Entrepreneurship in Practice Study Guide
Questions
Course Introduction
Entrepreneurship in Practice offers students an immersive exploration of the entrepreneurial process, transforming innovative ideas into actionable business ventures. This course bridges theoretical concepts with hands-on learning by guiding students through opportunity identification, business model development, and resource acquisition. Participants engage in real-world projects, interact with successful entrepreneurs, and analyze case studies to understand both the challenges and rewards of starting and managing new ventures. By the end of the course, students will have developed practical skills in pitching, prototyping, and strategic planning, equipping them with the tools necessary to launch and sustain entrepreneurial initiatives in dynamic environments.
Recommended Textbook
Entrepreneurship The Practice and Mindset 1st Edition by Heidi M. Neck
Available Study Resources on Quizplus 18 Chapters
1697 Verified Questions
1697 Flashcards
Source URL: https://quizplus.com/study-set/2205 Page 2
Chapter 1: Entrepreneurship: a Global Social Movement
Available Study Resources on Quizplus for this Chatper
100 Verified Questions
100 Flashcards
Source URL: https://quizplus.com/quiz/43885
Sample Questions
Q1) Bill Gates was an overnight success because it took only three months to become a success.
A)True
B)False
Answer: False
Q2) ______ is defined as the entrepreneur buying out the existing owner and taking over operations and is sometimes seen as less risky.
A)Going into a partnership with the owner
B)Buying a franchise from a franchise company
C)Buying a small business
D)Purchasing stock from a broker
Answer: C
Q3) Entrepreneurism is a relatively new concept which began in 1980.
A)True
B)False
Answer: False
Q4) Entrepreneurs collaborate more than they compete.
A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Practicing Entrepreneurship
Available Study Resources on Quizplus for this Chatper
100 Verified Questions
100 Flashcards
Source URL: https://quizplus.com/quiz/43887
Sample Questions
Q1) At the end of each business month, Anthony likes to schedule some time for self-observation and self-reflection.He feels this helps him to be grounded.This also is part of the practice of ______.
A)deliberate practice
B)running a smooth business
C)being innovative
D)being creative and responsible
Answer: A
Q2) Skill of empathy is ______.
A)for the health care industry, not entrepreneurism
B)an exercise which involves an understanding of emotion, circumstances, intentions, and the needs of others
C)the only skill needed for a business owner
D)the same as the skill of reflection
Answer: B
Q3) Entrepreneurship is not linear or predictable; it is ill-defined, unstructured, and complex.
A)True
B)False Answer: True
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: Developing an Entrepreneurial Mindset
Available Study Resources on Quizplus for this Chatper
100 Verified Questions
100 Flashcards
Source URL: https://quizplus.com/quiz/43884
Sample Questions
Q1) The ______ is the ability to quickly sense, take action, and get organized under uncertain conditions.
A)entrepreneurial mindset
B)business owner's innate ability
C)entrepreneurial talent
D) level of success achieved
Answer: A
Q2) A person who believes he can learn anything that he wants has a fixed mindset because he is fixed on a goal.
A)True
B)False
Answer: False
Q3) One of the improvisation guidelines is that improvisation is about being spontaneous, imaginative, and dealing with the unexpected.
A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above. Page 5
Chapter 4: Supporting Social Entrepreneurship
Available Study Resources on Quizplus for this Chatper
100 Verified Questions
100 Flashcards
Source URL: https://quizplus.com/quiz/43889
Sample Questions
Q1) ______ differs from other forms of entrepreneurship in that it gives higher priority to social value creation-by catalyzing social change and/or catering to social needs-than to value capture.
A)Social engineering
B)Societal entrepreneurship
C)NGOs
D)Social entrepreneurship
Q2) Adele is a venture philanthropist who focuses on building the operational capacity and long-term viability of the organizations in her portfolio, rather than funding individual projects or programs.She recognizes the importance of funding core operating costs to help these organizations achieve greater social impact and operational efficiency.Adele is ______.
A)a high-engagement venture philanthropist
B)a multiyear support venture philanthropist
C)a tailored-financing venture philanthropist
D)an organizational capacity-building venture philanthropist
Q3) Compare and contrast the high-engagement and multiyear support characteristics of venture philanthropists.
Q4) Describe venture philanthropy funding.
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Generating New Ideas
Available Study Resources on Quizplus for this Chatper
100 Verified Questions
100 Flashcards
Source URL: https://quizplus.com/quiz/43886
Sample Questions
Q1) Idea generation is defined as ______.
