Entrepreneurship Exam Questions
Course Introduction
Entrepreneurship explores the process of identifying, evaluating, and developing new business opportunities, from initial idea generation to launching and managing a startup. The course examines key concepts such as entrepreneurial mindset, innovation, business models, market analysis, financing, and risk management. Students will engage in experiential learning through case studies, group projects, and interactions with successful entrepreneurs, gaining practical insights into the challenges and rewards of starting and growing a business in dynamic markets.
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Strategic Management of Technological Innovation 4th Edition by Melissa A. Schilling
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Chapter 1: Introduction
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Q1) The innovation process is often conceived of as a funnel because:
A) most innovative ideas become successful new products.
B) it decreases the amount of output achievable from a given quantity of labor and capital.
C) it increases the importance of production economies of scale.
D) there are many potential new product ideas and only a few make it through the development process.
Answer: D
Q2) Technological innovation decreases the amount of output achievable from a given quantity of labor and capital.
A)True
B)False
Answer: False
Q3) Which of the following is true of externalities?
A) All externalities are negative in nature.
B) They are only borne by individuals responsible for creating them.
C) Technological innovation results in complete eradication of negative externalities.
D) Externalities can be in the form of benefits reaped by individuals.
Answer: D
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Page 3
Chapter 2: Sources of Innovation
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Q1) If you are looking for a location for your software development company why will you consider Silicon Valley? What are the drawbacks to this location?
Answer: A software development company would find a technology cluster such as Silicon Valley attractive because many other high-tech computer-oriented companies are located there.The software company might be able to share information with complementors or find new employees who have been trained by other companies.Drawbacks to that location might include the fact that other companies hire away their employees or other companies might find out about proprietary technologies the company is developing.Current employees may follow the examples of others and leave the software development company to start their own company.
Q2) The terms research and development represent different kinds of investment in innovation-related activities.
A)True
B)False
Answer: True
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Chapter 3: Types and Patterns of Innovation
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Q1) According to the Utterback and Abernathy model,firms in the fluid phase avoid experimenting with different form factors or product features.
A)True
B)False
Answer: False
Q2) The path a technology follows through time is termed its:
A) technology map.
B) technology trajectory.
C) technology cluster.
D) technology transfer.
Answer: B
Q3) Explain what Schumpeter meant by the term creative destruction.
Answer: The s-curve model suggests that technological change is cyclical: Each new s-curve ushers in an initial period of turbulence,followed by rapid improvement,then diminishing returns,and ultimately is displaced by a new technological discontinuity.The emergence of a new technological discontinuity can overturn the existing competitive structure of an industry,creating new leaders and new losers.Schumpeter called this process creative destruction,and argued that it was the key driver of progress in a capitalist society.
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Page 5
Chapter 4: Standards Battles and Design Dominance
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Q1) The "Buyer Utility Map" developed by Kim and Mauborgne cannot be applied to industrial products.
A)True
B)False
Q2) By choosing not to exercise its monopoly power,a firm can steepen its monopoly costs curve.
A)True
B)False
Q3) Increasing returns to adoption means that,the more a technology is adopted,the more valuable it becomes.
A)True
B)False
Q4) A firm that supports a technology that is not chosen as the dominant design will have better potential to earn near-monopoly rents in the short run than a firm that develops a dominant design.
A)True
B)False
Q5) What is absorptive capacity? Why do firms that fall behind the technology frontier find it difficult to catch up?
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Chapter 5: Timing of Entry
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Q1) When Fun Bun,an international fast food chain,first moved into China,it had to teach farmers how to grow a particular variety of potatoes and bakers had to be taught to make hamburger buns.This is an example of:
A) corporate social responsibility.
B) an undeveloped supply channel.
C) incumbent inertia.
D) monopoly rents.
Q2) Explain the reasons why other keyboards claimed to be more efficient were not able to replace the QWERTY keyboard.Which principle is illustrated in this scenario?
Q3) Many start-up firms demise because new innovations tend to be adopted very slowly at first.
A)True
B)False
Q4) Other things being equal,less customer uncertainty favors earlier timing of entry.
A)True
B)False
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Page 7
Chapter 6: Defining the Organizations Strategic Direction
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Q1) Even though many aerospace manufacturing firms are very profitable,there are very few upcoming firms.Explain the reason using Porter's five-force model.
Q2) Sam's Sugar Co.is a leading cane sugar manufacturer.The company faced a threat of going out of business when a rival company introduced a zero-calorie sweetener to replace the high-calorie cane sugar.According to Porter's five-force model,the two products are:
A) complements.
B) supplements.
C) intermediates.
D) substitutes.
Q3) According to Porter's five-force model,the more suppliers there are,providing similar supplies to a particular industry:
A) the less powerful those suppliers will be.
B) the more powerful those suppliers will be.
C) the higher is the level of vertically integration in the industry.
D) the less powerful buyers will be.
Q4) Explain the advantages and disadvantages of rewarding and promoting development of the core competency.
Q5) What are core competencies?
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Chapter 7: Choosing Innovation Projects
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Q1) From a real options perspective,the value of a call stock option is zero as long as the price of the stock is more than the exercise price.
