International Business Opportunities and Challenges Study Set 1

Jeffry Timmons-one of the early leaders in entrepreneurship education-considered the opinion that entrepreneurs are born and not made, a myth.

Entrepreneurs only launch commercial ventures, which sell products or services for a profit.

The biggest difference in moving from corporate life to entrepreneurship is that entrepreneurs do not have a buffer between a mistake and total failure.

Venture funding can create unreasonable demands on the entrepreneur to produce results without the proper procedures and research required for long-term success.

In order to operate effectively, businesses need to know that contracts are binding, that their property and intellectual property rights are protected, and that there is a fair system for handling disputes.

A disruptive technology is a technology that can make prior technologies obsolete.

Culture plays an insignificant role in deciding whether the condition in a particular country is conducive to entrepreneurship.

Early adopters are those consumers who generally wait for others to buy a new technology before they make use of it.

The executive summary highlights how the business operates on a day-to-day basis.

Social entrepreneurs apply similar tools and skill sets as other entrepreneurs.

A newly founded company that develops a revolutionary new way to do a particular activity and seeks to expand that new method nationally and internationally would be considered entrepreneurial.

The distinguishing feature of born-global firms is that their origins are international, as demonstrated by management's global focus and the commitment of certain types of resources to international activities.

Entrepreneurs are the same as people who purchase a small business in terms of the methodology, new product development, and the choice of markets.

A local dry cleaner has been through four different owners and provides dry cleaning facilities to customers in a particular locality.The current owner would be considered an entrepreneur.

A common characteristic of born-global firms is that their offerings complement the products or capabilities of other global players.

There are two phases of a global start-up assessment, which consists of deciding whether a firm should become a global start-up and what the firm needs to do to make that happen.

A born-global firm is a business organization that seeks to derive significant competitive advantage from the use of resources and the sale of outputs in multiple countries.

Born-global firms follow the traditional pattern of businesses that operate in the home country for many years and gradually evolve into international trade.

Employees in a mid-size company rely on innovation and speed to a much greater extent than entrepreneurs.

Opportunity identification does not form a part of the entrepreneurial process.