Entrepreneurial Management Review
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Course Introduction
Entrepreneurial Management explores the essential skills, strategies, and mindsets required to identify opportunities, evaluate risks, and launch new ventures in dynamic markets. The course covers critical topics such as business model innovation, opportunity recognition, resource acquisition, and the development of effective business plans. Students learn how to navigate challenges faced by entrepreneurs, lead cross-functional teams, secure funding, and scale enterprises from inception to growth stages. Practical case studies and real-world applications equip participants with the tools to think creatively, make informed decisions, and manage uncertainty in entrepreneurial environments.
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) Entrepreneurship is the process by which individuals pursue opportunities without regard to resources they currently control.
A)True
B)False
Answer: True
Q2) 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
Q3) The number one reason that people become entrepreneurs is to pursue financial rewards.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Recognizing Opportunities and Generating Ideas
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75 Flashcards
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Sample Questions
Q1) Which of the following statements is incorrect regarding the personal characteristics of entrepreneurs?
A) Some people think that entrepreneurs have a "sixth sense" that allows them to see opportunities that others miss.
B) The extent and depth of an individual's social network affects opportunity recognition.
C) Several studies show that prior experience in an industry actually blinds an entrepreneur to the recognition of new opportunities in the same industry.
D) Creativity is the process of generating novel or useful ideas.
E) The corridor principle states that once an entrepreneur starts a firm, he or she begins a journey down a path where "corridors" leading to new venture opportunities become apparent.
Answer: C
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
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4
Chapter 3: Feasibility Analysis
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Sample Questions
Q1) Does it make sense? Is it reasonable? Is it something consumers will get excited about? Does it take advantage of an environmental trend, solve a problem, or fill a gap in the marketplace? These are the types of questions asked during the ________ component of a compete feasibility analysis.
A) financial feasibility
B) industry/target market feasibility
C) organizational feasibility
D) concept feasibility
E) product/service feasibility
Answer: E
Q2) ________ feasibility is an assessment of the overall appeal of the product or service being proposed.
A) Consumer
B) Industry/market segment
C) Industry/market
D) Product/service
E) Purchaser/end-user
Answer: D
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Chapter 4: Writing a Business Plan
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Sample Questions
Q1) 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.
Q2) According to the textbook the first rule in making an oral presentation is to:
A) follow instructions
B) be creative
C) emphasize all the positive aspects of a business venture
D) appear confident
E) do something out of the ordinary
Q3) Why is the "management team and company structure" section of the business plan often given disproportionate weight among investors?
Q4) What is an "executive summary?" Why is the executive summary often called the most important part of a business plan?
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Page 6
Chapter 5: Industry and Competitor Analysis
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Sample Questions
Q1) In most industries, the major determinant of industry profitability is the level of competition among the firms already competing in the industry.
A)True
B)False
Q2) In the context of competitor analysis, ________ are companies that are not yet direct or indirect competitors but could move into one of these roles at any time.
A) stable competitors
B) roundabout competitors
C) impending competitors
D) approximate competitors
E) future competitors
Q3) In the context of competitor analysis, businesses that offer identical or similar products are referred to as:
A) immediate competitors
B) direct competitors
C) indirect competitors
D) straight competitors
E) urgent competitors
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Chapter 6: Developing an Effective Business Model
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Sample Questions
Q1) In the WebHouse example included in Chapter 6, WebHouse failed because:
A) it did not complete a feasibility analysis
B) it did not write a complete business plan
C) it couldn't motivate its suppliers or customers to participate at a sufficient scale to support the overhead of the business
D) it charged too much for its services
E) it failed to focus on developing a core strategy
Q2) Which of the following is not one of the purposes of a business model?
A) serves as an ongoing extension of feasibility analysis
B) serves as a template for conducting industry analysis
C) focuses attention on how all the elements of a business fit together
D) describes why the network of participants needed to make a business idea viable is willing to work together
E) articulates a company's core logic to all stakeholders
Q3) Almost all firms partner with others to make their business models work.
A)True
B)False
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) An disadvantage of a general partnership is that the liquidity of each partner's investment is low.
A)True
B)False
Q2) The Savvy Entrepreneurial Firm feature in Chapter 7 focuses on Globat.com, a Web hosting company, which encountered a crisis described in the feature. The main point of the feature was to illustrate that the manner in which a company handles a crisis:
A) has a bearing on its ability to develop high quality business partnerships
B) provides an important standard for how it handles crises in the future
C) limits its legal liability
D) limits or contains the damage to its brand
E) sends a message to its customers regarding its values and trustworthiness
Q3) A ________ details the responsibilities and the ownership shares of the partners involved with an organization.
A) partnership agreement
B) industry contract
C) business pledge
D) business agreement
E) partnership pledge
9
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Chapter 8: Assessing a New Venture's Financial Strength and Viability
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Sample Questions
Q1) A company's accounts receivable is money owed to it by its customers.
A)True
B)False
Q2) Describe the purpose of the income statement, the balance sheet, and the statement of cash flows.
Q3) Which of the following statement is incorrect regarding how balance sheets are prepared?
A) The left hand side of a balance sheet shows a firm's assets.
B) The assets on a balance sheet are shown in order of liquidity.
C) Assets are recorded at fair market value rather than cost.
D) The right hand side of a balance sheet shows a firm's liabilities and it's owners' equity.
E) Intellectual property receives value in some cases and in some cases it does not.
