Entrepreneurship
Exam Review
Course Introduction
Entrepreneurship explores the process of developing, launching, and managing a new business venture. The course covers the identification of market opportunities, the assessment and development of innovative ideas, business planning, securing funding, and the practical challenges faced by entrepreneurs. Students will analyze case studies, design business models, and learn strategies for growth and sustainability while developing skills in leadership, risk management, and problem-solving. This course aims to foster an entrepreneurial mindset, encouraging creativity, resilience, and adaptability in dynamic business environments.
Recommended Textbook
Strategic Management Creating Competitive Advantages 4th Edition by Gregory Dess
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12 Chapters
745 Verified Questions
745 Flashcards
Source URL: https://quizplus.com/study-set/3056
Page 2
Chapter 1: Strategic Management: Creating Competitive Advantages
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56 Verified Questions
56 Flashcards
Source URL: https://quizplus.com/quiz/60690
Sample Questions
Q1) Globalization is the flow of capital,people,and information throughout the world. A)True
B)False Answer: True
Q2) Social responsibility is the idea that organizations are not only accountable to shareholders but also to the community at large.
A)True
B)False Answer: True
Q3) The strategic management process should be addressed only by top-level executives.Mid-level and low-level employees are best equipped to implement the organization's strategies.
A)True
B)False Answer: False
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Page 3
Chapter 2: Analyzing the External Environment of the Firm
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/60686
Sample Questions
Q1) Environmental forecasting involves developing plausible projections about the _____ of environmental change.
A) direction, scope, speed, and intensity
B) type and magnitude
C) competitive rivalry
D) severity and rivalry
Answer: A
Q2) Explain why managers must recognize opportunities and threats in their firm's external environment.
Answer: It is important that managers look outside of their company so they do not get out of touch with the evolving realities of the marketplace.
Q3) A supplier group would be most powerful when there is/are
A) many suppliers.
B) few substitute products.
C) low differentiation of products supplied.
D) high threat of backward integration by the buyers.
Answer: B
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Chapter 3: Assessing the Internal Environment of the Firm
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67 Verified Questions
67 Flashcards
Source URL: https://quizplus.com/quiz/60685
Sample Questions
Q1) Human resource management consists of activities involved in the recruiting,hiring,training,development,and compensation of all types of personnel.It
A) supports only individual primary activities.
B) supports only individual support activities.
C) supports both individual primary and support activities and the entire value chain.
D) supports mostly support activities but does have some impact on primary activities.
Answer: C
Q2) The best measure of a company's ability to meet imminent financial obligations is known as the
A) current ratio.
B) total asset turnover.
C) debt ratio.
D) profit margin.
Answer: A
Q3) What are the key advantages of value chain analysis over SWOT analysis?
Answer: Value chain analysis develops insights about the processes that create value within the organization.
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Chapter 4: Recognizing a Firms Intellectual Assets: Moving
Beyond a Firms Tangible Resources
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71 Verified Questions
71 Flashcards
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Sample Questions
Q1) Among the downsides of social capital is/are
A) high social capital may breed "groupthink," i.e., a tendency not to question shared beliefs.
B) socialization processes whereby individuals are socialized into the norms and values of the organization may become expensive.
C) individuals may become less willing to collaborate on joint projects.
D) high social capital may breed "groupthink," i.e., a tendency not to question shared beliefs and socialization processes whereby individuals are socialized into the norms and values of the organization may become expensive.
Q2) In a 360-degree evaluation and feedback system,______________ rate a person's skill and performance.
A) superiors
B) direct reports
C) colleagues
D) all of the choices are correct
Q3) Protecting a firm's intellectual capital requires a concerted effort.
A)True
B)False
Q4) Describe the process of "hiring via personal networks".
Page 6
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Chapter 5: Business-Level Strategy: Creating and Sustaining Competitive Advantages
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54 Verified Questions
54 Flashcards
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Sample Questions
Q1) Discuss the risks associated with each of these forms of competitive advantage-cost leadership,differentiation,and focus.
Q2) Support value chain activities that involve excellent applications,engineering support (technology development)and facilities that promote a positive firm image (firm infrastructure)characterize what generic strategy?
A) differentiation
B) overall cost leadership
C) differentiation focus
D) stuck-in-the middle
Q3) A pitfall of a focus strategy is that focusers can become too focused to satisfy buyer needs.
A)True
B)False
Q4) Generic strategies include all except
A) differentiation.
B) resources exploitation.
C) cost leadership.
D) focus.
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Chapter 6: Corporate-Level Strategy: Creating Value Through Diversification
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60 Verified Questions
60 Flashcards
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Sample Questions
Q1) When using the BCG matrix,a business that currently holds a large market share in a rapidly growing market and that has minimal or negative cash flow would be known as a
A) cow.
B) dog.
C) problem child.
D) star.
Q2) What are the primary benefits associated with related diversification?
Q3) A golden parachute is a prearranged contract with managers specifying that in the event of a hostile takeover,the target firm's managers will be paid a significant severance package.
A)True
B)False
Q4) Cooperative relationships such as _______ have potential advantages such as entering new markets,reducing manufacturing (or other)costs in the value chain,and developing and diffusing new technologies.
