Entrepreneurship and Strategy
Exam Materials
Course Introduction
This course explores the intersection of entrepreneurship and strategic management, equipping students with the knowledge and skills required to identify opportunities, develop innovative business models, and craft sustainable competitive strategies. Through case studies, theoretical frameworks, and practical exercises, students learn how entrepreneurs analyze markets, respond to dynamic environments, secure resources, and build organizations that can adapt and thrive. Topics include opportunity recognition, strategic planning for start-ups, scaling businesses, competitive analysis, and the impact of innovation and leadership on business growth. The course emphasizes both the unique challenges and strategic imperatives of entrepreneurial ventures in todays rapidly evolving global economy.
Recommended Textbook business strategy development application 1st Canadian Edition by Gary Bissonette
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Chapter 1: What Is Business
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Sample Questions
Q1) To start any business you must first have
A) investors.
B) an idea.
C) capital.
D) employees.
E) a business plan.
Answer: B
Q2) What is a business model or system?
Answer: Combined,the application of assets,labour,capital,and managerial acumen,in support of the transformation and sale of goods and services,determines a company's cost base and overall operating platform,or what is called its business model or system.
Q3) Successful product differentiation:
A) of consumer goods is determined exclusively by price.
B) can be based on either real or perceived differences in products.
C) is prohibited if it restricts price competition and market access.
D) is less important due to the growth of the Internet.
Answer: B
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Chapter 2: The Canadian Economic Environment
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Sample Questions
Q1) Successful multinational corporations disregard cultural differences between countries in which they operate.
A)True
B)False
Answer: False
Q2) Monica notices that just a few big companies produce the vast majority of soft drinks.She would be correct in describing the soft drink industry as an oligopoly.
A)True
B)False
Answer: True
Q3) An oligopoly is a market that is characterized by:
A) one firm that totally dominates the supply of the product.
B) a large number of small firms all producing very similar products.
C) a few large sellers who dominate the market supply.
D) several small firms that compete primarily by differentiating their products.
Answer: C
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Chapter 3: The Global Marketplace
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Sample Questions
Q1) If your business has an outstanding product,exporting offers an easy way to improve your profitability.
A)True
B)False
Answer: False
Q2) Canadian natural resources include which of the following?
A) mining
B) agriculture
C) energy
D) manufacturing
E) a), b) and c)
Answer: E
Q3) been?
A) 12
B) 2
C) 17
D) 5
E) 8
Answer: C
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Page 5
Chapter 4: The Environment and Sustainable Business Practices
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Sample Questions
Q1) Participants must block the ability of market players from obtaining and leveraging a competitive advantage as a result of efforts to avoid environmental costs.
A)True
B)False
Q2) Successful economic development ratings need to go beyond production and consumption indices and include additional measures such as the protection of our biosphere.
A)True
B)False
Q3) Issues of social responsibility and ethical behaviour are:
A) the result of greed found in capitalist countries.
B) found primarily in countries with a low standard of living.
C) a concern only of business professors.
D) found in many different countries.
Q4) Ethical problems and issues of social responsibility are:
A) unique to firms involved in global trade.
B) unique to Canada.
C) not unique to Canada.
D) less important now than in the past.
6
Chapter 5: Ethics and Corporate Social Responsibility
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Sample Questions
Q1) Designing an employee incentive program based on increasing sales can lead to unethical behaviour.
A)True
B)False
Q2) What is business ethics?
Q3) The majority of CEOs believe that employee misconduct results from a failure in organizational leadership in establishing ethical standards.
A)True
B)False
Q4) What is the common thread that allows managers to manage and motivate their employees within successful organizations?
Q5) A competitive corporate environment:
A) can encourage employees to deceive customers.
B) should focus on improving corporate profit.
C) must be ignored when corporate ethics are developed.
D) can best define ethical behaviour based on current circumstances.
Q6) Explain why shareholders be willing to sacrifice returns in order to maintain a longer-term social contract in areas which benefit non-financially-committed stakeholders?
Page 7
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Chapter 6: Developing a Business Strategy
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Sample Questions
Q1) ,as well as other strategy considerations.
A) emotional
B) psychological
C) economic
D) philosophical
E) ideological
Q2) In order for an organization to be successful over the long term,managers need to have a game plan.
A)True
B)False
Q3) A key component of the operating plan development process is to seek out acquisitions,collaborations,and strategic alliances which complement existing products and capabilities
A)True
B)False
Q4) Operational goals set is the final phase of the strategic planning process.
A)True
B)False
Q5) Explain Business system configuration and provide an example.
Q6) Explain responsibility and accountability with respect to strategic planning.
Page 8
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Chapter 7: Entrepreneurship and Forms of Business Ownership
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Sample Questions
Q1) relating to organizational successes and achievement of performance benchmarks. A)True
B)False
Q2) A Functional organizational structure takes into consideration that individuals will have specific expertise related to defined departmental areas.
A)True
B)False
Q3) The concept of expectations of customers encompasses designing structure that considers the manner in which we interact with customers,and design the organization's framework in a way which best facilitates these interactions.
A)True
B)False
Q4) The key,with respect to this cultural framework,is to try and develop a culture which passionately pursues the empowerment of the vision and the mission of the organization.
A)True
B)False
Q5) What does structure relate to?
Q6) Explain competitive emphasis as it relates to organization rewards.
