Business Development
Practice Questions
Course Introduction
Business Development is a course designed to equip students with the knowledge and skills necessary to identify, evaluate, and implement opportunities for organizational growth. The course covers core concepts such as market analysis, strategic planning, partnership cultivation, sales strategies, and innovation management. Students will explore techniques for expanding business operations, building effective relationships with stakeholders, and navigating the challenges of competitive business environments. Through case studies and practical projects, learners will develop the ability to create comprehensive business development plans and drive sustainable growth in various industries.
Recommended Textbook
Entrepreneurship A Process Perspective 2nd Edition by Robert A. Baron
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13 Chapters
745 Verified Questions
745 Flashcards
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Page 2
Chapter 1: Entrepreneurship:: A Field, an Activity - and a Way of Life
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Sample Questions
Q1) Do entrepreneurs think differently than other people?
Answer: There is some evidence that entrepreneurs may think differently than other people in the following areas:
They may perceive risk differently,seeing risk as lower or may be more tolerant of it. They may be subject to some errors in that they might be overly optimistic. They may be more capable of seeing connections between things,thereby being better able to recognize opportunities. They may be more likely to think longer and harder about things,thereby being able to understand challenging situations better. They may be better able to identify good opportunities by using more complete and accurate approaches to understand situations.
Q2) Recognizing opportunities for creating or developing something new can only occur within existing organizations.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Entrepreneurial Opportunities: Their Origins,
Forms, and Suitability For New Ventures
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Sample Questions
Q1) There are many more types of cars targeted at different types of buyers than there are types of frozen corn targeted at different types of buyers. This is an example of A) a lack of R&D in the food industry.
B) industries differing in their degree of market segmentation.
C) the car industry having more money to offer a wider variety of products.
D) all of the above.
E) none of the above.
Answer: B
Q2) A new firm is said to be higher on the learning curve than an established firm.
A)True
B)False
Answer: False
Q3) A common approach,or standard,used to make a product is known as a A) production process.
B) key design.
C) product key.
D) key plan.
E) production design.
Answer: E
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Chapter 3: Cognitive Foundations of Entrepreneurship:
Creativity and Opportunity Recognition
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Sample Questions
Q1) Assume that you just looked in your address book to find where a friend lives. Then you walk down the street to find that address. In remembering the address while you are looking for it,you are using
A) factual knowledge memory.
B) long-term memory.
C) working memory.
D) complementary memory.
E) prototypes.
Answer: C
Q2) The process through which individuals conclude that they have identified the potential to create something new that has the capacity to generate economic value is called
A) idea generation.
B) creativity.
C) human cognition.
D) opportunity recognition.
E) none of the above.
Answer: D
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Chapter 4: What Entrepreneurs Need to Know Before They
Start: Acquiring and Interpreting Information About Markets
Competitors and Government
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Sample Questions
Q1) When making a decision in a group,sometimes the members of the group will shift toward views that are more extreme than the ones with which they began. This is known as
A) devil's advocate technique.
B) perceptual mapping.
C) secondary data.
D) indirect approach.
E) group polarization.
Q2) Data that researchers do not collect themselves,but which can still be very useful,is called
A) primary data.
B) secondary data.
C) demographic data.
D) non-priority data.
E) assisting data.
Q3) Entrepreneurs may seek ways of reducing tax rates by converting capital gains into profits.
A)True
B)False
Q4) Explain the "discovery test." Page 6
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Page 7
Chapter 5: Assembling the Team: Acquiring and Utilizing Essential Human Capital
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Sample Questions
Q1) If a new business is started as a corporation,many countries legally require the business to have a board of directors..
A)True
B)False
Q2) Co-founders of a new business should have a clear definition of roles,which includes
A) the authority that each will have.
B) the responsibility that each will have.
C) the actions in which each should engage.
D) Only expected actions and authority (a and c) are included in definition of role..
E) All of these (a, b, and c) are included in definition of role.
Q3) Corporations are usually required by law to have a board of directors;unincorporated new businesses are required by law to have a board of advisers.
A)True B)False
Q4) What is the "Big Five?"
Q5) Discuss similarity and complementarity and the roles that they play in choosing cofounders for a new venture.
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Chapter 6: Financial Resources For New Ventures: How To
Get Them, How To Manage Them
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Sample Questions
Q1) The financial statement that shows such things as revenues,cost of sales,and operating expenses is called the income statement.
A)True
B)False
Q2) When dealing with the staging of investment,staging
A) helps to protect investors against efforts by entrepreneurs to use their information advantage to gain at the expense of the investor.
B) gives the investor the opportunity to gather information about how the venture is doing before putting more money into the venture.
C) helps investors manage the uncertainty of investing in new ventures.
D) A and C only.
E) A, B, and C.
Q3) By syndicating,investors can gather information from a greater variety of different people with different experience and knowledge.
A)True
B)False
Q4) Explain how the social capital of an entrepreneur can help with raising money to start a new business.
9
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Chapter 7: Writing An Effective Business Plan: Building A
Road Map to Success
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Sample Questions
Q1) Discuss the seven deadly sins,errors all entrepreneurs should avoid,of a business plan.
Q2) Discuss the importance of a business plan and what questions it should answer.
Q3) The phrase "business model" refers to how a business will operate and how it intends to make a profit.
