MGMT 3013 EXAM 3 CH.11 EXAM QUESTIONS AND ANSWERS 100% PASS

MGMT 3013 EXAM 3 CH.11 EXAM QUESTIONS AND ANSWERS 100% PASS What is entrepreneurship? - The ability to scale an idea into a revenue generating business over time entrepreneurial tendencies - are the behaviors, actions, and postures that appear to make an individual an entrepreneur, but may not develop into an entrepreneurial project or business over time. value proposition - Freelancers - are people who create work and get paid for it by independently contracting with a larger organization, team, or institution. freelancing - is the act of providing business value by having expertise in a domain area, having a point of view about a topical area, and by having the skills to be able to leverage it. Consultants - are people (or teams of people) who advise, strategize, and sometimes execute on projects for an organization, team, or institution 2Brittie Donald, All Rights Reserved © 2025 "Side hustling" - is a modern term associated with entrepreneurship that unites the ideas of freelancing with the freedom inherent in consulting, but also the ability to act in an entrepreneurial fashion without having to quit a full-time job. What are the types of entrepreneurial activity people engage in? Select all that apply. - - freelance work - "side hustling" - consulting Why is Entrepreneurship Important? - Entrepreneurship (and entrepreneurial thinking) is important for industry managers to understand for many organizational reasons, but there are four we believe are primary to consider. Innovation (technological leveraging) - a little entrepreneurship could provide massive scale value, with a high level of proprietary control of knowledge, information, process, and procedures. speed of change - the competitive cycles in free market economies have tightened considerably as have the cycles between technological innovations. Change Management - many businesses in many sectors of the economy are seeing monopolies based on competitive advantages that they believed were proprietary, disappear due to the advent of the Internet, but also globalism, free trade, and an ever- expanding knowledge-based economy. 3Brittie Donald, All Rights Reserved © 2025 Black Swans - he impact of black swan events can be seen everywhere in post- modern market economies, from the slow-motion collapse of modern B2C book retailing due to the presence of Amazon, all the way to the changes in how passengers fly on planes due to September 11th Which of the following is a reason for managers to consider hiring entrepreneurs carefully? - - Leveraging technology for innovation - Managing the speed of change -Acquiring a competitive advantage -Adapting to the impact of black swans Who do you believe can be an entrepreneur? - -Wealthy people with a lot of money - Smart people with a lot of ideas -Educated people with a lot of degrees -Extroverted people with a lot to say -People with a lot of connections (a large personal network