A)True
B)False
Q2) With respect to research and development,which of the following can be considered the exercise price?
A) The cost of the R&D program
B) The cost of future investment required to capitalize on the R&D program
C) The returns to the R&D investment
D) The returns to the R&D investment minus the cost of the R&D program
Q3) While the value of a stock is independent of the call holder's behavior,the value of an R&D investment is not independent of the investor's behavior.
A)True B)False
Q4) Data envelopment analysis (DEA) utilizes linear programming.
A)True B)False
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Chapter 8: Collaboration Strategies
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Q1) Joint ventures are less appropriate than strategic alliances when a firm places great importance on access to other firms' competencies.
A)True
B)False
Q2) True Tarmac Co.entered into an alliance with several trucking companies to use high tech communications to manage its trucks across the nation.In this arrangement,firms will help each other keep a track on trucks of the entire alliance,but will not share other information.This alliance falls in:
A) quadrant A-individual alliance with capability complementation.
B) quadrant B-network of alliances with capability complementation.
C) quadrant C-individual alliance with capability transfer.
D) quadrant D-network of alliances with capability transfer.
Q3) Equity ownership helps to align the incentives of the partners.
A)True
B)False
Q4) Collective research organizations can take the form of trade associations.
A)True
B)False
Q5) How can firms evaluate potential partners?
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Chapter 9: Protecting Innovation
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Q1) If a firm lacks the production capability or expertise to produce a sufficient range of complementary goods,it should support an open technology strategy and utilize forms of sponsorship.
A)True
B)False
Q2) If an inventor received a utility patent in the United States in June 2004,then his or her patent would be valid as of the same date in member countries of the Paris Convention,if he or she applies for protection in those countries within 12 months.
A)True
B)False
Q3) Singing Cards has decided to make the technology behind the making of musical cards open.Which of the following is likely to be one of the advantages associated with this decision?
A) The technology will accrue more rapid adoptions.
B) The company will be able to monopolize the market.
C) The production of complementary goods will slow down and eventually cease.
D) The technology's installed base will accumulate much more slowly.
Q4) What is a copyright? Discuss the provisions of the section 106 of the 1976 Copyright Act.
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Chapter 10: Organizing for Innovation
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Q1) ErgoWorld manufactures office furniture.The company is considering adopting a modular production system.A modular system offers greater value to ErgoWorld when:
A) most customers are likely to agree on a single product configuration.
B) customers prefer to upgrade their products by replacing their entire system.
C) customers are willing to pay a premium price for extreme customization and personalization.
D) customers have heterogeneous demands which are expected to be met in a cost-effective way.
Q2) In a loosely coupled structure,development and production activities achieve coordination through tight integration.
A)True
B)False
Q3) Coalitions of small firms typically have a well-defined system of authority and control.
A)True
B)False
Q4) Formalization increases the need for direct managerial oversight.
A)True
B)False
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Chapter 11: Managing the New Product Development Process
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Q1) Suppliers can contribute ideas for product improvement or increased development efficiency.
A)True
B)False
Q2) Josh is the executive vice president of a bank.Recently the president of the bank asked Josh to use his influence to ensure that the online banking project was developed and implemented.Paul is being asked to be a:
A) devil's advocate.
B) project champion.
C) entrepreneur.
D) mentor.
Q3) A firm can benefit from developing "antichampions".
A)True
B)False
Q4) Many firms use beta testing to get customer input early in the development process.
A)True
B)False
Q5) Explain the value of the stage-gate process in new product development.
Q6) What is Quality Function Deployment (QFD)? What are its advantages?
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Chapter 12: Managing New Product Development Teams
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Q1) As the size of the team increases,the potential for social loafing decreases.
A)True
B)False
Q2) A cross-functional team is one that has members of different ethnic backgrounds in a single functional area.
A)True
B)False
Q3) Which of the following is an advantage typically associated with heavyweight teams?
A) Heavyweight teams have strong cross-functional coordination.
B) The team structure of heavyweight teams increase the possibility of social loafing.
C) Heavyweight teams are typically permanent and hence stable.
D) The team structure of heavyweight teams decreases the cross-fertilization of ideas.
Q4) Virtual teams face challenges in developing trust among its team members.
A)True
B)False
Q5) What are the advantages and disadvantages of having a heterogeneous new product development team?
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Chapter 13: Crafting a Deployment Strategy
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Q1) Marketing channels that enable high content and selective reach are appropriate for innovators and early adopters.
A)True
B)False
Q2) BioSense Prosthetics was a leader in the prosthetic arm market and profits from it were very high.The firm developed a new computerized prosthetic arm that would render its previous prosthetics obsolete.It decided to withhold the new computerized prosthetic arm from the market.This will allow the firm to:
A) minimize its return on investment in developing each generation of the product.
B) make its products backward compatible.
C) avoid cannibalization of the sales of its current prosthetics.
D) build a larger installed base for the new computerized prosthetic.
Q3) BioSense Prosthetics was a leader in the prosthetic arm market and profits from its prosthetics were very high.BioSense developed a computerized prosthetic arm and is trying to decide when to introduce it to the market.What options does it have?
Q4) In the context of Gladwell's theories,define the terms connectors,mavens,and salespersons.
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