Entrepreneurial Management Test Preparation
Course Introduction
Entrepreneurial Management explores the principles and practices of launching and running new ventures in dynamic and uncertain business environments. This course covers opportunity recognition, business model development, resource acquisition, and risk management, with an emphasis on creativity, innovation, and leadership. Students will engage in case studies, entrepreneurial projects, and real-world scenarios to develop the decision-making and strategic skills required to lead startups and drive growth in established organizations.
Recommended Textbook
Entrepreneurship Successfully Launching New Ventures 5th Edition by Bruce R. Barringer
Available Study Resources on Quizplus
15 Chapters
1124 Verified Questions
1124 Flashcards
Source URL: https://quizplus.com/study-set/288 Page 2
Chapter 1: Introduction to Entrepreneurship
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4778
Sample Questions
Q1) The number one characteristic shared by successful entrepreneurs is ________.
A) a desire to achieve financial rewards
B) a passion for the business
C) a desire to employ other people
D) a desire to fulfill a lifetime dream
E) a desire to bring a revolutionary new product or service to market
Answer: B
Q2) Pure Fix Cycles, the company profiled in the opening feature of Chapter 1, was launched by four co-founders and sells ________.
A) fixed gear, single speed bikes
B) entry level bikes that sell in the $100 price range
C) bikes the are durable enough that they almost never need to be fixed
D) high quality bikes that sell in the $1,000+ price range
E) multiple gear, multiple speed bikes
Answer: A
Q3) The number one characteristic shared by successful entrepreneurs is passion for the business.
A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Recognizing Opportunities and Generating Ideas
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4779
Sample Questions
Q1) Describe how brainstorming can help facilitate the generation of ideas, and outline the four rules for conducting a brainstorming session.
Answer: Brainstorming is a technique that is used to generate a number of ideas quickly.Among the purposes a brainstorming session could be used for include the generation of new business,product,or service ideas.In a brainstorming session,the leader of the group of people is instructed to come up with ideas-one person shares an idea,another person reacts to it,another person reacts to the reaction,and so on.A flip chart is typically used to record all the ideas.A productive session is freewheeling and lively.The main objective is to create an atmosphere of enthusiasm and originality where lots of ideas are generated.The four strict rules of brainstorming are as follows:
1.No criticism is allowed.
2.Freewheeling is encouraged-the more ideas,the better.
3.The session moves quickly,and nothing is permitted to slow down the pace.
4.Leapfrogging is encouraged.This means using one idea as a means of jumping forward quickly to other ideas.
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: Feasibility Analysis
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4780
Sample Questions
Q1) Jennifer Burroughs is thinking about starting a firm in the upscale women's fashion industry. To get a full appreciation of the competitive nature of the industry, and how she might position her products, Jennifer has spent considerable time looking at industry-related publications, Hoover's Online, and ABI-Inform, which is a database that provides access to articles covering a wide-variety of business and industry related issues. Jennifer is conducting ________ research.
A) primary
B) secondary
C) action
D) temporary
E) purposeful
Answer: B
Q2) Product/service feasibility analysis is an assessment of the overall appeal of the product or service being proposed.
A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above.
Page 5
Chapter 4: Developing an Effective Business Model
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4781
Sample Questions
Q1) The operations section of the Barringer/Ireland Business Model Template includes three sections: product (or service) production, channels, and key partners.
A)True
B)False
Q2) Which of the following firms has a peer-to-peer business model?
A) Dell
B) Dropbox
C) Airbnb
D) Salesforce.com
E) Google
Q3) The Partnering for Success feature in Chapter 4 focused on Web-based platforms, including Odesk, Elance, and Guru, that make it easy to identify and hire experienced
A) part time employees
B) freelancers
C) interns
D) virtual assistants
E) full-time employees
Q4) Describe the Barringer/Ireland Business Model Template and discuss its purpose.
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Industry and Competitor Analysis
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4782
Sample Questions
Q1) Many firms benefit from an increasing ability to outsource manufacturing or service functions to lower-cost foreign countries. This trend is referred to in the textbook as a(n) ________ trend.