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Chapter 8: Developing Your Business Structure and Culture
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Sample Questions
Q1) Pensions or retirement plans are part of compensation?
A)True
B)False
Q2) A potential near-term impact of this short-term management approach,referred to as "short-termism",is a focus on leadership and development.
A)True
B)False
Q3) Managers must think through the process and plan for the hiring of an employee in the same way as we look to purchase equipment and other valuable organizational assets.
A)True
B)False
Q4) A potential near-term impact of this short-term management approach,referred to as "short-termism",is:
A) Hiring is viewed as a potentially profit-reducing expense
B) Organizations tend to increase their emphasis on talent management strategies
C) Planning focuses on strategic plans
D) A focus on leadership and development
E) A focus on long-term strategic and operational health
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Chapter 9: Managing and Leading the Organizations Talent
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Sample Questions
Q1) Which of the following is NOT an operations decision?
A) process application
B) labour
C) production management activities
D) temporary storage
E) None of the above
Q2) How does a small business owner seek to tackle the need to create as efficient an operation as is possible?
A) understand customer expectations and translate this into processes
B) think in terms of product consistency
C) recruit, trained and educated employees with customer contact skills
D) plan their business layout
E) all of the above
Q3) Operations management involves inventory management,quality control,and production scheduling.
A)True
B)False
Q4) Philosophy of total improvement is part of the Six Sigma methodology?
A)True
B)False
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Chapter 10: The Marketing Challenge
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Sample Questions
Q1) The fact that Curves is designed to appeal to women of a certain age,education and income level,means that they are using demographic segmentation.
A)True
B)False
Q2) In its simplest context,the purpose of marketing is to design,develop,and communicate convenience.
A)True
B)False
Q3) One of the six core challenges is: "Do we understand our targeted customers' price proposition?"
A)True
B)False
Q4) Diversification focus managers on assessing opportunities which lie outside of the organization's current products and/or services,and represent the creation or development of new markets served by new products and/or services.
A)True
B)False
Q5) What is positioning?
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Chapter 11: Understanding the Marketing Effort
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Sample Questions
Q1) Express distribution refers to connecting directly with customers and handling the final sale of product and/or the delivery of services without the assistance of a channel intermediary.
A)True
B)False
Q2) A cross tabulation is designed to focus managers on the core cost/benefit trade-offs which need to be considered given the relationship between market potential and the current market position.
A)True
B)False
Q3) An exclusive distribution strategy distributes a product through only a preferred group of retailers in a given area.
A)True B)False
Q4) To create a methodology for "connecting" with customers,the organization needs to think in terms of exclusivity and commitment,in addition to cost and distribution efficiencies.
A)True B)False
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Chapter 12: Technology and Operations Management
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Sample Questions
Q1) What should managers consider with operating at or below the BEP?
Q2) How is breakeven point calculations helpful in determining sales revenue level requirements?
Q3) Why do managers need to understand the cost structure?
Q4) Fixed costs are those costs that increase as the level of production increases.
A)True
B)False
Q5) A type of indirect costs,called committed costs are costs which the organization commits itself to within an operating year,and which often are spent in advance or at the front end of a manufacturing/sales cycle.
A)True
B)False
Q6) Virtual Electronics utilizes a strategy to charge a very high introductory price for their automobile video theater.After identifying that their rival firms did not carry this new product,they chose this strategy to achieve maximum profits.Virtual Electronics has chosen a bundling strategy.
A)True
B)False
Q7) What are variable costs and provide an example.
Page 14
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Chapter 13: Understanding Business Finances
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Sample Questions
Q1) As business owners and managers,we need to continually be aware of the risks being incurred.
A)True
B)False
Q2) A business organization's legal structure requires them to obtain additional cash resources
A)True
B)False
Q3) What is the key advantage of the Sole Proprietorship,beyond the simplicity of the commencement of the operation?
A) the sole proprietor is 100% personally exposed to the liabilities incurred by the business
B) the sole proprietor has 100% control of the business
C) the skill set of the business is limited to the skills possessed by the sole proprietor
D) no real creation of a separate legal business entity
E) limited to their personal capacity to invest and/or borrow money
Q4) Secrecy is an advantage of a sole proprietorship.
A)True
B)False
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Chapter 14: Financial Statements Structure and Interpretation
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Sample Questions
Q1) Sales forecast is a step in the forecasting and budgetary process.
A)True
B)False
Q2) One of the fundamental types of business transactions that managers are constantly making decisions about and reviewing is strategic transactions.
A)True
B)False
Q3) That it requires the organization to think about what is happening in the markets is a reason for the importance of forecasting and budgeting.
A)True
B)False
Q4) Operational transactions represent the flow of money within the organization which is directly related to routine business dealings.
A)True
B)False
Q5) Owners' equity = assets - liabilities is equivalent to the accounting equation.
A)True
B)False
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Chapter 15: Analyzing New Business Ventures
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Sample Questions
Q1) The length of time it may take to develop the competencies or capabilities internally to successfully compete is a reason why developing a new business opportunity from the ground up represents significantly greater risk.
A)True
B)False
Q2) Inbound Logistics is one of the primary activities in the value chain.
A)True
B)False
Q3) In many cases,the final "GO" or "NO GO" decision comes down to management acumen analysis.
A)True
B)False
Q4) Weak management competencies is an example of fatal flaws that could potentially derail a venture.
A)True
B)False
Q5) Process applications is an operations decision.
A)True
B)False
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