Entrepreneurship Exam Questions
Course Introduction
Entrepreneurship explores the process of identifying, evaluating, and pursuing opportunities to create new businesses or revitalize existing organizations. The course covers core concepts such as innovation, business modeling, market research, resource acquisition, and risk management. Students will develop skills in creative problem-solving, strategic planning, and effective communication while analyzing real-world case studies and developing their own business ideas. By the end of the course, participants will understand the challenges and rewards of entrepreneurship and be prepared to launch and sustain successful ventures in dynamic environments.
Recommended Textbook
New Venture Creation Entrepreneurship for the 21st Century 9th Edition by Stephen Spinelli
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689 Verified Questions
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Page 2
Chapter 1: The Global Entrepreneurial Revolution for a Flatter World
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Sample Questions
Q1) A 2010 report by The Guardian Life Small Business Research Institute indicated that women-owned businesses are limited mainly to small service enterprises with few employees.
A)True
B)False
Answer: False
Q2) The world's first solar-powered motor-an innovation aimed at heading off the world's dangerous dependence on coal-was introduced in 1861.
A)True
B)False
Answer: True
Q3) Studies indicate that although smaller firms often generate twice as many innovations per R&D dollar spent as the established multinationals,the large firms still produce more innovations per R&D scientist than entrepreneurial companies.
A)True
B)False
Answer: False
Q4) What should always be done following an interview with an entrepreneur?
Answer: Write a thank you note
Page 3
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Chapter 2: The Entrepreneurial Mind: Crafting a Personal
Entrepreneurial
Strategy
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Sample Questions
Q1) Which is not true about self-assessment feedback?
A) It's hard to obtain
B) It's hard to receive
C) It's hard to benefit from
D) All are true
Answer: D
Q2) Successful entrepreneurs consistently focus on what?
A) Market-based opportunity
B) Attracting resources
C) Networking
D) Making money
Answer: A
Q3) The ________ is the need to build a warm relationship with someone else and/or to enjoy mutual friendship.
Answer: need for affiliation
Q4) In the context of entrepreneurship,the need for power is about achieving influence. A)True
B)False
Answer: True
Page 4
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Chapter 3: The Entrepreneurial Process
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Sample Questions
Q1) Private investors have less stringent investment criteria than venture capitalists and are therefore an easier sell.
A)True
B)False
Answer: False
Q2) Entrepreneurship does not occur in the public sector.
A)True
B)False Answer: False
Q3) "Durability" refers to the market advantage a company can enjoy by developing proprietary barriers to entry.
A)True
B)False Answer: False
Q4) Small,simple businesses are more affordable,more manageable,less demanding,and less risky than high-potential ventures.
A)True
B)False Answer: False
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Chapter 4: Clean Commerce Is an Opportunity Sea Change
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Sample Questions
Q1) Included in green chemistry tools is the idea of the ________,which would have manufacturers make as full use as possible of every input molecule in the final output product.
Q2) Some of the most fertile clean commerce opportunities lie in the areas of greatest tension.
A)True
B)False
Q3) NatureWorks was the first company to deliver aesthetically appealing,ecologically friendly home cleaning products to mainstream retailers (as opposed to just natural products stores).
A)True
B)False
Q4) What are the three strategic facets of looking through a sustainability lens?
Q5) In the US,buildings with Leadership in Energy and Environmental Design (LEED)certification realize which of the following benefits?
A) Cost reductions
B) Productivity gains
C) Employee retention
D) All of the above
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Chapter 5: The Opportunity:
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Sample Questions
Q1) Thinking creatively and expansively about how new technology can drive the next new industries is a critical aspect of ________ recognition.
Q2) Earnings before interest but after taxes (EBIAT)is driven by all the following except:
A) Liquidity
B) Profitability
C) Sales
D) Asset intensity
Q3) While an intense level of psychological ownership and involvement is certainly a prerequisite for creating a new business,the fatal flaw in attachment to an invention or product is a _________.
Q4) With higher potential businesses,what is the potential payback to the user or customer of a given product or service through cost savings or other value-added or valued-created properties?
Q5) Superior opportunities solve a significant problem,remove a serious pain-point,or meet a significant want or need--for which someone is willing to pay a _________.
Q6) The best entrepreneurs specialize in making ________ mistakes only.
Q7) If an idea is not an opportunity,what is an opportunity?
Page 7
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Chapter 6: Screening Venture Opportunities
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Sample Questions
Q1) What will investors expect to see in a venture that is not expected to be harvested?
A) Buyout agreements.
B) Durable profits.
C) Proof of high demand.
D) Trade alliances.
Q2) First-time entrepreneurs tend to overestimate sales and delivery dates.What do they tend to underestimate?
Q3) Which of the following is not an aspect of new venture success?
A) Failing quickly
B) Relieving pain
C) Discount pricing
D) All of the above are important aspects of new venture success.
Q4) ________ refers to the gaps in an industry or market into which your opportunity falls.
