Innovation and Entrepreneurship
Exam Materials
Course Introduction
This course explores the fundamental principles of innovation and entrepreneurship, equipping students with the knowledge and skills necessary to identify opportunities, develop creative solutions, and transform ideas into successful ventures. Through a blend of theoretical frameworks and practical case studies, students will examine the processes of idea generation, business model development, market analysis, and resource acquisition. Emphasis is placed on fostering an entrepreneurial mindset, encouraging calculated risk-taking, and understanding the role of innovation in driving economic and social change. Collaborative projects, real-world examples, and guest speakers help bridge the gap between concept and practice, preparing students to launch new initiatives or contribute to entrepreneurial efforts within existing organizations.
Recommended Textbook
Entrepreneurship Theory Process and Practice 9th Edition by Donald F. Kuratko
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15 Chapters
1181 Verified Questions
1181 Flashcards
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Page 2
Chapter 1: Entrepreneurship: Evolutionary
Development-Revolutionary Impact
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95 Verified Questions
95 Flashcards
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Sample Questions
Q1) The displacement school of thought can be divided into which three groups?
A) political, cultural, environmental
B) cultural, environmental, and financial
C) environmental, financial, and economic
D) economic, cultural, and political
Answer: D
Q2) The word entrepreneur is derived from the French entreprendre, which is translated as
A) to apprehend
B) to undertake
C) to compete
D) to enter and dare
Answer: C
Q3) In the environmental school of thought, legal issues surrounding the natural environment are primary.
A)True
B)False
Answer: False
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Chapter 2: The Entrepreneurial Mind-Set in Individuals:
Cognition and Ethics
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97 Verified Questions
97 Flashcards
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Sample Questions
Q1) One could correlate _____ with a high energy level.
A) creativity
B) working
C) luck
D) reading
Answer: A
Q2) The decision to behave entrepreneurially is the result of the interaction of:
A) the individual's personal entrepreneurial mind-set and an opportunity
B) the existence of a viable business idea
C) the relevant business environment
D) a new market
Answer: A
Q3) Entrepreneurs with a drive to achieve want to
A) compete.
B) watch others succeed.
C) take great risks.
D) control and dominate.
Answer: A
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Chapter 3: The Entrepreneurial Mind-Set in Organizations: Corporate Entrepreneurship
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85 Verified Questions
85 Flashcards
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Sample Questions
Q1) Transformational triggers in a corporate entrenpreneurial environment initiates the need for
A) laying off workers.
B) strategically adapting to change.
C) changing company location.
D) achieving higher productivity standards.
Answer: B
Q2) Corporate entrepreneurs generally are power oriented or power hungry.
A)True
B)False
Answer: False
Q3) Sustaining corporate entrepreneurship requires
A) keeping up with market trends.
B) maximizing profits.
C) keeping the corporate vision strong.
D) equal pay raises.
Answer: C
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Page 5
Chapter 4: Social Entrepreneurship and the Global
Environment for Entrepreneurship
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50 Verified Questions
50 Flashcards
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Sample Questions
Q1) An L3C is a new legal form for social enterprises known as A) limited liability corporations
B) low-profit, limited liability companies
C) long-term, low-profit, low-liability companies
D) limited liability laborers
Q2) Methods for going international include all of the following except A) importing
B) exporting
C) licensing
D) foreign reclamation
Q3) Entrepreneurs now view social/environmental issues as A) global competition.
B) part of the future of business.
C) a minor concern.
D) affecting only certain industries.
Q4) As NAFTA (North American Free Trade Agreement) has developed
A) new trade barriers have been enacted by Canada
B) trade barriers have been reduced
C) trade among the United States, Canada, and Mexico has decreased
D) entrepreneurial firms have become less competitive
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Chapter 5: Innovation: The Creative Pursuit of Ideas
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95 Verified Questions
95 Flashcards
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Sample Questions
Q1) Looking for different or unorthodox relationships among elements and people is one way to develop creativity. How might a person develop this capacity?
