One hallmark of true entrepreneurs is their ability to adapt to the changing demands of their...
Question:
One hallmark of true entrepreneurs is their ability to adapt to the changing demands of their customers and businesses. Indicate whether the statement is true or false.
Market Dynamics:
Market dynamics refers to market conditions or how the market responds to a product or service at a specific point in time. It reflects the customer's behavior, as well as their preferences and the market's competitive level.
Answer and Explanation:
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View this answerThe given statement is True
Entrepreneurs are highly skilled and passionate individuals who want to transform the industry by launching a new product...
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Entrepreneurs: Required Skills & Competencies
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Chapter 30 / Lesson 3
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Entrepreneurs assume risks when venturing in business opportunities and must possess specific skills in order to be successful. Explore the skills and competencies common to successful entrepreneurs and how these contribute to risk vs. reward.
Related to this Question
- Change is not as inevitable for companies as it is for individuals. Indicate whether the statement is true or false.
- Entrepreneurs are noted for their ability to bounce back after a business failure. Indicate whether the statement is true or false.
- Firms, like organisms, must be "adept at adapting" or they will not survive. Indicate whether the statement is true or false
- Telling employees why they need to change will not make them change. Indicate whether the statement is true or false.
- Generally speaking, current employees will prove flexible and able to meet whatever changes the new owner desires to make once the business is acquired. a. True b. False
- The passion that entrepreneurs have typically stems from the ability to pursue their own ideas. Indicate whether the statement is true or false.
- Independent entrepreneurs with a go-my-own-way attitude are ideally suited for becoming franchisees. Indicate whether the statement is true or false.
- Passion for change among entrepreneurs is greatest when work roles and the social environment encourage them to put their creative identities forward. Indicate whether the statement is true or false.
- True or false? Entrepreneurs typically stay their charted courses rather than cater to changing situations.
- True or false? A diverse workforce is better able to anticipate and respond to changing consumer needs.
- Effective change implementation does not require new skills and competencies on the part of the organization's employees. Indicate whether the statement is true or false.
- In today's economy, entrepreneurs are seen as heroes. Indicate whether the statement is true or false.
- Employees are more accepting of changes when they are committed to the organization as a whole. Indicate whether the statement is true or false.
- Change agents are outside consultants who are selected for their skill in dealing with resistance to change. Indicate whether the statement is true or false.
- People are more willing to accept changes if they trust the managers implementing them. Indicate whether the statement is true or false.
- Entrepreneurs can outsource many of the operations of their companies. Indicate whether the statement is true or false.
- Most businesses and many other organizations are likely to be insensitive to moves made by their direct competitors, especially those in response to changes in the market or customers' preferences. Indicate whether the statement is true or false.
- True or false? Successful businesses embrace change and carefully evaluate risks.
- Companies cannot manage the careers of executives in order to create a continuous stream of leaders from inside the organization capable of implementing change. Indicate whether the statement is true or false.
- Entrepreneurs can do whatever they want and that conflictive action taken by entrepreneurs against society's ethical standards does not incur a price. Indicate whether the statement is true or false.
- Entrepreneurs usually experience greater income stability running their own businesses than they did in their corporate careers. Indicate whether the statement is true or false.
- Because of advances in technology, entrepreneurs can outsource many of the operations of their companies. Indicate whether the statement is true or false.
- Highly successful entrepreneurs are able to communicate their vision and their enthusiasm about that vision to those around them. Indicate whether the statement is true or false.
- The underlying precept of reengineering is that firms can become inflexible and resistant to change. True or false
- Most successful entrepreneurs accept failure as part of what they do, and they use it to learn for the "next time." Indicate whether the statement is true or false.
- When an organization is attempting to implement change, there is an urgent need to attract employees whose behavior exemplifies the desired future state. Indicate whether the statement is true or false.
- Management development is a special approach to organizational change in which the employees themselves formulate the change that is required and implement it. Indicate whether this statement is true or false.
- For restructuring to be successful, mere changes in the lines on an organizational chart are not sufficient; it demands a different way of working for the employees. Indicate whether this statement is true or false.
- Advances in technology available to entrepreneurs permit them to move into manufacturing and compete directly with Fortune 500 companies. Indicate whether the statement is true or false.
- Entrepreneurs tend to create thorough, well thought out business plans prior to implementing new businesses. Indicate whether the statement is true or false.
- Entrepreneurs must avoid risk, which is why they develop their companies. a. True b. False
- Entrepreneurs bootstrap their companies. a. True b. False
- Indicate whether the following statement is true or false: Most entrepreneurial firms are reluctant to try to grow.
- Training can help convey to employees how their competitive environment is changing and why their own behaviors need to be altered. Indicate whether the statement is true or false.
- In industries in which time to market is not critical, the ability to adapt to change or to initiate it is vitally important. Indicate whether the statement is true or false
- True or false? Human resources (HR) professionals are increasingly expected by their employers to be change agents who lead the organization and its employees through change.
- Entrepreneurs are motivated primarily by money. Indicate whether the statement is true or false.
- A characteristic that describes the most competitive companies is adopting the adage, "Whether it's broke or not, fix it"; in other words, continually strive to improve everything about the firm. Indicate whether the statement is true or false
- "Managers today are less interested in an applicant's ability to perform a specific job than with his or her flexibility to meet changing situations and commitment to the organization." Indicate whether the statement is true or false.
