Strategic Entrepreneurship Exam
Bank
Course Introduction
Strategic Entrepreneurship explores the intersection of entrepreneurial thinking and strategic management within organizations. This course examines how firms can identify, evaluate, and exploit innovative opportunities while sustaining a competitive advantage in dynamic markets. Students learn to develop and implement entrepreneurial strategies, foster a culture of innovation, and navigate the challenges of growth and change. Through case studies, real-world examples, and hands-on projects, participants gain practical tools for recognizing trends, assembling resources, and launching new ventures, whether within existing organizations or as stand-alone startups.
Recommended Textbook
New Venture Creation Entrepreneurship for the 21st Century 9th Edition by Stephen Spinelli
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689 Verified Questions
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Page 2
Chapter 1: The Global Entrepreneurial Revolution for a Flatter World
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Sample Questions
Q1) While various surveys of high school seniors indicate a strong interest in entrepreneurship,a 2004 Gallup Poll showed that a large percentage of American parents would still prefer that their children pursue a less risky career.
A)True
B)False
Answer: False
Q2) Studies indicate that although smaller firms often generate twice as many innovations per R&D dollar spent as the established multinationals,the large firms still produce more innovations per R&D scientist than entrepreneurial companies.
A)True
B)False Answer: False
Q3) While leading U.S.venture capital firms are interested in establishing relationships and operations in China,the Chinese government continues to resist such overtures.
A)True
B)False
Answer: False
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Page 3
Chapter 2: The Entrepreneurial Mind: Crafting a Personal
Entrepreneurial
Strategy
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Q1) Almost without exception,entrepreneurs live under huge,constant pressures until their firms have survived the startup phase;after that,it typically gets easier.
A)True
B)False
Answer: False
Q2) Crafting a Personal Entrepreneurial Strategy can
A) Create tension and pressure
B) Heighten the fear of failure
C) Spark action towards achievable goals
D) All of the above
Answer: D
Q3) Most successful entrepreneurs have had a ________ to help them achieve their dreams and goals,both implicitly and explicitly.
Answer: personal strategy
Q4) The ________ is the need to build a warm relationship with someone else and/or to enjoy mutual friendship.
Answer: need for affiliation
Q5) Successful entrepreneurs are not gamblers;they take ________. Answer: calculated risks
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Chapter 3: The Entrepreneurial Process
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Sample Questions
Q1) Entrepreneurship does not occur in the public sector.
A)True
B)False
Answer: False
Q2) Fast-growth firms maintain control by selectively granting employee stock ownership.
A)True
B)False
Answer: True
Q3) The most effective entrepreneurial leaders of fast-growth companies practice top-down management and administration.
A)True
B)False Answer: False
Q4) Most entrepreneurs launching businesses,particularly the first time,run out of what quicker than they bring in customers and profitable sales?
Answer: Cash.
Q5) What are the three driving forces of the Timmons Model?
Answer: Team,Opportunity,Resources
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Chapter 4: Clean Commerce Is an Opportunity Sea Change
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Sample Questions
Q1) Increasingly business strategy and viability demand that we think of and look at our immediate environment in the context of the larger ________.
Q2) Conditions for global competition have changed,and ________ are now a primary source of new business growth and opportunity.
Q3) The Waste Electrical and Electronic Equipment Directive (WEEE)places responsibility for the disposal of waste electrical and electronic equipment on ________.
Q4) Sustainability embraces all but the following
A) Improving human health
B) Protecting ecological systems
C) Growth and profits
D) Sustainability embraces all of the above
Q5) NatureWorks was the first company to deliver aesthetically appealing,ecologically friendly home cleaning products to mainstream retailers (as opposed to just natural products stores).
A)True
B)False
Q6) Define "green chemistry" and explain how it relates to molecular thinking.
Q7) What are the three strategic facets of looking through a sustainability lens?
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Chapter 5: The Opportunity:
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Sample Questions
Q1) "Window of opportunity" is the time when the best management teams develop a solid strategy and meet with investors.
A)True
B)False
Q2) Of utmost importance with new venture creation is the fit of the ________ and the management team with the opportunity.
Q3) According to research,what is the primary reason companies lose customers?
A) Product quality issues
B) Competitive offers
C) Customer service issues
D) Changing needs
Q4) In the medical and life sciences,what is the minimum market size in sales opportunity seekers should be looking for?
Q5) In a free enterprise system,opportunities are held up and prevented by such factors as changing circumstances,chaos,confusion,inconsistencies,and information gaps.
A)True
B)False
Q6) The United States has a _________-dominated economy.
Page 7
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Chapter 6: Screening Venture Opportunities
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Sample Questions
Q1) When researching an opportunity,it is essential to communicate with ________ and document their responses.
Q2) ________ refers to the gaps in an industry or market into which your opportunity falls.
Q3) Name three sources of information that entrepreneurs can use to develop their venture opportunity profile.
Q4) The single largest factor contributing to stillborn ventures and to those who will ripen as lemons is lack of focus on profitability and cash flow.
A)True
B)False
Q5) First-time entrepreneurs tend to overestimate sales and delivery dates.What do they tend to underestimate?