Q4) Efficiency is a company's ability to meet its short-term financial obligations. A)True B)False
Q5) What is ratio analysis? Why is it important?
Q6) Describe each of the four primary financial objectives of firms.
Q7) Describe the difference between historical and pro form financial statements.
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Chapter 9: Building a New Venture Team
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Sample Questions
Q1) If a new venture organizes as a corporation, it is legally required to have a ________, which is a panel of individuals who are elected by a corporation's shareholders to oversee the management of the firm.
A) board of advisors
B) review team
C) team of advisors
D) accountability panel
E) board of directors
Q2) Andy Zackery just launched a firm in the sporting good industry. On the day the company was launched, Andy issued a press release, indicating that the vice president of Brunswick, a highly respected sporting goods company, had agreed to serve on his board of directors. Andy knows that such a high quality appointment will send an important message to his potential clientele. This phenomenon is referred to as:
A) championing
B) signaling
C) profiling
D) indicating
E) trumping
Q3) What is a skills profile and what is it used for?
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Page 11
Chapter 10: Getting Financing or Funding
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Sample Questions
Q1) Venture capitalists shoot for a ________ annual return on their investment.
A) 5 to 15 percent
B) 10 to 20 percent
C) 20 to 25 percent
D) 25 to 30 percent
E) 30 to 40 percent
Q2) The first sale of stock by a firm to the public is referred to as an:
A) original public submission
B) first unrestricted offering
C) preemptive initial offering
D) original open offering
E) initial public offering
Q3) The number of angel investors in the United States has increased dramatically over the past decade.
A)True
B)False
Q4) What is meant by the term "bootstrapping"? Provide several examples of the ways that entrepreneurs bootstrap to raise money or cut costs?
Q5) What is an elevator speech? How did it get its name?
Q6) Why do most firms need funding? Provide a brief explanation of each reason.
Page 12
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Chapter 11: Unique Marketing Issues
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Sample Questions
Q1) Karen Simon recently purchased a digital camera. She considered three cameras, a Kodak that was priced at $139.00, a Panasonic priced at $189.00, and a Nikon priced at $229.00. Karen couldn't tell much difference between the cameras, so he bought the Nikon, figuring that because it was the most expensive of the three, it must be the best. According to the textbook, Karen was making a:
A) price-quality attribution
B) price-merit attribution
C) cost-value acknowledgement
D) cost-worth attribution
E) price-worth acknowledgement
Q2) When Hotmail first started distributing free e-mail accounts, it put a tagline on every message sent out by Hotmail users that read "Get free e-mail with Hotmail." This technique, which encouraged people to pass along Hotmail's marketing message to others, is called:
A) echo marketing
B) duplicate marketing
C) infectious marketing
D) repeat marketing
E) viral marketing
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Page 13
Chapter 12: The Importance of Intellectual Property
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Sample Questions
Q1) Certification marks are similar to ordinary trademarks, but they are used to identify the services or intangible activities of a business rather than a business's physical product.
A)True
B)False
Q2) The 1976 Copyright Revision Act governs copyright law in the U.S.
A)True
B)False
Q3) Trade secret disputes arise most frequently when one firm alleges that a trade secret claimed by another firm is common knowledge, and can therefore be used by anyone.
A)True
B)False
Q4) ________ patents are the most common type of patent and cover what we generally think of as new inventions.
A) Value
B) Product
C) Method
D) Utility
E) Design
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Chapter 13: Preparing for and Evaluating the Challenges of Growth
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Sample Questions
Q1) ________ costs are the costs a company incurs as it makes sales.
A) Static
B) Irregular
C) Balanced
D) Variable
E) Flexible
Q2) Sometimes firms are compelled to grow to accommodate the growth of a key customer.
A)True
B)False
Q3) The ________ stage of the organizational life cycle is the start-up phase, where a business determines what its core strengths and capabilities are and starts selling its initial product or service.
A) introduction
B) launch
C) ramp-up
D) early growth
E) continuous growth
Q4) What are the primary day-to-day challenges involved with growing a firm? Briefly describe each challenge.
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Chapter 14: Strategies for Firm Growth
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Sample Questions
Q1) A spin-in occurs when a large company divests itself of one of its smaller divisions and the division becomes an independent company.
A)True
B)False
Q2) Two years ago, Jason Jennings and Mary Scott each owned a small chain of bagel restaurants in Orange County, California. Just recently, they decided to pool their interests and combine their individual chains of restaurants into one chain. What Jason and Mary did with their firms is called a:
A) licensing agreement
B) strategic alliance
C) acquisition
D) joint venture
E) merger
Q3) A market penetration strategy involves making additional versions of a product so that it will appeal to different clientele.
A)True
B)False
Q4) Describe what a joint venture is. Identify the two types of joint ventures.
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Page 16
Chapter 15: Franchising
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Sample Questions
Q1) A(n) ________ involves the sale of a single franchise for a specific location.
A) individual franchise agreement
B) one-of-a-kind franchise agreement
C) pinpoint franchise agreement
D) specific franchise agreement
E) precise franchise agreement
Q2) The Franchise Disclosure Document contains a total of 23 categories of information that give a prospective franchisee a broad base of information about the background and financial health of the franchisor.
A)True
B)False
Q3) Franchising is a form of business organization in which a firm that already has a successful product or service licenses its trademark and method of doing business to other businesses in exchange for an initial franchise fee and an ongoing royalty.
A)True
B)False
Q4) List and explain three of the common misconceptions about franchising.
Q5) How can a person tell if franchising is right for them?
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