MGMT 485 Exam 1 Questions and Answers Latest Update 2025-2026
Entrepreneurial Opportunities - Answers situations in which new goods, services, raw materials
and organizing methods can be sold at greater than their production cost.
the entrepreneur decides whether the opportunity that exists is a match with their own
knowledge and motivation. - Answers In Stage One of the McMullen-Shepherd Model:
the entrepreneur decides whether or not there is an opportunity. - Answers In Stage Two of the
McMullen-Shepherd Model:
exist when the basic (relatively easy to observe) elements of the technology resemble the basic
elements of the market. - Answers In regards to thinking structurally, superficial similarities:
starts with a desired outcome and focuses on a means to generate that outcome. - Answers
Causal process of thinking:
File for patent protection - Answers Which of the following is NOT a stage in Kolter's procedure
in bringing a product/service to market?
Comprehension questions - Answers Questions designed to increase an entrepreneurs'
understanding of the nature of the environment are known as:
A reflection task - Answers An entrepreneur considering if what they are doing makes sense is
an example of:
Reflection tasks - Answers __________ are designed to stimulate thought about entrepreneurs'
understanding and feelings as they progress through the entrepreneurial process.
Reflection tasks - Answers An entrepreneur asks if there is a better way to implement a strategy.
Identify the category of this question.
feasible - Answers Individuals have stronger intentions to act when taking action is perceived to
be _____ and desirable.
labels that indicated when the wine was cold - Answers Robert Mondavi came up with all of the
following process innovations except:
a capsule-free, flange-top bottle design. - Answers In 1994 Robert Mondavi came up with:
entrepreneurial action within an organization. - Answers Corporate entrepreneurship is best
described as:
Proactiveness - Answers _____ includes initiative and risk taking, as well as competitive
aggressiveness and boldness.
Innovativeness - Answers New product development falls under which of the four major
, components of corporate entrepreneurship?
Entrepreneurs rent or sporadically use resources; managers like to own resources - Answers
With regard to the differences between the entrepreneurial and administrative focuses which of
the following is correct?
that one focuses on accessing others' resources. - Answers Having an entrepreneurial
orientation towards the control of resources means:
the desire to grow at a slow and controlled pace. - Answers Entrepreneurial culture and growth
orientation consists of all of the following except:
there are short term horizons. - Answers All these are characteristics of an entrepreneurial
environment except:
A company must be willing to invest money without a guarantee of a return in the short term -
Answers Which of the following is true about corporate entrepreneurship?
Encourages colleagues to follow hierarchy - Answers Which is NOT a leadership characteristic
of a corporate entrepreneur according to the text?
Creating a new product development process for your company - Answers A new entry includes
all of the following except:
entrepreneurial strategy. - Answers The set of decisions, actions, and reactions that first
generate, and then exploit over time, a new entry is:
Market research to identify a new entry opportunity. - Answers Which among the following is not
a key stage of the entrepreneurial strategy?
Risk reduction strategies - Answers Which item is not part of the new entry generation stage in
the entrepreneurial strategy process?
resources. - Answers The basic building blocks to a firm, or the inputs into the production
process, are:
valuable. - Answers To be the basis of a firm's superior performance over competitors for an
extended period of time, resources need to be:
Franchises - Answers _________ are used to protect the owner of the technology from people
imitating the technology.
Technological - Answers ______________ knowledge refers to the entrepreneur's possession of
information, technology, know-how, and skills that provide insight into the industry and
customers.
can lead to a technology that is the basis for a new entry. - Answers Technological knowledge:
Entrepreneurial Opportunities - Answers situations in which new goods, services, raw materials
and organizing methods can be sold at greater than their production cost.
the entrepreneur decides whether the opportunity that exists is a match with their own
knowledge and motivation. - Answers In Stage One of the McMullen-Shepherd Model:
the entrepreneur decides whether or not there is an opportunity. - Answers In Stage Two of the
McMullen-Shepherd Model:
exist when the basic (relatively easy to observe) elements of the technology resemble the basic
elements of the market. - Answers In regards to thinking structurally, superficial similarities:
starts with a desired outcome and focuses on a means to generate that outcome. - Answers
Causal process of thinking:
File for patent protection - Answers Which of the following is NOT a stage in Kolter's procedure
in bringing a product/service to market?
Comprehension questions - Answers Questions designed to increase an entrepreneurs'
understanding of the nature of the environment are known as:
A reflection task - Answers An entrepreneur considering if what they are doing makes sense is
an example of:
Reflection tasks - Answers __________ are designed to stimulate thought about entrepreneurs'
understanding and feelings as they progress through the entrepreneurial process.
Reflection tasks - Answers An entrepreneur asks if there is a better way to implement a strategy.
Identify the category of this question.
feasible - Answers Individuals have stronger intentions to act when taking action is perceived to
be _____ and desirable.
labels that indicated when the wine was cold - Answers Robert Mondavi came up with all of the
following process innovations except:
a capsule-free, flange-top bottle design. - Answers In 1994 Robert Mondavi came up with:
entrepreneurial action within an organization. - Answers Corporate entrepreneurship is best
described as:
Proactiveness - Answers _____ includes initiative and risk taking, as well as competitive
aggressiveness and boldness.
Innovativeness - Answers New product development falls under which of the four major
, components of corporate entrepreneurship?
Entrepreneurs rent or sporadically use resources; managers like to own resources - Answers
With regard to the differences between the entrepreneurial and administrative focuses which of
the following is correct?
that one focuses on accessing others' resources. - Answers Having an entrepreneurial
orientation towards the control of resources means:
the desire to grow at a slow and controlled pace. - Answers Entrepreneurial culture and growth
orientation consists of all of the following except:
there are short term horizons. - Answers All these are characteristics of an entrepreneurial
environment except:
A company must be willing to invest money without a guarantee of a return in the short term -
Answers Which of the following is true about corporate entrepreneurship?
Encourages colleagues to follow hierarchy - Answers Which is NOT a leadership characteristic
of a corporate entrepreneur according to the text?
Creating a new product development process for your company - Answers A new entry includes
all of the following except:
entrepreneurial strategy. - Answers The set of decisions, actions, and reactions that first
generate, and then exploit over time, a new entry is:
Market research to identify a new entry opportunity. - Answers Which among the following is not
a key stage of the entrepreneurial strategy?
Risk reduction strategies - Answers Which item is not part of the new entry generation stage in
the entrepreneurial strategy process?
resources. - Answers The basic building blocks to a firm, or the inputs into the production
process, are:
valuable. - Answers To be the basis of a firm's superior performance over competitors for an
extended period of time, resources need to be:
Franchises - Answers _________ are used to protect the owner of the technology from people
imitating the technology.
Technological - Answers ______________ knowledge refers to the entrepreneur's possession of
information, technology, know-how, and skills that provide insight into the industry and
customers.
can lead to a technology that is the basis for a new entry. - Answers Technological knowledge:
