Entrepreneurial Thinking Exam Review
Course Introduction
Entrepreneurial Thinking explores the mindset and skills necessary to identify opportunities, innovate, and create value in uncertain and dynamic environments. The course examines key concepts such as creativity, risk management, opportunity recognition, and resource leveraging, emphasizing how these elements are essential for both new ventures and established organizations seeking to foster an entrepreneurial culture. Through practical exercises, case studies, and hands-on projects, students will develop the critical thinking, resilience, and adaptability required to successfully navigate entrepreneurial challenges and drive sustainable growth.
Recommended Textbook
Entrepreneurship The Practice and Mindset 1st Edition by Heidi M. Neck
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18 Chapters
1697 Verified Questions
1697 Flashcards
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Page 2
Chapter 1: Entrepreneurship: a Global Social Movement
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100 Verified Questions
100 Flashcards
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Sample Questions
Q1) Aaron has a new technology that he wants to launch into a business and needs the market to be open to his new technology.Of the conditions that need to be put in place for the Entrepreneurial Ecosystem, he needs ______.
A)cultural and social norms
B)physical infrastructure
C)entry regulation
D)commercial and legal infrastructure
Answer: C
Q2) During the______, everyone had a fairly equal chance of bing an entrepreneur; inventors became more commonplace, producing new products and services alongside the merchants and industrialists.
A)First Industrial Revolution (1776-1865)
B)Second Industrial Revolution (1865-1920)
C)Interwar and Postwar America (1920-1975)
D)Knowledge Economy (1975- present)
Answer: A
Q3) Compare and contrast the pros and cons of owning a franchise.
Answer: 11ea5e28_4d29_3409_a4bd_bfc8f84cb106_TB5130_00
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Page 3
Chapter 2: Practicing Entrepreneurship
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100 Verified Questions
100 Flashcards
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Sample Questions
Q1) Paula gave an online presentation to the executive committee yesterday.She likes to focus on the skills and knowledge gained from the experience.Paula likes to use
A)narrative reflection
B)emotional reflection
C)perceptive reflection
D)analytical reflection
Answer: D
Q2) Describe the components of deliberate practice.
Answer: Requires high levels of focus, attention and concentration 1.Strengthens performance by identifying weaknesses and improving them
2.Is consistent and maintained for long periods of time
3.Must be repeated to produce lasting results
4.Requires continuous feedback on outcomes
5.Involves self-observation and self-reflection after practice sessions are completed
Q3) The predictive approach is used when situations are unpredictable and uncertain.
A)True
B)False
Answer: False
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Page 4
Chapter 3: Developing an Entrepreneurial Mindset
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100 Verified Questions
100 Flashcards
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Sample Questions
Q1) Sven likes to be creative, visual, and draw randomly on whiteboards to put business problems in an image.When he uses these images, Sven is ______.
A)left-brain thinking
B)a self-leader
C)right-brain thinking
D)self-rewarding
Answer: C
Q2) Cyndi and Mandi are co-workers.When Cyndi sees Mandi succeed, she says she is inspired.Cyndi ______.
A)has the growth mindset
B)will be promoted after Mandi
C)will be promoted before Mandi
D)will learn to be successful from Mandi
Answer: A
Q3) Behavior-focused strategies include self-observation, self-goal setting, and self-reward.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Supporting Social Entrepreneurship
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100 Verified Questions
100 Flashcards
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Sample Questions
Q1) Which of the following is NOT an example or characteristic of a wicked problem?
A)Wicked problems have given alternative solutions.
B)Every solution to a wicked problem is novel and unique.
C)The problem is not understood until after the formulation of a solution.
D)Solutions to wicked problems are not right or wrong.
Q2) Earned-income activities are defined as ______.
A)the efforts taken by corporations to address the company's effects on environmental and social well-being in order to promote positive change
B)the sale of products or services that are used as a source of revenue generation
C)a form of social entrepreneurship where both the venture mission and the market impact are for social purposes
D)an organization with a purpose that equally emphasizes both economic and social goals
Q3) A NGO is ______.
