Innovation and Entrepreneurship Study Guide
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Course Introduction
Innovation and Entrepreneurship explores the dynamic processes of creating and developing new ideas, products, and ventures within various organizational and market contexts. The course covers fundamental principles of innovation, sources of creative inspiration, and strategies for identifying and evaluating entrepreneurial opportunities. Students learn about business model generation, resource acquisition, risk assessment, and methods for scaling new ventures. By examining real-world case studies and engaging in hands-on projects, participants develop practical skills in problem-solving, leadership, and resilience essential for launching and sustaining successful entrepreneurial initiatives in todays rapidly evolving global economy.
Recommended Textbook
Entrepreneurship Successfully Launching New Ventures 5th Edition by Bruce R. Barringer
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15 Chapters
1124 Verified Questions
1124 Flashcards
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Chapter 1: Introduction to Entrepreneurship
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Sample Questions
Q1) Alex and Patty Webb launched a firm several years ago and have been particularly successful in introducing new products to the marketplace. One thing that Alex and Patty are particularly good at is translating their thoughts, creativity, and imaginations into products that reach the marketplace. The ability to make this happen is most closely related to which of the following characteristics of successful entrepreneurs?
A) A passion for the business
B) Execution intelligence
C) Tenacity despite failure
D) Product/market focus
E) A desire for recognition
Answer: B
Q2) ________ is the process of creating something new, which is central to the entrepreneurial process.
A) Creative destruction
B) Modernism
C) Execution
D) Creativity
E) Innovation
Answer: E
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Page 3
Chapter 2: Recognizing Opportunities and Generating Ideas
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Sample Questions
Q1) Brainstorming is used to generate a number of ideas quickly.
A)True
B)False
Answer: True
Q2) Aging of the population, the increasing diversity of the workplace, and the continual migration of people from small towns and rural areas to cities are important economic trends.
A)True
B)False
Answer: False
Q3) A(n) ________ is a favorable set of circumstances that creates the need for a new product, service, or business. A(n) ________ is a thought, an impression or a notion.
A) scheme, notion
B) opportunity, idea
C) idea, design
D) idea, opportunity
E) notion, scheme
Answer: B
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Chapter 3: Feasibility Analysis
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Sample Questions
Q1) The most important issues to consider in financial feasibility analysis are total startup cash needed, financial performance of similar businesses, and overall financial attractiveness of the proposed venture.
A)True
B)False Answer: True
Q2) ________ feasibility is an assessment of the overall appeal of the product or service being proposed.
A) Consumer
B) Industry/market segment
C) Industry/market
D) Product/service
E) Purchaser/end-user
Answer: D
Q3) A feasibility analysis is an assessment of a potential product or service idea rather than a potential business.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Developing an Effective Business Model
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Sample Questions
Q1) An entity created by two or more firms pooling a portion of their resources to create a separate, jointly-owned organization is called a ________.
A) trade association
B) network
C) joint venture
D) consortia
E) strategic alliance
Q2) There are two types of disruptive business models - ________ and ________.
A) low-end; high-end
B) new-product; new-market
C) new-market; low-end
D) new-channel; high-quality
E) standard; unique
Q3) In the terminology of the Barringer/Ireland Business Model Template, a key asset is a specific factor or capability that support a firm's business model and sets it apart from its rivals.
A)True
B)False
Q4) Describe the Barringer/Ireland Business Model Template and discuss its purpose.
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Chapter 5: Industry and Competitor Analysis
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Sample Questions
Q1) In most industries, the major determinant of industry profitability is the level of competition among the firms already competing in the industry.
A)True
B)False
Q2) Brain Sentry is starting a firm in the small industry that helps football teams discern whether a player has suffered a concussion. This industry is still so new that no standard operating procedures have been developed. The industry Brain Sentry is entering is an example of a(n) ________ industry.
A) mature B) declining C) emerging D) global E) fragmented
Q3) The three types of competitors a business will face are direct competitors, indirect competitors, and future competitors.
