Business Incubation and Acceleration Practice Questions
Course Introduction
This course provides an in-depth exploration of the concepts, processes, and strategies involved in business incubation and acceleration. Students will learn how incubators and accelerators support the growth of startups and early-stage companies through mentorship, funding, resources, and networking opportunities. The curriculum covers the design, management, and evaluation of incubation and acceleration programs, along with best practices for fostering innovation, managing entrepreneurial ecosystems, and facilitating successful business scaling. Real-world case studies, guest speakers, and hands-on projects enable students to understand both the challenges and benefits of nurturing emerging ventures in dynamic markets.
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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Chapter 1: Introduction to Entrepreneurship
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Sample Questions
Q1) According to Chapter 1, a sentiment that venture capitalists often express is that:
A) the strength of the entrepreneur and the strength of the business idea are of equal importance
B) they would never fund a strong entrepreneur with a weak business idea
C) they would rather fund a strong entrepreneur with a mediocre business idea than fund a strong business idea with a mediocre entrepreneur
D) a new venture's marketing plan is more important than either the strength of the entrepreneur or the strength of the business idea
E) they would rather fund a strong business idea with a mediocre entrepreneur, than a strong entrepreneur with a mediocre business idea
Answer: C
Q2) There is strong evidence to suggest that the number of older people choosing entrepreneurial careers is increasing rapidly.
A)True
B)False
Answer: True
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Chapter 2: Recognizing Opportunities and Generating Ideas
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Sample Questions
Q1) Kathryn Kerrigan, the company profiled in the opening feature for Chapter 2, sells shoes. Kerrigan's original idea for the company stemmed from her recognition that:
A) there were no athletic shoes specifically designed for older women
B) there were no fashionable shoes available for young girls
C) there were no low cost women's shoes available in the Chicago area
D) there were no small shoes available for petite women
E) there were no fashionable shoes available for tall women
Answer: E
Q2) According to the textbook, in a survey of 65 start-ups, ________ of the founders reported that they got their business ideas through social contacts.
A) 90 percent
B) 50 percent
C) 66 percent
D) 12 percent
E) 33 percent
Answer: B
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Page 4
Chapter 3: Feasibility Analysis
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Sample Questions
Q1) The Savvy Entrepreneurial Firm feature in Chapter 3 focuses on the importance of a business's location. The main point made by the feature is:
A) a business's location is more important for manufacturing firms opposed to retail firms
B) a business's location is equally important for manufacturing firms and retail firms
C) a business's location is always important
D) a business's location is rarely important
E) the importance of location varies in importance depending on the type of business
Answer: E
Q2) According to the textbook, which is the proper sequence of events in developing successful business ideas?
A) opportunity recognition, feasibility analysis, development of a business plan
B) feasibility analysis, opportunity recognition, development of a business plan
C) development of a business plan, opportunity recognition, feasibility analysis
D) feasibility analysis, development of a business plan, opportunity recognition
E) development of a business plan, feasibility analysis, opportunity recognition
Answer: A
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Chapter 4: Writing a Business Plan
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Sample Questions
Q1) The pro forma financial statements are the heart of the operations section of a business plan.
A)True
B)False
Q2) Match the business plan with its appropriate length:
A) operational business plan, 10-15 pages
B) full business plan, 25-35 pages
C) summary business plan, 25-35 pages
D) full business plan, 40 to 100 pages
E) operational business plan, 25-35 pages
Q3) Which of the following statements is incorrect regarding business plans?
A) A firm's business plan is typically the first aspect of a proposed venture that will be seen by an investor.
B) To make the best impression, a business plan should follow an unconventional structure, so it will stand out.
C) A business plan has both an external and an internal audience.
D) A company's business plan is typically written by its founders.
E) Potential investors are typically keenly interest in a company's business plan.
Q4) What are the two main reasons for writing a business plan.
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Chapter 5: Industry and Competitor Analysis
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Sample Questions
Q1) The Partnering for Success boxed feature in Chapter 5 focuses on Barista Exchange, an online social network for independent coffeehouse owners. The central idea behind Barista Exchange is:
A) that by banding together, independent coffeehouses can become as strong as the national chains
B) to provide a forum for independent coffeehouse owners to share advertising and marketing ideas
C) to maintain a job bank for independent coffeehouse owners
D) to provide a platform for independent coffeehouse owners to obtain funding
E) to help independent coffeehouse owners obtain legal advice
Q2) There are four factors that determine the threat of new entrants: number and balance of competitors, degree of difference between products, growth rate of an industry, and level of fixed costs.
