New Venture Creation: Entrepreneurship for the 21st Century 10th Edition by Stephen Spinelli test ba

 
30.
(p. 11-12)
What is the impact of small firms in driving innovation in the United States? 
 


The U.S. Department of Commerce found that since World War II, small entrepreneurial firms have been responsible for half of all innovation and 95 percent of all radical innovation in the United States. Other studies showed that research and development at smaller entrepreneurial firms were more productive and robust than at large firms; smaller firms generated twice as many innovations per R&D dollar spent as the giants, twice as many innovations per R&D scientist as the giants, and 24 times as many innovations per R&D dollar versus those large firms with more than 10,000 employees.

 
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #30
 

 
31.
(p. 13)
Briefly discuss the role of angel investors in the creation of new ventures. 
 


The angel investor market in 2010, following a considerable contraction in investment dollars in 2008 and 2009, exhibited a rise in investment dollars and in the number of investments. Similar to the venture capitalists, these angels bring far more than money to the entrepreneurial process. As successful entrepreneurs themselves, they bring experience, networks, wisdom, and maturity to the companies they fund. As directors and advisors, they function as coaches, confidants, mentors, and cheerleaders.

 
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #31
 

 
32.
(p. 13-14)
Briefly discuss the role of successful American entrepreneurs as philanthropists. 
 


A lesser known and largely ignored role of American entrepreneurs is that of philanthropists and creative community leaders. A majority of new buildings, classrooms, athletic facilities, and universities have been funded by an entrepreneur who wanted to give back. When a successful entrepreneur gets involved in the nonprofit sector, the engagement involves strategic business skills like long-term planning, board and executive recruitment, coaching, and leveraging relationships. These high-engagement philanthropists have a stronger focus and deeper investments in a smaller, more select number of investment partners, and a healthy ambition for the long-term reach of their efforts.

 
Blooms: Remember
Level of Difficulty: 1 Easy
Spinelli - Chapter 01 #32
 

 
33.
(p. 05)
Explain the four entrepreneurial transformations that are changing the world. 
 


Evidence and trends point to at least four entrepreneurial transformations that profoundly impact how the world lives, works, learns, and enjoys leisure. They are as follows:

1. Entrepreneurship is the new management paradigm: Entrepreneurial thinking and reasoning—so common in dynamic, higher-potential, and robust new and emerging firms—are now becoming infused and embedded into the strategies and practices of corporate America.
2. Entrepreneurship has spawned a new education paradigm for learning and teaching.
3. Entrepreneurship is becoming a dominant management model for running nonprofit businesses and in the emerging field of social ventures.
4. Entrepreneurship is rapidly transcending business schools: Engineering, life sciences, architecture, medicine, music, liberal arts, and K-12 are new academic grounds that are exploring and embracing entrepreneurship in their curricula.

 
Blooms: Understand
Level of Difficulty: 2 Medium
Spinelli - Chapter 01 #33
 

 
34.
(p. 06-07)
How do entrepreneurial faculties drive the rapid explosion of entrepreneurship? 
 


The energizing process for faculty and students alike is also driving the rapid explosion of entrepreneurship education worldwide. First, the field seems to attract, by its substance and nature, highly entrepreneurial people. Historically, entrepreneurial thinkers and doers have been few and far between in the vast majority of schools in the United States and abroad. These creative, can-do, resilient, and passionate people bring their entrepreneurial ways of thinking, acting, doing, and building to their courses, their research, and their institutions. They are the change agents—the movers and shakers. Second, their entrepreneurial bent brings a new mind-set to universities and schools: They think and act like owners. They are creative, courageous, and determined to make it work and happen; they build teams, practice what they preach, are institution builders, and do not let myopic allegiance to their disciplines impede becoming better educators. Students, deans, and colleagues can be energized by the leading-by-example pace they establish. Third, entrepreneurship faculties constantly think in terms of opportunity. Entrepreneurial faculty realize that money follows superior teams and superior opportunities, so they create them. They find ways to innovate, raise money, and implement curricula in resource-strapped universities. They match innovative ideas with wealthy entrepreneurs and their foundations to raise money and launch programs. Fourth, they create powerful strategic alliances with others—colleagues, alumni, and entrepreneurs by practicing the teamwork principles of entrepreneurship they teach. There is something exciting and compelling about being around highly intelligent and creative entrepreneurs as the centerpiece of your subject matter. They invariably inspire other faculty and students as well.