MGMT 373 Final Exam Questions and Answers Fully Solved Latest Update 2025-2026
career entrepreneur - Answers someone who takes on the daily management as the owner of
the venture, accepting, and perhaps enjoying, the daily risks and rewards of managing and
building the venture
disruptive technology - Answers technology that once introduced, displaces established
patterns, processes, and systems previously accepted as normal or accepted methods
divergent thinking - Answers process of generating as many ideas as possible, even when those
ideas do not seem logical; the list of ideas can be conflicting, diverse, and disparate
due diligence - Answers conducting the necessary research and investigation to make informed
decisions that minimize risk
entrepreneur - Answers identified; small business ownership and franchising are also
entrepreneurial options
entrepreneurial mindset - Answers awareness and focus on identifying an opportunity through
solving a problem, and a willingness to move forward to advance that idea
serial entrepreneur - Answers entrepreneur who becomes involved in starting multiple
entrepreneurial ventures
SMART goals - Answers well-structured and defined goals that are specific, measurable,
achievable, realistic and timely
social entrepreneur - Answers entrepreneur who has an interest in solving a social,
environmental, or economic problem
value proposition - Answers summary describing the benefits (value) customers can expect
from a particular product or service
vision statement - Answers picture of what the venture will become in the future or what the
venture will grow into
business model - Answers plan for how venture will be funded; how the venture creates value
for its stakeholders, including customers; how the venture's offerings are made and distributed
to the end users; and the how income will be generated through this process
capitalism - Answers system in which individuals, people, and companies have the freedom to
make decisions and own property as well as benefit from their own efforts, with government
playing a secondary role in oversight
cash flow - Answers money collected by the business through revenue and funding versus
money disbursed by the business through expenses
,cash management - Answers management of cash inflows and outflows to support cash needs
of the venture
corporate entrepreneurship - Answers development of new ideas, opportunities, or ventures
through formal research and development processes that focused on the corporation's strategy
and goals
creative destructive - Answers theory developed by Joseph Schumpeter stating that
entrepreneurial innovation is the disruptive force that creates and sustains economic growth,
though in the process, it destroys established companies and disrupts employment
due diligence - Answers conducting the necessary research and investigation to make informed
decisions that minimize risk
e-commerce - Answers electronic transactions, particularly over the Internet, for the exchange
of goods and services
entrepreneurial journey - Answers your exploration to discover if entrepreneurship is right for
you
entrepreneurial process - Answers set of decisions or actions that can be outlined and followed
as a guide to developing or adjusting a venture
entrepreneurial spirit - Answers describes a quality of those individuals who are productive self-
starters focused on making changes happen
entrepreneurial venture - Answers any business, organization, project, or operation of interest
that includes a level of risk in acting on an opportunity that has not previously been established
framework - Answers structure or outlined process that can be used to accomplish
entrepreneurial goals through problem solving, idea generation and validation, and
brainstorming
franchising - Answers form of licensing that allows the business (franchisor) to share its
business model to expand through various distributors (franchisees) for a fee
independent contractor - Answers (also, freelancer) people or businesses that provide work
similar to an employee without being part of the payroll for the contracting business, and who
pay their own taxes and pay for their own benefits
innovation - Answers new idea, process, or product, or a change to an existing product or
process
intrapreneur - Answers employee who acts as an entrepreneur within an organization, rather
than going solo
milestone - Answers significant decision point or significant accomplishment
, patent - Answers legal grant of protection for an inventor over the rights, usage, and
commercialization of an invention for a set time period
serial entrepreneur - Answers entrepreneur who becomes involved in starting multiple
entrepreneurial ventures
situational opportunity - Answers one that becomes available, depending on factors such as
where you work, your family obligations, your idea or invention, your unique creative expression,
or a recent career search or job change
soft launch - Answers (also, soft open) launching a venture for a limited time frame or audience
to gain experience, insights, and feedback about the target market or consumer
target market - Answers specific group of consumers for which a company seeks to provide a
good or service
venture - Answers startup company or organization that conducts business or is created to
satisfy a need
vertical integration - Answers strategy of gaining control over suppliers of raw materials and
distributors of finished products to expand or control the relevant supply chain
brainstorming - Answers generation of ideas in an environment free of judgment or dissension
with the goal of creating solutions
creativity - Answers development of original ideas
design thinking - Answers method to focus the design and development decisions of a product
on the needs of the customer, typically involving an empathy-driven process to define complex
problems and create solutions that address those problems
diffusion chasm - Answers most critical point of adoption, which often occurs at the end of the
early adoption phase, before the early majority steps in and truly confirms (or not) the diffusion
of an invention
disruptive innovation - Answers process that significantly impacts the market by making a
product or service more affordable and/or accessible often by smaller companies in an industry
empathy - Answers human ability to feel what other humans are feeling, which in the context of
creativity, innovation, and invention is essential to beginning a process of human-centric design
ideation - Answers purposeful process of opening up one's mind to new trains of thought that
branch out in many directions from a stated purpose or problem
incremental innovation - Answers innovation that modifies an existing product or service
innovation - Answers new idea, process, or product, or a change to an existing product or
