Strategic Entrepreneurship Review
Questions
Course Introduction
Strategic Entrepreneurship explores the intersection of innovative thinking and strategic management in the creation, growth, and renewal of organizations. This course examines how entrepreneurs and established firms identify and exploit opportunities, develop sustainable competitive advantages, and manage the risks and challenges associated with new ventures and strategic initiatives. Through case studies, real-world examples, and interactive exercises, students will learn to apply strategic frameworks to entrepreneurial activities, assess industry landscapes, and construct business models that foster long-term value creation in dynamic environments.
Recommended Textbook
Entrepreneurship Successfully Launching New Ventures 3rd Edition by Bruce R. Barringer
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15 Chapters
1125 Verified Questions
1125 Flashcards
Source URL: https://quizplus.com/study-set/287
Page 2
Chapter 1: Introduction to Entrepreneurship
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/4763
Sample Questions
Q1) The number one characteristic shared by successful entrepreneurs is:
A) a charismatic personality
B) passion for the business
C) a desire to employ other people
D) a desire to fulfill a lifetime dream
E) being on the cutting edge of technological change
Answer: B
Q2) Chad and Allison Druxman launched a firm several years ago and have been particularly successful in introducing new products to the marketplace. One thing that Chad and Allison 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) passion for the business
B) execution intelligence
C) tenacity despite failure
D) product/market focus
E) a desire for recognition
Answer: B
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Chapter 2: Recognizing Opportunities and Generating Ideas
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75 Verified Questions
75 Flashcards
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Sample Questions
Q1) The term "window of opportunity" is a metaphor describing the time period in which a firm can realistically enter a new market.
A)True
B)False
Answer: True
Q2) An idea bank is a physical or digital repository for storing ideas.
A)True
B)False
Answer: True
Q3) Most of Karen's ideas come from interacting with coworkers, friends, her spouse, her parents, and other people that share the same beliefs that she does. Karen is getting most of her ideas through ________ relationships.
A) weak-tie relationships
B) social-tie relationships
C) strong-tie relationships
D) multiple-tie relationships
E) vertical-tie relationships
Answer: C
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Chapter 3: Feasibility Analysis
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75 Verified Questions
75 Flashcards
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Sample Questions
Q1) The focus in organizational feasibility analysis is on financial resources.
A)True
B)False
Answer: False
Q2) The most important issues to consider in financial feasibility analysis are: total start-up cash needed, financial performance of similar businesses, and overall financial attractiveness of the proposed venture.
A)True
B)False
Answer: True
Q3) Which of the following issues should be considered in industry/target market feasibility analysis?
A) gaps in the marketplace
B) financial rate of return
C) resource sufficiency
D) industry attractiveness
E) industry trends
Answer: D
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Chapter 4: Writing a Business Plan
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75 Verified Questions
75 Flashcards
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Sample Questions
Q1) A(n) ________ is a graphic representation of how authority and responsibility are distributed within a company.
A) organizational chart
B) personnel chart
C) human resources chart
D) administrative chart
E) directional chart
Q2) According to the textbook, many investors and others who read business plans look first at the executive summary and then go directly to the ________ section of the business plan to make their preliminary assessment.
A) management team and company structure
B) product (or service) design and development plan
C) industry analysis
D) marketing plan
E) operations plan
Q3) The first rule in making oral presentation is to be as creative as possible.
A)True
B)False
Q4) What is a business plan?
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Chapter 5: Industry and Competitor Analysis
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75 Verified Questions
75 Flashcards
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Sample Questions
Q1) The first step in a competitor analysis is to determine who the competition is.
A)True
B)False
Q2) What is industry analysis? Why is it important for a new venture to complete a thorough analysis of the industry it is entering?
Q3) The primary opportunity existing for startups in fragmented industries is to:
A) pursue a niche strategy, which focuses on a narrow segment of the industry that might be encouraged to grow through product or process innovation
B) win customers by placing an emphasis on service and process innovation
C) capture a first-mover advantage
D) pursue a cost reduction strategy, which is accomplished through achieving lower costs than industry incumbents through process innovation
E) consolidate the industry and establish industry leadership as a result of doing so
Q4) Discuss the nontraditional barriers to entry identified in the chapter. Why is it important that entrepreneurial firms utilize one or more of these forms of barriers to entry?
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Chapter 6: Developing an Effective Business Model
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75 Flashcards
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Sample Questions
Q1) A company's product/market scope defines the products and markets on which it will concentrate.
A)True
B)False
Q2) Why is it important for a firm to have a well-thought-out business model?
Q3) A ________ is a resource or capability that serves as a source of a firm's competitive advantage over its rivals.
A) foundational competency
B) core competency
C) distinctive attribute
D) center attribute
E) core element
Q4) A clearly articulated business model serves as an ongoing extension of feasibility analysis.
A)True
B)False
Q5) Almost all firms partner with others to make their business models work.
A)True
B)False
Q6) Describe the two potential fatal flaws of business models.
Page 8
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Chapter 7: Preparing the Proper Ethical and Legal Foundation
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Sample Questions
Q1) A founders' agreement is a written document that deals with issues such as the relative split of the equity among the founders of the firm.
A)True
B)False
Q2) A noncompete agreement prevents an individual from competing against a former employer for a specific period of time.
A)True
B)False
Q3) Most C corporations have two classes of stock:
A) premium and normal
B) common and preferred
C) standard and substandard
D) regular and special
E) ordinary and distinct
Q4) In a small number of communities across the United States, a business needs a license to operate.
