New Venture Creation Chapter Exam Questions
Course Introduction
New Venture Creation explores the process of transforming innovative ideas into viable business startups. The course covers opportunity recognition, market analysis, business model development, resource acquisition, legal considerations, and strategies for growth. Students will learn to create business plans, assess risks, and develop pitches for potential investors. Practical case studies and hands-on projects provide real-world insights, equipping participants with the knowledge and skills necessary to launch and sustain successful new ventures in dynamic market environments.
Recommended Textbook
Entrepreneurship The Practice and Mindset 1st Edition by Heidi M. Neck
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18 Chapters
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Page 2
Chapter 1: Entrepreneurship: a Global Social Movement
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Sample Questions
Q1) Entrepreneurs collaborate more than they compete.
A)True
B)False
Answer: True
Q2) The global experiment, Unreasonable at Sea, ______.
A)asked each time the ship stopped at a new country, "What is the one thing you want more than anything else in the world?" and one result was Pencils of Promise
B)tried to creatively solve the conflicts in the Middle East
C)asked for each challenge, "What is the worst thing that could happen as a result of this decision?"
D)lasted only 5 years but started the microloan movement in India
Answer: A
Q3) What percentage of business organizations worldwide are family owned?
A)50%
B)60-70%
C)70-80%
D)80-90%
Answer: D
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3
Chapter 2: Practicing Entrepreneurship
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Sample Questions
Q1) Using the creation approach, you can create ______.
A)your own business
B)your own industry
C)your own future
D)your own product
Answer: C
Q2) Ellyn wants to get out into her community to meet new people and build relationships with customers and strategic partners.These activities ______.
A)can be a total waste of time; what she should be doing is building her business
B)can introduce Ellyn to new opportunities while staying true to her vision
C)can lead to a board position with the Chamber of Commerce
D)will result in bankers who are more willing to loan funds to those with customer relationships
Answer: B
Q3) Compare the skills of play and experimentation for entrepreneurs.
Answer: Play: frees the imagination, opens up minds to opportunities, and helps us be innovative as entrepreneurs; Experimentation: taking action, asking questions, validating assumptions, and taking nothing for granted
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Chapter 3: Developing an Entrepreneurial Mindset
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Sample Questions
Q1) The process where people can influence and control their own behavior, actions, and thinking to achieve the self-direction and self-motivation needed to be an entrepreneur is ______.
A)self-leadership
B)behavior focused
C)self-observing
D)self-rewarding
Answer: A
Q2) Arabella is intuitive and emotional while thinking linearly.While linear thinking is left-brained, with being intuitive and emotional Arabella is ______.
A)left-brain thinking
B)a self-leader
C)right-brain thinking
D)self-rewarding
Answer: C
Q3) Define the components of the self-leadership habit.
Answer: process of influencing and controlling own behavior, actions and thinking; includes ability for self-direction, self-motivation
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5
Chapter 4: Supporting Social Entrepreneurship
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Sample
Questions
Q1) Robert has power and a strong sense of urgency but he has been known to use this power to coerce or even resort to violence.Social issues can be emotive and he can be a hindrance for resolution.Robert is an example of a ______.
A)dependent stakeholder
B)dangerous stakeholder
C)definitive stakeholder
D)minority
Q2) Arya has been inventing throughout her childhood and young adulthood.She needs to network with an organization of formal and informal investors that invests patient capital in ventures that focus on building a sustainable economy.She should consider which of the following organizations?
A)Investor's Circle
B)Lewis Institute
C)Net Impact
D)Root Cause
Q3) Ventures with social consequence and social purpose are the same type of venture.
A)True
B)False
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6
Chapter 5: Generating New Ideas
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Sample Questions
Q1) Eli Whitney invented to cotton gin in 1793 but ______.
A)he simply improved existing cotton gins by using coarse wire teeth instead of rollers
B)he did not take the opportunity until 1805
C)the cotton gin was an original invention of Eli Whitney's
D)after the cotton gin invention, then cotton crops were planted and harvested
Q2) Brantley has a strong skill set that requires him to be open to diverse and fluctuating circumstances and events.Brantley's process is ______.
A)challenging
B)development strategies
C)expanding
D)exposing
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 5 of the everyday spinoffs from NASA.
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Chapter 6: Using Design Thinking
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Sample Questions
Q1) What is the biggest obstacle to design thinking?
A)lack of knowledge
B)inexperience
C)fear of failure
D)lack of financial resources
Q2) Drew notices that her electric cables and cords are unsightly and could cause someone to trip.She asks, "How might these wires be secured differently?" This question is known as which of the following?
A)initiating question
B)a design challenge
C)a customer vision
D)an end state
Q3) Select an activity that is new or that you do all the time.Use the AEIOU model to record your observations.
