Entrepreneurial Management
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Course Introduction
Entrepreneurial Management explores the principles, strategies, and skills required to identify, evaluate, and pursue new business opportunities in dynamic markets. The course emphasizes the entrepreneurial mindset, guiding students through the processes of developing a viable business concept, creating and testing business models, acquiring resources, and overcoming the challenges of startup growth. Through case studies, experiential exercises, and real-world projects, students gain practical insights into opportunity recognition, risk management, leadership, innovation, and the ethical responsibilities inherent in entrepreneurship. This foundational course prepares students to launch and manage start-ups or to drive innovation within established organizations.
Recommended Textbook
Entrepreneurship 11th Edition by Robert D Hisrich
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15 Chapters
1225 Verified Questions
1225 Flashcards
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Chapter 1: The Entrepreneurial Mind-Set
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52 Flashcards
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Sample Questions
Q1) Entrepreneurial action can be defined as those situations in which new goods,services,raw materials and organizing methods can be sold at greater than their production cost.
A)True
B)False Answer: False
Q2) The McMullen-Shepherd Model helps identify the common traits of successful entrepreneurs.
A)True
B)False Answer: False
Q3) Previous start-up experience is a good predictor of starting subsequent businesses.
A)True
B)False
Answer: True
Q4) Sustainable entrepreneurship provides only environmental gains for others.
A)True
B)False Answer: False
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Chapter 2: Corporate Entrepreneurship
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54 Flashcards
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Sample Questions
Q1) For an organization with a traditional environment,it is best to facilitate an external process to establish an entrepreneurial environment.
A)True
B)False
Answer: True
Q2) Define and explain the dual process model of coping with negative emotions.
Answer: Student should define process as shifting between a loss orientation and a restoration orientation.The student should also explain the two alternate approaches to loss:
loss orientation An approach to negative emotions that involves working through,and processing,some aspect of the loss experience and,as a result of this process,breaking emotional bonds to the object lost.
restoration orientation An approach to negative emotions based on both avoidance and a proactiveness toward secondary sources of stress arising from a major loss. The entrepreneur can benefit from both orientations while minimizing the costs of maintaining either for too long.
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4
Chapter 3: Generating and Exploiting New Entries
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97 Flashcards
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Sample Questions
Q1) To be the basis of a firm's superior performance over competitors for an extended period of time,valuable and rare resources need to be:
A) inimitable.
B) fully utilized.
C) patented.
D) shared.
Answer: A
Q2) A new entry can be either offering a new product to a new market or creating a new organization.
A)True
B)False
Answer: True
Q3) ________ knowledge refers to the entrepreneur's possession of information,technology,know-how,and skills that provide insight into the industry and customers.
A) Technological
B) Resource
C) Opportunity
D) Market
Answer: D
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Chapter 4: Creativity and the Business Idea
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Sample Questions
Q1) Brainstorming groups should:
A) contain an expert in the field to be discussed.
B) be serious and work-oriented.
C) try to generate as many ideas as possible.
D) encourage criticism of ideas from other participants in the group.
Q2) An online company's front-end operations involve integration of customer orders with distribution channels.
A)True
B)False
Q3) Patents filed with the U.S.Patent Office:
A) are not disclosed to the public.
B) are the property of the U.S. Government.
C) frequently suggest other new products.
D) are only accessible to government agencies.
Q4) In the product development stage,consumer reaction to the physical product/service is determined.
A)True
B)False
Q5) List,in order,the stages of the product planning and development process.
Q6) Identify and describe the three major types of innovation.
Page 6
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Chapter 5: Identifying and Analyzing Domestic and International Opportunities
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Sample Questions
Q1) Which of the following statements is true
A) Most countries have laws and court procedures protecting intellectual property such as those in the United States.
B) Civil laws tend to be relatively nonspecific.
C) Laws of a country regulate the manner in which business transactions are executed.
D) Global entrepreneurs cannot specify in the contract that any contract disputes will be heard in the courts of another country.
Q2) List five of the nine major reasons why an entrepreneur would go global
Q3) Only the pricing element in the business strategy of an international entrepreneur has the potential to be affected by the multiplicity of legal environments.
A)True
B)False
Q4) The key to successful entrepreneurship is to develop an idea that has a large,reachable market.
A)True
B)False
Q5) List the seven various aspects of culture.
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Chapter 6: Protecting the Idea and Other Legal Issues for the Entrepreneur
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Sample Questions
Q1) A ________ is a contract between the government and an inventor.
A) patent
B) franchise
C) trademark
D) trade secret
Q2) Getting a trademark typically takes 2 years.
A)True
B)False
Q3) The three major parts of a patent application are the introduction,description and warranty sections.
A)True
B)False
Q4) Which of the following is true regarding the Sarbanes-Oxley Act
A) It only applies to companies that make over $10 million in gross revenue.
B) Private companies are not included in this act.
C) The act does not cover fraud via TV or radio.
D) The act only covers a narrow range of corporate governance activity.
Q5) Life insurance of key employees is mandatory in some states.
A)True
B)False
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Chapter 7: The Business Plan: Creating and Starting the Venture
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Sample Questions
Q1) All of the following are questions that should be considered in the environmental and industry analysis section of the business plan except:
A) What are total industry sales over the past five years?
B) Who are the nearest competitors?
C) What is my promotional strategy?
D) What is anticipated growth in this industry?
Q2) A quick feasibility study should be conducted before preparing the business plan to uncover possible barriers to success.
A)True
B)False
Q3) The process of writing the business plan provides a self-assessment for the entrepreneur.
A)True
B)False
Q4) The organizational plan section of the business plan should describe the venture's form of ownership.
A)True
B)False
Page 9
Q5) Identify the most common reasons why business plans fail.
