ADMN 1000 - Final Exam Review
Questions With Correct Answers
What is Entrepreneurship - ANSThe process of starting new organizations, generally in response to
opportunities.
What defines a social venture/ Enterprise - ANSOrganizations that are started in response to
needswithin the community
What is the relationship between Entrepreneurship and opportunity - ANSOpportunities can be
recognized, discovered, or enacted.
Where,
Entrepreneur relies on his or her experience and actively employs sophisticated search techniques to
discoverthe opportunity
What is creativity destruction? - ANSis when the entreprenturer creates an opportunity through
innovation and the stakes the process of transformation that accompanies a radical innovation, the
way things were done before is "destroyed."
What is innovation? VS Creativity VS discovery - ANSCreativity = Producing New ideas, Approaches or
Actions
Innovation = Applying New Ideas and Approaches or Action
Discovery = Findingsomething new, while Creativity is makingsomething new
Traits of a small business - ANSSmall business are independently owned, operated and financed.
While having fewer than 100 Workers. They don't necessarily engage in any new or innovative
practices.... While having a low impact on its industry
What are the 4 steps to the Entrepreneurial process - ANS◦exploring the entrepreneurial context
, ◦identifying opportunities and possible competitive advantages
◦starting the venture
◦managing the venture
How do you evaluate ideas - ANS◦Working in the industry
◦personal interests or hobbies
◦familiar and unfamiliar products and services
◦opportunities in external environmental sectors
Issues in entrepreneurship ventures? - ANS- Organizational Design and Structure
- Human Resources
- How to stimulate and make changes
- The importance of continuing Innovation
What are ethics? - ANSRules and principles that define right and wrong behaviour.
What are the difference between Classical and socially responsible viewpoints. - ANSClassical View:
Maximize profits for the benefit of the stockholder "social good" increases costs
Where
Socio Econ : Management should protect and improve society's welfare
- Firms have a moral responsibility to a larger society "do the right thing"
What are the 7 areas of a products life - ANSRaw materials -> manufacturing -> Distribution ->
Retailing -> Marketing -> Consumer use / Consumption ->
End of life / Disposal
Questions With Correct Answers
What is Entrepreneurship - ANSThe process of starting new organizations, generally in response to
opportunities.
What defines a social venture/ Enterprise - ANSOrganizations that are started in response to
needswithin the community
What is the relationship between Entrepreneurship and opportunity - ANSOpportunities can be
recognized, discovered, or enacted.
Where,
Entrepreneur relies on his or her experience and actively employs sophisticated search techniques to
discoverthe opportunity
What is creativity destruction? - ANSis when the entreprenturer creates an opportunity through
innovation and the stakes the process of transformation that accompanies a radical innovation, the
way things were done before is "destroyed."
What is innovation? VS Creativity VS discovery - ANSCreativity = Producing New ideas, Approaches or
Actions
Innovation = Applying New Ideas and Approaches or Action
Discovery = Findingsomething new, while Creativity is makingsomething new
Traits of a small business - ANSSmall business are independently owned, operated and financed.
While having fewer than 100 Workers. They don't necessarily engage in any new or innovative
practices.... While having a low impact on its industry
What are the 4 steps to the Entrepreneurial process - ANS◦exploring the entrepreneurial context
, ◦identifying opportunities and possible competitive advantages
◦starting the venture
◦managing the venture
How do you evaluate ideas - ANS◦Working in the industry
◦personal interests or hobbies
◦familiar and unfamiliar products and services
◦opportunities in external environmental sectors
Issues in entrepreneurship ventures? - ANS- Organizational Design and Structure
- Human Resources
- How to stimulate and make changes
- The importance of continuing Innovation
What are ethics? - ANSRules and principles that define right and wrong behaviour.
What are the difference between Classical and socially responsible viewpoints. - ANSClassical View:
Maximize profits for the benefit of the stockholder "social good" increases costs
Where
Socio Econ : Management should protect and improve society's welfare
- Firms have a moral responsibility to a larger society "do the right thing"
What are the 7 areas of a products life - ANSRaw materials -> manufacturing -> Distribution ->
Retailing -> Marketing -> Consumer use / Consumption ->
End of life / Disposal
