Strategic Entrepreneurship Exam Review
Course Introduction
Strategic Entrepreneurship explores the integration of entrepreneurial mindsets with strategic management principles to identify, evaluate, and exploit opportunities for creating competitive advantage within both new and established organizations. Through an examination of entrepreneurial processes, innovation, resource acquisition, and strategic decision-making, students develop the skills necessary to formulate and implement effective business strategies in dynamic and uncertain environments. The course emphasizes the role of leadership, creativity, and sustainable growth, equipping students to navigate complex markets and drive value creation in todays rapidly evolving business landscape.
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) Entrepreneurship is more than the mere creation of a business.
A)True
B)False
Answer: True
Q2) Which of the following statements is True?
A) Entrepreneurship is the ability to create and build a vision from practically nothing.
B) Entrepreneurship is pure luck.
C) Entrepreneurship is simply obtaining financing and starting a business.
D) Entrepreneurship has nothing to do with creating incremental wealth.
Answer: A
Q3) In the study of contemporary entrepreneurship, one concept reoccurs:
A) no one understands the field
B) folklore dominates the studies
C) there is no theoretical base
D) entrepreneurship is interdisciplinary
Answer: D
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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) Institutionalization is a deliberate step to incorporate the ethical objectives of society with the economic objectives of the venture.
A)True
B)False
Answer: False
Q2) A loss orientation toward grief recovery in dealing with failure can sometimes lessen negative emotional reactions.
A)True
B)False
Answer: False
Q3) Entrepreneurs do not need foresight.
A)True
B)False
Answer: False
Q4) Entrepreneurs usually have an internal locus of control.
A)True
B)False
Answer: True
Page 4
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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) When an entrepreneurial environment is created, a company does not usually set aside the traditions of the company.
A)True
B)False
Answer: False
Q2) In order to develop an entrepreneurial environment, factors that organizations need to be aware of include:
A) management support and rewards
B) autonomy and time
C) business plans and inventions
D) a and b should be considered
Answer: D
Q3) Which of the following would not be considered as encouraging to an entrepreneurial environment?
A) uniform compensation
B) identifying potential entrepreneurs
C) top management sponsorship of entrepreneurship
D) promotion of entrepreneurship through experimentation
Answer: A
Page 5
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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) Thanks to the North American Free Trade Agreement, among the largest U.S. trading partners are China and Brazil.
A)True
B)False
Q2) Importing, in essence, is buying and shipping domestically produced goods for foreign consumption.
A)True
B)False
Q3) 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
Q4) Ecopreneurs are concerned
A) only with ecologically sustainable development
B) only with economically sustainable development
C) both ecologically and economically sustainable development
D) neither ecologically nor economically sustainable development
Q6) Why is global thinking important to today's entrepreneurs? Page 6
Q5) In the context of benefit corporations, what does transparency refer to?
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Page 7
Chapter 5: Innovation: The Creative Pursuit of Ideas
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95 Verified Questions
95 Flashcards
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Sample Questions
Q1) 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.
Q2) Ray Kroc's development of McDonald's would be a good illustration of which form of innovation?
A) invention
B) extension
C) duplication
D) synthesis
Q3) Which of the following is not one of the phases in the creative process?
A) background or knowledge accumulation
B) evaluation and implementation
C) the incubation process
D) preliminary investigation
Q4) Background or knowledge accumulation is the second phase of the creative process.
A)True
B)False
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Chapter 6: Assessment of Entrepreneurial Opportunities
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82 Verified Questions
82 Flashcards
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Sample Questions
Q1) Feasibility analyses include technical, market, financial, organizational, and competitive analyses.
A)True
B)False
Q2) A checklist approach allows the entrepreneur to identify major strengths and weaknesses in factors of a new venture.
A) the financial
B) the marketing
C) the organizational
D) all of the above
Q3) The evaluation process must be done by a research firm.
A)True
B)False
Q4) It is reported that _____ new firms have emerged in the United States every year since the mid-1990s.
A) 600,000
B) 100,000
C) 22,000
D) 230,000
Q5) What are three critical factors in a new venture assessment?
Page 9
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Chapter 7: Pathways to Entrepreneurial Ventures
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75 Verified Questions
75 Flashcards
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Sample Questions
Q1) When one designs a unique good or service, the individual is said to have used a(n) ____approach to starting the business.
A) new-new
B) old-old
C) old-new
D) new-old
Q2) Perhaps the greatest advantage of buying a franchise, as compared to starting a new business or buying an existing one, is that the franchisor will usually provide both training and guidance to the franchisee.
A)True
B)False
Q3) An advantage to buying an on-going business is
A) reduced concern over future operations.
B) time and effort are reduced
C) it may be purchased at a bargain price.
D) all of the above.
Q4) Why did the Federal Trade Commission enact the Franchise Rule?
Q5) What is the role of business brokers in acquiring an established entrepreneurial venture?
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Chapter 8: Sources of Capital for Entrepreneurs
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86 Flashcards
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Sample Questions
Q1) Which of the following is a type of equity financing?
A) convertible debentures
B) common stock
C) loan with warrants
D) loan without warrants
Q2) Short-term debt is
A) paid back in six months.
B) paid back in one year.
C) paid back after sales.
D) paid back over an indefinite period of time.
Q3) Evaluation of new-venture proposals includes all the following processes except
A) oral presentation
B) initial screening
C) evaluation of the business plan
D) a product prototype
Q4) SEC stands for the
A) Stock Exchange Corporation.