Q4) The ability to observe cannot be improved with techniques or practice. A)True
B)False
Q5) The best way to discover latent needs is to interview people. A)True
B)False
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Chapter 7: Testing and Experimenting in Markets
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Sample Questions
Q1) What do the authors suggest about using data that was not specifically gathered to test the hypothesis?
A)It can be discarded as it will not address the issue at hand.
B)It should not be ignored.Keep track of everything.
C)It should be kept if it is positive information.
D)Discard it unless there is a minimum of six pieces of information saying the same thing.
Q2) Anthony is thinking of starting a small hot dog cart that he will take to the beach area in San Diego, California.Before starting, he asks an ice cream vendor if he can offer hot dogs using his stand for a small rental fee.He will only need to use space for one day.Anthony is conducting what stage of the scientific process ?
A)testing the hypothesis by running an experiment
B)implementation of the plan
C)developing a hypothesis
D)carrying out background research
Q3) Demonstrate how taking apart a residential smoke detector might help you apply experimentation to improve the product.
Q4) Describe why storyboarding is an effective form of experimentation.
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Page 9
Chapter 8: Building Business Models
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Sample Questions
Q1) What are the four parts of a business model?
A)target customers, employees, founders, investors
B)financing, infrastructure, employees, customers
C)customers, the offering, the infrastructure, financial viability
D)financing, customers, product, service
Q2) Gift Prescriptions is a company that offers small gifts that can be left behind in doctors' offices as an appreciation for time spent reviewing company products.Gift Prescriptions sells their gifts to pharmaceutical companies, therapists, and medical supply stores.Gift Prescriptions' market segment would be described as ______.
A)a mass market
B)a niche market
C)a segmented market
D)a diversified market
Q3) 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
Q4) Identify the customer value proposition of your local cable company.
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Chapter 9: Planning for Entrepreneurs
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Sample Questions
Q1) What is included in the Financial Plan section of a business plan?
A)the industry, structure, products, services
B)a description of potential customers and competitors
C)income and cash flow, balance sheets, and financial projections
D)financial projections only
Q2) Imagine that you are thinking of starting a home care business for those recovering from illness or requiring home assistance.What research would be appropriate when preparing a feasibility study?
Q3) Santiago is paying close attention to writing a statement that expresses how his product solves a specific need.What area of TRIM planning is Santiago addressing?
A)team
B)resources
C)idea
D)market
Q4) Regardless of the type or size of service, every business needs to start with a plan.
A)True
B)False
Q5) Take an existing company and describe it in terms of a back-of-a-napkin plan.
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Chapter 10: Creating Revenue Models
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Sample Questions
Q1) The component of revenue that is addressed when a company offers a frequent shopper award is:
A)frequency
B)selling price
C)selling process
D)customers
Q2) This method of pricing involves pricing the product based on how it benefits the customers:
A)target-return pricing
B)customer-led pricing
C)value-based pricing
D)benefit pricing
Q3) Real estate brokers represent an intermediation revenue model because they help manage the transaction between the home seller and the home buyer.
A)True
B)False
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.
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Page 12
Chapter 11: Learning From Failure
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Sample Questions
Q1) Psychologist Angela Lee Duckworth describes grit as which of the following:
A)a form of intelligence
B)the ability to work hard and sustain interest in long-term goals
C)the ability to recover from failure
D)the courage to fight for one's cause
Q2) What, in general, can be said about the failures shared at events such as FAILfaire?
A)Most failures can be avoided.
B)Failures provide information that can be used to build a better product or service.
C)People enjoy failing if it is shared.
D)Failures require support to help people recover from it.
Q3) Which of the following is one of the conclusions of Amy Edmondson?
A)all failures are blameworthy
B)failures exist on a spectrum that range from praiseworthy to blameworthy
C)failure is always bad in some way
D)failure comes from lack of skills
Q4) Contrast a "bad" failure from a "good failure."
Q5) Describe the steps you can take to create a blame-free environment.
Q6) Explain how the ability to pivot can avoid a "big failure."
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Chapter 12: Bootstrapping for Resources
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Sample Questions
Q1) Lorraine offers to give people a percentage of the profits earned from her theater production as a reward for donating $100 to the production's equipment.Kickstarter did not approve her campaign because:
A)it was a theater production and not a product
B)she wanted to offer a financial reward
C)she was asking too much of an investment, given the reward
D)she was asking too little of an investment, given the reward
Q2) Crowdsourcing can be used to improve medical treatment by:
A)raising money for medical research
B)finding free medical care for patients
C)sharing medical information so as to help in the development of pharmaceuticals, medical devices, and other forms of medical development
D)protecting private patient information
Q3) What is the characteristic of the patronage model of crowdfunders?