A)True
B)False
Q4) There are seven deadly sins that can affect the acceptance of a business plan. Which of the following is one of the seven?
A) The plan is poorly prepared and has an unprofessional look.
B) The plan is far too slick.
C) The executive summary is too long and rambling-it doesn't get right to the point.
D) No clear answer is provided to the question: Why would anyone ever want to buy one?
E) All of the above.
Q5) Explain what policy capturing is as it applies to venture capitalists.
Q6) Why is break-even analysis important in the business plan?
Q7) Describe the major sections of a business pan.
Page 10
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Chapter 8: Legal Issues Relating To New Ventures:
Protecting Your Reputation, Your Assets, And Your Ideas
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Sample Questions
Q1) Explain "consideration" as a basic element of a contract.
Q2) If a grocery store owner and a 15 year-old boy make an agreement,this contract will not be valid because of which contract requirement?
A) Legality
B) Contentment
C) Consideration
D) Capacity
E) Agreement
Q3) A person is planning on opening a Fantastic Sams Hair Salon and is scheduled to sign the contract in ten days. Under which rule does the franchisor have to disclose information such as previous bankruptcies and law suits?
A) Trade Regulation
B) Federal Regulation
C) Disclosure Act
D) Legality Procedure
E) None of the above
Q4) Define complementary assets and explain when and how they might help an entrepreneur protect intellectual property.
Q5) Compare and contrast a sole proprietorship and a franchise.
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Chapter 9: Marketing in a New Venture
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Sample Questions
Q1) Which of the following is not a step in defining what consumers' real needs are?
A) Identifying any alternatives that might appear in the future.
B) Finding a solution to a problem.
C) Figuring out a problem.
D) Understanding how to satisfy the need.
E) Begin to advertise the new product.
Q2) The adoption of products always forms a normal distribution pattern.
A)True
B)False
Q3) What are three reasons why entrepreneurs fail to obtain information from customers?
Q4) Entrepreneurs will have more success offering new products and services to existing markets using known solutions.
A)True
B)False
Q5) It usually is suggested that to be successful,a business should stay close to its customers;to focus on their needs. Is it possible for a business to stay too close to its customers? Explain why it might cause serious problems for a business if it does focus closely on its customers.
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Chapter 10: Strategy: Planning For Competitive Advantage
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Q1) Which of the following is true about advantages for the entrepreneur when he or she forms an alliance or partnership with an established firm?
A) The entrepreneur can take advantage of the established facilities.
B) The entrepreneur can imitate the firm's existing production functions.
C) The entrepreneur can take advantage of the firm's brand name.
D) All of the above are advantages.
E) None of the above are advantages.
Q2) Suppose you wanted to open up a pizza place in Chestnut,AZ. This is a small town with no existing restaurants. You,as the entrepreneur,would be considered which of the following business structures?
A) Monopoly.
B) Joint Venture.
C) Sole proprietorship.
D) Trade Secret.
E) Alliance.
Q3) A restaurant that grows its own vegetables is vertically integrated.
A)True
B)False
Q4) Explain technical uncertainty.
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Chapter 11: Preparing For And Attaining Growth: Strategies
For Building Lasting Success
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Q1) Because of economies of scale,established firms can produce products at lower per unit costs than can new firms.
A)True
B)False
Q2) Explain how "dynamic capabilities" can help a small business grow and be successful.
Q3) Founders of new high growth companies tend to be low on self-efficacy.
A)True
B)False
Q4) Which of the following statements is most logical?
A) A new product always results in being profitable.
B) A new product always results in a loss for the inventing company.
C) If an entrepreneur cannot protect his or her intellectual property related to a new product, then the entrepreneurial firm does not have an advantage in being better than established firms in product development.
D) Entrepreneurial firms are generally more efficient than are established firms.
E) Entrepreneurial firms are generally better at marketing than are established firms.
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Chapter 12: Managing New Ventures For Growth
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Sample Questions
Q1) Setting goals can be one way to increase motivation.
A)True
B)False
Q2) Due to Carly's influence on increasing profits as manager of the Marble Flooring Division,her company decided to increase her salary from $60,000 per year to $70,000 per year. This is an example of which of the following reward systems?
A) Stock ownership plan.
B) Merit pay.
C) Continuance commitment.
D) Awards.
E) Non-monetary reward plan.
Q3) After the hiring process,the next important thing is to make sure that trained employees stay with the company.
A)True
B)False
Q4) Trust based upon accepting and understanding the other person's wants is known as identification-based trust.
A)True
B)False
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Chapter 13: Exit Strategies For Entrepreneurs: The
Concluding Act
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Sample Questions
Q1) Which of the following is not related to ESOP?
A) Leverage plan
B) Transfer of ownership plan.
C) ESOTs.
D) ESOKs.
E) Employee Stock Ownership Trust.
Q2) Entrepreneurs can continue working productively for many decades because everyone's cycle is different. In fact,some individuals become more intelligent and creative as they age.
A)True
B)False
Q3) Explain the "market method" of determining the value of a business.
Q4) Which of the following factors is not included when calculating the opportunity costs of investing in a business when using the excess earnings method?
A) Rate of risk-free return.
B) Risk free return
C) An adjustment for inflation.
D) Risk allowance.
E) All of the above are part of opportunity costs.
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