACSB:  Reflective Thinking

 

 

 

 

-----
Entrepreneurship: Starting and Operating A Small Business, 4th Edition, 2016, Steve Mariotti
Entrepreneurship: Successfully Launching New Ventures, 5th Edition, 2016, Bruce R. Barringer
Essentials of Entrepreneurship and Small Business Management, 8th Edition, 2016, Norman M. Scarborough
Fundamentals for Becoming a Successful Entrepreneur: From Business Idea to Launch and Management, 2016, Malin Brannback, Alan Carsrud
Entrepreneurship and Effective Small Business Management, 11th Edition, 2015, Norman M. Scarborough

------
PART 1: Decision to Become an Entrepreneur
1. Introduction to Entrepreneurship
PART 2: Developing Successful Business Ideas
3. Feasibility Analysis
4. Developing an Effective Business Model
5. Industry and Competitor Analysis
6. Writing a Business Plan
PART 3: Moving from an Idea to an Entrepreneurial Firm
7. Preparing the Proper Ethical and Legal Foundation
8. Assessing a New Venture’s Financial Strength and Viability
9. Building a New-Venture Team
10. Getting Financing or Funding
PART 4: Managing and Growing an Entrepreneurial Firm
11. Unique Marketing Issues
12. The Importance of Intellectual Property
13. Preparing for and Evaluating the Challenges of Growth
14. Strategies for Firm Growth
15. Franchising

------
PART I. STARTING THE PROCESS
Chapter 1. Why Plan?
PART II. WHAT TO DO BEFORE THE BUSINESS PLAN IS WRITTEN
Chapter 2. Developing and Screening Business Ideas
Chapter 3. Feasibiity Analysis
PART III. PREPARING A BUSINESS PLAN
Chapter 4. Introductory Material, Executive Summary, and Description of the Business
Chapter 5. Industry Analysis
Chapter 6. Market Analysis
Chapter 7. Marketing Plan
Chapter 8. Management Team and Company Structure
Chapter 9. Operations Plan and Product (or Service) Design and Development Plan
Chapter 10. Financial Projections
PART IV. PRESENTING THE BUSINESS PLAN
Chapter 11. Presenting the Plan with Confidence

