Entrepreneurial Management
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Course Introduction
Entrepreneurial Management explores the principles and practices involved in launching and managing new ventures. The course examines the entrepreneurial mindset, opportunity identification and assessment, resource acquisition, and strategies for sustainable growth. Students will analyze the challenges and risks faced by entrepreneurs, develop business plans, and study real-world case studies to understand how innovation and strong leadership drive venture success. Additionally, the course emphasizes critical thinking, problem-solving, and adaptability as key competencies for entrepreneurial managers in a dynamic global market.
Recommended Textbook
Entrepreneurship Successfully Launching New Ventures 5th Edition by Bruce R. Barringer
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Page 2
Chapter 1: Introduction to Entrepreneurship
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Sample Questions
Q1) A firm's ________ is a plan for how it competes, uses its resources, structures its relationships, interfaces with customers, and creates value to sustain itself on the basis of the value it creates.
A) business plan
B) business model
C) tactical model
D) strategic plan
E) operations model
Answer: B
Q2) ________ is the process of creating something new, which is central to the entrepreneurial process.
A) Creative destruction
B) Modernism
C) Execution
D) Creativity
E) Innovation
Answer: E
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Page 3
Chapter 2: Recognizing Opportunities and Generating Ideas
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Sample Questions
Q1) The three ways to identify an opportunity include observing trends, solving a problem, and finding gaps in the marketplace.
A)True
B)False
Answer: True
Q2) The term "window of opportunity," as discussed in Chapter 2, is a metaphor that describes the time period in which a firm can ________.
A) obtain funding or financing
B) hire new employees
C) complete a financial analysis
D) realistically enter a new market
E) write a business plan
Answer: D
Q3) Brainstorming sessions are designed to move slowly, so ideas can be presented and evaluated.
A)True
B)False
Answer: False
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Chapter 3: Feasibility Analysis
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Sample Questions
Q1) Industry/target market feasibility is an assessment of the overall appeal of the industry and the target market for the product or service being proposed.
A)True
B)False
Answer: True
Q2) The template for completing a feasibility analysis included in Appendix 3.1 of the book is called the ________ analysis.
A) First Evaluation
B) Initial Screen
C) First Pass
D) First Screen
E) Flash Screen
Answer: D
Q3) A concept statement should be two to three pages long.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Developing an Effective Business Model
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Sample Questions
Q1) Sarah Green, who plans to open a garden and lawn business, is working on the portion of the Barringer/Ireland Business Model template that focuses on how her products and services will be produced. Sarah is working on the ________ section of the template.
A) basis of differentiation
B) product/or service production
C) product/market scope
D) core competency
E) channels
Q2) Describe the Barringer/Ireland Business Model Template and discuss its purpose.
Q3) Which of the following firms introduced a disruptive business model?
A) Salesforce.com
B) eBay
C) Panera Bread
D) Barnes & Nobel
E) J. Crew
Q4) It is important to understand that there are several perfect business models.
A)True
B)False
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Chapter 5: Industry and Competitor Analysis
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Sample Questions
Q1) In the beverage industry, soda, fruit juice, and sports drinks are ________ competitors of bottled water.
A) occasional
B) infrequent
C) indirect
D) direct
E) future
Q2) In various studies, researchers have found that from ________ percent of the variation in firm profitability is directly attributable to the industry in which a firm competes.
A) 4 to 12
B) 8 to 30
C) 18 to 42
D) 22 to 56
E) 34 to 70
Q3) A firm's future competitors are its most important ones.
A)True
B)False
Q4) Identify the five competitive forces that determine industry profitably. Explain the purpose of analyzing these forces?
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Chapter 6: Writing a Business Plan
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Sample Questions
Q1) A firm's operating leverage is an analysis of its debt versus its equity.
A)True
B)False
Q2) Kate Payne was reading the business plan for New Venture Fitness Drinks, and noticed that prior to its financial statements, New Venture Fitness Drinks placed an explanation of the sources of the numbers for the statements and the assumptions used to generate them. This explanation is called a(n) ________.
A) estimate sheet
B) hypothesis sheet
C) assumptions sheet
D) forecast sheet
E) forecast hypothesis
Q3) A company's industry analysis and target market analysis are usually included in the same section of its business plan.
A)True
B)False
Q4) What is an "executive summary?" Why is the executive summary often called the most important part of a business plan?
Q5) What are the two main reasons for writing a business plan?
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Chapter 7: Preparing the Proper Ethical and Legal Foundation
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Q1) A(n) ________ is a written document that deals with issues such as the relative split of the equity among the founders of the firm, how individual founders will be compensated for the cash or the "sweat equity" they put into the firm, and how long the founder will have to remain with the firm for their shares to fully vest.
A) entrepreneurs' agreement
B) creators' agreement
C) founders' agreement
D) initiators' agreement
E) originators' agreement
Q2) A separate legal entity organized under the authority of a state is referred to as a ________.
A) limited partnership
B) conglomerate
C) general partnership
D) sole proprietorship
E) corporation
Q3) Describe what is meant by a "general partnership" and a "limited partnership."
Describe the major difference between the two.
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Chapter 8: Assessing a New Venture's Financial Strength and Viability
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Sample Questions
Q1) ________ are itemized forecasts of a company's income, expenses, and capital needs and are also an important tool for financial planning and control.
A) Profitability statements
B) Financial statements
C) Owners' equity statements
D) Budgets
E) Statements of cash flows
Q2) Which financial statement records all of a firm's revenues and expenses for a given period and shows whether the firm is making a profit or experiencing a loss?
