Entrepreneurial Management Review Questions
Course Introduction
Entrepreneurial Management explores the principles and practices essential for launching and sustaining successful new ventures. The course covers the entrepreneurial process from idea generation and opportunity assessment to business model development, resource acquisition, and growth strategies. Students will learn how to develop and pitch business plans, manage innovation, assess market needs, and balance risk and reward in dynamic environments. The curriculum emphasizes both the theoretical frameworks and practical skills needed for entrepreneurial leadership, including decision-making, team building, and navigating the challenges of early-stage enterprise management.
Recommended Textbook
Entrepreneurship Successfully Launching New Ventures MA 4th Edition by Barringer Bruce
15 Chapters
1125 Verified Questions
1125 Flashcards
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Chapter 1: Introduction to Entrepreneurship
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75 Verified Questions
75 Flashcards
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Sample Questions
Q1) Stacey Wills, who is at heart a craftsperson, recently started a firm to manufacturer a new innovative food blender. Stacey's desire is to sell her food blender to as many people as possible, because she firmly believes in the merits of her product. Stacey's story best illustrates which of the following characteristics, or attributes, of a successful entrepreneur?
A) product/customer focus
B) execution intelligence
C) tenacity despite failure
D) a desire to please consumers
E) a desire to gain financial rewards
Answer: A
Q2) According to Chapter 1, investors often cite the ________ as their most important criterion in the decision to fund new ventures.
A) financial position of the new venture
B) strength of the industry the new firm is entering
C) strength of the new venture's marketing plan
D) strength of the business idea
E) strength of the entrepreneur
Answer: E
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3
Chapter 2: Recognizing Opportunities and Generating Ideas
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Sample Questions
Q1) Alex has a number of casual acquaintances that he interacts with infrequently. The relationships that Alex has with these people are referred to as:
A) strong-tie relationships
B) moderate-tie relationships
C) lateral-tie relationships
D) weak-tie relationships
E) multiple-tie relationships
Answer: D
Q2) 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
Q3) Brainstorming is used to generate a number of ideas quickly.
A)True
B)False
Answer: True
Page 4
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Chapter 3: Feasibility Analysis
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Sample Questions
Q1) A ________ survey is an instrument that is used to gauge customer interest in a product or service.
A) shopper intent
B) purchase intent
C) product demand
D) consumer interest
E) buying intentions
Answer: E
Q2) For financial feasibility analysis, a very detailed and comprehensive financial analysis is required.
A)True
B)False
Answer: False
Q3) First Screen is a template for completing industry analysis
A)True
B)False
Answer: False
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Page 5
Chapter 4: Writing a Business Plan
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Sample Questions
Q1) Match the business plan with its appropriate emphasis:
A) summary business plan, works best for companies who are at the point where they need funding or financing; serves as a "blueprint" for the company's operations
B) operational business plan, works best for companies in the early stages of development that want to "test the waters" to see if investors are interested in their idea
C) full business plan, works best for companies in the early stages of development that want to "test the waters" to see if investors are interested in the idea
D) summary business plan, is meant primarily for an internal audience; works best as a tool for creating a blueprint for a company's operations and providing guidance to operational managers
E) summary business plan, works best for companies in the early stages of development that want to "test the waters" to see if investors are interested in their idea
Q2) What is a business plan?
Q3) A business plan can usually be completed in one to three days.
A)True
B)False
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Chapter 5: Industry and Competitor Analysis
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75 Flashcards
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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) Katherine Chapman recently launched a firm in the clothing industry, targeting teens ages 13-17. One thing Katherine thinks she has accomplished is producing products that have universal appeal, so she will not vary her approach from country to country. Katherine is pursuing a ________ strategy.
A) universal
B) multidomestic
C) contemporary
D) global
E) home
Q3) The first step in a competitor analysis is to determine who the competition is.
A)True
B)False
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Page 7
Chapter 6: Developing an Effective Business Model
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Sample Questions
Q1) A firm's business model resides within its own boundaries.
A)True
B)False
Q2) ________ is the process of adapting a firm's core competencies to exploit new opportunities.
A) Resource leverage
B) Capacity proficiency
C) Ability leverage
D) Aptitude embellishment
E) Capacity extension
Q3) Fulfillment and support describes the way a firm's product or service "goes to market" or how it reaches its customers.
A)True
B)False
Q4) A resource chain is the network of all the companies that participate in the production of a product, from the acquisition of raw materials to the final sale.
A)True
B)False
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 ethical dilemma is a situation that involves doing something that is beneficial to oneself or the organization, but may be unethical.
A)True
B)False
Q2) The vast majority of corporations in the United States are public corporations.
A)True
B)False
Q3) Corporations are organized as either C Corporations, T Corporation, or subchapter S corporations.
A)True
B)False
Q4) Trevor Parsons just took a job with Twitter. As part of his employment contract, Trevor signed an agreement that states that he will not disclose any of Twitter's trade secrets. The agreement that Trevor signed is called a(n):
A) nondisclosure agreement
B) non breach-of-trust agreement
C) ethics agreement
D) binding confidentiality agreement
E) legitimacy agreement
Page 9
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Chapter 8: Assessing a New Ventures Financial Strength and Viability
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Sample Questions
Q1) Describe each of the four primary financial objectives of firms.