career entrepreneur - Answers someone who takes on the daily management as the owner of
the venture, accepting, and perhaps enjoying, the daily risks and rewards of managing and
building the venture
disruptive technology - Answers technology that once introduced, displaces established
patterns, processes, and systems previously accepted as normal or accepted methods
divergent thinking - Answers process of generating as many ideas as possible, even when those
ideas do not seem logical; the list of ideas can be conflicting, diverse, and disparate
due diligence - Answers conducting the necessary research and investigation to make informed
decisions that minimize risk
entrepreneur - Answers identified; small business ownership and franchising are also
entrepreneurial options
entrepreneurial mindset - Answers awareness and focus on identifying an opportunity through
solving a problem, and a willingness to move forward to advance that idea
serial entrepreneur - Answers entrepreneur who becomes involved in starting multiple
entrepreneurial ventures
SMART goals - Answers well-structured and defined goals that are specific, measurable,
achievable, realistic and timely
social entrepreneur - Answers entrepreneur who has an interest in solving a social,
environmental, or economic problem
value proposition - Answers summary describing the benefits (value) customers can expect
from a particular product or service
vision statement - Answers picture of what the venture will become in the future or what the
venture will grow into
business model - Answers plan for how venture will be funded; how the venture creates value
for its stakeholders, including customers; how the venture's offerings are made and distributed
to the end users; and the how income will be generated through this process
capitalism - Answers system in which individuals, people, and companies have the freedom to
make decisions and own property as well as benefit from their own efforts, with government
playing a secondary role in oversight
cash flow - Answers money collected by the business through revenue and funding versus
money disbursed by the business through expenses
,cash management - Answers management of cash inflows and outflows to support cash needs
of the venture
corporate entrepreneurship - Answers development of new ideas, opportunities, or ventures
through formal research and development processes that focused on the corporation's strategy
and goals
creative destructive - Answers theory developed by Joseph Schumpeter stating that
entrepreneurial innovation is the disruptive force that creates and sustains economic growth,
though in the process, it destroys established companies and disrupts employment
due diligence - Answers conducting the necessary research and investigation to make informed
decisions that minimize risk
e-commerce - Answers electronic transactions, particularly over the Internet, for the exchange
of goods and services
entrepreneurial journey - Answers your exploration to discover if entrepreneurship is right for
you
entrepreneurial process - Answers set of decisions or actions that can be outlined and followed
as a guide to developing or adjusting a venture
entrepreneurial spirit - Answers describes a quality of those individuals who are productive self-
starters focused on making changes happen
entrepreneurial venture - Answers any business, organization, project, or operation of interest
that includes a level of risk in acting on an opportunity that has not previously been established
framework - Answers structure or outlined process that can be used to accomplish
entrepreneurial goals through problem solving, idea generation and validation, and
brainstorming
franchising - Answers form of licensing that allows the business (franchisor) to share its
business model to expand through various distributors (franchisees) for a fee
independent contractor - Answers (also, freelancer) people or businesses that provide work
similar to an employee without being part of the payroll for the contracting business, and who
pay their own taxes and pay for their own benefits
innovation - Answers new idea, process, or product, or a change to an existing product or
process
intrapreneur - Answers employee who acts as an entrepreneur within an organization, rather
than going solo
milestone - Answers significant decision point or significant accomplishment
, patent - Answers legal grant of protection for an inventor over the rights, usage, and
commercialization of an invention for a set time period
serial entrepreneur - Answers entrepreneur who becomes involved in starting multiple
entrepreneurial ventures
situational opportunity - Answers one that becomes available, depending on factors such as
where you work, your family obligations, your idea or invention, your unique creative expression,
or a recent career search or job change
soft launch - Answers (also, soft open) launching a venture for a limited time frame or audience
to gain experience, insights, and feedback about the target market or consumer
target market - Answers specific group of consumers for which a company seeks to provide a
good or service
venture - Answers startup company or organization that conducts business or is created to
satisfy a need
vertical integration - Answers strategy of gaining control over suppliers of raw materials and
distributors of finished products to expand or control the relevant supply chain
brainstorming - Answers generation of ideas in an environment free of judgment or dissension
with the goal of creating solutions
creativity - Answers development of original ideas
design thinking - Answers method to focus the design and development decisions of a product
on the needs of the customer, typically involving an empathy-driven process to define complex
problems and create solutions that address those problems
diffusion chasm - Answers most critical point of adoption, which often occurs at the end of the
early adoption phase, before the early majority steps in and truly confirms (or not) the diffusion
of an invention
disruptive innovation - Answers process that significantly impacts the market by making a
product or service more affordable and/or accessible often by smaller companies in an industry
empathy - Answers human ability to feel what other humans are feeling, which in the context of
creativity, innovation, and invention is essential to beginning a process of human-centric design
ideation - Answers purposeful process of opening up one's mind to new trains of thought that
branch out in many directions from a stated purpose or problem
incremental innovation - Answers innovation that modifies an existing product or service
innovation - Answers new idea, process, or product, or a change to an existing product or
