COURSE 1 - SYB302C(Questions And Answers)2022

What are common motivators for entrepreneurs to start a new venture? Check all that apply. To elevate their independence To increase their freedom To earn more money To help others To create new things Innovations must be radical and disruptive in order to be viable for new company creation. False Nike's development of the "Air Jordan" brand is an example of this type of innovation: Marketing innovation What makes a decision "strategic"? Check all that apply. (x) Involves planning actions in an uncertain and unpredictable future Results in substantial gains or losses as a result of the decision and its subsequent outcomes (cả 3) Require significant allocation of resources Strategic decisions typically share which four processes? Choose the four that apply. Recognizing a problem situation Selecting the alternative that best satisfies the evaluation criteria Evaluating the various alternatives Generating alternatives The Opportunity Analysis Canvas is designed to help individuals develop which areas? (Check all that apply). Thinking entrepreneurially Seeing entrepreneurially Acting entrepreneurially Entrepreneurs have a natural desire to take risks at a higher level than non-entrepreneurs. False Which type of individuals are more likely to discover and act on an entrepreneurial opportunity? Internal locus of control Which is the more valuable measure of your social capital? The diversity of the people that you know. Why build social capital? (Check all that apply.) To be more creative To be better informed To be a more efficient problem solver To be a more valuable collaborator How would you define the "entrepreneurial mindset"? Be sure to discuss each of the five factors. Please respond in one to two paragraphs. Entrepreneurial mindset has five factors. They are; high need for achievement, individualism, locus of control focus, and optimism. Need for achievement is defined as having a preference for challenge, an acceptance of personal responsibility for outcomes, and a personal drive for accomplishment. Individualism means that entrepreneurs need less support or approval from others. High individualism is associated with an emphasis on individual initiative and achievement. Often results in entrepreneurs needing less support or approval from others. Control has two segments, which is autonomy and locus of control. Autonomy is an individual's belief about their level of freedom from the influence of others. Locus of control is an individual's belief that they can influence the environment in which they are found. People with higher levels of autonomy and an internal locus on control are more likely to discover an entrepreneurial opportunity. Internally-oriented locus of control people believed that they are able to influence their environment. Successful entrepreneurs are able to focus attention on a single task and see it through to completion. This leads selected individuals to react and to become successful entrepreneurs. While optimism enables entrepreneurs to try new things and attempt difficult tasks, optimism may also present negative impacts. Optimism leads entrepreneurs to frequently make judgements on subjective positive factors. We are interested in your personal perspectives on "entrepreneurial motivation". Discuss each of the three factors through which goal-directed behavior is initiated, energized and maintained as related to entrepreneurial strategic decision-making. Please respond in one to two paragraphs. We are interested in your personal perspectives on "entrepreneurial motivation". Discuss each of the three factors through which goal-directed behavior is initiated, energized and maintained as related to entrepreneurial strategic decision-making. Please respond in one to two paragraphs. Entrepreneurial motivation is having high self-efficacy in all task, having high cognitive motivation, Self-efficacy is defined as one's belief in one's ability to accomplish a specific task. Self-efficacy differs as it is task dependent. For example my self-efficacy is low in selling in an audience because I fear public speaking. In improving one's self-efficacy, there different approaches, namely; increasing mastery, having a role model/observing, verbal encouragement from trusted sources like a coach or mentor, and exhibiting a positive mood and high energy. Cognition is the process of thought. Individuals exhibiting a high need for cognition tend to seek, acquire, think, and reflect on relevant information. In other words their brain is active in thinking for solutions all the time. Tolerance for ambiguity is defined as the tendency to perceive ambiguous situations as desirable rather than threatening. Entrepreneurs make complex decisions in ambiguous situations and desire them. It is a necessary factor for entrepreneurs based on dynamic nature of markets and competition. In considering the role of "risk" in entrepreneurial decision-making, why do entrepreneurs accept risks that traditional managers may avoid? Please respond in one paragraph. Entrepreneurs engage in risk that traditional managers may avoid because they have intuition, have individualistic view, have high tolerance for ambiguity and high confidence in skills, knowledge, and expertise. Entrepreneurs mitigate risk based on intuition which is improved through past experiences. They have individualistic view complemented by relationships and team orientation. They have high tolerance for ambiguity based on comfort with making difficult choices with in complement information in the past. And lastly they have high confidence in skills, knowledge, and expertise enhanced based on past success. Entrepreneurs engage in risk that traditional managers may avoid because they lack in necessary information in a situation needing prompt decision. They develop an inside view of the decisions they face. They also ignore elements of past situations. And they favor positive possible outcomes over negative outcomes. Entrepreneurs assess real risk and improve decision-making by using the following keys. They apply multiple perspectives to a decision situation, they integrate these perspectives into the decision, they use a complex cognitive framework regarding a decision situation, and they have broader and deeper view of the decision at hand which may result in