A)True
B)False
Q3) The two trends that are most important to focus on in an industry analysis are business trends and environmental trends.
A)True
B)False
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Chapter 6: Developing an Effective Business Model
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Sample Questions
Q1) According to the textbook, by studying a product's or service's value chain an organization can:
A) identify ways to create additional value and assess whether it has the means to do so
B) determine if it's business plan needs to be revised
C) determine if it is cost effective to manufacture the product or sell the service
D) determine if an attractive niche market is available
E) determine if a product or service will be successful in the marketplace
Q2) What is meant by the statement, "A firm's business model takes it beyond its own boundaries?" Provide an example to illustrate your answer.
Q3) ________ involves all the activities required to manufacture a product.
A) Resource procurement
B) Administration
C) Operations
D) Outbound logistics
E) Inbound logistics
Q4) Describe the two potential fatal flaws of business models.
Q5) Why is it important for a firm to have a well-thought-out business model?
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Chapter 7: Preparing the Proper Ethical and Legal Foundation
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Sample Questions
Q1) ________ is typically issued to conservative investors who have preferential rights over common stockholders in regard to dividends and to the assets of the corporation in the event of liquidation.
A) Restricted stock
B) Partial stock
C) Preferred stock
D) Common stock
E) Limited liability stock
Q2) Which of the following statements regarding business licenses and permits is incorrect?
A) Most business licenses and permits can wait until after a business is launched to be obtained.
B) A business license can be obtained at the city clerk's office in the community where the business will be located.
C) If a business will be run out of a home, a home occupation business license if often required.
D) Some business licenses are hard to get.
E) The business licenses and permits that are needed vary by city, country, and state.
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Chapter 8: Assessing a New Venture's Financial Strength and Viability
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Sample Questions
Q1) In the context of a firm's statement of cash flows, ________ include the purchase, sale, or investment in fixed assets, such as real estate, equipment, and buildings.
A) operating activities
B) investing activities
C) capital activities
D) financing activities
E) liquidity activities
Q2) Southwest Airlines uses its assets very productively. Its turnaround time, or the time that its airplanes sit on their ground while they are being loaded and unloaded, is the lowest in the airline industry. In terms of the primary financial objectives of a firm, this attribute is a measure of Southwest's:
A) efficiency
B) effectiveness
C) stability
D) liquidity
E) profitability
Q3) What are forecasts? What role do they play in the preparation of pro form financial statements?
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Chapter 9: Building a New Venture Team
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Sample Questions
Q1) The fact that a corporation has a board of directors precludes it from having a board of advisors.
A)True
B)False
Q2) According to the textbook, most boards of advisers have between:
A) 5 and 15 members
B) 2 and 4 members
C) 10 and 18 members
D) 2 and 3 members
E) 4 and 7 members
Q3) James Williams is the Chief Operating Officer of a startup in the health food industry. He is also a member of his firm's board of directors. In board of directors terminology James is an:
A) inside director
B) outside director
C) expert director
D) junior director
E) senior director
Q4) Describe the term "liability of newness" and suggest several ways that a new venture can overcome this handicap.
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Chapter 10: Getting Financing or Funding
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Sample Questions
Q1) Kimberly Jones is the founder of a company in the medical equipment industry. Kimberly's firm is still in the feasibility analysis stage, and doesn't have a product that is ready to sell. The company is spending about $25,000 per month, and expects to maintain that level of spending until it reaches profitability. The $25,000 a month is Kimberly's:
A) consumption rate
B) utilization rate
C) burn rate
D) usage rate
E) liquidity rate
Q2) Which of the following statement is not correct regarding business angels?
A) Business angels invest in more startups on a yearly basis than venture capitalists.
B) The number of angel investors has decreased dramatically over the past decade.
C) Business angels usually take a seat on the board of directors of the firms in which they invest.
D) Business angels are valuable because of their willingness to make relatively small investments.