------
BRIEF CONTENTS
UNIT 1 Entrepreneurial Pathways
Chapter 1 Entrepreneurs Recognize Opportunities
Chapter 2 Franchising
Chapter 3 Finding Opportunity in an Existing Business
Chapter 4 The Business Plan: Road Map to Success
Honest Tea Business Plan
Unit 1 Case Study: Spanx
UNIT 2 Who Are Your Customers?
Chapter 5 Creating Business from Opportunity
Chapter 6 Exploring Your Market
Unit 2 Case Study: Kitchen Arts & Letters, Inc.
UNIT 3 Integrated Marketing
Chapter 7 Developing the Right Marketing Mix and Plan
Chapter 8 Pricing and Credit Strategies
Chapter 9 Integrated Marketing Communications
Chapter 10 Marketing Globally
Chapter 11 Smart Selling and Effective Customer Service
Unit 3 Case Study: Empact
UNIT 4 Show Me the Money: Finding, Securing, and Managing It
Chapter 12 Understanding and Managing Start-Up, Fixed, and Variable Costs
Chapter 13 Using Financial Statements to Guide a Business
Chapter 14 Cash Flow and Taxes
Chapter 15 Financing Strategy: Debt, Equity, or Both?
Unit 4 Case Study: Lee’s Ice Cream
UNIT 5 Operating a Small Business Effectively
Chapter 16 Addressing Legal Issues and Managing Risk
Chapter 17 Operating for Success
Chapter 18 Location, Facilities, and Layout
Chapter 19 Human Resources and Management
Unit 5 Case Study: ONLC
UNIT 6 Leadership, Ethics, and Exits
Chapter 20 Leadership and Ethical Practices
Chapter 21 Franchising, Licensing, and Harvesting: Cashing in Your Brand
Unit 6 Case Study: Honest Tea
Appendix 1 Sample Student Business Plan: University Parent, Inc.
Appendix 2 BizBuilder Business Plan
Appendix 3 Resources for Entrepreneurs
Appendix 4 Useful Formulas and Equations
------
Section 1: The Rewards and Challenges of Entrepreneurship
1. Entrepreneurs: The Driving Force Behind Small Business
2. Ethics and Social Responsibility: Doing the Right Thing
3. Creativity and Innovation: Keys to Entrepreneurial Success
4. Strategic Management and the Entrepreneur
Section 2: Launching a Venture: Entry Strategies
5. Choosing a Form of Ownership
6. Franchising and the Entrepreneur
7. Buying an Existing Business
8. New Business Planning Process: Feasibility Analysis, Business Modeling, and Crafting a Winning Business Plan
Section 3: Building a Marketing Plan
9. Building a Bootstrap Marketing Plan
10. Creative Use of Advertising and Promotion
11. Pricing and Credit Strategies
12. Global Marketing Strategies
13. E-Commerce and Entrepreneurship
Section 4: Building a Financial Plan
14. Creating a Solid Financial Plan
15. Managing Cash Flow
16. Sources of Equity Financing
17. Sources of Debt Financing
Section 5: Building an Operating Plan
18. Location, Layout, and Physical Facilities
19. Supply Chain Management
20. Managing Inventory
21. Staffing and Leading a Growing Company
Section 6: Legal Aspects of Small Business: Succession, Ethics, and Government Regulation
22. Management Succession and Risk Management Strategies in the Family Business
23. The Legal Environment: Business Law and Government Regulation
------
Section I: The Challenge of Entrepreneurship 
1. The Foundations of Entrepreneurship
2. Ethics and Social Responsibility: Doing the Right Thing
3. Inside the Entrepreneurial Mind: From Ideas to Reality
Section II: The Entrepreneurial Journey Begins
4. Conducting a Feasibility Analysis and Designing a Business Model
5. Crafting a Business Plan and Building a Solid Strategic Plan
6. Forms of Business Ownership and Buying an Existing Business
7. Franchising and the Entrepreneur
Section III: Launching the Business
8. Building a Powerful Bootstrap Marketing Plan
9. E-commerce and the Entrepreneur
10. Pricing and Credit Strategies
11. Creating a Successful Financial Plan
12. Managing Cash Flow
Section IV: Putting the Business Plan to Work: Sources of Funds
13. Sources of Financing: Equity and Debt
14. Choosing the Right Location and Layout
15. Global Aspects of Entrepreneurship
16. Building a New Venture Team and Planning the Next Generation
------

 

ENTREPRENEURSHIP 2017 - NEW COLLECTION 2016 - 2017

1. Youtube Playlist: See the collection of videos - www.youtube.com/ecomftu2012

2. Download Power Point Slides Free

Entrepreneurship: Starting and Operating A Small Business, 4th Edition, 2016, Steve Mariotti - LINK
Entrepreneurship: Successfully Launching New Ventures, 5th Edition, 2016, Bruce R. Barringer  - LINK
Essentials of Entrepreneurship and Small Business Management, 8th Edition, 2016, Norman M. Scarborough - LINK
Fundamentals for Becoming a Successful Entrepreneur: From Business Idea to Launch and Management, 2016, Malin Brannback - LINK
Entrepreneurship and Effective Small Business Management, 11th Edition, 2015, Norman M. Scarborough - LINK

 

For Test Bankz, Quiz Answers and Case study Guides, email toThis email address is being protected from spambots. You need JavaScript enabled to view it.

Good Luck and Success, Enjoy Your Study !

MBA Simulation Games 2017 - Excel file for Sales Forecast

EXCEL FILE FOR SALES FORECAST CALCULATION

NOW IT IS FREE !

HTML tutorial

Also

Free Personal Support for 2 rounds

Email: winmbasim@gmail.com

MBA Simulation Games 2018 - Ebook - All Winning Guides and Tips

 THE E-BOOK IS NOW FREE

ALL WINNING GUIDES AND TIPS

And Free Personal Support

for Round 1 and Round 2

Email: winmbasim@gmail.com