Entrepreneurship Capstone Final Exam
Course Introduction
The Entrepreneurship Capstone course is a culminating experience designed for students to integrate and apply the knowledge, skills, and methodologies acquired throughout their studies in entrepreneurship. Students engage in the development, refinement, and presentation of a comprehensive business plan or startup project, either individually or in teams. The course emphasizes practical application by involving mentorship, peer collaboration, and real-world feedback from industry experts. Through this process, students demonstrate their ability to identify opportunities, devise innovative solutions, strategize for market entry, and develop sustainable business models, preparing them for successful entrepreneurial ventures.
Recommended Textbook
Entrepreneurship The Practice and Mindset 1st Edition by Heidi M. Neck
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Chapter 1: Entrepreneurship: a Global Social Movement
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Sample Questions
Q1) Sam loves opportunities and looks for one wherever he goes.He saw a need, developed a product, and did this on the side to increase his income.Sam is ______.
A)working two jobs
B)an opportunity-based entrepreneur
C)the definition of an entrepreneur
D)a natural-born salesman
Answer: B
Q2) Sally has an idea for her own business.Which statement is true about Sally's business venture?
A)If her business is successful, the startup does not remain a startup.
B)Her business can develop into a larger organization.
C)Her business can be merged with or acquired by another business.
D)all of these
Answer: D
Q3) Risk cannot be averted by an entrepreneur's activity or attitude.
A)True
B)False
Answer: False
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3
Chapter 2: Practicing Entrepreneurship
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Sample Questions
Q1) Michelle is writing leaving her comfort zone and is writing her impact statement.What questions should she be asking about leaving her comfort zone?
A)Who am I? What do I know? Whom do I know?
B)What is my bank account balance? What is my savings balance? How long can I live on the savings?
C)What are my strengths and weaknesses?
D)What am I willing to give up in terms of money, reputation, time, and opportunity cost?
Answer: D
Q2) The skill of creativity ______.
A)frees the imagination, opens up our minds to opportunities and possibilities, and help us to be more innovative as entrepreneurs
B)acts in order to learn, tries something, learns from the attempt
C)relates to how others are feeling because you have been in a similar situation
D)requires a general openness to the world and relates to unleashing our creative ability to create and find opportunities and solve problems
Answer: D
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4
Chapter 3: Developing an Entrepreneurial Mindset
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Sample Questions
Q1) ______ is the art of spontaneously creating something without preparation.
A)Improvisation
B)Creating
C)Acting
D)Free Wheeling
Answer: A
Q2) Bob believes he is either good at something or he's not.It is as simple as that! Bob ______.
A)has the fixed mindset
B)is closed minded
C)knows his skills and strengths
D)can do anything he wants to do
Answer: A
Q3) Cyndi has the attitude that she can learn anything she wants to.Cyndi has the ______.
A)right idea
B)growth mindset
C)fixed mindset
D)entrepreneurial attitude
Answer: B
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Chapter 4: Supporting Social Entrepreneurship
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Sample Questions
Q1) A result of investment from social venture capitalists to dlight is ______.
A)50 million lives are empowered
B)10 million school children reached with solar lighting
C)50 billion evening productive hours generated
D)125 GWH generated from renewables
Q2) Sasha just saw the movie Inferno and was shocked at the story line revolving around overpopulation and the dramatic increase in life expectancy.This problem is an example of ______.
A)social responsibility
B)a wicked problem
C)issues of a third world country
D)Hollywood making a huge issue out of an economic theory
Q3) Provide an example (not in the book) of a social purpose venture and discuss why you consider it a social purpose venture.
Q4) Describe venture philanthropy funding.
Q5) Stakeholders for an entrepreneur include ______.
A)stockholders, since stockholders and stakeholders are the same thing
B)minority representation
C)majority representation
D)individuals of influence
Page 6
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Chapter 5: Generating New Ideas
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Sample Questions
Q1) The first step in creating and identifying opportunities is idea generation; the more ideas generated, the more opportunities that are likely to be identified.
A)True
B)False
Q2) Which of the following is NOT consistent with finding opportunities?
A)changes in technology, markets, consumer tastes
B)opportunity exists and is waiting to be identified
C)search and scan the environment
D)take action; continuous learning and iteration
Q3) Martin's ideas come from using memory to retrieve information to make links or connections based on past experiences that are relevant to the current problem using stimuli.Martin uses which of the following?
A)relationship-seeking strategies
B)search strategies
C)securing
D)prior knowledge
Q4) You are an entrepreneur.Describe how you would use the building approach to create opportunities.Please be specific.
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Chapter 6: Using Design Thinking
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Sample Questions
Q1) In order to discover how to improve his teaching techniques, Professor Kaine observes his students as they explore their online learning site, noting what resources are used and how they interact with one another as they study.He asks questions that explore the reasoning behind their approaches.What phase of the design process in professor Kaine using?
