Established firms with an entrepreneurial emphasis are proactive, innovative, and risk-taking.

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test 1 vocab for ch2-4
What type of Entrepreneurship is Practised by firms that encourages and emphasizes entrepreneurial behavior throughout their various divisions?
What is the difference between entrepreneurial firms and conservative firms?
What is the proactive process of developing a business venture to make a profit?
What is meant by entrepreneurial innovation?

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test 1 vocab for ch2-4

Question	Answer
The process by which individuals pursue opportunities without regard to resources they currently control	entrepreneurship
Behavior orientation exhibited by established firms with an entrepreneurial emphasis that is proactive, innovative, and risk taking.	corporate entrepreneurship
The position of a firm on a conceptual continuum that ranges from highly conservative to highly entrepreneurial	entrepreneurial intensity
An entrepreneur's belief that his or her business will positively influence people's lives; one of the characteristics of successful entrepreneurs	passion for their business
A defining characteristic of successful entrepreneurs that emphasizes producing good products with the capability to satisfy customers.	product/customer focus.
The ability to fashion a solid business idea into a viable business is a key characteristic of successful entrepreneurs’	execution intelligence.
Entrepreneurs who are often characterized as willing to assume a moderate amount of risk in business. being neither overly conservative nor likely to gamble	moderate risk takers
Relative worth, importance, or utility	value.
The process by which new products and technologies developed by entrepreneurs over time make current products and technologies obsolete; stimulus of economic activity	creative destruction
The process of creating something new, which is central to the entrepreneurial process	innovation
The event that prompts an Individual to become an entrepreneur (e.g., losing a job, inheriting money, accommodating a certain lifestyle).	triggering event
A written document describing all the aspects of a business venture, which is usually necessary to raise money and attract high quality business partners	business plan
A company's plan for how it competes, uses its resources, structures its relationships, interfaces with customers, and creates value to sustain itself on the basis of the profits it generates	business model
Small firms that yield a level of income for their owner or owners that is similar to what they would earn when working for an employer	salary-substitute firms
Companies that bring new products and services to market by creating and seizing opportunities	entrepreneurial firms
Businesses that provide their owners the opportunity to pursue a particular lifestyle and earn a living while doing so (e.g., ski instructors, golf pros, and tour guides).	lifestyle firms.
A technique used to quickly generate a large number of ideas and solutions to problems; conducted to generate ideas that might represent product or business opportunities.	brainstorming
States that once an entrepreneur starts a firm and becomes immersed in an industry, "corridors" leading to new venture opportunities become more apparent to the entrepreneur than to someone looking in from the outside	corridor principle
The process of generating a novel or useful idea	creativity.
A panel of individuals set up by some companies to meet regularly to discuss needs, wants, and problems that may lead to new product, service, or customer service Ideas.	customer advisory boards
A form of anthropological research used by companies to make sure customers are satisfied and to probe for new product ideas by sending researchers to the customers' homes or business	day-in-the-life research
The ability to notice things without engaging in deliberate search	entrepreneurial alertness
A gathering of five to ten people who have been selected based on their common characteristics relative to the issue being discussed; conducted to generate ideas that might represent product or business opportunities	focus group
A thought, impression, or notion.	idea
. A physical or digital repository for storing ideas	idea bank
Any product of human intellect, imagination, creativity, or inventiveness that is intangible but has value in the marketplace and can be protected through tools such as patents, trademarks, copyrights, and trade secrets.	intellectual property
A privately maintained Internet site that can be accessed only by authorized users.	intranet
Entrepreneurs who identified their idea through social contacts	network entrepreneurs
A favorable set of circumstances that creates a need for a new product, service, or business	opportunity
An entrepreneur recognizes a problem and creates a business to fill it.	opportunity gap.
The process of perceiving the possibility of a profitable new business or a new product or service	opportunity recognition
Entrepreneurs who identified their business idea on their own	sole entrepreneurs
Relationships with frequent interaction between like-minded individuals such as coworkers, friends. and spouses; these relationships tend to reinforce insights and ideas the individuals already have and. therefore. Are not likely to Introduce new ideas.	strong-tie relationships
Relationships characterized by infrequent interaction that form between casual acquaintances who do not have a lot in common and, therefore. may be the source of completely new Ideas	weak tie relationships
The time period in which a firm or an entrepreneur can realistically enter a new market	window of opportunity
An instrument that is used to gauge customers' interest in a product or service.	buying intentions survey
A preliminary description of a business includes description of the product/service offered, the intended target market, the benefits of the products/service, position in the market, and how the product or service will be sold and distributed	concept statement
A representation of the product or service to prospective users to gauge customer interest, desirability, and purchase intent	concept test
A preliminary evaluation of a business idea to determine if it is worth pursuing	feasibility analysis
A preliminary financial assessment of a new venture that considers the total start up cash needed, financial performance of similar businesses, and the overall financial attractiveness of the proposed venture	financial feasibility analysis
A group of firms producing a similar product or service, such as airlines, fitness drinks, or electronic games.	Industry
The group of founders, key employees, and advisors that move a new venture from an idea to a fully functioning firm	new-venture team
A study conducted to determine whether a proposed business has sufficient management expertise, organizational competence, and resources to be successful	organizational feasibility analysis
Research that is original and is collected firsthand by the entrepreneur by, for example, talking to potential customers and key industry participants	primary research
An assessment of the overall appeal of the product or service being proposed	product/service feasibility analysis
Data collected previously by someone else for a different purpose	secondary research
An explanation in a new firm's business plan of the sources of the numbers for its financial forecast and the assumptions used to generate the	assumptions sheet
A panel of experts asked by a firm's management to provide counsel and advice on an ongoing basis	board of advisers
A panel of individuals who are elected by a corporation's shareholders to oversee the management of the firm.	board of directors
A written document describing all the aspects of a business venture, which is usually necessary to raise money and attract high quality business partners.	business plan
A detailed evaluation of a firm's direct, indirect, and future competitors	competitor analysis
The amount per unit of sale that is left over and is available to "contribute" to covering the firm's fixed costs and producing a profit.	contribution margin.
The materials and direct labor needed to produce firm's revenue	cost of goods sold
A quick overview of the entire business plan that provides a busy reader everything that he or she needs to know about the distinctive nature of the new venture.	executive summary
The costs that a company incurs in operating a business whether it sells something or not (e.g., overhead)	fixed costs.
A document that spells out a company's operations and plans in much more detail than a summary business plan; the format that is usually used to prepare a business plan for an investor.	full business plan
An analysis that breaks the industry into segments and zeros in on the specific segment (or target market) to which the firm will try to appeal	market analysis
The process of studying the industry in which a firm intends to compete to determine the different potential target markets in that industry	market segmentation
A firm's overall approach for marketing its products and services	marketing strategy
In a business plan context, a noteworthy event in the past or future development of a business	milestone
A statement that describes why a firm exists and what its business model is supposed to accomplish.	mission statement
An analysis of the firm's fixed costs versus its variable costs	operating leverage
A blueprint for a company's operations; primarily meant for an internal audience	operational business plan
A graphic representation of how authority and responsibility are distributed within a company	organizational chart
How the entire company is situated relative to its competitors	position
Projections for future periods, based on a firm's forecasts, and typically completed for two to three years in the future	pro forma financial statements
The first physical manifestation of a new product, often in a crude or preliminary form	product prototype.
Ratios showing the relationships between items on a firm's financial statements that are used to discern whether a firm is meeting its financial objectives and how it stacks up against industry peers	ratio analysis
A representation of what the service will be like and how the customer will experience it	service prototype
A document. usually included in the financial section of a business plan, that lays out specifically how much money a firm needs, where the money will come from. and what the money will be used for	sources and uses of funds statement
A business plan 10 to 15 pages long that works best for companies very early in their development that are not prepared to write a full plan.	summary business plan
A phrase that is used consistently in a company's literature. advertisements. promotions. stationery, and even invoices to develop and to reinforce the position the company has staked out in its market	tagline
The costs that are not fixed that a company incurs as it generates sales	variable costs
A computer generated 3-D image of an idea	virtual prototype

