BUSI 3004 EXAM

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True/False Questions 1. Entrepreneurs must often make decisions in highly uncertain environments where there is considerable emotional investment. 2. Demographics, ethnic origin, and marital s ... tatus are examples of segmentation variables. 3. The pilot-in-the-plane principle focuses on exploiting external factors in order to better predict future trends. 4. Principles of effectuation help entrepreneurs develop their cognitive adaptability. 5. The question “What is this technology all about?” is a comprehension question. 6. Comprehension questions are designed to stimulate entrepreneurs to think about their own understanding. 7. An entrepreneur typically learns more from failures than from successes. 8. The motivation for managing one’s own business is typically driven out of personal profit. 9. Negative emotional responses interfere with individuals’ allocation of attention in the processing of information. 10. An entrepreneur with loss-orientation would rarely talk about the business-failure with a close friend or relative. 11. An entrepreneur’s recovery from grief provides benefits to the society. 12. Entrepreneurial management structure is more hierarchical compared to the flat structure of traditionally managed firms. 13. Most traditional firms are committed to taking action on potential opportunities. 14. Entrepreneurially managed firms do not easily reverse their investment even if they receive unsatisfactory feedback. 15. A traditionally managed firm pursues an opportunity after considerable data analysis. 16. Compared to a traditionally managed firm, an entrepreneurially managed firm often has a larger initial investment when pursuing a new opportunity 17. A traditional firm prefers to remain in a line of business for a considerably longer period of time than an entrepreneurial firm. 18. Compared to traditional firms, entrepreneurial firms are more concerned about ownership of resources. 19. Traditional firms focus more on efficiency, than acting on changes in the external environment. 20. In an entrepreneurial firm, promotion is a reward and provides the manager with even more resources and therefore further scope for rewards. 21. A typical entrepreneurial firm prefers to grow at a controlled rate. 22. Traditional firms believe that fast growth can endanger the jobs and power of top management. 23. Traditional firms have an informal hierarchy with flexible and overlapping roles and responsibilities. 24. New lines of business and opportunities are the focus of traditionally managed firms. 25. Traditionally managed firms begin evaluating a new opportunity by assessment of the resources it controls. 26. Due to the size of investment, the scope of opportunities discovered and generated by traditional firms is more than that of entrepreneurial firms. 27. Most firms today are purely entrepreneurial in all their aspects. 28. While effectuating, entrepreneurs think through a problem in a way that starts with a desired outcome and focuses on the means to generate that outcome. Multiple Choice Questions 29. Which of the following is in accordance with the process of causation? 30. A ________ consists of all potential customers sharing a particular need/want who are willing and able to engage in exchange to satisfy the need/want. 31. Which is a viable and descriptively valid alternative for the STP process? 32. Which of the following is true of the patchwork-quilt principle?   33. Which principle advocates leveraging surprises for benefits? 34. An entrepreneur questioning the meaning of a key technological concept would fall under which of these categories? 35. An entrepreneur asks if there is a better way to implement a strategy. Identify the category of this question. 36. What is the most probable motivation for managing one’s own company? 37. Which negative emotional response does a person feel from the loss of something important? 38. When would an entrepreneur be pronounced to have recovered from the grief of a lost business? 39. In the loss-orientation process of grief recovery, when are painful memories likely to dominate most? 40. Why is loss-orientation physically and mentally exhausting? 41. Why does restoration-orientation have adverse effects on an individual’s health? 42. Which of the following is most effective in grief-recovery? 43. Entrepreneurial management differs from traditional management in all of the following ways, except: 44. What is referred to by strategic orientation? 45. In the light of commitment towards opportunities, traditional firms, unlike entrepreneurially managed firms, place considerable emphasis on: 46. With reference to management structure, which following option is an example of an internal network for an entrepreneurially managed firm? 47. The management structure of an entrepreneurially managed firm is: 48. In a traditionally managed firm, management and employees are rewarded by: 49. In an entrepreneurially managed firm, employees are rewarded by: 50. Why do traditionally managed firms prefer to grow at a slow and a steady pace? 51. In terms of culture, entrepreneurially managed firms encourage their employees to generate creative output, because: [Show More]

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