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Exam 8: Entrepreneurial Strategy and Competitive Dynamics

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Question 31

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Opportunity recognition involves two phases of activity: discovery and execution.

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Question 32

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Which of the following statements about venture capital is not true?

A) Entrepreneurs raise venture capital by selling shares of ownership in their business.
B) Venture capital is a form of public equity financing.
C) Venture capital is used to finance rapid growth or large capital expenditures.
D) Venture capital groups can often provide helpful management advice.

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Question 33

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Smell-O-Vision created an invention that would pump odors into movie theatres.It did not make it to market.This was an attempt to be an adaptive entry strategy.

Compare and contrast the three most common new venture entry strategies: pioneering,imitative,and adaptive.

According to competitive dynamics,competitors are more likely to respond when attacked in a market where the competitor relies on that market for a large portion of its sales.Why is this so? That is,what dynamic is at work in this situation that would cause that response?

Which of the following is NOT one of the characteristics of an entrepreneurial opportunity?

What are the advantages and disadvantages of using venture capital to finance new ventures?

Because of the Small Business Administration and government regulations,small businesses are rarely allowed to bid on government contracts.

When an industry is mature,a ______________ strategy is considered to be one of the most effective approaches for a new entrant.

Entrepreneurial firms are often in a strong position to use combination strategies,because they have the flexibility to approach situations uniquely.

The majority of entrepreneurial start-ups are financed through monies from _____________.

Explain how the overall cost leadership strategy is used by new ventures to achieve competitive advantage.Provide an example.

Entrepreneurial competitive dynamics refers to a cycle of actions and responses between firms competing for the same customers.

Amazon is an example of a company that used the differentiation strategy to enter the market.The differentiation features included _____________.

Which of the following is not a primary source of financing for entrepreneurial start-ups?

Which of the following is the most important resource for a start-up activity?

Venture capital funding for entrepreneurial ventures is usually available only after the start-up has become a going concern and established a track record.

Because new ventures typically are small,they usually do not have high economies of scale relative to competitors.

Market commonality is the extent to which rivals draw from the same types of resources.

In what ways are human capital and social capital valuable to an entrepreneurial start-up? Provide examples of each.