A) joint ventures
B) mergers and acquisitions
C) strategic alliances
D) joint ventures and strategic alliances
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Chapter 7: International Strategy: Creating Value in Global Markets
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64 Verified Questions
64 Flashcards
Source URL: https://quizplus.com/quiz/60681
Sample Questions
Q1) A domestic corporation considering expanding into international markets for the first time will typically
A) start off by implementing a wholly owned foreign subsidiary so it can maintain standards identical to those at home.
B) consider licensing or franchising its operations.
C) consider implementing a low risk/low control strategy such as exporting.
D) form a joint venture with a reputable foreign producer.
Q2) Which of the following describes the most typical order of entry into foreign markets?
A) franchising, licensing, exporting, joint venture, and wholly owned subsidiary
B) exporting, licensing, franchising, joint venture, and wholly owned subsidiary
C) licensing, exporting, franchising, joint venture, and wholly owned subsidiary
D) exporting, franchising, licensing, joint venture, and wholly owned subsidiary
Q3) In Michael Porter's "diamond of national advantage," there are four broad attributes that,as a system,constitute a nation's competitiveness in an industry.
A)True
B)False
Q4) What are some of the primary benefits of transnational strategies?
Q5) What are the six basic types of entry strategies for international expansion?
Page 9
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Chapter 8: Entrepreneurial Strategy and Competitive Dynamics
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59 Verified Questions
59 Flashcards
Source URL: https://quizplus.com/quiz/60680
Sample Questions
Q1) Although all decisions in all phases of an industry life cycle are important,they become particularly ______________ in the decline stage.
A) critical
B) radical C) cautious
D) expensive
Q2) The most intense level of competition within an industry tends to occur during the _________ stage in the industry life cycle.
A) introductory B) growth
C) competitive
D) maturity
Q3) After stagnating and stumbling through the dot-com crash in 2000 and 2001,Intuit developed a turnaround strategy that resulted in substantial profits.
A)True
B)False
Q4) Explain the two key factors that are used to assess whether or not companies are close competitors.
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Chapter 9: Strategic Control and Corporate Governance
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67 Verified Questions
67 Flashcards
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Sample Questions
Q1) To enhance integration and control of related product market activities,the functional structure minimizes centralization.
A)True
B)False
Q2) Generally speaking,discussions of the relationship between strategy and structure strongly imply that
A) strategy follows structure.
B) structure follows strategy.
C) strategy can effectively be formulated without considering structural elements. D) structure typically has a very small influence on a firm's strategy.
Q3) A major disadvantage of the matrix structure is that it duplicates the use of specialized personnel,equipment,and facilities.
A)True
B)False
Q4) Outsourcing relieves companies of the requirement to maintain skill levels needed to manufacture essential components.
A)True
B)False
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11
Chapter 10: Creating Effective Organizational Designs
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58 Verified Questions
58 Flashcards
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Sample Questions
Q1) For firms competing in highly unstable and turbulent industries,"traditional" strategic controls are most appropriate.
A)True
B)False
Q2) For firms facing complex and turbulent business environments
A) goals and objectives that are uncertain prevent opportunism.
B) traditional strategic controls are usually inappropriate.
C) complacency about predetermined milestones can prevent adaptability.
D) detailed plans are needed to maintain order.
Q3) By takeover constraint,we mean
A) constraints placed by the firm on raiders who want to takeover the firm.
B) legal constraints that limit the ability of the raiders to acquire a firm.
C) provisions in the charter of a company that prevents it from attempting a takeover of other companies.
D) the risk of being acquired by a hostile raider.
Q4) What are the characteristics of short-term objectives? Provide examples of practical applications of these characteristics by organizations.
Q5) Why is it important to have a balance among the three behavioural controls?
Q6) What are the four characteristics of effective contemporary control systems?
Page 12
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Chapter 11: Strategic Leadership: Creating a Learning
Organization and an Ethical Organization
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64 Verified Questions
64 Flashcards
Source URL: https://quizplus.com/quiz/60688
Sample Questions
Q1) Organizational learning and change typically involve ongoing questioning of an organization's
A) need for employees.
B) head office location.
C) status quo or method of procedure.
D) leadership ability.
Q2) Refusal to share information,conflicts over resources,conflicts between departments and divisions,and petty interpersonal differences are symptoms of which type of barrier to change?
A) Systemic barriers
B) Political barriers
C) Behavioural barriers
D) Intellectual barriers
Q3) Leaders play an important role in sustaining an organization's culture,but they are powerless to change it.
A)True
B)False
Q4) How can corporate credos and codes of conduct be helpful in shaping the moral dimensions of an organization?
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Chapter 12: Managing Innovation and Fostering Corporate
Entrepreneurship
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55 Verified Questions
55 Flashcards
Source URL: https://quizplus.com/quiz/60687
Sample Questions
Q1) Venture capital is
A) a form of private equity
B) available only at the start-up stage
C) a form of human capital
D) a form of angel investing
Q2) New-entry strategies typically fall into one of three categories: pioneering new-entry; imitative new-entry; or adaptive new entry.Outline the key strategic intentions of each and provide an example of each.
Q3) What is meant by the terms "radical" innovation and "incremental" innovation? Provide example of each.
Q4) Outline the five dilemmas that companies must wrestle with when pursuing innovation.
Q5) Rogers may be known as a company involved in cell phones and cable TV but it was once the leading manufacturer of radios in Canada and the U.S.
A)True
B)False
Q6) Explain what is meant by the term "entrepreneurial orientation" or EO.
Page 14
Q7) Discuss the concept of venture capital as a means of funding entrepreneurial initiatives.
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