Entrepreneurial Management
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Course Introduction
Entrepreneurial Management explores the principles and practices essential for launching and sustaining successful new ventures. The course covers the entrepreneurial mindset, opportunity identification, business model development, resource acquisition, and strategies for managing innovation and growth in dynamic markets. Students will learn to navigate the challenges unique to startups, including risk assessment, financing options, leadership, and team building. Through case studies, real-world projects, and interactive exercises, participants will develop practical skills to turn innovative ideas into viable businesses and effectively manage entrepreneurial ventures.
Recommended Textbook
Entrepreneurship Theory Process and Practice 9th Edition by Donald F. Kuratko
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15 Chapters
1181 Verified Questions
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Page 2
Chapter 1: Entrepreneurship: Evolutionary
Development-Revolutionary Impact
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Sample Questions
Q1) In the evolutionary process of economic growth, _________ plays the crucial and indispensable role of providing the "social glue" that binds together both high-tech and "Main Street" activities.
A) entrepreneurship
B) supply and demand
C) the Internet
D) management
Answer: A
Q2) Throughout the years, many myths have arisen about entrepreneurship as a result of?
A) a lack of research about entrepreneurship
B) a lack of interest in the field
C) a total disregard for the truth
D) a destructive attitude by government
Answer: A
Q3) The word entrepreneur is derived from the Spanish word entreprendre, meaning "to undertake."
A)True
B)False
Answer: False
Page 3
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Chapter 2: The Entrepreneurial Mind-Set in Individuals:
Cognition and Ethics
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Sample Questions
Q1) A decision to sell pharmaceuticals that have not been cleared with the Federal Drug Administration is an example of a(n)
A) illegal and ethical decision.
B) legal and unethical decision.
C) illegal and unethical decision.
D) legal and ethical decision.
Answer: C
Q2) Inexperience and incompetent management are the main reasons for failure.
A)True
B)False
Answer: True
Q3) What kind of thinking can lead to unethical behavior in a business context?
A) top line
B) bottom line
C) abstract
D) critical
Answer: B
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Page 4
Chapter 3: The Entrepreneurial Mind-Set in Organizations: Corporate Entrepreneurship
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85 Verified Questions
85 Flashcards
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Sample Questions
Q1) Secretly working on new ideas on company time as well as on personal time is referred to as
A) skunk works.
B) champion.
C) bootlegging.
D) interactive learning.
Answer: C
Q2) Key features in the success of any innovative program include all of the following except
A) confidence.
B) trust.
C) accountability.
D) high profitability.
Answer: D
Q3) In the model of sustained corporate entrepreneurship discussed in the text, a transformational trigger can be internal or external to the company.
A)True
B)False
Answer: True
Page 5
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Chapter 4: Social Entrepreneurship and the Global
Environment for Entrepreneurship
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Sample Questions
Q1) If we accept the argument that social entrepreneurship is a continuum, at one extreme would be social entrepreneurs driven exclusively by producing social benefits; at the other, would be
A) social entrepreneurs motivated by the environment with social benefits being the means
B) social entrepreneurs motivated by profitability with social benefits being the means
C) social entrepreneurs motivated by income from their beneficiaries
D) social entrepreneurs motivated by income with entrepreneuerial means
Q2) In the context of benefit corporations, what does transparency refer to?
Q3) Social entrepreneurs are known to combine resources to exploit opportunities to create social value.
A)True
B)False
Q4) For-profit enterprises have yet to make significant contributions to the world of social entrepreneurship.
A)True
B)False
Q5) Why is global thinking important to today's entrepreneurs?
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Chapter 5: Innovation: The Creative Pursuit of Ideas
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Sample Questions
Q1) The cognitive ability of entrepreneurs to acquire and transform information has yet to be studied.
A)True
B)False
Q2) Shifts in consumer tastes and attitudes are an example of
A) a infeasible opportunity.