A) Balance sheet
B) Owner's equity statement
C) Statement of cash flows
D) Forecast
E) Income statement
Q3) A firm's profit margin, or return on sales, is computed by dividing net income by net sales.
A)True
B)False
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Chapter 9: Building a New-Venture Team
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Sample Questions
Q1) A(n) ________ is a person who works for a business as an apprentice or trainee for the purpose of obtaining actual experience.
A) freelancer
B) consultant
C) intern
D) virtual assistant
E) novice
Q2) Sam Simpson is a four time business owner. One thing that has served Sam well throughout his entrepreneurial career is his ability to build and maintain relationships with people whose interests are similar or whose relationships could bring advantages to his new ventures. According to the textbook, Sam is a good ________.
A) networker
B) socializer
C) linker
D) assembler
E) connector
Q3) What is the difference between a heterogeneous and a homogeneous founding team? Which type of team has the advantage?
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11
Chapter 10: Getting Financing or Funding
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Sample Questions
Q1) Kickstarter, Indiegogo and RocketHub are examples of equity-based crowdfunding sites.
A)True
B)False
Q2) ________ are individuals who invest their personal capital directly in start-ups.
A) Venture capitals
B) Business angels
C) Institutional investors
D) Investment bankers
E) Business capitalists
Q3) Typically, the seed money that gets a company off the ground comes from a commercial bank.
A)True
B)False
Q4) What is an elevator speech? How did it get its name?
Q5) Bootstrapping is the process of combining personal funds, equity investments, and bank financing to launch a business.
A)True
B)False
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Chapter 11: Unique Marketing Issues
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Sample Questions
Q1) A(n) ________ is the set of attributes-positive or negative-that people associate with a company.
A) emblem
B) logo
C) symbol
D) brand
E) trade name
Q2) Kevin Jackson owns a general contracting company. The way Kevin prices his services is to figure his cost and then add a 33 percent markup. The method that Kevin uses to determine his prices is called ________-based pricing.
A) economic
B) value
C) competitive
D) cost
E) conformity
Q3) What is a tagline? Provide an example of a popular tagline, and discuss why you think it has been effective?
Q4) What is a brand? How does a new firm develop a brand?
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Page 13
Chapter 12: The Importance of Intellectual Property
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Sample Questions
Q1) Which of the following symbols is the copyright bug?
A) ç
B)
C) ¢
D) ©
E)
Q2) The federal Economic Espionage Act, passed in 1996, criminalizes ________.
A) copyright infringement
B) utility patent violations
C) trademark violations
D) design patent violations
E) the theft of trade secrets
Q3) Identify and briefly describe the three types of patents.
Q4) A trademark is registered with the ________.
A) U.S. Commerce Department
B) Federal Trade Commission
C) Securities and Exchange Commission
D) Federal Patent, Copyright, and Trademark Office
E) U.S. Patent and Trademark Office
Q5) What is a trademark? Why are trademarks important?
Page 14
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Chapter 13: Preparing for and Evaluating the Challenges of Growth
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Q1) Which of the following statements regarding firm growth is incorrect?
A) Most entrepreneurial firms want to grow.
B) Growth in sales revenue is a poor indicator of an entrepreneurial firm's potential to survive today and be successful tomorrow.
C) Firm growth is exciting.
D) Many entrepreneurial firms have grown quickly, producing impressive results for their employees and owners.
E) Growing a business successfully requires preparation, good management, and an appreciation of the issues involved.
Q2) Which of the following options was not identified in the textbook as an appropriate reason for growth?
A) Need to accommodate the growth of key customers
B) Influence, power, and survivability
C) Economies of scale
D) Market leadership
E) Maintain the appearance that the firm is successful
Q3) Few businesses need access to capital to fuel their growth.
A)True
B)False
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Chapter 14: Strategies for Firm Growth
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Sample Questions
Q1) The Savvy Entrepreneurial Firm feature in Chapter 14 focuses on SwitchFlops, a company that produces sandals with interchangeable straps. The primary takeaway from the feature is that savvy growth-minded startups ________.
A) utilize both internal and external growth strategies
B) emphasize internal rather than external growth strategies
C) emphasize international growth strategies from their inception
D) configure their products and services in ways that have built-in growth potential
E) compete on the basis of quality rather than price
Q2) If a business enhances the quality of a product, makes it more convenient to use, improves its durability, or makes it more up-to-date, any one of those initiatives fall under the category of ________.
A) increasing the market penetration of an existing product or service
B) extending product lines
C) geographic expansion
D) licensing
E) improving an existing product or service
Q3) Explain the difference between internal and external growth strategies. Provide examples of each.
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Page 16
Chapter 15: Franchising
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Sample Questions
Q1) Uptown Cheapskate, the company profiled in the opening feature of Chapter 15, was started by Chelsea and Scott Sloan. According to the feature, Chelsea and Scott decided to grow Uptown Cheapskate via franchising because they wanted to ________.
A) grow quickly without making a huge investments in real estate
B) capture the prestige of being a franchise organization
C) maintain maximum control of their business while at the same time maximizing profits
D) grow quickly while at the same time maintaining maximum control of their business
E) grow slowly while at the same time maximizing profits
Q2) A master franchisee, in addition to having the right to open and operate a specific number of locations in a particular area, also has the right to ________.
A) stop making royalty payments if its sales decline
B) sell products made by companies other than the franchisor
C) offer and sell the franchise to other people in its area
D) use its own operating manuals to run its franchise outlets
E) stop making royalty payments if it is losing money
Q3) List and explain three of the common misconceptions about franchising.
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Page 17