B) Securities and Exchange Commission.
C) Standard Equity Commission.
D) Source of Equity Company.
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Chapter 9: Legal Challenges of Entrepreneurial Ventures
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85 Verified Questions
85 Flashcards
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Sample Questions
Q1) Design patents last for 20 years.
A)True
B)False
Q2) Every business at some point needs the services of an attorney.
A)True
B)False
Q3) One of the principal advantages of a corporate form of ownership is that liability (the most money a person can lose) is limited to an individual's investment.
A)True
B)False
Q4) Laws governing intellectual property rights include copyrights, trademarks, and leases.
A)True
B)False
Q5) A copyright provides exclusive rights to creative individuals for the protection of their artistic productions.
A)True
B)False
Q6) Define a patent and describe its limitations.
Page 12
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Chapter 10: Marketing Challenges for Entrepreneurial Ventures
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77 Verified Questions
77 Flashcards
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Sample Questions
Q1) Which of these survey methods has the lowest nonresponse rate?
A) phone interviews
B) personal interviews, door to door
C) Internet surveys
D) mail surveys
Q2) Social media marketing is the application of online collaborative media for marketing purposes.
A)True
B)False
Q3) Pricing for the product life cycle is generally ineffective for luxury goods.
A)True
B)False
Q4) Sometimes consumers associate a higher price with A) higher product quality
B) supply interruptions
C) discounted cash flows
D) product complexity
Q5) Only major strategic decisions need to be supported through marketing research. A)True
B)False
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Chapter 11: Financial Preparation for Entrepreneurial Ventures
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78 Verified Questions
78 Flashcards
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Sample Questions
Q1) Despite the drawbacks of the payback method, the entrepreneur should continue to use it because
A) it is very simple to use in comparison with other methods.
B) projects with a faster payback period normally have more favorable long-term effects on earnings.
C) it provides a faster return of funds over time.
D) it is inexpensive.
Q2) The set of assumptions on which financial projections are based have little meaning. A)True B)False
Q3) Contribution margin is the difference between the selling price and the fixed cost per unit.
A)True B)False
Q4) The pro forma income statement is prepared before the pro forma balance sheet. A)True B)False
Q5) What is included in an operating budget and how is this helpful?
Q6) 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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81 Flashcards
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Sample Questions
Q1) Lack of any time frame to accomplish things is an indicator of the pitfall known as no realistic goals.
A)True
B)False
Q2) In some professional areas, the business plan is referred to as A) a proposal for economic development.
B) an investment prospectus.
C) a strategic development project.
D) a and b only.
Q3) Competitive analysis, advertising plan, and pricing policy are all part of the A) research, design, and development segment.
B) marketing segment.
C) milestone schedule segment.
D) financial plan segment.
Q4) A business plan __________ potential financial backers.
A) indicates the exact sum to be borrowed from B) establishes a first impression of the company and its principals on C) provides an accurate sales forecast for D) purposefully underestimates financial need for
Q5) How should an entrepreneur prepare to present his or her business plan?
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Chapter 13: Strategic Entrepreneurial Growth
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52 Verified Questions
52 Flashcards
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Sample Questions
Q1) Define strategic planning and describe the five basic steps that must be followed in establishing a strategic plan.
Q2) A reason for lack of strategic planning has been found to be
A) lack of preference.
B) time sharing.
C) lack of expertise.
D) lack of dominance.
Q3) Which of the following factors would not be considered a key dimension that shapes the strategic management activities of a growing firm?
A) speed of decision making
B) internal political problems
C) environmental uncertainty
D) lack of knowledge
Q4) A reason new venture managers lack knowledge in the strategic planning process is because
A) they refuse to learn new things.
B) they have minimal exposure to the planning process.
C) they attempt to implement actions too quickly.
D) they are overconfident.
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Chapter 14: Valuation of Entrepreneurial Ventures
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60 Verified Questions
60 Flashcards
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Sample Questions
Q1) When considering sales and distribution, the entrepreneur should be concerned about
A) whether any sales are made on consignment.
B) how many sales are internal.
C) how sales vary with social demographics.
D) how many distributors are necessary.
Q2) Specific factors of a venture being offered for sale that should be examined include
A) age, trends, and future.
B) profits, sales, and operating ratios.
C) employees, suppliers, and competitors.
D) profits, price, product.
Q3) If you agree that the real value of a business venture is its potential earning power, which valuation method, more than the others, would best determine its True value?
A) adjusted tangible book value
B) price/earnings ration
C) discounted earnings method
D) either a or b
Q4) Explain the purpose of a letter of intent.
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Chapter 15: Harvesting the Entrepreneurial Venture
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Sample Questions
Q1) The forcing events that require an entrepreneur to step aside and let someone direct the operation are usually unforeseen and create major problems for the business.
A)True
B)False
Q2) The average life expectancy of a privately held firm is
A) 24 years.
B) 10 years.
C) and indefinite number of years.
D) 50 years.
Q3) Which of the following is a True statement about the characteristics that successors should possess?
A) There are only a few characteristics needed.
B) Situation does not matter.
C) Knowledge of the firm is not a desirable characteristic or quality.
D) Some characteristics will be more important than others, depending on the situation.
Q4) Once the decision is made to harvest the business, the way forward is easy.
A)True
B)False
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