a more accurate assessment of risk. How can you improve your confidence level and risk tolerance? Please respond in one paragraph Entrepreneurs need to improve their confidence level and risk tolerance. It is important for entrepreneurs to believe in themselves and their abilities, balanced by the reality of the tasks at hand. It may require them to go against the norm, and against popular opinion and advice of friends and family. They need to address their self-doubts. Entrepreneurs also need to addresses their willingness to accept risk, perceive risk differently, consider the risk-reward balance, and their potential to return to the status quo. How can you increase your comfort level with making strategic decisions quickly, with limited information and high consequences? Please respond in one paragraph. Entrepreneurs assess real risk and improve decision-making by using the following keys. They apply multiple perspectives to a decision situation, they integrate these perspectives into the decision, they use a complex cognitive framework regarding a decision situation, and they have broader and deeper view of the decision at hand which may result in a more accurate assessment of risk. What four attributes influence an industry's favorability to new firm entry? Choose the four that apply. Demand conditions Industry structure Knowledge conditions Industry lifecycle What knowledge do you possess that can contribute to serving a market need within your industry of interest? Please respond in one paragraph. The knowledge that I possess to contribute to serving a market needs are to explore ideas that align with my educational and/or work experiences. To seek ideas that intersects my know-how, my interests, and my social capital. By considering new venture ideas that build on my existing knowledge, I can create favorable knowledge conditions for myself. I need to seek opportunities to build my knowledge of industries, markets, technologies etc. By partnering with co-founder/team members will bring complimentary knowledge and adds social capital for the venture. What are the demand conditions in the market need discussed in prior question? Please respond in one paragraph. Three aspects of customer demand conditions need to be examined. They are magnitude of customer demand, rate of growth of that demand, and heterogeneity of that demand across customer segments What is the lifecycle stage of industry and market that you are interested in entering? Please respond in one paragraph. Industry lifecycle examines the stages of development of an industry. They are young and emerging stage of industry, middle-aged, level, and predictable stage of industry, or old and declining stage of industry. What complimentary assets are most critical in the above industry and market of interest? Please respond in one paragraph. Complimentary assets involve tangible and intangible resources. Tangible assets include money, equipment, real estate, etc. Intangible assets include knowledge, relationships, etc. Patents or brands may sit between the tangible and intangible categories. What are the four characteristics of industry structure? Choose the four that apply. Advertising intensity Firm concentration Firm size Capital intensity Sustainable competitive advantage can only be maintained until competitors are able to duplicate or develop a compelling substitute. True When developing a new product, it is necessary to meet every customer desire. True Within the product design and development decisions, successful entrepreneurs create multiple products simultaneously that are uniquely positioned for every potential market segment. True It is smart to set your pricing significantly lower than competitors' prices in an effort to capture market share and achieve your revenue goals quickly. False Strategic planning requires near-term commitment for long-term benefits. True What factors may make it economically unattractive to produce your anticipated product or service? Choose all that apply. Designing the product for a market niche that is too small to generate the desired revenue goals of your company Discuss common pitfalls that entrepreneurs experience in selecting which ideas to develop into new ventures. Please respond in one paragraph. Successful entrepreneurs introduce a product or service that satisfies customer needs in a better way than competitors, and at a price that is greater than the cost of creating and delivering that product or service. To understand how to fulfill customer needs at an attractive price, four areas are critical to assess: macroeconomic changes, industry conditions, industry status, and competition. As a first step to exploring new venture ideas, search for sources of pain or aggravation for customers, as these are prime opportunities for new products. The best clue that a new product or service is needed, are customer complaints about existing products and services. Discuss four types of macro changes that increase new venture opportunities. Please respond in one to two paragraphs. Types of changes that increase new venture opportunities includes changes in technology, changes in social and demographic factors, changes in political and regulatory rules. Technical change is one of the most important triggers of change, because new technology allows for the expansion of new innovations. The magnitude of technical change is important. Significant change can create entirely new markets. The larger the technical change, the greater the opportunity for new businesses to be created. Societal change opens up opportunities for new businesses by altering people's preferences and creating demand for things where demand had not existed before. Demographic changes can create a host of entrepreneurial opportunities. Each trend offers new opportunities for products and services to serve these customers. Political changes can introduce opportunities or challenges for entrepreneurial ventures. It is valuable to consider how local, state, or national government decisions may change policies. These can challenge existing companies, and open new opportunities for new companies. This type of change creates opportunities because it is productivity enhancing. In other cases, changes generated are not productive, but merely shifts value from one set of economic factors to another.