A)recognition that ideas are not only new and potentially useful, but have the potential to generate economic value
B)production of ideas for something new
C)production of ideas for something that is also potentially useful
D)the results of brainstorming with friends and family
Q2) Zayden, to get new ideas, likes to use preexisting information gained from a combination of life and work experiences.Zayden uses which of the following?
A)opportunity
B)pattern recognition
C)prior knowledge
D)interpersonal strategies
Q3) Jimi is a quite amazing man.He seems to connect the dots to identify opportunities and build on them.Jimi uses ______.
A)pure luck
B)observation
C)research
D)pattern recognition
Q4) List the seven main strategies for idea generation and give an example of each.
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Using Design Thinking
Available Study Resources on Quizplus for this Chatper
102 Verified Questions
102 Flashcards
Source URL: https://quizplus.com/quiz/43888
Sample Questions
Q1) Under the dimensions of observation, what is meant by space?
A)the amount of time it takes for a consumer to complete a task
B)the physical things that are present at the time the task is performed
C)the physical place or places in which the behavior is performed
D)the emotions felt and repressed
Q2) How will the apps created by IDEO help the Ford Company?
A)Ford can offer a unique product and remain competitive by fulfilling the emotional needs of the consumer.
B)The apps will make it easier for commuters to find routes to their destinations.
C)The apps address something that the customers asked for.
D)The apps will improve the safety of drivers.
Q3) Which of the following would NOT be considered a requirement in IDEO's brainstorming?
A)Stay focused on the topic.
B)Encourage wild ideas.
C)Hold back judgement.
D)Eliminate ideas that would not work.
Q4) Illustrate how you would ensure that a brainstorming session is successful.
Q5) Explain why design thinking is important to the entrepreneur.
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 7: Testing and Experimenting in Markets
Available Study Resources on Quizplus for this Chatper
100 Verified Questions
100 Flashcards
Source URL: https://quizplus.com/quiz/43890
Sample Questions
Q1) Observations are not acceptable data in an experiment.
A)True
B)False
Q2) Dholakia and Durha conducted an experiment to assess businesses effect on consumers.What was the researchers' hypothesis?
A)Non-Facebook users would use Facebook if invited.
B)Customers would follow businesses on Facebook.
C)Only Facebook users would follow a business on Facebook.
D)They did not have a hypothesis.
Q3) Had sales been negatively affected by the reduced cost of the Subways foot-long sub, what would Subway have done?
A)not offered the $5 sub
B)not offered the $5 sub, but asked why it affected the sale of higher priced items
C)made all the items on the menu lower cost
D)increased the cost of the foot-long sub
Q4) Imagine that you are in a Starbucks restaurant and are testing the hypothesis that most people are in the store for less than 10 minutes.How would you test that hypothesis?
To view all questions and flashcards with answers, click on the resource link above.
Page 9
Chapter 8: Building Business Models
Available Study Resources on Quizplus for this Chatper
99 Verified Questions
99 Flashcards
Source URL: https://quizplus.com/quiz/43891
Sample Questions
Q1) Which of the following is a way that a business model will describe value?
A)by explaining how revenue will be obtained
B)by explaining how profits will be made
C)by explaining how the company will serve customers in new markets
D)by describing the elements of the financial forecast
Q2) What need inspired Meridith Perry, founder and CEO of uBeam?
A)the inconvenience of using a power cord to charge her laptop and smartphone
B)a need to apply her knowledge about soundwaves
C)She was asked to develop a different source of energy for a leading computer company.
D)She felt that if she built a new way of powering devices, she could fund her startup.
Q3) What makes the company in the case study, VF, scalable?
A)a large number of engineers in Pakistan who can work on projects and large international market
B)the profitability of the service
C)a good, repeatable idea
D)differentiation in manufacturing and large, defined market
Q4) Pick a product that you use every day.Describe the customer segment or segments this product would appeal to.
To view all questions and flashcards with answers, click on the resource link above. Page 10
Chapter 9: Planning for Entrepreneurs
Available Study Resources on Quizplus for this Chatper
101 Verified Questions
101 Flashcards
Source URL: https://quizplus.com/quiz/43892
Sample Questions
Q1) David writes the following at the start of his business plan: "Computers are used by almost everyone in today's tech-savvy world.Computers are here to stay." What advice would you give David?
A)Reserve this statement for the marketing section of the business plan.
B)Reserve this statement for the risk section of the business plan.
C)Remove the statement.It does not communicate new information.
D)Keep the statement where it is as it will help establish the market size.
Q2) What areas would be explored under the M-phase of TRIM planning?
