Business Development
Question Bank
Course Introduction
Business Development explores the strategies and processes involved in identifying, creating, and capitalizing on growth opportunities within organizations. This course covers core concepts such as market analysis, partnership building, strategic planning, sales management, and the evaluation of new business avenues. Students will learn to assess business environments, develop value propositions, and implement tactical initiatives to drive expansion. Real-world case studies and simulations help equip students with practical skills needed to foster sustainable growth, enter new markets, and innovate within a competitive business landscape.
Recommended Textbook
Entrepreneurship Successfully Launching New Ventures 3rd Edition by Bruce R. Barringer
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15 Chapters
1125 Verified Questions
1125 Flashcards
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Page 2
Chapter 1: Introduction to Entrepreneurship
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75 Flashcards
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Sample Questions
Q1) The entrepreneurial process consists of four steps: deciding to become an entrepreneur, developing successful business ideas, moving from an idea to an entrepreneurial firm, and managing and growing the entrepreneurial firm.
A)True
B)False
Answer: True
Q2) Over the past 10 years, the demographic makeup of entrepreneurial firms has remained fairly stable in the United States and around the world.
A)True
B)False
Answer: False
Q3) Innovation is the process of creating something new, which is central to the entrepreneurial process.
A)True
B)False
Answer: True
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Chapter 2: Recognizing Opportunities and Generating Ideas
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Sample Questions
Q1) A(n) ________ is a physical or digital repository for storing ideas.
A) suggestion bank
B) idea depository
C) suggestion pool
D) idea bank
E) proposition pool
Answer: D
Q2) It is more likely that an entrepreneur will get a new business idea through a weak-tie than a strong-tie relationship.
A)True
B)False Answer: True
Q3) Creativity and innovation are almost identical concepts.
A)True
B)False
Answer: False
Q4) Brainstorming is used to generate a number of ideas quickly.
A)True
B)False Answer: True
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Chapter 3: Feasibility Analysis
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Sample Questions
Q1) A(n) ________ is a group of firms producing a similar product or service. A firm's ________ is the limited portion of the industry that it goes after or to which it wants to appeal.
A) target market, industry
B) trade group, industry
C) industry, trade group
D) competitive group, target market
E) industry, target market
Answer: E
Q2) The most important issues to consider in financial feasibility analysis are: financial performance of similar businesses, overall financial attractiveness of the proposed venture, and:
A) identification of a niche market
B) market timeliness
C) management prowess
D) total start-up cash needed
E) concept testing
Answer: D
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Chapter 4: Writing a Business Plan
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Sample Questions
Q1) A ________, in a business plan context, is a noteworthy event in the past or future development of a business.
A) aspiration
B) intention
C) signpost
D) milestone
E) target
Q2) The ________ is a short overview of the entire business plan.
A) administrative review
B) executive summary
C) managerial review
D) founder's introduction
E) synopsis
Q3) A business plan is typically between 25 and 35 pages long.
A)True
B)False
Q4) The pro forma financial statements are the heart of the operations section of a business plan.
A)True
B)False
Page 6
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Chapter 5: Industry and Competitor Analysis
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Sample Questions
Q1) Which of the Porter's five-forces is most closely associated with the concept "barrier to entry"?
A) bargaining power of suppliers
B) rivalry among existing firms
C) threat of new entrants
D) bargaining power of buyers
E) threat of substitutes
Q2) The primary opportunity existing for startups in emerging industries is to:
A) consolidate the industry and establish industry leadership as a result of doing do
B) win customers by placing an emphasis on service and process innovation
C) pursue a niche strategy, which focuses on a narrow segment of the industry that might be encouraged to grow through product or process innovation
D) capture a first-mover advantage
E) pursue a cost reduction strategy, which is accomplished through achieving lower costs than industry incumbents through process innovation
Q3) What is industry analysis? Why is it important for a new venture to complete a thorough analysis of the industry it is entering?
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Chapter 6: Developing an Effective Business Model
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Sample Questions
Q1) A clearly articulated business model serves as an ongoing extension of feasibility analysis.
A)True
B)False
Q2) Describe the two potential fatal flaws of business models.
Q3) What is meant by the statement, "A firm's business model takes it beyond its own boundaries?" Provide an example to illustrate your answer.
Q4) The Partnering for Success feature in Chapter 6 focuses on Cameron Hughes Win and Partsearch. The overarching point of the feature is:
A) the best business models do not incorporate partners until the firm is fully established
B) the best business model is one that works not only for yourself but elevates your partners
C) the best business model allows a firm to co-opt resources from its partners
D) its a rare firm that is able to create a successful business model without relying on partners
E) an increasing number of business models are relying on the network form of partnership
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Chapter 7: Preparing the Proper Ethical and Legal Foundation
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Sample Questions
Q1) Partnerships are organized as either:
A) specific or general partnerships
B) narrow or broad partnerships
C) inward or outward partnerships
D) general or limited partnerships
E) partial or full partnerships
Q2) A noncompete agreement prevents an individual from competing against a former employer for a specific period of time.
A)True
B)False
Q3) Which of the following statements is incorrect regarding common stock?
A) Common stock is issued more narrowly than preferred stock.
B) The common stockholders have voting rights.
C) The common stockholders get paid after the creditors in the event the liquidation of the corporation.
D) Common stock is the form of stock that most shareholders of a corporation own.
E) The common stockholders elect the board of directors.
Q4) What is a founder's agreement? Describe the purpose of a buyback clause and why it's important?