A)feasibility thinking
B)empathy
C)needs assessment
D)problem recognition
Q2) Design thinking uses this term to refer to human emotions and desires.
A)emotivity
B)initiating desires
C)needs
D)stimuli
Q3) Why is it important to be visual during a brainstorming session?
A)It is hard to hear if too many ideas are coming at once.
B)Drawing helps get ideas across.
C)It adds versatility within a diverse group of thinkers.
D)It builds on artistic skills.
Q4) Illustrate how you would ensure that a brainstorming session is successful.
Page 8
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Chapter 7: Testing and Experimenting in Markets
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Sample Questions
Q1) Antoinette wants to test her new vegetarian burger and test the hypothesis that people will not be able to tell it is not beef.She tests her product at a local big box store and hands samples out, telling people that it is a new hamburger product.She then asks them to fill out a questionnaire about the product.Discuss how this experiment is or is not being conducted in an ethical manner.
Q2) Describe an experience you had while traveling or engaging in a new activity.Identify what the experience was and what elements you later incorporated into your life.
Q3) A customer who delays or vetoes the purchasing decision is referred to as which of the following?
A)influencer
B)decliner
C)negator
D)saboteur
Q4) What are the elements in a four-quadrant framework of storyboarding?
A)problem, solution, resulting action, outcome
B)solution, approval, action, result
C)problem, organization, product, result
D)problem, service or product, effect on organization, outcome
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Page 9
Chapter 8: Building Business Models
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Sample Questions
Q1) McCafe offered new products that were not part of traditional offerings.Sofa-type seating encourage a relaxing mood for people who wanted to sit and chat.By appealing to a nontraditional market (i.e., not families with children) what approach was McDonald's taking?
A)mass market
B)diversification
C)niche market
D)modernization
Q2) The offering addresses ______.
A)the target customers, the resources, and how the product or service will help the customer
B)what will be given to investors in return for capital
C)the product or service
D)none of these
Q3) The business model of an entrepreneur must be flexible in order to respond to new information.
A)True
B)False
Q4) Select a shopping mall of your choosing.Define a CVP for at least two market segments.
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Chapter 9: Planning for Entrepreneurs
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Sample Questions
Q1) Which of the following would be most appropriate to present in a collegiate competition for entrepreneurial funding?
A)concept plan
B)feasibility plan
C)pitch deck
D)business model
Q2) A document of no more than 10 pages, this tool answers essential questions with data from interactions with potential customers, suppliers, distributors, and others.
A)the business brief
B)back of the napkin
C)feasibility study
D)business model
Q3) Ultimately, what is the most important element of a business plan?
A)The ability to have a document to use in your presentations.
B)The formalization of your plan.
C)The exploration, experimentation, and market research that went into creating it.
D)Knowing why you need the plan.
Q4) Take an existing company and describe it in terms of a back-of-a-napkin plan.
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11
Chapter 10: Creating Revenue Models
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Sample Questions
Q1) The financial report that measures the financial performance of your business on a monthly or an annual basis is:
A)profit and loss statement
B)income tax statement
C)balance sheet
D)credit report
Q2) Another term for an income statement is:
A)profit and loss statement
B)income tax statement
C)balance sheet
D)credit report
Q3) Which of the following would be considered an intangible?
A)clothing
B)food
C)hardware
D)iTunes download
Q4) Imagine that you are offering an Internet-based software service that helps people plan group projects and calendar events.Design a freemium program to attract customers.
Q5) Explain the advantages of bundled pricing and give an example.
Page 12
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Chapter 11: Learning From Failure
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Sample Questions
Q1) What is the relationship between a growth mindset and grit?
A)People with a growth mindset have less grit.
B)People with a fixed mindset have more grit.
C)People with a growth mindset have more grit.
D)Mindset is unrelated to grit.
Q2) Cultural differences may influence the way we approach failure
A)True
B)False
Q3) By "focus on others," entrepreneur Kurt Theobald suggested that entrepreneurs should:
A)focus on the happiness of their employees
B)focus on helping vendors, customers, suppliers, stakeholders, and team members succeed
C)focus on customer needs and place all efforts on their satisfaction
D)make sure that you attend to family and friends in addition to your business
Q4) A pivot would be described as which of the following?
A)a difficult situation that changes the nature of your business
B)the nature of the obstacle that must be overcome to avoid failure
C)a change in direction in response to a small failure
D)a catastrophic failure
Page 13
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Chapter 12: Bootstrapping for Resources
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Sample Questions
Q1) In reference to crowdfunding, a backer is best described as:
A)a person who will pay back a loan if you fail to do so
B)people who contribute support in a crowdfunding venture
C)the site on which crowdfunding ventures occur
D)the financial institution that manages the transfer of money
Q2) What should a startup focus on when thinking about funding?