A) by perceiving in a relational mode
B) by perceiving in a restraining mode
C) by perceiving in a restructured mode
D) by perceiving in a retinal mode
Q2) Security hunting is
A) looking for a safe place to sleep.
B) trying to make the right decision or take the correct action.
C) taking no action that involves risk.
D) adding a firewall to your computer system.
Q3) Innovative activity should be rewarded.
A)True
B)False
Q4) Which of the following statements is True?
A) Innovation is the specific function of entrepreneurship.
B) Innovation is the process by which entrepreneurs consume marketable ideas.
C) Innovation does not involve change.
D) Innovation is the government's responsibility.
Q5) List and briefly explain each of the phases in the creative process.
Page 7
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Chapter 6: Assessment of Entrepreneurial Opportunities
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82 Flashcards
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Sample Questions
Q1) The type of venture that is expected to attract venture capital would most likely be a
A) corporate venture.
B) high-growth venture.
C) lifestyle venture.
D) smaller venture.
Q2) Many entrepreneurs do not understand the marketing life cycle of a new product.
A)True
B)False
Q3) A solid analysis is
A) a critical task in starting a new business.
B) of no importance.
C) no way to discover flaws in a new-venture idea.
D) both a and c
Q4) List and describe three pitfalls in selecting a new venture.
Q5) A product does not have to be patented in order to be introduced into the marketplace.
A)True B)False
Q6) What are three critical factors in a new venture assessment?
Page 8
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Chapter 7: Pathways to Entrepreneurial Ventures
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75 Flashcards
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Sample Questions
Q1) When buying a business, competition must be investigated because A) price competition may affect profits.
B) new competition may reduce market share.
C) competition may be spending more money on advertising than you.
D) all of the above
Q2) Much franchise litigation has arisen over termination of owners.
A)True
B)False
Q3) Which of the following costs add to the cost of franchising?
A) insurance
B) payroll
C) legal and professional fees
D) all of the above
Q4) The elimination of time and effort associated with starting a company is an advantage of acquiring an ongoing venture.
A)True
B)False
Q5) What is the role of business brokers in acquiring an established entrepreneurial venture?
Q6) Why did the Federal Trade Commission enact the Franchise Rule?
Page 9
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Chapter 8: Sources of Capital for Entrepreneurs
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86 Flashcards
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Sample Questions
Q1) Of the following, which is not typically identified as a bootstrapping technique?
A) sharing office space
B) hiring seasoned veterans
C) encouraging customers to pay early
D) trading equity for services
Q2) How many people in America have net worth in excess of $1 million?
A) less than 100,000
B) about 200,000
C) about 500,000
D) more than l,000,000
Q3) Should entrepreneurs accept proposals from the first venture capitalist that offers?
Q4) The venture capital pool is rapidly declining due to overfunding.
A)True
B)False
Q5) Social lending sites are different from so-called microlending sites.
A)True
B)False
Q6) What are the major types and uses of debt financing?
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Chapter 9: Legal Challenges of Entrepreneurial Ventures
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85 Flashcards
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Sample Questions
Q1) The emerging body of law governing cyberspace is often referred to as:
A) netlaw.
B) cyberlaw.
C) interlaw.
D) legal web.
Q2) Straight bankruptcy is often called liquidation.
A)True
B)False
Q3) Copyrights have to be registered with the Copyright Office.
A)True
B)False
Q4) That part of a patent application which identifies the features that are protected are known as the
A) specification.
B) illustration.
C) claim.
D) concept.
Q5) Once issued, the trademark is listed with the Patent and Trademark Office. A)True
B)False
11
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Chapter 10: Marketing Challenges for Entrepreneurial Ventures
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77 Flashcards
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Sample Questions
Q1) Surveys include contact by
A) mail
B) telephone
C) personal interviews
D) all of the above
Q2) What is guerrilla marketing?
Q3) Shopping goods are products that consumers take time to examine carefully and compare for quality and price.
A)True
B)False
Q4) In the marketing shift from the 4Ps to the 4Cs, price shifts to choice and promotion shifts to communities.