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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75 Verified Questions
75 Flashcards
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Sample Questions
Q1) Peggy Owens owns a store that sells exercise equipment. Each January 1, she makes a very accurate account of all her merchandise and products waiting to be sold that are in her store. On January 1, Peggy is taking account of her store's:
A) long-term assets
B) owners' equity
C) accounts payable
D) accounts receivable
E) inventory
Q2) Describe the purpose of the income statement, the balance sheet, and the statement of cash flows.
Q3) According to the textbook, the most important function of the pro forma statement of cash flows is to project whether the firm will have sufficient:
A) income to meets it payroll on a weekly or monthly basis
B) income to exceed industry norms
C) cash to meet its needs
D) inventory to meet its sales and production forecasts
E) short term assets to cover its short term liabilities
Q4) Describe each of the four primary financial objectives of firms.
Page 10
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Chapter 9: Building a New Venture Team
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Sample Questions
Q1) Which of the following statements about advisory boards is incorrect?
A) The fact that a corporation has a board of directors does not preclude it from establishing one or more advisory boards.
B) An advisory board can be established for general purposes or can be set up to address a specific issue or need.
C) Similar to a board of directors, an advisory board has legal responsibility for the firm in certain areas.
D) 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.
E) A growing number of start-ups are forming advisory boards.
Q2) 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
Q3) What is the difference between a heterogeneous and a homogeneous founding team? Which type of team has the advantage?
Q4) What is SCORE? What is its role in helping a firm fill out its new venture team?
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11
Chapter 10: Getting Financing or Funding
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75 Verified Questions
75 Flashcards
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Sample Questions
Q1) Very few founders contribute personal funds to their ventures.
A)True
B)False
Q2) There are three reasons that most firms need to rains money during their early life: cash flow challenges, capital investments, and lengthy product development cycles.
A)True
B)False
Q3) Which of the following statements is not correct regarding the SBA 7(A) Loan Guaranty Program?
A) It is the most notable SBA program available to small businesses.
B) The program accounts for 90 percent of the SBA's loan activity.
C) The 7(A) guaranty program has a direct loan counterpart, the 7(B) direct loan program.
D) Almost all small businesses are eligible to apply for it.
E) A 7(A) guaranteed loan can be used for working capital.
Q4) The number of angel investors in the United States has increased dramatically over the past decade.
A)True
B)False
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Chapter 11: Unique Marketing Issues
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75 Verified Questions
75 Flashcards
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Sample Questions
Q1) According to the textbook, a successful brand can increase the market value of a company by:
A) 5 to 10 percent
B) 20 to 30 percent
C) 40 to 50 percent
D) 50 to 75 percent
E) 75 to 100 percent
Q2) In value-based pricing, the list price is determined by estimating what customers are willing to pay for a product and then backing off a bit to provide a cushion.
A)True
B)False
Q3) A distribution channel is the route a product takes from the place it is made to the customer who is the end user.
A)True
B)False
Q4) A firm's marketing mix is the assortment of products and services that it sells.
A)True
B)False
Q5) What is a brand? How does a new firm develop a brand?
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Chapter 12: The Importance of Intellectual Property
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Sample Questions
Q1) The Good Housekeeping Seal of Approval is an example of a:
A) collective mark
B) shared mark
C) service mark
D) certification mark
E) assessment mark
Q2) The federal Economic Espionage Act, passed in 1996, criminalizes the theft of trade secrets.
A)True
B)False
Q3) A utility patent can be obtained for a new product or process or the "idea" for a new product or process.
A)True
B)False
Q4) Which of the following is an example of a certification mark?
A) Overstock.com
B) International Franchise Association
C) Underwriter's Laboratories
D) Rotary International
E) 1-800-FREE-411
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Chapter 13: Preparing for and Evaluating the Challenges of Growth
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Sample Questions
Q1) All businesses have the potential to be aggressive growth firms.
A)True
B)False
Q2) Most entrepreneurial firms try to grow and see it as an important part of their ability to remain successful.
A)True
B)False
Q3) According to Chapter 13, business success doesn't always scale. What is meant by this statement?
Q4) ________ are costs that a company incurs whether it sells something or not. ________ are the costs a company incurs as it generates sales.
A) Preset costs, marginal costs
B) Variable, fixed costs
C) Set costs, marginal costs
D) Fixed costs, variable costs
E) Marginal costs, set costs
Q5) Fixed costs are the costs a company incurs as it generates sales.
A)True
B)False
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Chapter 14: Strategies for Firm Growth
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75 Flashcards
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Sample Questions
Q1) Internally generated growth is often called organic growth because it relies on outside intervention.
A)True
B)False
Q2) Qualcomm, a high-tech company headquartered in San Diego, owns the rights to several of the key components that permit cell phones to work. Instead of selling cell phones itself, Qualcomm grants permission to many companies, such as Samsung and LG, to use specific forms of its intellectual property in exchange for monetary compensation. Qualcomm in engaging in an external growth strategy referred to as:
A) licensing
B) strategic alliances
C) acquisitions
D) new product development
E) joint ventures
Q3) The majority of entrepreneurial firms first enter foreign markets as exporters.
A)True
B)False
Q4) Explain the difference between internal and external growth strategies? Provide examples of each.
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Chapter 15: Franchising
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Sample Questions
Q1) Franchising is appropriate when:
A) a firm's business methods are not polished, it has a desire to grow, and it is trying to commercialize a technology product
B) a firm has a strong trademark, a desire to grow, and a well-designed business method
C) a firm is trying to commercialize a technology product, it is well-funded, and it has a desire to grow
D) a firm has a weak trademark, it is well-funded, and it has a desire to grow
E) a firm has a desire to grow, it has a well-designed business method, and it is well funded
Q2) In the majority of cases, a franchisee pays a royalty based on a percentage of weekly or monthly net income.
A)True B)False
Q3) The primary disadvantage of franchising is that an organization allows others to profit from its trademark and business method.
A)True
B)False
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