A)deciding whether equipment should be loaned or leased
B)deciding what trends support the business or product idea
C)determining the cost of acquiring a customer
D)determining the market size
Q3) Describe a business brief and how it would be used as part of the entrepreneur's planning process.
Q4) The purpose of the feasibility study is to provide a short-term plan for launching your business
A)True
B)False
Q5) Take an existing company and describe it in terms of a back-of-a-napkin plan.
Q6) Describe how you would incorporate ethics into the plan for your business.
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: Creating Revenue Models
Available Study Resources on Quizplus for this Chatper
101 Verified Questions
101 Flashcards
Source URL: https://quizplus.com/quiz/43893
Sample Questions
Q1) If a company has two revenue streams, what must the entrepreneur ask in relation to revenue?
A)How many customers will I need for each stream?
B)How much will each revenue stream contribute to total revenue?
C)How many more revenue streams will I need?
D)Will my revenue streams compete with each other?
Q2) Tony owns a bicycle shop where he sells bicycles, repairs them, and sells accessories.How many revenue streams does Tony's business have?
A)one
B)three
C)two
D)it cannot be determined
Q3) The four elements of revenue are:
A)customers, frequency, selling process, price
B)profit, sales, employees, selling process
C)selling process, price, employees, profit
D)customers, revenue streams, frequency, price
Q4) Imagine that you have started a freemium strategy and want to monitor it.Discuss how you will do this and what potential corrective actions you can take.
To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 11: Learning From Failure
Available Study Resources on Quizplus for this Chatper
99 Verified Questions
99 Flashcards
Source URL: https://quizplus.com/quiz/43894
Sample Questions
Q1) Many entrepreneurs who have failed feel more confident, prepared, and motivated to attempt another startup.
A)True
B)False
Q2) What can be learned from the life of Abraham Lincoln?
A)Hard work will contribute to consistent success.
B)Successful people experience more success than failures.
C)Skills developed from all of one's experiences can combine to support later success.
D)Success can have many definitions.
Q3) Justin opened a physical therapy business in a new location and hired two key therapists well known in the area.Recently, the therapists informed Justin that they are starting their own physical therapy clinic and have been talking with all the referring physicians, telling them of their plan.Which top reason for startup failures was represented in this scenario?
A)bad location
B)no market need
C)get outcompeted
D)not the right team
Q4) Describe the steps you can take to create a blame-free environment.
To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 12: Bootstrapping for Resources
Available Study Resources on Quizplus for this Chatper
100 Verified Questions
100 Flashcards
Source URL: https://quizplus.com/quiz/43895
Sample Questions
Q1) What are the "3 Fs"?
A)The three major sources of formal funding.
B)A slang term meaning angel investors.
C)Your circle of family, friends, and fools willing to help you with your initial startup.
D)Free financial funding.
Q2) What is the most effective reward to offer to Kickstart contributors?
A)a cash award
B)awards-in-kind that offer equivalent value for the cash contributed
C)offering the contributor to be the first to be able to purchase the product, along with a contribution award
D)offering to list the person as a founding contributor on all product and service literature
Q3) Identify a project that could use crowdfunding and crowdsourcing.Identify the many opportunities that would benefit from these online sourcing and funding sources.
Q4) Compare the investor model of crowdfunding with the lending model.What are the advantages and disadvantages of each for the entrepreneur?
To view all questions and flashcards with answers, click on the resource link above. Page 14
Chapter 13: Financing for Startups
Available Study Resources on Quizplus for this Chatper
99 Verified Questions
99 Flashcards
Source URL: https://quizplus.com/quiz/43896
Sample Questions
Q1) This exit strategy allows the entrepreneur an opportunity to buy back venture capital stock at cost and an additional premium.
A)IPO
B)exit clause
C)buyback
D)retract clause
Q2) Because they are investors, angel investors and venture capitalists do not usually have an exit plan.
A)True
B)False
Q3) Which of the following would be useful when valuing your company?
A)advice from family and friends
B)success of a similar company in another part of the country
C)advice from an accountant who has clients in a similar market and industry
D)industry experts from another part of the country
Q4) ______ is the company's value after it receives a round of financing.
A)Post-money valuation
B)Seed money valuation
C)Pre-money valuation
D)Startup valuation
Page 15
To view all questions and flashcards with answers, click on the resource link above.