Q5) The single largest factor contributing to stillborn ventures and to those who will ripen as lemons is lack of focus on profitability and cash flow.
A)True
B)False
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Chapter 7: Opportunities for Social Entrepreneurship
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Sample Questions
Q1) Wicked problems have no right or wrong solutions.
A)True
B)False
Q2) In the early 1970s the notion of wicked problems emerged out of the ________ of resolving issues related to urban and governmental planning.
Q3) In the early 1970s the notion of wicked problems emerged out of the complexity of resolving issues related to what?
A) Inflation
B) Oil shortages
C) Urban and governmental planning
D) All of the above
Q4) Using the Grameen Bank in Bangladesh as an example,explain how microlending works.
Q5) There are probably more hybrid models than social ventures and enterprising nonprofits combined.
A)True
B)False
Q6) The mission of a social entrepreneur is to ________.
Q7) How do social and enterprising nonprofits differ from hybrid models?
Page 9
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Chapter 8: The Business Plan
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Sample Questions
Q1) The business plan should identify several alternative sources of financing.
A)True
B)False
Q2) What are three questions the team should ask after investors have had a chance to review the business plan?
Mentioned in the text: What have we missed? Where are we vulnerable? How would you knock us off? How would you modify our strategy? What would you do differently? What do you believe has to happen to make this highly successful?
Q3) A dehydrated business plan is often developed by entrepreneurs who are too busy to write a complete business plan.
A)True
B)False
Q4) When is it a good idea to hire an outside professional to write the business plan?
A) When time to market is a critical factor
B) When the lead entrepreneurs are deeply involved with other pursuits
C) It is not a good idea to hire an outside professional to write the business plan
D) When no one on the team is willing to take the lead in writing the document
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Chapter 9: The Entrepreneurial Leader and the Team
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Sample Questions
Q1) Due to the importance of their technical contribution,highly-skilled founding entrepreneurs should expect an equity ownership of 15-25 percent.
A)True
B)False
Q2) The ever-expanding number of devices designed to exploit Internet accessibility is having a profound impact on _______.
Q3) _________ is a critical element of entrepreneurial leadership.It is derived by actively leading,instilling vision and passion in others,and by creating a climate and spirit conducive to high performance.
Q4) In rapid-growth firms,power and control are _________ and leadership is ________.
Q5) Workers joining an entrepreneurial venture can expect to receive more guidance and direction than they would typically find in a more established firm. A)True B)False
Q6) The high-growth stage is one of the most difficult periods in the life of a company as new layers of management and processes are adjusted to enable the company to
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Chapter 10: Ethical Decision Making and the Entrepreneur
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Sample Questions
Q1) Immanuel Kant's ________ approach is pursued without concern for the outcomes of actions,but according to whether the action is something that an ethical person would do.
Q2) Taking a course in business ethics has been shown to have little effect on improving one's capacity for decision making and problem solving in the context of personal ethical standards.
A)True
B)False
Q3) The ethical approach known as Machiavellianism is related to which one of the following?
A) Utilitarianism
B) The Kohlberg construct
C) Kantism
D) Deontology
Q4) The ________ construct classifies moral judgment into six stages of development.
Q5) Entire industries have developed their own codes of ethics as a way of heading off action by Congress.
A)True
B)False
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Chapter 11: Resource Requirements
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Sample Questions
Q1) Building a company by minimizing resources is referred to in colloquial terms as ________.
Q2) Directors of a company can be held personally liable for its actions and those of its officers.
A)True
B)False
Q3) Entrepreneurs in high-potential start-ups should secure resources enough for the task at hand plus a cushion against adversity.
A)True
B)False
Q4) How can new venture entrepreneurs without law degrees save money on legal work?
Q5) The best place to start in selecting an attorney is with acquaintances of the lead entrepreneur,of members of the management team,or the directors.
A)True
B)False
Q6) One price of resource ownership is an inherent ________.
Q7) How can lack of money,employees,equipment and such actually work to the advantage of the start-up entrepreneur?
Page 13
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Chapter 12: Franchising
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Sample Questions
Q1) Which of the following is the most valuable asset in a franchise system?
A) Field support
B) Trade name
C) Operational support
D) Service delivery system
Q2) In the Franchise Relationship Model,the financial structure flows from pro forma analysis of customer demand and the cost associated with development and execution of the ________.
Q3) What are the three major profiles used to define the primary target audience?
Q4) Transaction analysis considers how customers purchase goods and services from the franchise outlets.
A)True
B)False
Q5) At the most fundamental level,the ________ is the defining quality of the opportunity recognition process.
Q6) The service delivery system is the basis for a franchise venture's competitive advantage.
A)True
B)False
Q7) Growth and ________ are the essence of the franchise mentality.
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Chapter 13: Entrepreneurial Finance
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Sample Questions
Q1) Short-term debt is most often used by a business for working capital and is repaid out of the proceeds of its sales.
A)True
B)False
Q2) What funding structure provides a sound financial foundation for growth without excessive dilution of an entrepreneur's equity?