A)Focus on following your balance sheet.
B)Focus on the money on hand.
C)Remember how much money you will make when the business is successful.
D)Build a strong financial forecast.
Q3) In the investor model, crowdfunding backers will expect an equity stake in your business.
A)True
B)False
Q4) What is the characteristic of the investor model of crowdfunders?
A)investors provide financial support with no expectation of direct return
B)investors are rewarded for their financial support
C)equity is exchanged for the contribution
D)funds are treated as loans
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Chapter 13: Financing for Startups
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Sample Questions
Q1) Describe what might occur during the legal aspect of due diligence, prior to the actual investment.
Q2) A company has a value of $400,000 and is looking for $500,000 in order to move into other markets and build the production capability to do so.What is the most likely source of funding?
A)family and friends
B)IPO
C)angel investor
D)venture capitalist
Q3) ______ is provided to build the team and test the product or service.
A)Startup loans
B)Seed-stage financing
C)Startup financing
D)Early-stage financing
Q4) This group is located in Arizona and has invested in more than 65 companies since 2000.
A)Golden Seeds
B)Houston Angel Network
C)Launchpad Venture Group
D)Desert Angels
Page 15
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Chapter 14: Developing Networks
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Sample Questions
Q1) Chris develops his company plan alone.He is now ready to launch and is looking for a founding team.Since his business is in petrochemicals, he assumes that the best team will be from his former university classmates who studied the subject with him.Discuss the pros and cons of Chris's assumptions.
Q2) Peter Senge, founding chairperson for the Society for Organizational Learning, suggests which of the following for engaging others in your vision?
A)Emphasize the highest possible benefits of your product or services.
B)Be confident of your own vision or opportunity.Believe in it.
C)Prepare a well-organized pitch.
D)Try to convince people by understanding potential objections.
Q3) Francesca is building her founding team.She knows that fundraising will be important over the next year and thus is looking for someone with strong fundraising skills.She hopes to be financially self-sufficient at the end of the year.Later, she hopes to be able to build a strong sales, marketing, and operations teams with representation across the nation.What strategy should Francesca use in building her team?
Q4) Identify four members of your social network and assess the type of classifications they would represent.
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Chapter 15: Navigating Legal and Ip Issues
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Sample Questions
Q1) Gary is fascinated by a new device that uses a GPS-like tracker to help owners locate their pets.He purchases the product, disassembles it, and uses it as a pattern for a similar device.The new device uses a less expensive casing, but otherwise has duplicated the technology.What legal concept may be represented in this action?
A)a copyright violation
B)a trademark violation
C)a patent violation
D)a fair use violation
Q2) Failure to assign ownership occurs in which of the following situations?
A)when someone makes significant contributions to a product design without a formal agreement of who owns the idea
B)only when someone makes a significant contribution and is not paid for the contribution
C)only when someone makes a significant contribution and is paid for the contribution
D)when someone fails to place the company name on the patent
Q3) A company must have an EIN before hiring employees
A)True
B)False
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Chapter 16: Marketing and Pitching Your Idea
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Sample Questions
Q1) Which of the following enables the entrepreneur to find potential stakeholders, experts, and fellow entrepreneurs?
A)Facebook and Twitter
B)YouTube
C)Instagram
D)all of these
Q2) What is a call to action?
A)the action you would like your audience to take after you finish your presentation
B)an emotional plea to rally around your product
C)a request for help
D)the "go" signal indicating that the deal has been made
Q3) When marketers use the S.A.V.E.approach, the focus is switched from product to which of the following?
A)access
B)solution
C)value
D)education
Q4) 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) Sally is worried about her backlog report.This is a report on orders that have been delivered but not yet paid by the customers.
A)True
B)False
Q2) Provide the line by line format of the Statement of Cash Flows.
Q3) Vivienne wants to produce a report that measures her financial performance on a monthly basis.She wants to see selling- and expense-related activities that result in profit or loss over a period of time.She is interested in producing which of the following statements?
A)balance sheet
B)cash flow statement
C)entrepreneurs scorecard
D)income statement
Q4) When a company has long-term investments, it means they ______.
A)have cash, stocks, bonds, and real estate that has been on their books longer than one year
B)should be selling them soon so they can become short-term profit
C)have more cash than they need and they are wasting it on long-term investments
D)are going for a bank loan
Page 19
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Chapter 18: the Pitch Deck
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Sample Questions
Q1) One of the hardest areas to get a handle on is that of sales and projecting sales.
A)True
B)False
Q2) Luther has done a lot of work getting his venture off the ground, and he wants to tell people what has been accomplished already.This is called:
A)blowing your own horn
B)an accomplishment statement
C)a completed project report
D)traction
Q3) 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
Q4) Maddox has worked hard on determining how he will reach, acquire, and keep his customers.This is something he should include in his pitch deck.
A)True
B)False
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