A)True
B)False
Q5) What part of the marketing plan emphasizes the factors that contribute to a firm's competitive edge?
A) the appraisal of marketing strengths and weaknesses
B) the development of marketing strategies
C) the setting of pricing structures
D) the conducting market research
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Chapter 11: Financial Preparation for Entrepreneurial Ventures
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78 Flashcards
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Sample Questions
Q1) The traditional accounting equation is: assets + liabilities = owner's equity.
A)True
B)False
Q2) A key concept in developing an expense budget is that of
A) fixed costs.
B) labor costs.
C) taxes.
D) rent.
Q3) The typical business will have cash inflows from three sources: cash sales, cash payments received on account, and loan proceeds.
A)True
B)False
Q4) A method that discounts future cash flows at a rate that makes the net present value of the project equal to zero is known as
A) internal rate of return.
B) net present value.
C) payback method.
D) break-even point.
Page 13
Q5) Name and describe the final phase of the budget process.
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Chapter 12: Developing an Effective Business Plan
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Sample Questions
Q1) A business plan must illustrate the current status of the venture but not the projected results.
A)True
B)False
Q2) Which of the following statements is not part of the "five-minute reading" by venture capitalists?
A) Determine the characteristics of the venture and industry.
B) Determine the strengths and weaknesses of the entrepreneur.
C) Determine the financial structure of the plan.
D) Read the latest balance sheet.
Q3) The textbook recommends which of the following devices to help in the oral presentation of a business plan?
A) mnemonics
B) index cards
C) rote memorization cues
D) keywords on an outline
Q4) Every business plan should provide information about future harvest strategies.
A)True
B)False
Q5) How should an entrepreneur prepare to present his or her business plan?
Page 14
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Chapter 13: Strategic Entrepreneurial Growth
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52 Flashcards
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Sample Questions
Q1) Formation of long-range plans for effective management in light of a venture's strengths and weaknesses is referred to as
A) dimensional planning.
B) tactical planning.
C) strategic planning.
D) operational planning.
Q2) Describe what typically takes place during the new-venture development life-cycle stage.
Q3) Misunderstanding industry attractiveness can be a fatal flaw in strategic planning.
A)True
B)False
Q4) Which of the is not a distinct form of tolerance for failure?
A) moral failure
B) innovation failure
C) personal failure
D) uncontrollable failure
Q5) Participation by subordinates in a strategic plan is never appropriate. A)True
B)False
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Chapter 14: Valuation of Entrepreneurial Ventures
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60 Flashcards
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Sample Questions
Q1) What hidden costs are involved when establishing the value of a firm?
A) insufficient controls and costs
B) divergent expenses
C) personal expenses
D) travel expenses
Q2) One of the most common reasons for acquiring a business is developing more growth-phase products.
A)True
B)False
Q3) In the context of buying a business, a known commodity may command a higher price for what reason?
A) historical projections have intrinsic value
B) avoiding start-up costs has value
C) property values are variable
D) the value of a founder's stock decreases over time
Q4) List and describe the sources an entrepreneur should examine to find available business buying opportunities.
Q5) Knowing a venture's pre-money valuation is not possible.
A)True
B)False
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Chapter 15: Harvesting the Entrepreneurial Venture
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Sample Questions
Q1) Which of the following is a True statement about seeking legal advice with respect to succession planning?
A) Legal advice is seldom beneficial.
B) Legal advice from an advisor who understands succession issues is always crucial.
C) It is seldom crucial for legal advisors to design a plan for succession.
D) The more you pay, the better the advice.
Q2) Which of the following statements about communication between the seller and buyer of a business is recommended?
A) End communication at least ten days prior to signing a buy agreement.
B) Communicate with sellers only through proxies.
C) Continue communication through the transition to new ownership.
D) End communication at the time the buy agreement is signed.
Q3) A reason for an entrepreneur to sell a venture is
A) boredom.
B) lack of capital.
C) age and health.
D) all of the above.
Q4) Describe the legal concerns over family business succession citing the Oakland Scavenger case.
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