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Chapter 8: Assessing a New Venture's Financial Strength and Viability
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Sample Questions
Q1) The strength and vigor of a firm's overall financial posture is referred to as:
A) liquidity
B) effectiveness
C) stability
D) profitability
E) efficiency
Q2) Cash plus items that are readily convertible to cash, such as accounts receivable, marketable securities, and inventories are classified as ________ on a firm's balance sheet.
A) other assets
B) intermediate term assets
C) temporary assets
D) current assets
E) fixed assets
Q3) A firm's ________ is its current assets divided by its current debt.
A) working share
B) present share
C) working capital
D) owners' equity
E) current ratio
Page 10
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Chapter 9: Building a New Venture Team
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Sample Questions
Q1) A new venture team is the group of founders, key employees, and advisers that move a new venture from an idea to a fully functioning firm.
A)True
B)False
Q2) Relevant industry experience is a poor predictor of future entrepreneurial performance.
A)True
B)False
Q3) A board of directors is typically made up of both:
A) junior and senior directors
B) inside and outside directors
C) experienced and inexperienced directors
D) novice and expert directors
E) paid and unpaid directors
Q4) A skills profile is a chart that depicts the most important skills that are needed and where skills gaps exist.
A)True
B)False
Q5) What is a skills profile and what is it used for?
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Chapter 10: Getting Financing or Funding
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Sample Questions
Q1) Which of the following is not a source of equity funding?
A) initial public offering
B) angel investors
C) private placement
D) venture capital
E) government grants
Q2) The percentage of the profits the venture capitalist gets is called the "hire."
A)True
B)False
Q3) The SBIR and STTR programs are two important sources of early stage funds for technology firms.
A)True
B)False
Q4) Historically, commercial banks have not been viewed as a practical source of financing for startup firms.
A)True
B)False
Q5) Very few founders contribute personal funds to their ventures.
A)True
B)False
Page 12
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Chapter 11: Unique Marketing Issues
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Sample Questions
Q1) ________ is a term that denotes the set of assets and liabilities that are linked to a brand and enable it to raise a firm's valuation.
A) Trademark equity
B) Brand equity
C) Logo equity
D) Trademark value-added
E) Trade name strength
Q2) The proper sequence in selecting a target market and positioning strategy is (1) craft a unique positioning strategy, (2) select a target market, and (3) segment the market.
A)True
B)False
Q3) A firm's "position" is concerned with how it is situated relative to its rivals.
A)True
B)False
Q4) A reference account is an early user of a firm's product who is willing to give a testimonial regarding his or her experience with the product.
A)True
B)False
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Chapter 12: The Importance of Intellectual Property
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Sample Questions
Q1) Consider the following questions: Are products under development that require patent protection?; Are we in compliance with the copyright license agreements into which we have entered?; Is anyone infringing on our trademarks; and Are company trade secrets leaking out to competitors? These are the types of questions that would be asked when conducting a(n):
A) intangible material examination
B) intellectual property inventory
C) intangible material inspection
D) patent, trademark, copyright, and trade secret review
E) intellectual property audit
Q2) Which of the following selections correctly identifies the three types of patents?
A) manufacturing patents, process patents, and plant patents
B) usefulness patents, purpose patents, and genetic patents
C) explicit patents, implicit patents, and plant patents
D) utility patents, design patents, and plant patents
E) manufacturing patents, service patents, and other patents
Q3) What is intellectual property? Why is it called "intellectual" property? Why is intellectual property such an important issue for entrepreneurial firms?
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Chapter 13: Preparing for and Evaluating the Challenges of Growth
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Sample Questions
Q1) Most businesses need capital from time to time to invest in growth-enabling projects.
A)True
B)False
Q2) ________ are similar to economies of scale, except the advantage comes through the scope (or range) of a firm's operations rather than from its scale of production.
A) Economies of reach
B) Economies of span
C) Economies of capacity
D) Economies of range
E) Economies of scope
Q3) Do most firms want to grow or are they reluctant to grow? What are the advantages of growth?
Q4) One of the most difficult challenges that businesses encounter as they grow is maintaining high levels of quality and customer service.
A)True
B)False
Q5) What is the organizational life cycle and why is it important?
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Chapter 14: Strategies for Firm Growth
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Sample Questions
Q1) A ________ is a partnership between two or more firms that is developed to achieve a specific goal, and has no joint ownership involved.
A) joint alliances
B) joint venture
C) licensing agreement
D) merger
E) strategic alliance
Q2) ________ growth strategies rely on establishing relationships with third parties, such as mergers, acquisitions, strategic alliances, joint ventures, licensing, and franchising.
A) External
B) Domestic
C) Outside
D) Distant
E) Peripheral
Q3) New product development involves designing, producing, and selling new products as a means of increasing firm revenues and profitability.
A)True
B)False
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Page 16
Chapter 15: Franchising
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Sample Questions
Q1) Which of the following was not identified in the textbook as one of the disadvantages of franchising a business?
A) loss of control
B) friction with franchisees
C) franchisee motivation
D) differences in required business skills
E) legal expenses
Q2) The What Went Wrong? boxed feature in Chapter 15 focuses on things that can go wrong in opening franchise outlets overseas. The specific obstacle or obstacles involved with franchising overseas, focused on in the feature, are:
A) finding attractive markets to operate in
B) shipping and transportation costs
C) finding qualified franchise owners overseas
D) exchange rates
E) differences in language and customs
Q3) An individual who is team oriented is typically a good candidate to be a franchisee. A)True
B)False
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