A) business
B) environmental
C) commerce
D) statutory
E) economic
Q2) Which of the following was not identified in the textbook as a nontraditional barrier to entry?
A) Strength of management team
B) First-mover advantage
C) Unique business model
D) Product differentiation
E) Internet domain name
Q3) What is industry analysis? Why is it important for a new venture to complete a thorough analysis of the industry it is entering?
Q4) Identify the five competitive forces that determine industry profitably. Explain the purpose of analyzing these forces?
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Writing a Business Plan
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4783
Sample Questions
Q1) A competitor analysis, which is a detailed analysis of a firm's competitors, should be included in the market analysis section of its business plan.
A)True
B)False
Q2) Which of the following statements is incorrect regarding the executive summary of a business plan?
A) It is a short overview of the entire business plan.
B) In many instances an investor will first ask for a copy of a firm's executive summary and will request a copy of the full business plan only if the executive summary is sufficiently convincing.
C) It is arguably the most important section of the business plan.
D) It should not exceed two single-spaced pages.
E) The executive summary is the first thing that should be written in preparing a business plan.
Q3) For most new ventures, the business plan is a dual-purpose document used both inside and outside the firm.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
8
Chapter 7: Preparing the Proper Ethical and Legal Foundation
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4784
Sample Questions
Q1) The single most important thing the founders of an entrepreneurial venture can do to avoid ethical misconduct is to establish a strong ethical culture for their firms.
A)True
B)False
Q2) Most founders' agreements include a ________ clause, which legally obligates the departing founder to sell to the remaining founders his or her interest in the firm if the remaining founders are interested.
A) redemption
B) buyback
C) statutory purchase
D) voluntary recoup
E) shareholder surrender
Q3) All of the following are advantages of a sole proprietorship except ________.
A) creating one is easy and inexpensive
B) unlimited liability
C) it is not subject to double taxation
D) the owner maintains complete control of the business
E) business losses can be deducted against the sole proprietor's other sources of income
Page 9
To view all questions and flashcards with answers, click on the resource link above.
Chapter 8: Assessing a New Venture's Financial Strength and Viability
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4785
Sample Questions
Q1) ________ are an estimate of a firm's future income and expenses, based on its past performance, its current circumstances, and its future plans.
A) Calculation statements
B) Forecasts
C) Statements of cash flow
D) Financial statements
E) Prediction statements
Q2) A company's accounts receivable is money owed to it by its customers.
A)True
B)False
Q3) According to the textbook, the three numbers that receive the most attention when evaluating an income statement are ________.
A) depreciation, interest income, and income tax expense
B) cost of sales, gross profit, and operating expenses
C) net sales, cost of sales, and operating expenses
D) gross profit, net sales, and incomes tax expense
E) gross profit, other income, and net income
Q4) Describe each of the four primary financial objectives of firms.
Q5) What is ratio analysis? Why is it important?
To view all questions and flashcards with answers, click on the resource link above. Page 10
Chapter 9: Building a New-Venture Team
Available Study Resources on Quizplus for this Chatper
74 Verified Questions
74 Flashcards
Source URL: https://quizplus.com/quiz/4786
Sample Questions
Q1) A(n) ________ is a person who is in business for themselves, works on their own time with their own tools and equipment, and performs services for a number of different clients.
A) employee
B) virtual assistant
C) intern
D) trainee
E) freelancer
Q2) What is the difference between a heterogeneous and a homogeneous founding team? Which type of team has the advantage?
Q3) 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
To view all questions and flashcards with answers, click on the resource link above.
Page 11
Chapter 10: Getting Financing or Funding
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4787
Sample Questions
Q1) The SBIR is a ________-phase program, meaning that firms that qualify have the potential to receive more than one grant to fund a particular proposal.
A) two
B) three
C) six
D) nine
E) twelve
Q2) The Savvy Entrepreneurial Firm feature in Chapter 10 focuses on the manner in which biotech firms and large drug companies work together to bring pharmaceutical products to market. According to feature, the most compelling partnerships are those that help entrepreneurial firms focus on what they do best, which is typically ________, and that allow them to tap their partners' complementary strengths and resources.
A) innovation
B) marketing
C) project management
D) fundraising
E) product distribution
Q3) Why do most firms need funding? Provide a brief explanation of each reason.
