Entrepreneurial Strategy Exam Review
Course Introduction
Entrepreneurial Strategy examines the critical decisions and frameworks that entrepreneurs use to create, launch, and grow successful ventures. The course explores how to identify and evaluate opportunities, develop sustainable business models, secure and deploy resources, and navigate competitive and market uncertainties. Through case studies, real-world examples, and theoretical models, students learn how to formulate strategies for both new startups and established companies seeking innovation. Topics include opportunity assessment, competitive advantage, scaling, risk management, and adaptation in dynamic environments, providing students with practical tools to make informed strategic choices in entrepreneurial contexts.
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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75 Verified Questions
75 Flashcards
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Sample Questions
Q1) Which of the following statement is correct?
A) Entrepreneurs love the spotlight.
B) The major attributes that lenders and venture capitalists look for in entrepreneurs favor younger rather than older entrepreneurs.
C) Entrepreneurs are born not made.
D) Entrepreneurs tend to be high risk takers.
E) Studies show that people with parents who were self-employed are more likely to become entrepreneurs.
Answer: E
Q2) Innovation is the process of creating something new, which is central to the entrepreneurial process.
A)True
B)False
Answer: True
Q3) Over the past 10 years, the demographic makeup of entrepreneurial firms has remained fairly stable in the United States and around the world.
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) Kate Williams is starting a fashion boutique in an upscale mall near Kansas City. She wants to open her store during the time period in which a business like hers can realistically enter the new market. Kate is trying to open her business while the ________ is open.
A) safe harbor
B) window of opportunity
C) portal of entry
D) doorway of opportunity
E) safety zone
Answer: B
Q2) Most of Karen's ideas come from interacting with coworkers, friends, her spouse, her parents, and other people that share the same beliefs that she does. Karen is getting most of her ideas through ________ relationships.
A) weak-tie relationships
B) social-tie relationships
C) strong-tie relationships
D) multiple-tie relationships
E) vertical-tie relationships
Answer: C
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Chapter 3: Feasibility Analysis
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75 Flashcards
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Sample Questions
Q1) Describe what a concept statement is, and what it should include.
Answer: A concept statement is a preliminary description of a business.It should include:
-A description of the product or service being offered.
-The intended target market.
-The benefits of the product or service.
-A description of how the product will be positioned relative to similar ones in the market.
-A description of how the product or service will be sold and distributed. The concept statement is administered as part of product/market feasibility analysis and should be used to get initial feedback and input regarding a business idea.
Q2) Organizational feasibility analysis is conducted to determine whether a proposed business venture has sufficient management expertise, organizational competence, and resources to successfully launch its business.
A)True
B)False
Answer: True
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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) A company's industry analysis and target market analysis are usually included in the same section of its business plan.
A)True
B)False
Q3) The first rule in making oral presentation is to be as creative as possible.
A)True
B)False
Q4) The executive summary is a lengthy overview of the entire business plan.
A)True
B)False
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Chapter 5: Industry and Competitor Analysis
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Sample Questions
Q1) Industries that sell products to seniors, such as the eyeglass industry and the hearing aid industry, are benefiting from the aging of the population, which is an important:
A) environmental trend
B) business trend
C) commerce trend
D) statutory trend
E) competitive trend
Q2) A competitor analysis is a detailed evaluation of a firm's competitors.
A)True
B)False
Q3) Jill Pattersen is starting a firm in the netbook industry. This industry is still so new that no standard operating procedures have been developed. Netbooks is an example of an ________ industry.
A) mature
B) declining
C) emerging
D) global
E) fragmented
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Chapter 6: Developing an Effective Business Model
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Sample Questions
Q1) A firm's ________ describes why it exists and what its business model is supposed to accomplish.
A) mission statement
B) vision statement
C) feasibility statement
D) duty statement
E) responsibility statement
Q2) An arrangement between two or more firms that establishes an exchange relationship but has no joint ownership involved is called a:
A) network
B) trade association
C) consortia
D) joint venture
E) strategic alliance
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) Describe the two potential fatal flaws of business models.
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Chapter 7: Preparing the Proper Ethical and Legal Foundation
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Sample Questions
Q1) What is a founder's agreement? Describe the purpose of a buyback clause and why it's important?
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) The limited liability corporation is a form of business organization that is rapidly gaining popularity in the United States.
A)True
B)False
Q4) In a small number of communities across the United States, a business needs a license to operate.
A)True
B)False
Page 9
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Chapter 8: Assessing a New Venture's Financial Strength and Viability
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75 Flashcards
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Sample Questions
Q1) A company's ability to meet its short-term financial obligations is referred to as:
A) efficiency
B) effectiveness
C) stability
D) liquidity
E) profitability
Q2) A company's accounts receivable is money owed to it by its customers.
A)True
B)False
Q3) ________ depict relationships between items on a firm's financial statements.
A) Financial proportions
B) Fiscal relations
C) Fiscal projections
D) Monetary balances
E) Financial ratios
Q4) Pro forma financial statements are projections for future periods based on forecasts and are typically completed for 2 to 3 years in the future.