A)True
B)False
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Chapter 6: Writing a Business Plan
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Sample Questions
Q1) The three types of business plans are ________.
A) functional business plan, full business plan, feasibility plan
B) summary business plan, contingency plan, full business plan
C) functional business plan, contingency plan, full business plan
D) opportunity plan, feasibility plan, full business plan
E) summary business plan, full business plan, operational business plan
Q2) A commercialization plan is a written narrative that describes what a new business plans to accomplish and how it plans to accomplish it.
A)True
B)False
Q3) Why is the "management team and company structure" section of the business plan often given disproportionate weight among investors?
Q4) According to the textbook, a business plan is best described as a(n) ________.
A) narrative description of a new business
B) contract
C) budget
D) agreement
E) marketing initiative
Q5) What are the two main reasons for writing a business plan?
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Chapter 7: Preparing the Proper Ethical and Legal Foundation
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Sample Questions
Q1) The idea that it's important to get "everything in writing" in regard to business agreements causes unnecessary work and can lead to an erosion of trust between business partners.
A)True
B)False
Q2) Tempered Mind, the company profiled in the opening feature in Chapter 7, has created an iPhone app that teaches users' a foreign language as they progress through the stages of a game. To get Tempered Mind off to a strong ethical start, the company was careful to avoid a temptation that mobile app developers have. That temptation, mentioned in the profile, is to ________.
A) pay people to write positive reviews
B) misrepresent the quality of the app
C) copy material and action sequences that appear in other apps without obtaining permission from the owners
D) withhold payment from freelancers who worked on the project
E) ask employees to work unreasonable hours to get the project done
Q3) Stock options are a special form of incentive compensation.
A)True
B)False
Page 9
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Chapter 8: Assessing a New Venture's Financial Strength and Viability
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Sample Questions
Q1) A firm's profit margin, or return on sales, is computed by dividing net income by net sales.
A)True
B)False
Q2) In the context of a firm's statement of cash flows, ________ activities include cash raised during the period by borrowing money or selling stock and/or cash used during the period by paying dividends, buying back outstanding stock, or buying back outstanding bonds.
A) investing
B) financing
C) operating
D) liquidity
E) capital
Q3) Describe the difference between historical and pro forma financial statements.
Q4) Which of the following is an example of a long-term liability?
A) Accounts payable
B) Real estate mortgage
C) Accrued expenses
D) Current portion of real estate mortgage
E) Owners' equity
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Chapter 9: Building a New-Venture Team
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Sample Questions
Q1) Networking is building and maintaining relationships with people whose interests are similar or whose relationship could bring advantages to a firm.
A)True
B)False
Q2) In the context of boards of directors, a(n) ________ director is someone who is not employed by the firm.
A) outside
B) inside
C) external
D) impartial
E) peripheral
Q3) An advisory board is a panel of experts who are asked by a firm's managers to provide counsel and advice on an ongoing basis.
A)True
B)False
Q4) Homogeneous teams are diverse in terms of their abilities and experiences.
A)True
B)False
Q5) What is a skills profile and what is it used for?
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Chapter 10: Getting Financing or Funding
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Sample Questions
Q1) For startup firms, the cost of buying real estate, building facilities, and purchasing equipment often exceeds the firm's ability to provide funds for those needs on its own. Which of the following reasons that motivate firms to seek funding or financing is illustrated in this example?
A) Lengthy product development cycles
B) Costs associated with building a brand
C) Cash flow challenges
D) Capital investments
E) Personnel costs
Q2) Venture capital involves getting a loan or selling corporate bonds.
A)True
B)False
Q3) The SBIR is a ________-phase program, meaning that firms that qualify have the potential to receive more than one grant to fund a particular proposal.
A) two
B) three
C) six
D) nine
E) twelve
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Page 12
Chapter 11: Unique Marketing Issues
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Sample Questions
Q1) A firm's sales process ________.