A)a nonprofit or government organization
B)a nongovernmental organization
C)a nonprofit operation of the government
D)the operational name of the United Nations
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Chapter 5: Generating New Ideas
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100 Verified Questions
100 Flashcards
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Sample Questions
Q1) Khloe is very persistent.Her process is one of building on her past failures by engaging in new encounters.Khloe's process is ______.
A)challenging
B)development strategies
C)expanding
D)exposing
Q2) Linus Pauling, Nobel laureate in chemistry is known for ______.
A)saying "The way to get good ideas is to get lots of ideas and throw the bad ones away.Different strategies can be employed and not all will work for you."
B)generating the method of splitting the atom
C)finding two new chemical elements
D)dividing crystals
Q3) Researchers have identified four skills with which we can enhance our creativity through training with the purpose of transforming our ideas into opportunities.These skills are securing, expanding, exposing and challenging.
A)True
B)False
Q4) List 5 of the everyday spinoffs from NASA.
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7
Chapter 6: Using Design Thinking
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102 Verified Questions
102 Flashcards
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Sample Questions
Q1) Why is empathy an ethical challenge?
A)Once you experience a situation from another's point of view, it is difficult to ignore it.
B)It may get too close to another's emotions.
C)It requires asking questions and engaging in another's life.
D)It requires you to deal with others that may not have your resources.
Q2) In the peel-the-onion approach to interviewing, the interviewer begins with the core root of the problem, then explores solutions.
A)True
B)False
Q3) The empathy map can spot contradictions and certain tensions which can spark a whole host of interesting insight.
A)True
B)False
Q4) How can design thinking be used?
A)to design new or improved products
B)to build organizations
C)to improve processes
D)all of these
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Chapter 7: Testing and Experimenting in Markets
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100 Verified Questions
100 Flashcards
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Sample Questions
Q1) A true experiment identifies a clear hypothesis.
A)True
B)False
Q2) Which of the following participant right is an ethical requirement when performing an experiment?
A)the right to informed consent
B)the right to review the results of the experiment
C)the right to be paid
D)none of these
Q3) Shelisa, an author, is on a TV show talking about her latest book.The host of the TV show holds up her book and says "This is a must read for all of my readers." What kind of customer is the TV show host?
A)a recommender
B)an influencer
C)an end user
D)a decision maker
Q4) A prototype is often created before a pilot test is conducted.
A)True
B)False
Q5) Describe why storyboarding is an effective form of experimentation.
Page 9
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Chapter 8: Building Business Models
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99 Verified Questions
99 Flashcards
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Sample Questions
Q1) Which approach to CVP involves listing all the benefits of your product or service without comparing it to others?
A)the list approach
B)the all-benefits approach
C)the pro and con listing
D)the pitch approach
Q2) Which of the following is necessary for an effective CVP?
A)It must be lower in cost than that offered by competitors.
B)It must have the ability to perform over a considerable length of time.
C)It must delivered with greater speed than the competitors.
D)It must be delivered with better technology than the competitors.
Q3) While startups can be flexible in their model, what should be the caution for existing models?
A)Do not change after you have a workable model.
B)Be sure you have your model solidified before the company grows.
C)Any company should be ready for adjustments and changes as markets change.
D)A business model should be changed at least once a year.
Q4) Select a shopping mall of your choosing.Define a CVP for at least two market segments.
Q5) Explain why a shopping center is an example of a multisided market.
Page 10
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Chapter 9: Planning for Entrepreneurs
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101 Verified Questions
101 Flashcards
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Sample Questions
Q1) Vivian decides to engage in a Vivid Vision exercise.She imagines where her company will be in 3 years.Afterward, she places the notes from her Vivid Vision in her top desk drawer where she can refer to them frequently.What suggestion would you have for Vivian that would help her process?
A)Revisit the vision every 6 months to make sure you are still on track.