Q6) Completing the Venture Opportunity Screening Exercise is designed to clear up the uncertainties and risks associated with that venture concept.
A)True
B)False
Q7) What are the five anchors that are consistent with ideas that turn into superior businesses?
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Chapter 7: Opportunities for Social Entrepreneurship
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Sample Questions
Q1) Corporate social responsibility (CSR),which emphasizes doing good and serving communities while still making a profit,provide good examples of hybrid models.
A)True
B)False
Q2) ________ is derived from entrepreneurial activities that seek to address problems related to people and problems related to the planet-regardless of profit orientation.
Q3) In the early 1970s the notion of wicked problems emerged out of the ________ of resolving issues related to urban and governmental planning.
Q4) A venture firm that invests in early-stage companies operating in one of four areas of social concern would be called a ________ fund.
Q5) Why are firms with CSR practices not considered hybrid models?
Q6) The focus of a ________ fund is typically economic development and job creation in impoverished areas.
Q7) Enterprising nonprofits may incorporate outside investment,in the form of __________,to scale the organization for increased social impact.
Q8) The mission of a social entrepreneur is to ________.
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Chapter 8: The Business Plan
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Sample Questions
Q1) Why is it important to develop a business plan?
Q2) The entrepreneurial team should tailor their business plan to the likes and dislikes of the target investor group.
A)True
B)False
Q3) Your team is in the middle of writing your business plan to present to a key investor next month.In the process,a sales opportunity arises that will provide some positive cash flow.You should:
A) Put the business plan on hold and service the customer
B) Put the customer off until you have met with the investor
C) Hire an outside consultant to keep the plan on schedule while you service the client
D) Seek advice from the key investor
Q4) When is it a good idea to hire an outside professional to write the business plan?
A) When time to market is a critical factor
B) When the lead entrepreneurs are deeply involved with other pursuits
C) It is not a good idea to hire an outside professional to write the business plan
D) When no one on the team is willing to take the lead in writing the document
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Chapter 9: The Entrepreneurial Leader and the Team
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Sample Questions
Q1) A ________ schedule ties the release of stock to a timeframe,usually of at least five and sometimes seven years or more,and to performance.
Q2) What are the five fundamental realities with nearly any new venture?
Q3) Due to the importance of their technical contribution,highly-skilled founding entrepreneurs should expect an equity ownership of 15-25 percent.
A)True
B)False
Q4) The high-growth stage is one of the most difficult periods in the life of a company as new layers of management and processes are adjusted to enable the company to
Q5) Democratic structures among the founders such as equal stock ownership are recommended because they foster solidarity and avoid conflict.
A)True
B)False
Q6) In what ways has the Internet enhanced design and business collaboration?
Q7) _________ is a critical element of entrepreneurial leadership.It is derived by actively leading,instilling vision and passion in others,and by creating a climate and spirit conducive to high performance.
Page 11
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Chapter 10: Ethical Decision Making and the Entrepreneur
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Sample Questions
Q1) The ________ construct classifies moral judgment into six stages of development.
Q2) Taking a course in business ethics has been shown to have little effect on improving one's capacity for decision making and problem solving in the context of personal ethical standards.
A)True
B)False
Q3) Which approach to ethics holds that the ethical person will always choose actions that will provide for the greatest good (or least bad)for the greatest number of people?
A) Utilitarianism
B) Aristotle's approach
C) Kantism
D) Deontology
Q4) Serious mistakes,especially ethical ones,are rarely made during quiet and orderly times.
A)True
B)False
Q5) Immanuel Kant's ________ approach is pursued without concern for the outcomes of actions,but according to whether the action is something that an ethical person would do.
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Chapter 11: Resource Requirements
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Sample Questions
Q1) Staged capital commitments reduce:
A) Equity dilution
B) Financial exposure
C) Risk
D) All of the above
Q2) As is the case with legal and accounting professionals,the fees that consultants charge correlate closely with the quality of their services.
A)True
B)False
Q3) Why are members of a board of advisors not exposed to personal liability like formal board directors are?
Q4) Which of the following is not recommended as part of a productive board of directors?
A) A compensation committee
B) An audit committee
C) An executive committee
D) All are recommended
Q5) Building a company by minimizing resources is referred to in colloquial terms as ________.
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Chapter 12: Franchising
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Sample Questions
Q1) If adding suppliers to the approved list is nearly impossible,this constitutes a de facto ________ agreement.
Q2) At the most fundamental level,the ________ is the defining quality of the opportunity recognition process.
Q3) A ________ profile segments potential customers based on social class,lifestyle,and personality traits.
Q4) The road map for marshalling resources for the franchise comes from establishing the ________.
Q5) The value of the franchise is enhanced when the delivery of the product validates the marketing message.
A)True
B)False
Q6) The service delivery system is the basis for a franchise venture's competitive advantage.
A)True
B)False
Q7) The end result of the organization,execution,and transfer of the service delivery system is the firm's ________.
Q8) Describe the ideal business format of a top-ranked franchise operation.