B) industry and market changes.
C) the fickle consumer.
D) problems for the entrepreneur.
Q3) Creativity, in the entrepreneurial context, is the generation of ideas that result in the improved efficiency or effectiveness of a system.
A)True
B)False
Q4) Which of the following is not one of the phases in the creative process?
A) background or knowledge accumulation
B) evaluation and implementation
C) the incubation process
D) preliminary investigation
Q5) Describe the innovation process.
Q6) List and briefly explain each of the phases in the creative process.
Page 7
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Chapter 6: Assessment of Entrepreneurial Opportunities
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Sample Questions
Q1) The amount of capital required to start a new venture _____.
A) can vary considerably depending upon the industry
B) is generally the same for all start-ups
C) is never available
D) will always be small
Q2) A feasibility criteria approach focuses strictly on the financial feasibility of a new venture.
A)True
B)False
Q3) Functional design of the product and attractiveness in appearance are an aspect of
A) technical feasibility.
B) financial feasibility.
C) marketability.
D) organizational competence.
Q4) Many entrepreneurs do not understand the marketing life cycle of a new product. A)True
B)False
Q5) List and describe three pitfalls in selecting a new venture.
Q6) Explain three major reasons why new ventures fail.
Page 8
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Chapter 7: Pathways to Entrepreneurial Ventures
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75 Flashcards
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Sample Questions
Q1) When is the buyer likely to have power over the seller in the negotiation to purchase a business?
A) if the seller has already purchased another business
B) if potential buyers are numerous
C) if the buyer's backers wish to invest quickly
D) if the seller has no deadline for selling
Q2) The term risk versus loss refers to the amount of return for funds invested.
A)True
B)False
Q3) An additional consideration to keep in mind when negotiating to purchase an existing business includes requesting that the seller retain __________ in the firm.
A) a minority interest
B) a majority interest
C) either a minority or majority interest
D) none of the above
Q4) The Federal Trade Commission does not provide information on franchise success.
A)True
B)False
Q5) Briefly explain the new-old approach to creating new ventures.
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Chapter 8: Sources of Capital for Entrepreneurs
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Sample Questions
Q1) Entrepreneurs are rarely able to set up a business without investment funds or bank loans.
A)True
B)False
Q2) SEC stands for the
A) Stock Exchange Corporation.
B) Securities and Exchange Commission.
C) Standard Equity Commission.
D) Source of Equity Company.
Q3) An informal risk capitalist is referred to as:
A) your neighbor.
B) a business angel.
C) a retiree.
D) someone with extra money to invest but who is not interested becoming an entrepreneur.
Q4) One of the advantages of public offerings is
A) liquidity.
B) disclosure.
C) requirements.
D) cost.
Page 10
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Chapter 9: Legal Challenges of Entrepreneurial Ventures
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Sample Questions
Q1) Trademark registration and search is not costly.
A)True
B)False
Q2) A patent gives the holder a temporary
A) profit.
B) oligopoly.
C) monopoly.
D) specification.
Q3) Which of the following are suggestions to minimize legal costs?
A) visit the lawyer during normal hours of operation
B) have the lawyer custom design forms specifically for you
C) always handle matters personally
D) try to avoid hiring a lawyer if and until an emergency requires it
Q4) When considering bankruptcy, entrepreneurs as sole proprietors normally prefer
A) Chapter 5.
B) Chapter 7.
C) Chapter 11.
D) Chapter 13.
Q5) Identify the three major sections of the Bankruptcy Act.
Q6) Define a patent and describe its limitations.
Page 11
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Chapter 10: Marketing Challenges for Entrepreneurial Ventures
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Sample Questions
Q1) The key to marketing analysis is
A) secondary data
B) psychographic information
C) marketing research
D) marketing response data
Q2) Explain the new marketing concept?
Q3) The textbook recommends that social media marketers consider three aspects of social media when using social media tools for marketing purposes. What are they?