B)Share the vision with other founders, but keep it secret in case the vision is not fulfilled.
C)Share your vision with others to make the vision more real.
D)Focus on a shorter time period, about a year, so that the timeline is more realistic.
Q2) Describe why you do or do not believe that writing a business plan would be important to your business success.
Q3) Describe how you would incorporate ethics into the plan for your business.
Q4) Who is the primary audience of a business model canvas?
A)friends and family
B)team members and advisors
C)investors
D)banks and early funders
Q5) Take an existing company and describe it in terms of a back-of-a-napkin plan.
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Chapter 10: Creating Revenue Models
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101 Verified Questions
101 Flashcards
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Sample Questions
Q1) Pam developed an application for the iPhone that Apple sells to their customers.Through what revenue model does Pam get revenue?
A)licensing revenue model
B)intermediation
C)copyright
D)advertising revenue model
Q2) How does the business Chicago Food Planet Food Tours generate revenue?
A)food tasting tours and business courses for entrepreneurs
B)business courses and entrepreneur courses
C)travel and food tasting
D)food tasting tours and cooking lessons
Q3) The four elements of revenue are:
A)customers, frequency, selling process, price
B)profit, sales, employees, selling process
C)selling process, price, employees, profit
D)customers, revenue streams, frequency, price
Q4) Imagine that you help organize a car pool organization that helps connect riders with passengers.Describe the revenue stream from this business and identify the revenue model associated with it.
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Chapter 11: Learning From Failure
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99 Flashcards
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Sample Questions
Q1) In studying the life of Abraham Lincoln, what can be said about his orientation to others?
A)He battled with others, which caused others to remove their support.
B)He focused on the needs of others and helped them be successful.
C)He liked people who came from humble beginnings, like himself.
D)He made friends and acquaintances easily.
Q2) A "big fail" would be typical of which of the following?
A)a situation that requires a quick reaction
B)a situation that requires a change in direction
C)a process that unfolds over time
D)a process that represents an obstacle that must be overcome
Q3) What is true of experimentation?
A)Only well controlled, perfect experimentation will reveal knowledge.
B)As long as you can learn from it, the action is a successful experimentation.
C)Experimentation can lead to failure.
D)Experimentation is considered a series of failed tests.
Q4) If, after experiencing a failure, you cannot imagine what you could have done differently, you may have a fear of failure.
A)True
B)False
Page 13
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Chapter 12: Bootstrapping for Resources
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100 Verified Questions
100 Flashcards
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Sample Questions
Q1) Greg is using a fundraiser site and is offering 10 shares of stock to those who contribute a minimum of $100 dollars to his product.What model of crowdfunding is Greg using?
A)investor
B)patronage
C)reward
D)lending
Q2) Gerry is working on getting the description of his product down to two sentences.He also tries out his pitch with people who have not heard of his product before.What element of conducting a campaign is Gerry observing?
A)set the right fundraising goal
B)practice the pitch
C)seek and accept advice
D)get the campaign started
Q3) What percentage of startup businesses start without any formal investment?
A)98%
B)75%
C)50%
D)24%
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Page 14
Chapter 13: Financing for Startups
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99 Flashcards
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Sample Questions
Q1) Which of the following is an important distinction between angels and VCs?
A)angels will make decisions with committees
B)angels carry out informal due diligence
C)angels will form a fund of limited partnerships
D)angels will fund up to $500,000 in personal funds
Q2) ______ angels, often independently wealthy, tend to invest for pleasure.
A)Corporate
B)Entrepreneur
C)Professional
D)Enthusiast
Q3) Pre-money valuation is the post-money valuation minus the ______.
A)the value of the company at the end of 1 year
B)the value of the company at the end of 5 years
C)investment
D)cost of the obtaining the investment
Q4) When valuation considers value add, what is being talked about?
A)the value of the financial investment
B)the post-money valuation
C)the value of the investor's advice and guidance
D)the value from other sources of investment
Page 15
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Chapter 14: Developing Networks
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101 Flashcards
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Sample Questions
Q1) According to research, a heterogeneous group will have greater problem-solving and creative options but have greater challenges in communications.