What type of Entrepreneurship is Practised by firms that encourages and emphasizes entrepreneurial behavior throughout their various divisions?

The correct answer is B) Corporate entrepreneurship refers to entrepreneurship within the organization.

What is the difference between entrepreneurial firms and conservative firms?

The changes in the innovative behavior of conservative firms (which emphasize stability, standardized products and cost-minimization strategies) are contrasted with that of entrepreneurial firms (which emphasize flexibility, rapid product change and state-of-the-art product features).

What is the proactive process of developing a business venture to make a profit?

What is Entrepreneurship? Entrepreneurship It is a proactive process of developing a business venture to make a profit. It involves seeking opportunities for market, establishing and operating a business out of the opportunity, and assessing its risks and rewards through close monitoring of the operations.

What is meant by entrepreneurial innovation?

Innovative entrepreneurship is the practice of establishing creating new business ideas intending to generate profit, assist their community and accomplish company goals. Innovative entrepreneurs develop business models to identify to meet the needs of an organization and improve their competitiveness in the market.

Established firms with an entrepreneurial emphasis are proactive, innovative, and risk-taking.

test 1 vocab for ch2-4

What type of Entrepreneurship is Practised by firms that encourages and emphasizes entrepreneurial behavior throughout their various divisions?

What is the difference between entrepreneurial firms and conservative firms?

What is the proactive process of developing a business venture to make a profit?

What is meant by entrepreneurial innovation?

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