E) Business angels are difficult to find.
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12
Chapter 11: Unique Marketing Issues
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Sample Questions
Q1) A ________ is something that takes on a physical form, such as an MP3 player or a laptop computer. A ________ is an activity or benefit that is intangible, such as an airplane trip or advice from an attorney.
A) product, service
B) service, component
C) component, service
D) formation, service
E) service, product
Q2) Promotion is the only element in the marketing mix that produces revenue; all other elements represent costs.
A)True
B)False
Q3) A firm's marketing mix is the assortment of products and services that it sells. A)True
B)False
Q4) What is the purpose of market segmentation? How are market typically segmented? Can a company segment its market on more than one dimension?
Q5) What is a brand? How does a new firm develop a brand?
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Chapter 12: The Importance of Intellectual Property
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Q1) Utility patents are the most common type of patent and cover what we generally think of as new inventions.
A)True
B)False
Q2) There are two primary reasons to conduct an intellectual property audit. First, it is prudent for a company to periodically determine whether its intellectual property is being properly protected. The second reason for a company to conduct an intellectual property audit is to:
A) remained prepared for a Security & Exchange Commission spot inspection
B) remain prepared to justify its value in the event of a merger or acquisition
C) remain prepared for an initial public offering
D) update the value of its intellectual property on its balance sheet
E) make sure no intellectual property has been stolen
Q3) eHarmony for dating, eBags for bags, and Proactiv for acne medication are examples of:
A) certifications
B) copyrights
C) patents
D) trade secrets
E) trademarks
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Chapter 13: Preparing for and Evaluating the Challenges of Growth
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Sample Questions
Q1) Betty Harrington owns a floor covering firm. Recently, her market research is telling her that she is taking business away from the large home improvement stores in her trade area. One thing that Betty is worried about is that the large stores might fight back by lowering their prices, which hurt everyone except the consumer. The day-to-day challenge of firm growth that this example is referring to is:
A) quality control
B) price stability
C) capital constraints
D) cash flow management
E) benchmarking
Q2) According to the textbook, a well-managed business that finds its products and services are mature often:
A) replaces its board of directors to breathe new life into the firm
B) looks for licensing opportunities
C) looks for partnering or acquisition opportunities to breathe new life into the firm
D) looks for new managerial talent to breathe new life into the firm
E) looks for international business opportunities
Q3) 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) ________ licensing is the licensing of proprietary technology that the licensor typically controls by virtue of a utility patent.
A) Skill
B) Intellectual property
C) Utility
D) Technology
E) Expertise
Q2) The What Went Wrong? feature in Chapter 14 focuses on Steve & Barry's, a retail chain that grew rapidly from 2003 to 2008 but sold its stores to an investment firm in 2009. According to the feature, during its rapid growth, Steve & Barry's sewed the seeds for its ultimately failure primarily because it:
A) had a hard time finding celebrity endorsers
B) engaged in a number of disappointing acquisitions
C) developed a weak brand
D) wasn't able to gain market share
E) wasn't making money on its retail operations
Q3) Describe what a joint venture is. Identify the two types of joint ventures.
Q4) Explain the difference between internal and external growth strategies? Provide examples of each.
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Chapter 15: Franchising
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Sample Questions
Q1) College Nannies and Tutors, the company profiled in the opening feature for Chapter 15, was started by Joseph Keeley, a student at St. Thomas University in St. Paul, Minnesota. According to the feature, Keeley met Peter Lytle, the angel investor who funded his startup, at:
A) an alumni event for a community college they both attended
B) a Small Business Development Center workshop
C) a Chamber of Commerce event in Minneapolis
D) the awards ceremony for a business plan competition that Keeley won E) a social event for aspiring entrepreneurs and investors sponsored by the city of St. Paul
Q2) In the majority of cases, a franchisee pays the franchisor a royalty based on:
A) a predetermined fixed weekly or monthly amount
B) weekly or monthly net income
C) the size of the franchise outlet
D) weekly or monthly gross income
E) the age of the franchise outlet
Q3) When is franchising appropriate (from the business owner's point of view). Provide an example of when franchising is appropriate and when it is inappropriate.
Q4) List and explain three of the common misconceptions about franchising.
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