A) is typically not put in place until a year or more after a startup launches
B) describes its branding strategy
C) depicts the steps it goes through to identify prospects and close sales
D) describes its social media strategy
E) depicts the steps it goes through to identify its target market and positioning strategy
Q2) The Savvy Entrepreneurial Firm feature in Chapter 11 focuses on Airbnb, the company that created a marketplace for people to list, discover, and book unique spaces in people's homes or apartments while traveling. According to the feature, Airbnb was able to generate substantial buzz about its service via the use of ________.
A) Facebook
B) Google AdSense
C) blogs
D) newspaper ads
E) Twitter
Q3) What is a tagline? Provide an example of a popular tagline, and discuss why you think it has been effective?
Q4) What is a brand? How does a new firm develop a brand?
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Page 13
Chapter 12: The Importance of Intellectual Property
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Sample Questions
Q1) Copyright law is governed by the ________.
A) U.S. Constitution
B) 1946 Intellectual Property Act
C) 1966 Trademark and Copyright Act
D) 1955 Inventors and Writer's Protection Act
E) Copyright Revision Act of 1976
Q2) A trademark is a word, name, symbol, or device used to identify the source or origin of products or services and to distinguish those products or services from others.
A)True
B)False
Q3) A ________ is any word, name, symbol, or device used to identify the source of origin of products or services and to distinguish those products or services from others.
A) copyright
B) trademark
C) license
D) trade secret
E) patent
Q4) What is a copyright? What is protected by a copyright?
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Page 14
Chapter 13: Preparing for and Evaluating the Challenges of Growth
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Sample Questions
Q1) Few businesses need access to capital to fuel their growth.
A)True
B)False
Q2) According to Penrose, ________ services generate new market, product and service ideas, while ________ services administer the routine functions of the firm and facilitate the profitable execution of new opportunities.
A) managerial; entrepreneurial
B) administrative; business
C) entrepreneurial; managerial
D) business; commercial
E) commercial; administrative
Q3) According to the textbook, a well-managed business that finds its products and services are mature often ________.
A) replaces its board of directors to breathe new life into the firm
B) looks for licensing opportunities
C) looks for partnering or acquisition opportunities to breathe new life into the firm
D) looks for new managerial talent to breathe new life into the firm
E) looks for international business opportunities
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Chapter 14: Strategies for Firm Growth
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Sample Questions
Q1) Chris Smith owns a store that sells all-terrain vehicles (ATVs). In the past, Chris just sold one version of each of the ATVs he sold in his showroom, but to increase sales, Chris now sells a low-end, a medium-priced, and a high-end version of each of the ATVs he sells. Chris's new strategy is called a(n) ________ strategy.
A) improving an existing product or service
B) market penetration
C) product line extension
D) geographic expansion
E) joint venture
Q2) External growth strategies involve efforts taken within the firm itself, such as new product development, other product-related strategies, and international expansion.
A)True
B)False
Q3) A spin-out occurs when a large company divests itself of one of its smaller divisions and the division becomes an independent company.
A)True
B)False
Q4) Describe what a joint venture is. Identify the two types of joint ventures.
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Page 16
Chapter 15: Franchising
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Sample Questions
Q1) According to the textbook, the first rule of buying a franchise is ________.
A) asking for a copy of the franchisor's annual report
B) checking the profitability of similar franchises
C) making sure the franchisor's industry is conductive to franchising
D) making proper arrangements for financing
E) not making a hasty decision
Q2) According to the textbook, which of the following is not a cost that is typically associated with buying a franchise?
A) Advertising fees
B) Continuing royalty payments
C) Trademark acquisition fee
D) Initial franchise fee
E) Capital requirements
Q3) How can a person tell if franchising is right for them?
Q4) One of the most important questions a prospective franchisor should consider is whether the fees and royalties charged by a franchisor are consistent with the franchise's value or worth.
A)True
B)False
Q5) List and explain three of the common misconceptions about franchising.
Page 17
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