Q3) Which of the following is a likely source for funding a venture that is preparing for a harvest?
A) Strategic alliances
B) Mezzanine capital
C) Corporate partnerships
D) MESBICs
Q4) ________ borrowings are used to finance the purchase of property or equipment that serves as collateral for the loan.
Q5) Mezzanine and bridge capital is available at what venture stage of development?
A) R&D
B) Startup
C) Early Growth
D) Exit
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Chapter 14: Obtaining Venture and Growth Capital
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Sample Questions
Q1) John Savage was an engineer with an idea for a flexible solar-energy material that would have a wide-range of military and civilian apparel applications.He estimates that he will need approximately $300,000 to develop a prototype.Friends and family could provide about $75,000.What would be the best source for the balance?
A) Informal investors
B) Venture capitalists
C) A strategic partnership
D) An SBA loan
Q2) An ESOP is a program in which the employees create an internal source of funding by becoming investors in the company.
A)True
B)False
Q3) Interest from a venture capitalist can be predicted by the amount needed and the required rate of return expected.
A)True
B)False
Q4) Capital that is between senior debt financing and common stock is called _________ financing.
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Chapter 15: The Deal: Valuation, structure, and Negotiation
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Sample Questions
Q1) A venture capitalist is investing $5 million to acquire 200,000 shares.What is the price per share?
Q2) Venture capitalists may dilute a founder's equity with each additional round of capital,but they are not permitted to fire them. A)True B)False
Q3) By ________ their capital contributions,venture capitalists preserve the right to abandon a project whose prospects look dim.
Q4) Strategic circumference is never an intentional outcome. A)True B)False
Q5) Discuss the characteristics of successful deals.
Q6) Under a ________ provision,if management does not find a buyer or cannot take the company public by a certain date,then the investors can proceed to find a buyer at terms they agree upon.
Q7) ROR stands for ________.
Q8) Share price equals the price paid divided by the number of shares. A)True B)False
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Chapter 16: Obtaining Debt Capital
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Sample Questions
Q1) A factor assumes the credit risk,does the credit investigations and collections,and advances funds.
A)True
B)False
Q2) What business frequently lends money to companies that do not have positive cash flow?
A) Commercial banks
B) Commercial finance companies
C) Leasing companies
D) Factors
Q3) A ________ is a formal or informal agreement between a bank and a borrower concerning the maximum loan a bank will allow the borrower for a one-year period.
Q4) When a seller of high-end services wants to offer installment payment terms to purchasers,they can sell and assign that installment contract to a bank or sales finance company.
A)True
B)False
Q5) Why do startups have a more difficult time borrowing money than existing businesses?
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Chapter 17: Leading Rapid Growth, crises, and Recovery
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Sample Questions
Q1) With small companies,turnaround experts report that most strategic errors relate to the involvement of firms in which area?
A) New competition
B) Change in management of advisors
C) Launching of a big project
D) All of the above
Q2) List four dimensions of organizational climate.
Q3) List four key elements of effective entrepreneurial leadership.
Q4) What is the primary source of reducing expenses in a troubled company?
A) Advertising
B) Workforce reduction
C) Underutilized assets
D) Working capital
Q5) Identify three external forces that can cause a company to get into trouble.
Q6) Which bankruptcy filing gives a firm immediate protection from creditors?
A) Chapter 7
B) Chapter 11
C) Chapter 13
D) None of the above
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Q7) In the Chain of Greatness model,an entrepreneurial mind set leads to ________.
Chapter 18: The Family As Entrepreneur
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Sample Questions
Q1) Enterprising organizations pursue managerial methods that focus on maintaining the existing structure and on implementing incremental change.
A)True
B)False
Q2) One of the primary roles families play is to provide family ________ to family members who want to start a business.
Q3) Allocations from family investment funds are usually non-operating investments in businesses and do not represent a significant portion of the family's total wealth.
A)True
B)False
Q4) Family corporate renewal primarily involves which of the following?
A) Creating new streams of value within the family business
B) Strategic alliances
C) Creating new businesses within an existing family company
D) Family holding companies
Q5) Which aspect of the Timmons Model is of particular significance with regard to family enterprising?
Q6) Families who intend to act entrepreneurially must be ________ focused.
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Chapter 19: The Harvest and Beyond
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Q1) A public offering increases public awareness of the company and contributes to the marketability of the products.
A)True
B)False
Q2) The authors write,"If impatience is the enemy of an attractive harvest,then greed is its executioner." To what are they referring to?
Q3) What are the three core aspects of shaping a harvest strategy?
Q4) Which harvest option can have the negative attribute of forcing the leadership team to focus on short-term profits and performance results?
A) MBO
B) ESOP
C) IPO
D) Strategic Alliance
Q5) What is the most common challenge with a management buyout?
A) Capital
B) Expertise
C) Legal structure
D) Depends on the industry
Q6) What are some of the disadvantages of being a public company?
Page 21
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