ELE 3010 Midterm Exam Questions and Answers Graded A+
A new entry includes all of the following except: - Answers Creating a new brand name for your
company
An entrepreneur considering if what they are doing makes sense is an example of: - Answers A
reflection task
(T/F) Comprehension questions are designed to stimulate entrepreneurs to think about their
own understanding - Answers False
In regards to the differences between the entrepreneurial and administrative focuses which of
the following is correct? - Answers Entrepreneurs rent or sporadically use resources; managers
like to own resources
Having an entrepreneurial orientation towards the control of resources means: - Answers that
one focuses on accessing others' resources
(T/F) The corporate entrepreneur to have the ability to encourage teamwork and use a
multidisciplined approach, which violates organizational practices and structures taught in most
business schools - Answers True
The first step in establishing corporate entrepreneurship in an organization is: - Answers
securing commitment from top management
Which of the following is not a reason that first movers are better positioned to satisfy their
customers? - Answers They have less uncertainty over the nature of the market
The casual process of thinking: - Answers starts with a desired outcome and focuses on the
possible means to generate that outcome
All these are characteristics of an entrepreneurial environment except: - Answers there are short
term horizons
Corporate entrepreneurship is best described as: - Answers entrepreneurial action within an
organization
Which is not a leadership characteristic of a corporate entrepreneur according to the text? -
Answers Encourages colleagues to follow hierarchy
In Stage Two of the McMullen-Shepherd Model: - Answers the entrepreneur decides whether or
not there is an opportunity for him or her personally
(T/F) The McMullen-Shepherd Model explains how knowledge and motivation influences two
stages of entrepreneurial action - Answers True
Frequent flier miles would be an example of which barrier to entry? - Answers Building in
, switching costs
A ________ strategy that copies products that already exist and attempts to build an advantage
through minor variations. - Answers me-too
(T/F) The effectuation process starts with what one has and selects among possible outcomes
- Answers True
(T/F) The period of time when the environment is favorable for entrepreneurs to exploit a
particular new entry is called the window of opportunity - Answers True
Which of the following is true? - Answers Independent, venture-capital based start-ups by
entrepreneurs tend to outperform corporate start-ups significantly
On the educational background, entrepreneurs: - Answers cite an educational need int he areas
of finance, strategic planning, marketing, and management
(T/F) Customers always embrace change in products and services - Answers False
(T/F) Entrepreneurial action can be defined as those situations in which new goods, services,
raw materials, and organizational methods can be sold at greater than their production cost -
Answers False
An error of omission occurs when an entrepreneur: - Answers decides not to enter a market that
is, in fact, desirable
(T/F) Entrepreneurially managed firm structure is usually flat with multiple networks - Answers
True
Technological uncertainty: - Answers occurs because an alternative technology could be
introduced by competitors
To be the basis of firm's superior performance over competitors for an extended period of time,
valuable and rare resources need to be: - Answers inimitable
Which of the following is true about corporate entrepreneurship? - Answers A company must be
willing to invest money without a guarantee of a return in the short term
In regards to thinking structurally, superficial similarities: - Answers exist when the basic
(relatively easy to observe) elements of technology resemble the basic elements of the market
(T/F) Experience is idiosyncratic - unique to the life of the individual - Answers True
Which among the following aspects affects an entrepreneur's perception of feasibility? -
Answers Self-efficacy
The ________ is filed to establish a date of conception of an invention and replaces what used to
A new entry includes all of the following except: - Answers Creating a new brand name for your
company
An entrepreneur considering if what they are doing makes sense is an example of: - Answers A
reflection task
(T/F) Comprehension questions are designed to stimulate entrepreneurs to think about their
own understanding - Answers False
In regards to the differences between the entrepreneurial and administrative focuses which of
the following is correct? - Answers Entrepreneurs rent or sporadically use resources; managers
like to own resources
Having an entrepreneurial orientation towards the control of resources means: - Answers that
one focuses on accessing others' resources
(T/F) The corporate entrepreneur to have the ability to encourage teamwork and use a
multidisciplined approach, which violates organizational practices and structures taught in most
business schools - Answers True
The first step in establishing corporate entrepreneurship in an organization is: - Answers
securing commitment from top management
Which of the following is not a reason that first movers are better positioned to satisfy their
customers? - Answers They have less uncertainty over the nature of the market
The casual process of thinking: - Answers starts with a desired outcome and focuses on the
possible means to generate that outcome
All these are characteristics of an entrepreneurial environment except: - Answers there are short
term horizons
Corporate entrepreneurship is best described as: - Answers entrepreneurial action within an
organization
Which is not a leadership characteristic of a corporate entrepreneur according to the text? -
Answers Encourages colleagues to follow hierarchy
In Stage Two of the McMullen-Shepherd Model: - Answers the entrepreneur decides whether or
not there is an opportunity for him or her personally
(T/F) The McMullen-Shepherd Model explains how knowledge and motivation influences two
stages of entrepreneurial action - Answers True
Frequent flier miles would be an example of which barrier to entry? - Answers Building in
, switching costs
A ________ strategy that copies products that already exist and attempts to build an advantage
through minor variations. - Answers me-too
(T/F) The effectuation process starts with what one has and selects among possible outcomes
- Answers True
(T/F) The period of time when the environment is favorable for entrepreneurs to exploit a
particular new entry is called the window of opportunity - Answers True
Which of the following is true? - Answers Independent, venture-capital based start-ups by
entrepreneurs tend to outperform corporate start-ups significantly
On the educational background, entrepreneurs: - Answers cite an educational need int he areas
of finance, strategic planning, marketing, and management
(T/F) Customers always embrace change in products and services - Answers False
(T/F) Entrepreneurial action can be defined as those situations in which new goods, services,
raw materials, and organizational methods can be sold at greater than their production cost -
Answers False
An error of omission occurs when an entrepreneur: - Answers decides not to enter a market that
is, in fact, desirable
(T/F) Entrepreneurially managed firm structure is usually flat with multiple networks - Answers
True
Technological uncertainty: - Answers occurs because an alternative technology could be
introduced by competitors
To be the basis of firm's superior performance over competitors for an extended period of time,
valuable and rare resources need to be: - Answers inimitable
Which of the following is true about corporate entrepreneurship? - Answers A company must be
willing to invest money without a guarantee of a return in the short term
In regards to thinking structurally, superficial similarities: - Answers exist when the basic
(relatively easy to observe) elements of technology resemble the basic elements of the market
(T/F) Experience is idiosyncratic - unique to the life of the individual - Answers True
Which among the following aspects affects an entrepreneur's perception of feasibility? -
Answers Self-efficacy
The ________ is filed to establish a date of conception of an invention and replaces what used to
