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Exam 14: Innovation and Entrepreneurship

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Question 31

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_________ accrues to good entrepreneurs,but their focus is on opportunities,customers,markets and competition.They do not often seek ________ for its/their own sake.

A) Money; status
B) Financial stability; profits
C) Equity financing; equity
D) Power; status

E) B) and D)
F) C) and D)

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Question 32

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Incremental business process innovations can:

A) Generate less revenue gain, but higher cost savings than radical ones
B) Generate more revenue gain or cost savings with less risk than radical ones
C) Generate more risk but higher revenue gains than radical ones
D) Generate more revenue gain and higher cost savings but with more risk than radical ones

E) All of the above
F) A) and B)

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Question 33

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_________ is money provided to a business venture that entitles the provider to rights or ownership in the venture and which is not expected to be repaid.

__________ are exceptional for their technical talents,insights and creativity,but their creations are often unsuccessful in becoming commercial realities.

_______ is an idea factor involving traditional research techniques to find ideas.

____________ are also referred to as "crowdsourcing" or "open innovation."

Innovation inherently involves _______,so some failures should be tolerated and chalked up to experience.

__________ are prevalent early in many new ventures.

__________ is turning ideas into profits.

__________ are inherently more risky than ___________.

____________ is a key characteristic of entrepreneurs.Likewise,time is the most critical resource,used in tandem to virtually "will" a new venture's success at numerous junctures early in its development.

__________ is an idea factor involving things dreamed up in the head with little reference to the outside world.

Most new ventures find _________ hard to get,so gradually nurturing a relationship with a commercial lender is a wise approach for the new entrepreneur.

__________ with other firms that have an interest in a possible innovation share the costs and risks associated with the effort.

Which of the following is NOT a primary method of innovation?

____________ is the process of bringing together creative and innovative ideas and actions with the management and organizational skills necessary to mobilize the appropriate people,money and operating resources to meet an identifiable need and create wealth in the process.

__________ is usually obtained from one or more of three sources: friendly sources,informal venture investors or professional venture capitalists.

Some company cultures foster an interest in innovation only when the ideas represent major breakthroughs.In this type of culture:

________ refers to simple changes or adjustments in existing products,services or processes.

Because certain ideal strengths rarely coexist in one individual,__________ is increasingly found to involve teams of people that combine their strengths.