Q2) The statement of cash flows summarizes the changes in a firm's cash position for a specified period of time and details why the change occurred.
A)True
B)False
Q3) What are forecasts? What role do they play in the preparation of pro forma financial statements?
Q4) Match the financial objective with its correct definition.
A) stability/the overall health of the financial structure of the firm, particularly as it relates to its debt-to-equity ratio
B) profitability/how productively a firm utilizes its assets
C) liquidity/a company's ability to make a profit
D) efficiency/a company's ability to meet its short-term obligations
E) profitability/the overall health of the financial structure of the firm, particularly as it relates to its debt-to-equity ratio
Q5) Efficiency is the ability to earn a profit.
A)True
B)False
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Chapter 9: Building a New Venture Team
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Sample Questions
Q1) A skills profile is a chart that depicts the:
A) preferable skills and abilities of the members of a firm's board of advisors
B) preferable skills and abilities of the members of a firm's board of directors
C) most important skills that are needed in a business startup and where skills gaps exist
D) skills and abilities that will be needed for a firm to maintain an aggressive growth strategy
E) the skills of a company's customers and how those skills impact the product and services a company provides
Q2) Which of the following was not identified in the textbook as an element of a new venture team?
A) board of advisors
B) suppliers and vendors
C) key employees
D) lenders and investors
E) management team
Q3) What is SCORE? What is its role in helping a firm fill out its new venture team?
Q4) 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) Historically, the vast majority of SBIR Phase 1 proposals are approved.
A)True
B)False
Q2) An important part of obtaining venture capital funding is going through ________, which refers to the process of investigating the merits of a potential venture and verifying the key claims made by the business plan.
A) appropriate diligence
B) fit diligence
C) due diligence
D) prior diligence
E) responsible diligence
Q3) Angel investors, private placement, venture capital, and initial public offerings are the most common sources of equity funding.
A)True
B)False
Q4) What is an elevator speech? How did it get its name?
Q5) What is the difference between equity funding and debt financing? What are the most common sources of equity funding and debt financing?
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Chapter 11: Unique Marketing Issues
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Sample Questions
Q1) Which of the following statements is incorrect regarding the process of building a company's brand?
A) A firm's name, logo, Web site design, and even its letterhead are part of its brand.
B) One of the keys to effective branding is to create a strong personality for a firm.
C) Some companies monitor the integrity of their brands through brand management.
D) Startups must build a brand from scratch, which starts with selecting the company's name.
E) Most experts recommend a heavy reliance on advertising in building a firm's brand.
Q2) A(n) ________ 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) tribute account
B) reference account
C) approval report
D) appreciation account
E) acknowledgment report
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Chapter 12: The Importance of Intellectual Property
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Sample Questions
Q1) ________ include marketing plans, product formulas, financial forecasts, employee rosters, logs of sales calls, and laboratory notebooks.
A) Trade secrets
B) Trademarks
C) Collective marks
D) Patents
E) Copyrights
Q2) Trademark law falls under the Lanham Act, which passed in 1946.
A)True
B)False
Q3) A ________ is any formula, pattern, physical device, idea, process, or other information that provides the owner of the information with a competitive advantage in the marketplace.
A) patent
B) copyright
C) trademark
D) trade secret
E) certification mark
Q4) What is a copyright? What is protected by a copyright?
Q5) Identify and briefly describe the three types of patents.
Page 14
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Chapter 13: Preparing for and Evaluating the Challenges of Growth
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Sample Questions
Q1) Market leadership occurs when:
A) a firm is the number one or the number two firm in an industry or niche market in terms of net profits
B) a firm is one of the top five firms in an industry or market niche in terms of sales volume
C) a firm earns twice as much as its closest competitor
D) a firm sells twice as much as its closest competitor
E) a firm is the number one or the number two firm in an industry or niche market in terms of sales volume
Q2) ________ are(is) generated when increasing production lowers the average cost of each unit produced.
A) Business scalability
B) Economies of scale
C) Reaching for scale
D) Market leadership
E) Economies of scope
Q3) Business success doesn't always scale.
A)True
B)False
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Chapter 14: Strategies for Firm Growth
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Sample Questions
Q1) Internally generated growth is often called ________ growth because it does not rely on outside intervention.
A) natural
B) whole
C) expected
D) organic
E) ordinary
Q2) According to the textbook, the key to effective merchandise and character licensing is:
A) get licensing income monthly rather than yearly
B) resist the temptation to license a trademark too widely
C) licensing a trademark very widely
D) restrict licensing agreements to one year
E) restrict licensing to product categories that have no relevance and appeal to a firm's core customers
Q3) Describe what a product line extension strategy is. What are the advantages of this strategy? Describe a company you are familiar with that utilizes a product line extension growth strategy.
Q4) Describe what a joint venture is. Identify the two types of joint ventures.
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Chapter 15: Franchising
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Sample Questions
Q1) In the majority of cases, a franchisee pays a royalty based on a percentage of weekly or monthly net income.
A)True
B)False
Q2) According to the textbook, which of the following is not a cost that is typically associated with buying a franchise?
A) intellectual capital fees
B) capital requirements
C) continuing royalty payment
D) advertising fees
E) initial franchise fee
Q3) 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
Q4) How can a person tell if franchising is right for them?
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