A)True
B)False
Page 10
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Chapter 9: Building a New Venture Team
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Sample Questions
Q1) Prior entrepreneurial experience, relevant industry experience, and networking are attributes that strengthen the chances of a founder's success.
A)True
B)False
Q2) Ned Kite is a four time business owner. One thing that has served Ned 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, Ned is a good:
A) networker
B) socializer
C) linker
D) assembler
E) connector
Q3) An advisory board is a panel of experts who are asked by a firm's managers to provide counsel and advice on an ongoing basis.
A)True
B)False
Q4) What is SCORE? What is its role in helping a firm fill out its new venture team?
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Chapter 10: Getting Financing or Funding
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Sample Questions
Q1) For startup firms, the cost of buying real estate, building facilities, and purchasing equipment often exceeds the firm's ability to provide funds for those needs on its own. Which of the following reasons that motivate firms to seek funding or financing is illustrated in this example?
A) lengthy product development cycles
B) costs associated with building a brand
C) cash flow challenges
D) capital investments
E) personnel costs
Q2) According to our textbook, the seed money that gets a company off the ground typically comes from:
A) angel investors
B) venture capitalists
C) commercial banks
D) governmental agencies
E) the founders of the firm
Q3) What is an elevator speech? How did it get its name?
Q4) Why do most firms need funding? Provide a brief explanation of each reason.
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Page 12
Chapter 11: Unique Marketing Issues
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Sample Questions
Q1) Many start-ups emphasize advertising over public relations primarily because it's cheaper and helps build the firm's creditability.
A)True
B)False
Q2) Channel conflict occurs when two or more separate marketing channels are in conflict over their roles in selling a firm's products.
A)True
B)False
Q3) An important distinction should be made between a firm's core product and its actual product. While the core product may be a CD that contains an antivirus software program, the actual product may have a number of characteristics, include a quality level, features, design, a brand name, and packaging.
A)True
B)False
Q4) A firm's "position" is concerned with how it is situated relative to its rivals.
A)True
B)False
Q5) What is a brand? How does a new firm develop a brand?
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Chapter 12: The Importance of Intellectual Property
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Sample Questions
Q1) A form of intellectual property protection that grants to the owner of a work of authorship the legal right to determine how the work is used and to obtain the economic benefits from the work is referred to as a:
A) assurance document
B) patent
C) trade secret
D) brand
E) copyright
Q2) According to current regulations, any copyrightable work created on or after January 1, 1978, is protected by copyright law for the life of the author plus:
A) 28.5 years
B) 101 years
C) 40 years
D) 55 years
E) 70 years
Q3) Utility patents are the most common type of patent and cover what we generally think of as new inventions.
A)True
B)False
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Page 14
Chapter 13: Preparing for and Evaluating the Challenges of Growth
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Sample Questions
Q1) According to the textbook, the businesses that have the potential to grow the fastest over a sustained period of time are ones that:
A) solve a significant problem or have a major impact on their customers' productivity or lives
B) are cost leaders and are promote themselves aggressively
C) have a major impact on their customers' lives and sell high quality products
D) take advantage of environmental trends and are cost leaders
E) solve a significant problem or sell high quality products
Q2) According to Chapter 13, business success doesn't always scale. What is meant by this statement?
Q3) As a business moves beyond its early growth stage and its pace of growth accelerates, the need for structure and formalization decreases. A)True B)False
Q4) What are the primary day-to-day challenges involved with growing a firm? Briefly describe each challenge.
Q5) Do most firms want to grow or are they reluctant to grow? What are the advantages of growth?
Page 15
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Chapter 14: Strategies for Firm Growth
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Sample Questions
Q1) ________ licensing is the licensing of proprietary technology that the licensor typically controls by virtue of a utility patent.
A) Skill
B) Intellectual property
C) Utility
D) Technology
E) Expertise
Q2) Which of the following is an advantage of growth by means of external growth strategies?
A) clash of corporate cultures
B) increased business complexity
C) loss of organizational flexibility
D) antitrust implications
E) diversification of business risk
Q3) Which of the following is an example of an internal growth strategy?
A) licensing
B) merger
C) new product development
D) strategic alliance
E) franchising
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Chapter 15: Franchising
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Sample Questions
Q1) According to the textbook, the main disadvantage of buying a franchise is:
A) franchise organizations typically grow slower than non-franchise organizations in the same industry
B) franchisors typically provide poor levels of support
C) the cost involved
D) the service sector of the U.S. economy is waning in importance
E) franchising is waning in its popularity
Q2) A business format franchise typically connects a single manufacturer with a network of dealers or distributors.
A)True
B)False
Q3) While franchise agreements vary, each agreement typically contains two sections:
A) the statutory agreement and the purchase agreement
B) the franchise agreement and the buy agreement
C) the buy agreement and the membership agreement
D) the procurement agreement and the statutory agreement
E) the purchase agreement and the franchise agreement
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?
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