A) cost, complexity, and relevancy
B) creating something of value, enabling customer promotion, and encouraging participation
C) control, contribution, and distribution
D) resource management, context, and content
Q4) Identify and describe one shortcoming of a sales-driven marketing philosophy?
Q5) Effective marketing is based on three key elements: marketing philosophy, market segmentation, and consumer behavior.
A)True
B)False
Page 12
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Chapter 11: Financial Preparation for Entrepreneurial Ventures
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Sample Questions
Q1) The rate used to adjust future cash flows to determine their value in present-period terms is the
A) current interest rate.
B) cost of capital.
C) rate determined by the ratio of assets to liabilities.
D) present value.
Q2) A key concept in developing an expense budget is that of A) fixed costs.
B) labor costs.
C) taxes.
D) rent.
Q3) The last step in preparing the operating budget is to A) estimate current sales.
B) estimate operating expenses.
C) estimate variable costs.
D) estimate R & D costs.
Q4) Break-even analysis is used to tell how many units must be sold in order to break even at a particular selling price.
A)True
B)False
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Chapter 12: Developing an Effective Business Plan
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Sample Questions
Q1) To avoid the pitfall of "no market niche" (segment), do what?
A) conduct a market analysis
B) imitate the competition
C) clearly target a niche
D) create a market niche
Q2) Should a business plan/venture be turned down the first time, the entrepreneur should
A) feel defeated.
B) revise, rework, and improve the plan.
C) take it personally.
D) change careers.
Q3) Which of the following is not an important aspect of an entrepreneurial venture?
A) current status
B) expected needs
C) family support
D) marketing
Q4) The entrepreneur should expect to encounter a friendly and supportive audience when presenting the business plan to potential financial sources.
A)True
B)False
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Chapter 13: Strategic Entrepreneurial Growth
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Sample Questions
Q1) The textbook describes three types of leadership of consequence to new ventures. What are they?
A) competitive, innovative, and strategic
B) competitive, innovative, and visionary
C) visionary, strategic, and managerial
D) visionary, managerial, and competitive
Q2) Research has shown that there is a distinct lack of strategic planning in new ventures. Relate some of the reasons for this lack of planning.
Q3) Participation by subordinates in a strategic plan is never appropriate.
A)True
B)False
Q4) All of the following are characteristic of entrepreneurial cultures except:
A) action orientation
B) hierarchy
C) episodic use of required resources
D) multiple informal networks
Q5) What are important questions to ask, from an entrepreneurial and administrative point of view, when managing entrepreneurial growth?
Q6) Does strategic planning pay off?
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Chapter 14: Valuation of Entrepreneurial Ventures
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Sample Questions
Q1) Which of the following methods of valuation was developed by the U.S. Treasury to determine a firm's intangible assets?
A) market value
B) replacement value
C) excess earnings
D) multiple of earnings
Q2) Insufficient controls signify strength when analyzing the business being valued.
A)True
B)False
Q3) Buyers and sellers assign different values to a business.
A)True
B)False
Q4) Replacement value of a business is based upon the value of each asset if it had to be replaced at a certain cost.
A)True
B)False
Q5) List and briefly explain the three methods utilized for business evaluation.
Q6) Explain the purpose of a letter of intent.
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Chapter 15: Harvesting the Entrepreneurial Venture
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Sample Questions
Q1) Only three in ten privately held enterprises make it to a second generation.
A)True
B)False
Q2) A typical example of a forcing event is
A) death.
B) a natural disaster.
C) an IRS audit.
D) a slow business year.
Q3) Which of the following is not a contextual aspect to be considered in an effective succession plan?
A) technology
B) time
C) environmental factors
D) type of venture
Q4) Which of the following steps should be carried out third when deciding to sell a business?
A) Publicize the offer to sell.
B) Value the business.
C) Finalize the prospective buyers.
D) Time the sale appropriately.
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