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Chapter 8: The Marketing Plan
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Sample Questions
Q1) The first step in conducting a competitive analysis is to document the pricing strategy of each competitor.
A)True
B)False
Q2) Private data sources,such as Information Resources,Inc.and Nielsen Indexes,are a low-cost secondary data source.
A)True
B)False
Q3) The ________ is the written statement of marketing objectives,strategies,and activities to be followed in the business plan.
A) marketing plan
B) marketing mix
C) marketing system
D) marketing structure
Q4) All efforts to develop an effective social media plan start with:
A) Google.
B) the company website.
C) Facebook.
D) Twitter.
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Chapter 9: The Organizational Plan
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Sample Questions
Q1) Discuss the six main functions of a board of directors.
Q2) In a limited partnership,the limited partners:
A) are liable only for the amount of their capital contributions.
B) share the amount of personal liabilities equally.
C) have only insurance as protection against liability suits.
D) are allowed to decide on the amount of individual liabilities.
Q3) To build a successful organization culture the entrepreneur:
A) should focus and not try out different things.
B) needs to remember that it is easier to change a person's attitude than it is to change the person's behavior.
C) should spend extra time in the hiring process.
D) must create a workplace where communication from the top down is encouraged.
Q4) Which of the following is not one of the main functions of the management team according to text
A) Execute the business plan.
B) Identify fundamental changes in the business plan as they occur.
C) Make adjustments based on changes in the environment and market that will maintain profitability.
D) Help the entrepreneur write the business plan.
Q5) What are the main characteristics of an LLC
Page 11
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Chapter 10: The Financial Plan
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Sample Questions
Q1) Profit from the business will be included on the balance sheet in the assets section.
A)True
B)False
Q2) ________ is a cash disbursement and ________ is/are an operating expense.
A) Debt; interest
B) Amortization; salaries
C) Depreciation; rent
D) Depreciation; cost of goods sold
Q3) One of the simplest and probably the most widely used small business accounting software package is Intuit's Quickbooks.
A)True
B)False
Q4) Cash flow:
A) results from the differences between cash receipts and cash payments.
B) is the result of subtracting expenses from sales.
C) is the same as profit.
D) is the sum total of all sales at a point in time.
Q5) What is a pro forma sources and applications of funds statement
Give examples of sources and uses of funds.
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Chapter 11: Sources of Capital
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Sample Questions
Q1) When a company receives an SBIR grant,any patent rights and software generated belong to:
A) the Federal Government.
B) the bank securing the loan.
C) the Small Business Administration.
D) the entrepreneur.
Q2) ________ financing entails obtaining funds for the company in exchange for ownership.
A) Bootstrap
B) Equity
C) Debt
D) Commercial
Q3) Most R&D limited partnerships are not successful.
A)True
B)False
Q4) Bootstrap financing helps avoid some of the problems of external capital like decreases in flexibility and increased impulse to spend.
A)True
B)False
Q5) Explain and define the four types of asset backed loans.
Page 13
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Chapter 12: Informal Risk Capital, Venture Capital, and Going Public
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Sample Questions
Q1) In the valuation of Internet companies:
A) the book value approach is of primary importance.
B) the replacement value approach plays a significant role.
C) the qualitative portion of due diligence carries much more weight.
D) the factor approach is used the overall value.
Q2) The return on investment ratio measures the ability of the firm to repay long-term debt using current assets.
A)True
B)False
Q3) An extension of the earnings approach is the book value method.
A)True B)False
Q4) The detailed review of a potential venture capital deal is called diligent research. A)True B)False
Q5) The current ratio is used to measure the long-term solvency of the venture and its ability to meet short-term debts.
A)True B)False
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Chapter 13: Strategies for Growth and Managing the Implication of Growth
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Sample Questions
Q1) The ________ strategy focuses on selling the firm's existing products to new groups of customers.
A) penetration
B) market development
C) product development
D) diversification
Q2) The entrepreneur is required to withhold federal and state taxes for employees and then deposit payments monthly or quarterly.
A)True
B)False
Q3) The principle of prioritized planning requires the entrepreneur to categorize his or her tasks by their degree of importance and then to allocate time to tasks based on this categorization.
A)True
B)False
Q4) What benefits can an entrepreneur receive from better time management
Q5) Most entrepreneurs could benefit from implementing time management techniques.
A)True
B)False
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Chapter 14: Accessing Resources for Growth From External Sources
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Sample Questions
Q1) By buying a franchise,the entrepreneur reduces the amount of money available for advertising.
A)True
B)False
Q2) In a leveraged buyout,the entrepreneur uses equity funds to purchase an existing venture for cash.
A)True
B)False
Q3) In most ________,the debt capital usually exceeds the equity by a ratio of 5:1.
A) mergers
B) leveraged buyouts
C) hostile takeovers
D) franchises
Q4) The ________ is the range of outcomes between the entrepreneur's reservation price and the reservation price of the other party.
A) reservation price
B) franchise price
C) bargaining zone
D) break-even price
Q5) Discuss the main disadvantages of an acquisition.
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Chapter 15: Succession Planning and Strategies for
Harvesting and Ending the Venture
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Sample Questions
Q1) Chapter 11 is the type of bankruptcy that results in:
A) extended time payments.
B) liquidation.
C) reorganization.
D) turn-around time.
Q2) According to the Small Business Administration,the failure rate of new businesses within the first few years is:
A) less than 25 percent.
B) about 70 percent.
C) 50 percent.
D) about 33 percent.
Q3) In establishing a price for a management buyout the entrepreneur should not include the goodwill value established from past revenue because it can't be quantified.
A)True
B)False
Q4) Bankruptcy can be used as a bargaining chip with creditors to allow the venture to voluntarily reorganize.
A)True
B)False
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