To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 11: Unique Marketing Issues
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4788
Sample Questions
Q1) When Red Bull was first being introduced into the United States, the company would hand out free samples of its product at extreme sports events (e.g., skateboarding, wakeboarding and mountain biking competitions). Red Bull's objective was to create ________ surrounding its product.
A) buzz
B) noise
C) clatter
D) clamor
E) ruckus
Q2) A brand is the set of attributes-positive or negative-that people associate with a company.
A)True
B)False
Q3) What is an exclusive distribution agreement? Why do firms enter into exclusive distribution agreements with other firms?
Q4) What is the purpose of market segmentation? How are markets 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?
To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 12: The Importance of Intellectual Property
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4789
Sample Questions
Q1) While stealing trade secrets is widely considered to be unethical, it is not a criminal offense.
A)True
B)False
Q2) Amazon.com's one-click ordering system and Priceline.com's "name-your-price" business model are examples of ________ patents.
A) copyright extension
B) utility
C) business technique
D) trademark extension
E) business method
Q3) The four types of trademarks are ________.
A) trademarks, service marks, collective marks, and certification marks
B) examination marks, trademarks, combined marks, and service marks
C) shared marks, collective marks, mutual marks, and trademarks
D) service marks, cooperative marks, trademarks, and shared marks
E) trademarks, collective marks, documentation marks, and combined marks
Q4) Marks that are merely descriptive of a product or service can be trademarked.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 14
Chapter 13: Preparing for and Evaluating the Challenges of Growth
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4790
Sample Questions
Q1) London Simpson owns a company that makes smartphone accessories. She is trying to increase her sales, primarily because she knows that increasing production lowers the average cost of each unit produced. The reason for growth illustrated in this example is
A) economies of scope
B) market leadership
C) influence, power, and survivability
D) need to accommodate the growth of key customers
E) economies of scale
Q2) The What Went Wrong feature in Chapter 13 focuses on Wesabe, a Web-based company that was launched in 2006 to help people manage their personal finances. According to Marc Hedlund, one of Wesabe's cofounders, the company failed for two primary reasons. First, it didn't allow a partner to provide it with an essential service that it decided to build on its own. Second, it ________.
A) didn't hire an experienced CEO
B) didn't achieve a large enough critical mass of users
C) didn't implement a revenue model fast enough
D) didn't utilize both internal and external growth strategies
E) misunderstood its users
To view all questions and flashcards with answers, click on the resource link above. Page 15
Chapter 14: Strategies for Firm Growth
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4791
Sample Questions
Q1) Describe the internal growth strategy of new product development. Why is it a competitive necessity in some industries that entrepreneurial firms focus on this form of growth?
Q2) Geographic expansion is most common in manufacturing settings.
A)True
B)False
Q3) Two years ago, Cameron Jones and Mary Scott each owned a small chain of smoothie restaurants in New York City. Just recently, they decided to pool their interests and combine their individual chains of restaurants into one chain. What Cameron and Mary did with their firms is called a(n) ________.
A) licensing agreement
B) strategic alliance
C) acquisition
D) joint venture
E) merger
Q4) A spin-out occurs when a large company divests itself of one of its smaller divisions and the division becomes an independent company.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 16
Chapter 15: Franchising
Available Study Resources on Quizplus for this Chatper
75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4792
Sample Questions
Q1) While franchise agreements vary, each agreement typically contains these sections: the ________ agreement and the ________ agreement.
A) statutory; purchase
B) franchise; buy
C) buy; membership
D) procurement; statutory
E) purchase; franchise
Q2) The Partnering for Success feature in Chapter 15 focuses on how franchise organizations can boost their sales while at the same time reduce their expenses. The technique that the feature recommends to achieve these dual objectives is ________.
A) strategic alliances
B) joint ventures
C) outsourcing
D) licensing
E) co-branding
Q3) How can a person tell if franchising is right for them?
Q4) What is the difference between a product and trademark franchise and a business format franchise? Which type of franchise is most common for entrepreneurial firms?
To view all questions and flashcards with answers, click on the resource link above.
Page 17