Entrepreneurship
Midterm Exam
Course Introduction
Entrepreneurship explores the fundamental concepts and practices involved in creating, developing, and managing new ventures. This course examines the entrepreneurial mindset, the process of identifying and evaluating business opportunities, strategies for innovation, and the steps involved in launching a startup. Students will analyze case studies, develop business plans, and gain insights into financing, marketing, and sustaining growth in competitive markets. Emphasis is placed on problem-solving, creativity, risk assessment, and ethical considerations in entrepreneurship. By the end of the course, students will be equipped with the knowledge and tools necessary to pursue entrepreneurial initiatives in various industries.
Recommended Textbook
Foundations of Strategy 1st Canadian Edition by Robert M. Grant
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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) Corporate and business strategy differ mainly in that A)corporate strategy has a broader scope, including decisions about which industries to operate in.
B)business strategy is the responsibility of top management.
C)both a and b.
D)there is no real difference; they are the same thing.
Answer: A
Q2) The 1950s/60s style of corporate planning assumed that A)there would be almost no difference between the intended strategy and the realized strategy.
B)the business world is essentially a predictable environment.
C)there was unlikely to be anything unexpected to occur of sufficient importance to disrupt the strategic plan.
D)all of the above.
Answer: D
Q3) Corporate strategy is also called business strategy, or competitive strategy. A)True
B)False
Answer: False
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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) When competition in an industry has become more intense, the companies that are suppliers to this industry will NOT be pressured to lower prices.
A)True
B)False
Answer: False
Q2) To understand the effect of the external environment, one must be able to rank the factors in order of importance.
A)True
B)False
Answer: True
Q3) Suppose that an industry's profitability is zero or negative overall,
A)then all firms in the industry are performing badly.
B)then no firm in the industry can be performing well.
C)then the biggest firm in the industry is performing badly.
D)then even so it's entirely possible that some firms are making very good profits.
Answer: D
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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) Path-dependent means that a company's capabilities today are the result of its history.
A)True
B)False
Answer: True
Q2) The value of a brand is the confidence it instils in customers regarding the expected benefits associated with that brand.
A)True
B)False
Answer: True
Q3) Resources and capabilities can generate higher profits
A)if competition is fierce.
B)if the competitive advantage they generate is sustained for some years.
C)only if governments allow firms to share resources.
D)only where cartels are effectively allowed.
Answer: B
Q4) Assembling a great set of resources is the key to getting good results.
A)True
B)False
Answer: False
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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) To successfully imitate the strategy of another firm, an organization must
A)identify and diagnose the rival's advantage, believe in its ability to deliver a superior return, and, finally, acquire the resource.
B)identify and diagnose the rival's advantage, and then acquire the resource.
C)benchmark the rival's activities and resources, believe in a superior return, and build the rival's resource in-house.
D)benchmark the rival's activities and resources, identify the rival's weaknesses, and, finally, believe in its ability to deliver a superior return.
Q3) Because some resources are valuable and not perfectly uniform (they are unique, not homogenous), acquiring or developing these can take years before a firm achieves and sustains higher profitability.
A)True
B)False
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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) To survive the Growth phase profitably, a firm NOT having all the attributes of a leading player could
A)sell the company to a more well-prepared rival.
B)operate as a specialist, niche player, thus avoiding the necessity to fully "scale up".
C)find another industry to move into.
D)none of the above; without the ability to dramatically scale up, the firm will fail.
Q2) Often, to succeed in the evolution from Introduction to Growth, a firm
A)needs to acquire an injection of cash from a venture capital company.
B)needs to be closely associated with the dominant design which emerges.
C)needs to buy a major competitor.
D)needs to pull back on product innovation.
Q3) Regarding change, a firm really needs to
A)understand and predict change.
B)understand, predict, and manage change.
C)understand, predict, manage change, and adapt its strategy to it.
D)predict and manage change.
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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 effectiveness of the different laws used to protect property rights depends on
A)the country in which a firm wants to protect its property rights.
B)the role of specialized state agencies in that protection.
C)the state of the economy.
D)the type of innovation that is being protected.
Q2) Regarding innovations, complementary resources are all the other things apart from the invention or idea necessary to achieve commercial success.
A)True
B)False
Q3) Regarding de facto standards, a "tipping point" is when
A)a certain threshold of market share is reached, beyond which it just keeps rising irreversibly.
B)the market losers basically have to "tip" their excess product away.
C)it's as though the market losers "tip" their market shares into the winners bag.
D)customers finally realise who has the best product.
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8
Chapter 7: Corporate Stategy
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74 Verified Questions
74 Flashcards
Source URL: https://quizplus.com/quiz/47523
Sample Questions
Q1) The primary source of value creation from diversification is likely to be
A)the linkages or synergies between the businesses concerned.
B)risk reduction through balancing of counter-cyclical businesses.
C)getting a price reduction when purchasing common resource inputs.
D)balancing of cash generation, reducing the need to obtain investment finance externally.
Q2) In the GE/McKinsey Matrix, the industry attractiveness axis combines
A)market growth rate and market size.
B)market profitability, cyclicality, inflation recovery and international potential.
C)profit and vertical integration.
D)a and b.
Q3) The scope of which activities a firm chooses to conduct is largely a matter of transaction costs, economies of scope, and the cost of corporate complexity.
A)True
B)False
Q4) A franchise agreement is an example of an arm's length contract.
A)True
B)False
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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 matrix structure means a firm is formally organized by A)executive committees.
B)products, geography and functions simultaneously.
C)products, functions and structure simultaneously.
D)either a or c.
Q2) Strong cultures encourage loyalty by appealing to employees' heads, reasoning that they will be better off if the firm is better off.
A)True
B)False
Q3) Strong bureaucratic controls reduce the freedom of junior employees to exercise personal judgments.
A)True
B)False
Q4) Bureaucratic control results in many employees feeling alienated-less than fully human-and resentful or disconnected from the firm's goals.
A)True
B)False
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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) Consumer electronics (laptops, personal devices etc.)are an example of
A)a multi-domestic industry.
B)a global industry.
C)a trading industry.
D)the phishing industry.
Q2) International strategic alliances allow
A)governments to share national resources.
B)retailers to control their suppliers.
C)strong firms to dominate weak ones without having to buy them.
D)firms to share resources and capabilities.
Q3) A country has a comparative advantage
A)in producing milk if its cows are heavy milk producers.
B)in producing mobile phones if it has a big timber industry.
C)in producing those products or services that make intense use of those resources in which it has a relative abundance.
D)in producing those products or services that make intense use of those resources for which it has the lowest domestic demand.
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Page 11
Chapter 10: Corporate Responsibility
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35 Verified Questions
35 Flashcards
Source URL: https://quizplus.com/quiz/47526
Sample Questions
Q1) Business sustainability refers to the triple bottom line of
A)profit, people and planet.
B)the environment, profit and share value.
C)profit, planet and innovation.
D)none of the above.
Q2) Today's high levels of interconnectedness result from high levels of
A)global trade, interest and exchange rate flexibility, and speed of communication.
B)global trade, unemployment and inflation.
C)government and private sector debt, and today's high speed of communication.
D)b and c.
Q3) Stakeholder management is separate from strategy development and implementation.
A)True
B)False
Q4) A SIM is a framework for helping categorize jurisdictions by their A)strategies, innovation, and management.
B)social, innovation, and sustainability components.
C)sustainability, investment, and management components.
D)social, economic, and environmental sustainability components.
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