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EntrepreneurshipandSmallFirms,3/e
DavidDeakins,PaisleyBusinessSchool,UK
MarkFreel,UniversityofAberdeen,UK

InnovationAndEntrepreneurship

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SuggestedAnswers

ResultsReporter
Outof10questions,youanswered3correctly,forafinalgradeof30%.
3correct(30%)
6incorrect(60%)
1unanswered(10%)
Selecttheradiobuttoncorrespondingtoyourchoiceofanswerforeachquestion,and
thenclickon"SubmitAnswers"tofindouthowmanyyouansweredcorrectly.

YourResults:
Thecorrectanswerforeachquestionisindicatedbya

INCORRECT

Whichoneofthefollowingactionsbyanentrepreneuris
mostlikelytocontributetocreativedestruction?
A)Developmentofanewproduct
B)Takeoverofacompetitor
C)Issuingshares
D)Reducingprices

INCORRECT

Anadvantageofthesmallfirmintheinnovationprocess?
A)AbilitytocarryoutR&D
B)Abilitytoraisefinance
C)Abilityoftheentrepreneurtocarryoutmultipletasks
D)Abilityoftheentrepreneurtoactonnewideasor
productdevelopment

INCORRECT

Externallinksmayprovideincentivesto:
A)Raisefinance
B)Introducenewworkingpractices
C)Introduceimprovementstoproducts
D)Attendbusinessexhibitions

UNANSWERED

Firmslocatedonscienceparkscomparedtothoselocatedoff
scienceparksare:
A)Moreinnovative
B)Lessinnovative
C)Nomoreorlessinnovative
D)Moregrowthorientated

INCORRECT

Innovativesmallfirmsaremorelikelyin:
A)Knowledgebasedsectors
B)Biotechnology

C)Automobilemanufacture
D)Aerospacemanufacture

Schumpeterconsideredthatinnovativeentrepreneurswould:

CORRECT

A)Thrive
B)Disappear
C)Beabsorbedwithinlargeinnovativefirms
D)Beabsorbedwithinnoninnovativefirms

INCORRECT

Innovativeentrepreneursfacespecialissuesinraising:
A)Developmentcapital
B)Structuredcapital
C)Humancapital
D)Seedcapital

INCORRECT

Innovativeentrepreneursmayhavetopayhighinsurance
premiumsduetothe:
A)Theneedtoprotectpatents
B)Greateremployeeliability
C)Greatercustomerliability
D)Greatertradingrisks

CORRECT

Networkingbyinnovativeentrepreneursmaybemost
encouragedby?
A)Scienceparks
B)Businessincubators
C)ChambersofCommerce
D)Businessassociations

10

CORRECT

Themostlikelyproblemencounteredbyinnovative
entrepreneursinraisingfinanceis:
A)LimitedsecuritysinceR&Disanintangibleasset
B)Thecostsofthepatentingsystem
C)TheexhaustionofpersonalequityinR&D
D)Inabilityofpotentialexternalfunderstounderstand
technology

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