Entrepreneurship Exam Preparation Guide
Course Introduction
This course explores the fundamentals of entrepreneurship, focusing on the process of identifying, evaluating, and developing new business opportunities. Students will learn about the characteristics of successful entrepreneurs, the stages of startup creation, and methods for crafting effective business models. Through case studies, interactive projects, and business plan development, learners will acquire practical skills in market analysis, financial planning, resource mobilization, and strategic decision-making. Emphasis is placed on innovation, resilience, and ethical considerations, preparing students to navigate challenges and drive growth in dynamic business environments.
Recommended Textbook
Foundations of Strategy 1st Canadian Edition by Robert M. Grant
Available Study Resources on Quizplus
10 Chapters
579 Verified Questions
579 Flashcards
Source URL: https://quizplus.com/study-set/2392
Page 2
Chapter 1: The Concept of Stategy
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59 Verified Questions
59 Flashcards
Source URL: https://quizplus.com/quiz/47517
Sample Questions
Q1) A strategy can be described as
A)intended, emergent, or realized.
B)intended, emergent, or sustained.
C)emergent, critical, or sustained.
D)realized, emergent, failed.
Answer: A
Q2) Company law throughout the developed, industrialized world including Asia and Europe obliges firms to solely focus on profit for shareholders.
A)True
B)False
Answer: False
Q3) Usually, business success has been proved to rely in the end on superior resources.
A)True
B)False
Answer: False
Q4) Corporate strategy is also called business strategy, or competitive strategy.
A)True
B)False Answer: False
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Industry Analysis
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58 Verified Questions
58 Flashcards
Source URL: https://quizplus.com/quiz/47518
Sample Questions
Q1) "The market" and "the industry" are
A)related but not the same thing.
B)unrelated and different.
C)exactly the same concept, and can be used interchangeably.
D)exclusively used in marketing and strategic management respectively.
Answer: A
Q2) Barriers to exit are
A)the non-recoverable costs of quitting or scaling down capacity in an industry.
B)legal restrictions which prevent a firm from leaving an industry.
C)the opposite of barriers to entry.
D)of no consequence if you don't plan to leave the industry.
Answer: A
Q3) Porter's 5 Forces model arguably has some deficiencies and does NOT answer all possible questions. But this is true of all models.
A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: Resources and Capabilities
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64 Verified Questions
64 Flashcards
Source URL: https://quizplus.com/quiz/47519
Sample Questions
Q1) An organizational process is
A)what suspects endure in courtrooms.
B)a long line of people performing one activity.
C)a sequence of coordinated actions that performs a task.
D)the chain of command above an employee.
Answer: C
Q2) The internal environment
A)is the structure inside an industry.
B)has become less important as an explanation of firms' profitability.
C)is how a firm's resources and capabilities are deployed to deliver its business strategy.
D)can safely be left to the HR Department to manage.
Answer: C
Q3) Taking an external focus to identify a firm's key resources and capabilities, we begin with industry
A)benchmarks.
B)trends.
C)key success factors.
D)alliances.
Answer: C
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Page 5
Chapter 4: The Nature and Sources of Competitive
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50 Verified Questions
50 Flashcards
Source URL: https://quizplus.com/quiz/47520
Sample Questions
Q1) A firm's ability to turn change in its external environment into profit
A)requires just one key resource: information.
B)depends on its ability to respond by changing its capabilities appropriately.
C)is the test of a sustained focus strategy.
D)is always measured by its market share.
Q2) Once established, competitive advantage is
A)relatively stable over time.
B)subject to erosion by competitors or entrants.
C)a firm's reward for leading the industry.
D)easily maintained unless entry barriers are high.
Q3) Walmart has a competitive advantage in discount retailing in the United States. A)True
B)False
Q4) A firm with a competitive advantage other than superior profitability may have A)a rising market share.
B)strong and rising customer loyalty, or good executive perks, or both.
C)invested in new technologies its rivals do not have.
D)some or all of the above.
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Industry Evolution and Strategic Change
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53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/47521
Sample Questions
Q1) The basis of entering a new industry at the Introduction phase is
A)effective product innovation.
B)effective process innovation.
C)effective promotional material.
D)effective sales people.
Q2) The industry life cycle consists of four stages: 1)Introductory, 2)Growth, 3)Plateau, and 4)Rejuvenation.
