WGU C208 CORRECT EXAMS ANSWERS AND
QUESTIONS SET A+
✔✔anonymous idea generation - ✔✔A technique that keeps anonymous the identity of
members of a group who originate individual ideas.
✔✔idea champion - ✔✔An individual who recognizes value of an innovative idea and
lends organizational authority and resources to develop and execute innovation.
✔✔Corridor principal - ✔✔The idea that new ventures can surface new and unintended
market opportunities.
✔✔Entrepreneur - ✔✔An individual who starts, organizes, manages, and assumes the
risks and responsibilities of a business or enterprise.
✔✔Corporation - ✔✔A legal structure for business that exists apart from the individuals
who own it - e.g. shareholders - and operate it - e.g. directors and officers.
✔✔Partnership - ✔✔A legal structure of co-ownership between two or more people who
go into business together and share in any profits or losses.
✔✔SWOT analysis - ✔✔A strategic analysis of a venture's strengths, weaknesses,
opportunities, and threats.
✔✔Sole proprietorship - ✔✔The simplest legal structure where the sole owner is not
legally distinct from the business.
✔✔Mission statement - ✔✔A brief written statement of the vision and purpose of a
venture or organization.
✔✔Intrapreneurship - ✔✔The entrepreneurial process conducted within an established
organization.
, ✔✔Social innovation - ✔✔The creation of innovative solutions to complex social
problems.
✔✔Equity financing - ✔✔When an entrepreneur receives cash from an investor in
exchange for equity in the company.
✔✔Accounts receivable - ✔✔Money due from clients for products delivered or services
performed.
✔✔Resource-based Theory - ✔✔A model advanced by Jay B. Barney and Delwyn N.
Clark that focuses on the competences and capabilities of the firm in creating
competitive advantage.
✔✔Venture capital (VC) - ✔✔Investments in new ventures with exceptional growth
potential.
✔✔Private placement - ✔✔A method of raising capital through securities sold without a
public offering - to select private investors.
✔✔Entrepreneurship - ✔✔The process of innovating with products or services for the
purpose of creating wealth for the entrepreneur while adding value to society.
✔✔Accounts payable - ✔✔Payments due to suppliers for products and services.
✔✔Strategy - ✔✔A plan of action designed to achieve specific goals or objectives in a
venture.
✔✔Commercialization strategy - ✔✔The strategic choices an entrepreneur makes to
finance later-stage development of a venture.
✔✔Social entrepreneurship - ✔✔The process of developing innovative solutions for
society's most pressing social problems using entrepreneurial tools and techniques.
✔✔Angel capital - ✔✔Investments in new ventures made by wealthy individuals -
"angels".
✔✔Strategic planning - ✔✔A process to determine the mission, objectives and
strategies of a venture or organization and then find ways to achieve the identified
vision.
✔✔Elevator pitch - ✔✔The quick, succinct summation of an entrepreneurial opportunity.
✔✔Intrapreneur - ✔✔A manager within a firm tasked with fostering innovation through
entrepreneurial activities.
QUESTIONS SET A+
✔✔anonymous idea generation - ✔✔A technique that keeps anonymous the identity of
members of a group who originate individual ideas.
✔✔idea champion - ✔✔An individual who recognizes value of an innovative idea and
lends organizational authority and resources to develop and execute innovation.
✔✔Corridor principal - ✔✔The idea that new ventures can surface new and unintended
market opportunities.
✔✔Entrepreneur - ✔✔An individual who starts, organizes, manages, and assumes the
risks and responsibilities of a business or enterprise.
✔✔Corporation - ✔✔A legal structure for business that exists apart from the individuals
who own it - e.g. shareholders - and operate it - e.g. directors and officers.
✔✔Partnership - ✔✔A legal structure of co-ownership between two or more people who
go into business together and share in any profits or losses.
✔✔SWOT analysis - ✔✔A strategic analysis of a venture's strengths, weaknesses,
opportunities, and threats.
✔✔Sole proprietorship - ✔✔The simplest legal structure where the sole owner is not
legally distinct from the business.
✔✔Mission statement - ✔✔A brief written statement of the vision and purpose of a
venture or organization.
✔✔Intrapreneurship - ✔✔The entrepreneurial process conducted within an established
organization.
, ✔✔Social innovation - ✔✔The creation of innovative solutions to complex social
problems.
✔✔Equity financing - ✔✔When an entrepreneur receives cash from an investor in
exchange for equity in the company.
✔✔Accounts receivable - ✔✔Money due from clients for products delivered or services
performed.
✔✔Resource-based Theory - ✔✔A model advanced by Jay B. Barney and Delwyn N.
Clark that focuses on the competences and capabilities of the firm in creating
competitive advantage.
✔✔Venture capital (VC) - ✔✔Investments in new ventures with exceptional growth
potential.
✔✔Private placement - ✔✔A method of raising capital through securities sold without a
public offering - to select private investors.
✔✔Entrepreneurship - ✔✔The process of innovating with products or services for the
purpose of creating wealth for the entrepreneur while adding value to society.
✔✔Accounts payable - ✔✔Payments due to suppliers for products and services.
✔✔Strategy - ✔✔A plan of action designed to achieve specific goals or objectives in a
venture.
✔✔Commercialization strategy - ✔✔The strategic choices an entrepreneur makes to
finance later-stage development of a venture.
✔✔Social entrepreneurship - ✔✔The process of developing innovative solutions for
society's most pressing social problems using entrepreneurial tools and techniques.
✔✔Angel capital - ✔✔Investments in new ventures made by wealthy individuals -
"angels".
✔✔Strategic planning - ✔✔A process to determine the mission, objectives and
strategies of a venture or organization and then find ways to achieve the identified
vision.
✔✔Elevator pitch - ✔✔The quick, succinct summation of an entrepreneurial opportunity.
✔✔Intrapreneur - ✔✔A manager within a firm tasked with fostering innovation through
entrepreneurial activities.
