MGT602 MIDTERM Which of the following statement is true for entrepreneurship?

Entrepreneurship is the dynamic process of creating incremental wealth ( !GE "# Entrepreneurship involves the management process Entrepreneurship does not require the devotion of the necessary time and effort Entrepreneurship involves assuming the necessary financing 2-The skills required by entrepreneurs can be classified into three main areas one of which is! "eing innovative ersonal entrepreneurial s$ills ( !GE %%# #ocial skill $one of the mentioned options T&REE E'TER RE'E(RI!) *+I))* %# TE,&'I,!) *+I)) 2# -(*I'E** M!'!GEME'T *+I)) .# ER*/'!) E'TER RE(E(RI!) *+I)) %-The entrepreneur employs a flat organi&ational structure with! Which is hierarchical in nature? Which is formali&ed? Informal networ$s ( !GE %0# $one of the mentioned options '-(ollowing leadership characteristics constitute a successful intrapreneur e)cept! *isionary and fle)ible +reates management options Train employees as well as share their e1periences ( !GE 20# ,ersists
INTRAPRENEURIAL LEADERSHIP CHARACTERISTICS There are certain individual characteristics needed for a person to be successful Entrepreneurs, including: 1. Understanding the environment 2. Being visionary and flexible . !reating management options ". Encourage team#or$ #hile employing a multi%disciplined approach &. Encouraging open discussion '. Building a coalition of supporters, and persisting

--.n opportunity assessment plan should focus on the opportunity and provide the basis to make the decision and!

 . description of the product or service .n assessment of the opportunity .ssessment of the entrepreneur and the team 2 !ll of the mentioned options ( !GE %.#
Opportunity analysis, or an opportunity assessment plan, should o!us on the opportunity and pro"ide the #asis to ma$e the de!ision, in!ludin%& a' A des!ription o the produ!t or ser"i!e #' An assessment o the opportunity !' Assessment o the entrepreneur and the team d' Spe!i i!ations o all the a!ti"ities and resour!es needed e' The sour!e o !apital to inan!e the initial "enture

/-0ne of the factors making it desirable to create a new venture is! The 1overnment Teachers ( !GE 6# .vailability of financial resources $one of the mentioned options 2-#ome of the more frequently used ideas for new entrepreneur include! +onsumers E)isting companies 3istribution channels 2 !ll of the mentioned options ( !GE .3#
SOURCE S O( NE) IDEAS ( sound idea for a ne# product or service, properly evaluated, is essential to successfully launch a ne# venture. )ome of the more fre*uently used ideas for ne# entrepreneur include consumers, existing companies, distribution channels, the federal government and research and development.

4-,ersonal entrepreneurial skills differentiate an entrepreneur from a manager and include 5nner control 6discipline7 2 8isk taking 5nnovativeness !ll of the mentioned options ( !GE %%#
Personal entrepreneurial skills di erentiate an entrepreneur rom a mana%er and in!lude inner !ontrol *dis!ipline+, ris$ ta$in%, inno"ati"eness, persisten!e, "isionary leadership, and #ein% !han%e oriented'

9-The product planning and development process : is divided into five ma;or stages< Which of the following is not a stage of this process? 5dea stage +oncept stage roduction stage ( !GE ".#

 ,roduct development stage

This re inin% pro!ess, the produ!t plannin% and de"elopment pro!ess - is di"ided in to i"e ma.or sta%es' Idea sta%e, !on!ept sta%e, produ!t de"elopment sta%e, test mar$etin% sta%e and !ommer!iali/in%0 it result in the produ!t li e !y!le'

=>-0ne of the factors making it possible to create a new venture is! 2 The Go4ernment ( !GE 6# Teachers ,eers $one of the mentioned options
)hat ma$es it possi#le to orm a ne1 !ompany23 (ormal edu!ation and pre"ious #usiness e4perien!e %i"e a potential entrepreneur the s$ills needed to orm and mana%e a ne1 enterprise' Althou%h edu!ational systems are important in pro"idin% the needed #usiness $no1led%e, indi"idual 1ill tend to #e more su!!ess ul in ormin% in ields in 1hi!h they ha"e 1or$ed' The %o"ernment also !ontri#utes #y pro"idin% the in rastru!ture to help a ne1 "enture .

==-Without Top Management the organi&ation will never be able to make the necessary changes< CO55IT5ENT *PA6E 78+
+ithout top mana%ement !ommitment, the organi,ation #ill never be able to ma$e the necessary changes

%25Technological innovations refer to new products with significant technological advancements TR(E ( !GE 3# 6!)*E =%-The 7enture ,apitalist is a professional money manager who makes risk investments from pool and equity capital to obtain a high rate of return on investment< TR(E (page .# 6!)*E ='-The entrepreneur must be able to put forth the necessary Time and effort required for the venture to succeed<

True (page %.# 6alse =--5n roduct De4elopment stage consumer reaction is determined often through a consumer panel< True *pa%e 9:+ (alse