A)True
B)False
Q3) It's a good idea to reduce product innovation as soon as possible so as to precipitate a shift to the growth phase.
A)True
B)False
Q4) Firms are continually trying to erode the competitive advantage of rivals, and to build and maintain their own competitive advantage.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
7
Chapter 6: Technology-Based Industries and the Management of Innovation
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67 Verified Questions
67 Flashcards
Source URL: https://quizplus.com/quiz/47522
Sample Questions
Q1) The extent to which an innovation can be imitated by a competitor depends on A)whether the competitors' experts are as clever as our experts.
B)whether a competitor can get a photocopy of the patent details.
C)how ruthless the competitor is.
D)how possible it is for the competitors' experts to comprehend, codify and replicate the technology.
Q2) An innovation which comes to dominate the market does NOT always lead to superior profits for the innovator.
A)True
B)False
Q3) The main factors in determining whether the innovator can make a good profit from an innovation are luck, and good timing.
A)True
B)False
Q4) Regarding innovations, complementary resources are all the other things apart from the invention or idea necessary to achieve commercial success.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 7: Corporate Stategy
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74 Verified Questions
74 Flashcards
Source URL: https://quizplus.com/quiz/47523
Sample Questions
Q1) When a customer and a supplier choose to, or are technically obliged to, integrate their processes,
A)there can no longer be a market operating between them for the item concerned.
B)there can be an adversarial relationship as each tries to gain advantage.
C)there can be strategic benefit, so long as the partners try to jointly maximise their profit in the downstream market.
D)all of the above.
Q2) A company in a mature industry which is good at cost reduction is exhibiting A)economy of scale through better use of fixed assets.
B)potential for economy of scope based on organisational or managerial capability.
C)potential for economy of scope based on intangible resources.
D)no potential for economy of scope.
Q3) Whether a proposed diversification is related or NOT depends to some extent on judgement and context.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
9
Chapter 8: Realizing Stategy
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53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/47524
Sample Questions
Q1) A strategic plan typically includes the history of how the firm got to its current position and detailed financial calculations of the consequences of the firm's strategic decisions.
A)True
B)False
Q2) There is a very clear distinction between formulating a plan and carrying it out.
A)True
B)False
Q3) Departments within a firm rarely have their own departmental goals conflicting with other departments' goals; they are exclusively driven by the firm's overall goals.
A)True
B)False
Q4) Share option schemes go wrong when
A)bad senior managers manipulate reported profits.
B)customers and suppliers cut out the firm and deal with each other directly.
C)employees sue the government.
D)Employees become customers.
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Chapter 9: Global Strategies and the Multinational Corporation
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66 Verified Questions
66 Flashcards
Source URL: https://quizplus.com/quiz/47525
Sample Questions
Q1) For most of the last sixty years internationalization has been
A)a source of increased tension between countries.
B)a source of innovative ideas for firms and individuals.
C)a source of higher earnings for firms and individuals.
D)a source of opportunity for firms and individuals.
Q2) Firms try to locate production of each stage of the value chain in those countries where transport costs to the next stage are the lowest.
A)True
B)False
Q3) Sheltered industries are protected by their A)perishability.
B)transport difficulties and high transport costs.
C)very small size of operation and lack of scale economies.
D)any of the above.
Q4) Developing new products that truly foster and exploit innovation to the maximum possible within the firm is the toughest challenge facing top managers of large multinationals today.
A)True
B)False
11
To view all questions and flashcards with answers, click on the resource link above.
Chapter 10: Corporate Responsibility
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35 Verified Questions
35 Flashcards
Source URL: https://quizplus.com/quiz/47526
Sample Questions
Q1) The original cause of the Great Recession was
A)a tsunami in the Pacific Ocean.
B)the 'Euro' crisis.
C)a financing failure in the US housing market.
D)government borrowing rising out of control.
Q2) Ultimately business leaders have got to
A)tend the emotional climate of the organization.
B)provide meaning for the typical employee's aspirations.
C)unify and inspire their employees.
D)all of the above.
Q3) A Ponzi scheme
A)is guaranteed a minimum income.
B)pays "returns" to savers out of capital paid in from new investments or new investors.
C)is guaranteed to fail eventually.
D)b and c.
Q4) The new leaders are fearless, hard-charging men and women who understand their businesses deeply and accept full responsibility.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 12