Module 6

Question 1

Commercialization strategy

Answer 1

The strategic choices an entrepreneur makes to finance later-stage development of a venture

Question 2

Corporation

Answer 2

A legal structure for business that exist apart from the individuals who owned it (shareholders) and operate it (directors and officers).

Question 3

Creativity

Answer 3

The generation of new ideas by individuals in teams

Question 4

Corridor principle

Answer 4

The idea that new ventures can surface new and unintended market opportunities

Question 5

Strategy

Answer 5

A plan of action design to achieve specific goals or objectives in a venture.

Question 6

Intrapreneur

Answer 6

A manager within a firm tasked with fostering innovation through entrepreneurial activities

Question 7

Partnership

Answer 7

A legal structure of co-ownership between two or more people who go into business together and share in any profits or losses

Question 8

Sole proprietorship

Answer 8

The simplest legal structure where the sole owner is not legally distinct from the business

Question 9

Innovation

Answer 9

The process by which new ideas are converted into new products, business practices, and strategies that create value.

Question 10

Elevator pitch

Answer 10

A quick, Succinct summation of an entrepreneurial opportunity.

Question 11

Resource based theory

Answer 11

A model Advanced by jay b Barney and Delwyn n Clark that focuses on the competencies and capabilities of the firm in creating competitive advantage

Question 12

Entrepreneur

Answer 12

An individual who starts, organizes, manages, and assumes the risks and responsibilities of a business or enterprise.

Question 13

Entrepreneurship

Answer 13

The process of innovating with products or services for the purpose of creating wealth for the entrepreneur while adding value to society

Question 14

SWOT analysis

Answer 14

Strategic analysis of a ventures strengths, weaknesses, opportunities,‘s and threats.

Question 15

Market niche

Answer 15

The subset of the market on which a specific product or service is focused on

Question 16

Equity financing

Answer 16

When an entrepreneur receives cash from an investor in exchange for equity in the company

Question 17

Angel capital

Answer 17

Investments in new ventures made by wealthy individuals (angels).

Question 18

Accounts receivable

Answer 18

Money due from clients for products delivered or services performed

Question 19

Debt financing

Answer 19

When an entrepreneur borrows cash and agrees to pay back the lender the original loan amount, plus the premium, by an agreed-upon future date.

Question 20

Accounts payable

Answer 20

Payments due to suppliers for products and services

Question 21

 Venture capital (VC)

Answer 21

Investments in new ventures with exceptional growth potential

Question 22

Social innovation

Answer 22

The creation of innovative solutions to complex social problems

Question 23

Mission statement

Answer 23

A brief written statement of the vision and purpose of a venture or organization

Question 24

Social entrepreneurship

Answer 24

The process of developing innovative solutions for society’s most pressing social problems using entrepreneurial tools and techniques

Question 25

Intrapreneurship

Answer 25

The entrepreneurial process conducted within an established organization

Question 26

Strategic planning

Answer 26

A process to determine the mission, objectives and strategies of a venture or organization and then finding ways to achieve the identified vision

Question 27

Serial entrepreneur

Answer 27

An entrepreneur who starts numerous businesses overtime

Question 28

Private placement

Answer 28

The method of raising capital through security sold without a public offering (to select private investors).