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Chapter 13: Entrepreneurial Finance
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Sample Questions
Q1) Which of the following is a likely source for funding a venture that is preparing for a harvest?
A) Strategic alliances
B) Mezzanine capital
C) Corporate partnerships
D) MESBICs
Q2) Venture capital investors normally ________ their business loans to the loans provided by the bank or other financial institutions.
Q3) Short-term debt is most often used by a business for working capital and is repaid out of the proceeds of its sales.
A)True
B)False
Q4) Name four factors that can affect the availability of various financing options and their suitability and cost.
Q5) An entrepreneur's bargaining power is directly related to the cash position of the venture.
A)True
B)False
Q6) What are the three core principles of entrepreneurial finance?
Page 15
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Chapter 14: Obtaining Venture and Growth Capital
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Sample Questions
Q1) Whether or not the outcome of a presentation is continued investment interest,the entrepreneur needs to try to obtain the names of other potential investors from this meeting.
A)True
B)False
Q2) When pushed by a promising investor to discuss what other firms/angels you are talking to,you should:
A) Respectfully decline
B) Reveal only the strongest other prospects
C) Reveal only prospects that have co-invested with the prospective investor
D) Be up front and tell them what they want to know
Q3) With mezzanine financing,the principle amount may be converted into equity.
A)True
B)False
Q4) Private placements are used for firms that are not in a position to pursue an IPO.
A)True
B)False
Q5) ESOP stands for ________.
Q6) Discuss how timing is a critical aspect of raising risk capital.
Page 16
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Chapter 15: The Deal: Valuation, structure, and Negotiation
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Sample Questions
Q1) Venture capitalists may dilute a founder's equity with each additional round of capital,but they are not permitted to fire them.
A)True
B)False
Q2) What range of return will a venture capital investor seek from a first stage investment?
A) 30 percent annual ROR
B) 30-40 percent annual ROR
C) 40-60 percent annual ROR
D) 60-80 percent annual ROR
Q3) Share price equals the price paid divided by the number of shares.
A)True
B)False
Q4) The ROR required by a venture capitalist determines the required share of ownership.
A)True
B)False
Q5) Staged investments are a method used to manage risk. A)True
B)False
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Chapter 16: Obtaining Debt Capital
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Sample Questions
Q1) Leasing provides the flexibility of returning equipment after the lease period if it is no longer needed--but not if that equipment has become technologically obsolete.
A)True
B)False
Q2) In hard times,banks have been known to call their best loans first.
A)True
B)False
Q3) Effective entrepreneurs think of the process of obtaining a loan as a sales job.
A)True
B)False
Q4) Which of the following can provide tax advantages?
A) Commercial loan
B) Factoring
C) Lines of credit
D) Leasing
Q5) The primary reason banks are lower-risk lenders is because that profile is consistent with their management style.
A)True
B)False
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Chapter 17: Leading Rapid Growth, crises, and Recovery
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Q1) The prospect of bankruptcy can provide a foundation for bargaining with creditors in a turnaround situation.
A)True B)False
Q2) Studies have shown that as long as proper systems are in place,organizational culture is not a major factor in how well a particular firm will deal with growth.
A)True B)False
Q3) List four dimensions of organizational climate.
Q4) In rapid growth situations where cash burn rates are racing ahead of collections,what measures need to be in place to avoid chaos and possible collapse?
Q5) In highly successful ventures,leadership is based on ________ rather than on authority.
Q6) What three areas does a turnaround specialist examine?
Q7) Identify four non-quantitative signals that would indicate the possibility of trouble.
Q8) Bankruptcy is a tremendous source of ________ power for a troubled company.
Q9) ________ is the most liquid noncash asset.
Page 19
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Chapter 18: The Family As Entrepreneur
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Q1) Research shows that most often,family cash investments are given based upon formal investment criteria rather than on altruistic family sentiments.
A)True
B)False
Q2) Discuss why a financial mindset is more effective than an operational mindset.
Q3) Most of the small and mid-sized family-owned businesses in the US are modest,'mom and pop' operations.
A)True
B)False
Q4) One of the primary roles families play is to provide family ________ to family members who want to start a business.
Q5) Organizational formalization has been shown to constrain entrepreneurial behavior in family enterprises.
A)True
B)False
Q6) The family ________ category is when an existing family company or group starts new businesses.
Q7) Families who intend to act entrepreneurially must be ________ focused.
Page 20
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Chapter 19: The Harvest and Beyond
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Sample Questions
Q1) MBOs typically require the seller to take a limited amount of cash up front and a note for the balance of the purchase price over several years.
A)True
B)False
Q2) Discuss why it is important to have a harvest goal in place from the beginning of a venture.
Q3) In a ________,founders can attract capital,often in substantial amounts,from a large company interested in their technologies.
Q4) When entrepreneurs sell their venture in a stock-for-stock exchange,the agreement typically includes protections against a sudden drop in the share price of the acquiring company.
A)True
B)False
Q5) Having a harvest goal and crafting a strategy to achieve it are what separate successful entrepreneurs from the rest of the pack.
A)True
B)False
Q6) What are the three core aspects of shaping a harvest strategy?
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