MBUS 304 Midterm questions well
answered 2025/2026
Entrepreneurial spirit - ANS ✔✔the most significant economic development in recent history.
GEM study: - ANS ✔✔11.3 percent of adult population in the U.S. is actively involved in trying to
start a new business
Failure - ANS ✔✔a natural part of the creative process.
Creativity - ANS ✔✔the ability to develop new ideas and to discover new ways of looking at
problems and opportunities; thinking new things.
Innovation - ANS ✔✔the ability to apply creative solutions to problems or opportunities to
enhance or to enrich people's lives; doing new things.
Entrepreneurship - ANS ✔✔the result of a disciplined, systematic process of applying creativity
and innovation to the needs and opportunities in the marketplace.
Right brained thinkers - ANS ✔✔Always ask, "Is there a better way?"
Challenge custom, routine, and tradition.
Are reflective.
Are prolific thinkers.
Play mental games.
Right brained thinking - ANS ✔✔draws on divergent reasoning, the ability to create a multitude
of original, diverse ideas.
,Left brained thinking - ANS ✔✔counts on convergent reasoning, the ability to evaluate multiple
ideas and to choose the the best solution to a problem.
Entrepreneurship requires.. - ANS ✔✔BOTH left-and right-brained thinking.
The creative process - ANS ✔✔1. Preparation
2. Investigation
3. Transformation
4. Incubation
5. Illumination
6. Verification
7. Implementation
Preparation - ANS ✔✔Get your mind ready for creative thinking.
Protecting your concept/ideas - ANS ✔✔1. Patent (up to $10,000)
2. Copyright
3. Trademark
4. Service mark
5. Non-disclosure agreement (NDA)
Patent - ANS ✔✔a grant from the Patent and Trademark Office to the inventor of a product,
giving the exclusive right to make, use, or sell the invention for 20 years from the date of filing
the patent application.
The steps to a patent - ANS ✔✔1. Establish the inventions novelty
, 2. Document the device
3. Search existing patents
4. Study search results
5. Submit the patent application
6. Prosecute the patent application
Trademark - ANS ✔✔any distinctive word, symbol, design, name, logo, slogan, or trade dress a
company uses to identify the origin of a product or to distinguish it from other goods on the
market.
Servicemark - ANS ✔✔the same as a trademark except that it identifies the source of a service
rather than a product.
Copyright - ANS ✔✔an exclusive right that protects the creators of original works of authorship
such as literary, dramatic, musical, and artistic works. symbol ©.
Strategic Management Process Steps - ANS ✔✔1. Develop a vision and translate it into a
mission statement.
2. Assess strengths and weaknesses.
3. Scan environment for opportunities and threats.
4. Identify key success factors
5. Analyze competition.
6. Create goals and objectives.
7. Formulate strategies.
8. Translate plans into actions.
9. Establish accurate controls.
answered 2025/2026
Entrepreneurial spirit - ANS ✔✔the most significant economic development in recent history.
GEM study: - ANS ✔✔11.3 percent of adult population in the U.S. is actively involved in trying to
start a new business
Failure - ANS ✔✔a natural part of the creative process.
Creativity - ANS ✔✔the ability to develop new ideas and to discover new ways of looking at
problems and opportunities; thinking new things.
Innovation - ANS ✔✔the ability to apply creative solutions to problems or opportunities to
enhance or to enrich people's lives; doing new things.
Entrepreneurship - ANS ✔✔the result of a disciplined, systematic process of applying creativity
and innovation to the needs and opportunities in the marketplace.
Right brained thinkers - ANS ✔✔Always ask, "Is there a better way?"
Challenge custom, routine, and tradition.
Are reflective.
Are prolific thinkers.
Play mental games.
Right brained thinking - ANS ✔✔draws on divergent reasoning, the ability to create a multitude
of original, diverse ideas.
,Left brained thinking - ANS ✔✔counts on convergent reasoning, the ability to evaluate multiple
ideas and to choose the the best solution to a problem.
Entrepreneurship requires.. - ANS ✔✔BOTH left-and right-brained thinking.
The creative process - ANS ✔✔1. Preparation
2. Investigation
3. Transformation
4. Incubation
5. Illumination
6. Verification
7. Implementation
Preparation - ANS ✔✔Get your mind ready for creative thinking.
Protecting your concept/ideas - ANS ✔✔1. Patent (up to $10,000)
2. Copyright
3. Trademark
4. Service mark
5. Non-disclosure agreement (NDA)
Patent - ANS ✔✔a grant from the Patent and Trademark Office to the inventor of a product,
giving the exclusive right to make, use, or sell the invention for 20 years from the date of filing
the patent application.
The steps to a patent - ANS ✔✔1. Establish the inventions novelty
, 2. Document the device
3. Search existing patents
4. Study search results
5. Submit the patent application
6. Prosecute the patent application
Trademark - ANS ✔✔any distinctive word, symbol, design, name, logo, slogan, or trade dress a
company uses to identify the origin of a product or to distinguish it from other goods on the
market.
Servicemark - ANS ✔✔the same as a trademark except that it identifies the source of a service
rather than a product.
Copyright - ANS ✔✔an exclusive right that protects the creators of original works of authorship
such as literary, dramatic, musical, and artistic works. symbol ©.
Strategic Management Process Steps - ANS ✔✔1. Develop a vision and translate it into a
mission statement.
2. Assess strengths and weaknesses.
3. Scan environment for opportunities and threats.
4. Identify key success factors
5. Analyze competition.
6. Create goals and objectives.
7. Formulate strategies.
8. Translate plans into actions.
9. Establish accurate controls.