Chapter 14: Developing Networks
Available Study Resources on Quizplus for this Chatper
101 Verified Questions
101 Flashcards
Source URL: https://quizplus.com/quiz/43897
Sample Questions
Q1) Allen doesn't mind getting his hands dirty.As the co-owner of a small 10-person brewery, he is frequently seen scrubbing out containers, sweeping the floor, and ordering sandwiches for meetings.Recently, he was advised that he should not be doing these things, as doing so would lower his perceived image with the employees, who need to feel that he is in a special role.Discuss what Allen's response should be.
Q2) According to a study conducted by the Ethics Resource Centre (ERC), active social networkers were more likely than other workers to compromise the company with activities such as negative posts about the company, listing clients on the network, uploading personal pictures on a company network, or retaining copies of confidential work documents.
A)True
B)False
Q3) Quid pro quo should be avoided in networking as it may be perceived as manipulative.
A)True
B)False
Q4) Identify four members of your social network and assess the type of classifications they would represent.
To view all questions and flashcards with answers, click on the resource link above.
Page 16
Chapter 15: Navigating Legal and Ip Issues
Available Study Resources on Quizplus for this Chatper
101 Verified Questions
101 Flashcards
Source URL: https://quizplus.com/quiz/43898
Sample Questions
Q1) Which of the following is NOT true of an LLC?
A)profits and losses are reported on individual tax returns
B)there is double taxation-on the corporation and on personal income
C)LLCs have continuous existence
D)there is potential tax sheltering from losses while personal assets are protected.
Q2) Which of the following provides links to information regarding federal and state employment laws?
A)IRS.gov/business
B)Business.gov
C)D.O.L.Office of Small and Disadvantaged Businesses
D)Securities Laws and Regulations
Q3) What action will most likely be required of someone who starts his company as a sole proprietorship?
A)obtain a license or business permit in your jurisdiction
B)file for status as a C corporation
C)file for status as an S corporation
D)file as an LLC
Q4) Protecting intellectual property is of growing concern to today's modern entrepreneur.Briefly describe why this is so.
To view all questions and flashcards with answers, click on the resource link above. Page 17
Chapter 16: Marketing and Pitching Your Idea
Available Study Resources on Quizplus for this Chatper
102 Verified Questions
102 Flashcards
Source URL: https://quizplus.com/quiz/43899
Sample Questions
Q1) Pricing is based on which of the following:
A)the ability to pay within specific market segments
B)the price of competitive products
C)the value perceived by the customer
D)the cost of producing the item
Q2) Which of the following best distinguishes entrepreneurial marketing from traditional marketing?
A)the marketing message is delivered as a dialogue
B)the marketing message is delivered as an elevator pitch
C)the marketing message is delivered as a pitch
D)the marketing message is delivered through unusual media
Q3) Companies with blogs get 55% more web traffic and 126% higher sales lead growth than those that don't.
A)True
B)False
Q4) Assume that you have started a landscaping company and have developed the basics of a company website.Describe what you would consider in using your site in creating sales.
Q5) Discuss what should be considered when setting the price for your product.
To view all questions and flashcards with answers, click on the resource link above. Page 18
Chapter 17: Financial Statements and Projections for Startups
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/43900
Sample Questions
Q1) ______ is the amount that customers owe to a company after receipt of item(s) purchased.
A)Accounts payable
B)Accounts receivable
C)Accounts deferred
D)Accounts accrued
Q2) Norah is interested in developing her credit policy.She wants to make a policy for which of the following?
A)the price and timing of raw materials, and other goods and services necessary to build, sell, and support products
B)how pricing will be determined for your products and services
C)the level of compensation and benefits for each type of position in the business
D)the process and timing in which obligations to pay for products and services sold will be billed and collected
Q3) Provide the line by line format of the Statement of Cash Flows.
Q4) Compare and contrast the Balance Sheet and the Statement of Cash Flows.
Q5) Provide the line by line format of an income statement.
Page 19
Q6) Provide the line by line format of a balance sheet.
To view all questions and flashcards with answers, click on the resource link above.
Chapter 18: the Pitch Deck
Available Study Resources on Quizplus for this Chatper
39 Verified Questions
39 Flashcards
Source URL: https://quizplus.com/quiz/43901
Sample Questions
Q1) Discuss the nature and purpose of using pitch decks.
Q2) A call to action is to be used by sales people and not appropriate for executives, managers, or business owners.
A)True
B)False
Q3) Stefan is considering adding his value proposition, feeling that if he can solve the customer's problem or fulfill their need in a unique way he is really creating value.He should:
A)include it in the pitch deck, perhaps even as early as slide #4
B)be private, as competition might take the opportunity away if they heard what you were doing
C)should come at the end of the deck
D)be spoken, not in the slide deck
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
To view all questions and flashcards with answers, click on the resource link above.