- Firms outsource functions as a means for sharing their capabilities with external suppliers. Indicate whether the statement is true or false
- Entrepreneurs tend to have a low tolerance for ambiguity. Indicate whether the statement is true or false.
- True or false? The most important factor differentiating successful salespeople is their ability to discover the needs of customers.
- Accommodator companies obey the letter of the law but do not make changes that might restrict profits unless they are required to do so. True or false.
- Indicate whether the statement is true or false. \\ When asked what they want from a business they deal with, most customers say convenience.
- True or false? Customer service is the ability of an organization to consistently give customers what they want and need.
- "Copreneurs" are entrepreneurial couples who work together as co-owners of their business. Indicate whether the statement is true or false.
- Change agents are synonymous with managers. Indicate whether the statement is true or false.
- Successful entrepreneurs are often people who challenge orthodoxies. Indicate whether the statement is true or false
- Buyers use SOWs to express their requirements. True or False
- Entrepreneurship has become mainstream. Indicate whether the statement is true or false.
- The very characteristics that make entrepreneurs successful creativity, risk taking, and action orientation can cause them to fail because they lose sight of where they are going. Indicate whether the statement is true or false.
- Once managers are successful in getting others to see the need for change, they do not encounter further resistance in the moving stage of the change process. Indicate whether the statement is true or false.
- Disruptive business models are impactful enough that they disrupt or change the way business is conducted in an industry or an important niche within an industry. Indicate whether the statement is true or false.
- New technologies can be introduced as a way to support the desired behavioral changes. Indicate whether the statement is true or false.
- Entrepreneurs are people who grow existing businesses by careful management of existing resources. Indicate whether the statement is true or false.
- Companies with dominant market share are less susceptible to the forces of change than smaller businesses. Indicate whether the statement is true or false.
- "Corporate dropouts" are middle managers who are laid off from large corporations and decide to start their own businesses rather than return to a corporate job. Indicate whether the statement is true or false.
- Staffing requirements are likely to follow a change in strategy. Indicate whether the statement is true or false
- Bosses are human and are learning and developing their skills. Indicate whether the statement is true or false.
- Unlearning requires a firm to modify or abandon traditional ways of engaging in business. Indicate whether the statement is true or false
- In the fashion industry, customer needs change rapidly and managers often locate factories or assembly operations near important customers. Indicate whether the statement is true or false.
- The management of diversity will require ongoing adjustments of your company to your workers. a. True b. False
- Research indicates that entrepreneurs tend to crave control. Indicate whether this statement is true or false.
- Franchises are typical in technology companies where the new technology does not fit with the company's core competencies. Indicate whether the statement is true or false.
- "Some people are genetically predisposed to be entrepreneurs." Indicate whether the statement is true or false.
- Trigger events are internal changes to an organization that requires a change in the behavioral patterns of employees. Indicate whether the statement is true or false.
- Most employees experience some degree of role ambiguity at one time or another because organizations frequently change job responsibilities to adapt to changing conditions in the competitive environment. Indicate whether the statement is true or false.
- Disruptive innovations change markets and provide an entirely new approach to meeting customer needs. a. True b. False
- Intrapreneurs are entrepreneurs who operate within the framework of an existing business. Indicate whether the statement is true or false.
- Indicate whether the statement is true or false. \\ When an organization imposes change on their employees, resistance is lessened because employees understand that change is inevitable.
- "Buying" involves injecting the organization with new employees who possess the desired set of competencies. Indicate whether the statement is true or false.
- Indicate whether the statement is true or false. Firms that take a differentiation position try to satisfy basic rather than highly specialized customer needs.
- Indicate whether the following statement is true or false: Outside consultants who are experts in managing change are known as external change agents.
- The acceleration of technological change has increased the number of managers needed by most businesses. A) True B) False
- Entrepreneurs are more wild risk takers than calculated risk takers. Indicate whether the statement is true or false.
- The flurry of corporate "pink slips" has slowed down a new population of entrepreneurs. Indicate whether the statement is true or false.
- Small businesses often bring giant companies the ideas they need to expand. A. True B. False
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- Answer true or false: To change a person's ability, the manager should make sure resources are available for the job.
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- Entrepreneurs' resource limitations often disable their innovative capabilities. a. True b. False
- A buyer may be powerful when changing suppliers costs a great deal. Indicate whether the statement is true or false.
- When a firm creates a climate that is supportive of entrepreneurship, the evolving characteristics of the new venture usually results in a unit that's complementary to the core businesses. Indicate whether the statement is true or false
- Entrepreneurs who depend on significant investor capital often find their flexibility considerably increased. Indicate whether the statement is true or false.
- For a strategy to be successful, a firm must be flexible and make changes to the plan based on experience. Strategic management requires adaptation to changing conditions. Indicate whether the statement is true or false.
- Job analysis is most often performed because of changes like jobs. Indicate whether this statement is true or false.
- Corporate new ventures are more likely to be successful when they test business models directly with potential users. Indicate whether the statement is true or false.
- Employees satisfied with their jobs tend to have more satisfied customers. (a) True (b) False.
- Firms have more control over their future in their nonmarket environment than they have in the markets in which they operate. Indicate whether the statement is true or false
- R&D-generated ideas tend to be more incremental, or built upon existing designs, and are better aligned with customer needs than marketing-generated ideas. Indicate whether the statement is true or false
- The ability to deal with change is a critical skill in today's world. Indicate whether the statement is true or false.
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