A)investors provide financial support with no expectation of direct return
B)investors are rewarded for their financial support
C)equity is exchanged for the contribution
D)funds are treated as loans
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Page 14
Chapter 13: Financing for Startups
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Sample Questions
Q1) Karen has formulated a line of green cleaning products, which she has tested with local commercial entities with great results.She is now ready to seek money to place the product in stores.What stage of financing is Karen interested in?
A)seed stage financing
B)startup financing
C)early-stage financing
D)continuity financing
Q2) Which of the following is another term for convertible debt?
A)convertible bond
B)convertible stock
C)loan forgiveness
D)revolving debt
Q3) ______angels are entrepreneurs who have already started and successfully operated their own businesses.
A)Corporate
B)Entrepreneur
C)Professional
D)Enthusiast
Q4) What people might be interviewed in the course of due diligence?
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Chapter 14: Developing Networks
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Sample Questions
Q1) What is Jenn Houser's advice for aligning team goals and values?
A)select a team that already shares the goals and values of the company
B)invest several days with your founders hashing out how the partnership will work before you commit
C)clearly describe your goals and values up front before selecting the team
D)let your goals and values evolve as the company forms
Q2) This dimension describes the type of social ties you have or don't have.
A)relational
B)structural
C)dimensional
D)cognitive
Q3) Sue and Chris have just started a waste recycling company and would like to engage in virtual networking.Discuss some of the ways that Sue and Chris might start.
Q4) What is the best advice for building networks?
A)build networks with people who are powerful
B)build networks with people in your industry
C)build networks focusing on investors
D)build networks with people who share your values
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Page 16
Chapter 15: Navigating Legal and Ip Issues
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Sample Questions
Q1) Which of the following websites would provide information about attaining an EIN?
A)www.irs.gov
B)www.sba.gov
C)www.dol.gov
D)http://workforcesecurilty.doleta.gov
Q2) What two characteristics should a lawyer have when working with a startup?
A)years of experience and willingness to work at reduced charges
B)knowledge of laws across states and knowledge of the industry
C)industry knowledge and a willingness to work with startups
D)knowledge about all aspects of the business and laws across states
Q3) Which of the following forms will be needed to indicate federal unemployment tax that will be used should the employee lose his or her job?
A)Form 940
B)W-2
C)I-9
D)W-4
Q4) A company must have an EIN before hiring employees
A)True
B)False
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Chapter 16: Marketing and Pitching Your Idea
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Sample Questions
Q1) When marketers use the S.A.V.E.approach, the focus is switched from place to which of the following?
A)access
B)solution
C)value
D)education
Q2) What percentage of communication is achieved through actual words?
A)7%
B)20%
C)36%
D)44%
Q3) What is the best description of a pitch deck?
A)the introductory statements that grab the audience's attention, placed at the start of the pitch
B)a brief presentation, usually 10 slides, that provides a quick overview of your idea
C)the detailed backup information that will give all the details of your idea
D)the handout summary that you give to your audience
Q4) What elements would you consider in preparing a presentation that makes a good impression?
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Chapter 17: Financial Statements and Projections for Startups
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Sample Questions
Q1) Jimi is very interested in managing his cash.You mentioned this course to him and tell him about ______.
A)the income statement
B)Cash Convention Report
C)cash conversion cycle
D)adding depreciation and amortization to net income
Q2) Capital Equipment and Other Expenditures ______.
A)is a report that accountants prepare for big companies
B)has nothing to do with an entrepreneurship
C)is important if a business wants to attract investors or capital funding/lending
D)is a depreciation expense schedule
Q3) The cash flow equation coming to Increase/Decrease in Cash from Operations is ______.
A)Net Income plus Depreciation & Amortization plus decrease in assets less decrease in liabilities
B)Net Income plus depreciation and amortization plus increase in liabilities
C)Net Income plus noncash expenses
D)Cash from Operations is the same thing as Net Income
Q4) Compare and contrast the Balance Sheet and the Statement of Cash Flows.
Page 19
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Chapter 18: the Pitch Deck
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Sample Questions
Q1) Paisley is cautious about sharing too much information with people about her new venture and considers her competition and how she differentiates from them as private and confidential.Gael tells her to not share this information with others.Gael gives good advice.
A)True
B)False
Q2) Maci, after conducting research, has information about the size and extent of the market for her product now and in the future.She should include this in her pitch deck.
A)True
B)False
Q3) Discuss the nature and purpose of using pitch decks.
Q4) Ryker is developing his pitch deck and is having trouble with wording his answer to "How will you solve the problem or meet the need in a unique way?" Ryker should skip this question.
A)True
B)False
Q5) For pitches in front of investors, or application to incubators, or pitch competitions, what questions should you expect to be asked about your product and customers?
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