A)True
B)False
Q2) Private information refers to which of the following?
A)information marked confidential by the company
B)information disclosed at a shareholder meeting
C)information passed on after signing a nondisclosure document
D)information not normally available to the general public
Q3) Which of the following would be most strongly associated with psychosocial support?
A)sponsorship
B)coaching
C)personal feedback
D)career support
Q4) People today are more likely to interact with others to build their social capital due to more time spent at the workplace and the use of online networks.
A)True
B)False
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Chapter 15: Navigating Legal and Ip Issues
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Sample Questions
Q1) Why did Corey Hague, founder of FlexGround, establish separate companies rather than operate one company with national presence?
A)it helps share the revenue across multiple owners
B)it allows him to maximize the state laws and regulations
C)it allows him to offer different products in each location
D)it allows him to respond to local market needs
Q2) What government agency authorizes a C-corp?
A)the state government.
B)the federal government
C)local county and city jurisdictions
D)the federal courts
Q3) A C corporation has transferable ownership.This refers to the fact that:
A)a C corporation can change its structure at any time after the first year
B)it can issue stock in exchange for capital and can pass on to new owners
C)it can adapt to more employees as the company grows
D)it can be owned by an unlimited number of shareholders
Q4) Protecting intellectual property is of growing concern to today's modern entrepreneur.Briefly describe why this is so.
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Chapter 16: Marketing and Pitching Your Idea
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102 Verified Questions
102 Flashcards
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Sample Questions
Q1) Companies with blogs get 55% more web traffic and 126% higher sales lead growth than those that don't.
A)True
B)False
Q2) Nike's "Just Do It" statement is an example of which of the following:
A)a brand
B)a campaign
C)a logo
D)a tagline
Q3) How do the authors suggest that the brand message be delivered?
A)by stating the company purpose on all packages
B)by consistently using the product tagline
C)by advertising and social networking
D)by channeling it through advertising, distribution, and packaging
Q4) Comments on social media can be measured by categorizing the types of comments and following changes in the number of comments falling into any category.
A)True
B)False
Q5) Discuss what should be considered when setting the price for your product.
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Chapter 17: Financial Statements and Projections for Startups
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Sample Questions
Q1) List five examples of cash outflows.
Q2) Beckett has purchased a business and now has intangible assets.He has ______. A)assets he cannot touch B)to balance the books received with a plug amount and this is what it is called C)patents, software programs, copyrights, trademarks, and/or brand names D)property, plant, and equipment
Q3) Sandy's balance sheet is partially completed.However, she has total assets of $120,000 and total stockholder's equity of $15,000.Her liabilities should total $105,000. A)True
B)False
Q4) Compare and contrast the Income Statement and the Statement of Cash Flows.
Q5) Provide the line by line format of an income statement.
Q6) Bill's business has sales of $100,000, inventory of $20,000, cost of goods sold of $31,000, and general and administrative expenses of $45,000.Bill's gross profit is $80,000. A)True
B)False
Q7) List five examples of cash inflows.
Q8) Provide the line by line format of a balance sheet.
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Chapter 18: the Pitch Deck
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Sample Questions
Q1) Maci, after conducting research, has information about the size and extent of the market for her product now and in the future.She should include this in her pitch deck.
A)True
B)False
Q2) For pitches in front of investors, or application to incubators, or pitch competitions, what questions should you expect to be asked about your team?
Q3) Mila is considering adding a description of the problem she is currently solving.She should:
A)include it in the pitch deck, perhaps even as early as slide #3
B)be private, as competition might take the opportunity away if they heard what you were doing
C)should come at the end of the deck
D)be spoken, not in the slide deck
Q4) You are the entrepreneur and have just finished an important pitch deck presentation.You are asked, "Who believes in you, and how can I get in touch with them?" How do you answer?
Q5) Discuss the nature and purpose of using pitch decks.
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