Strategic Entrepreneurship
Test Preparation
Course Introduction
Strategic Entrepreneurship explores the intersection of entrepreneurial thinking and strategic management, equipping students with the knowledge and tools to identify, evaluate, and pursue innovative opportunities within organizations or through new ventures. The course emphasizes the formulation and implementation of entrepreneurial strategies to achieve competitive advantage in dynamic markets. Students analyze real-world cases and apply frameworks to assess opportunity recognition, resource acquisition, innovation, business model design, and the scaling of ventures. By fostering an entrepreneurial mindset paired with strategic discipline, the course prepares students to lead and drive value creation in diverse organizational settings.
Recommended Textbook
Entrepreneurship Successfully Launching New Ventures MA 4th Edition by Barringer Bruce
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15 Chapters
1125 Verified Questions
1125 Flashcards
Source URL: https://quizplus.com/study-set/1517 Page 2
Chapter 1: Introduction to Entrepreneurship
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/30049
Sample Questions
Q1) Entrepreneurship is the process by which individuals pursue opportunities within the constraints of the resources they control.
A)True
B)False
Answer: False
Q2) At the high school and younger level, according to a Harris Interactive Survey, ________ said they'd like to start their own business someday.
A) 10%
B) 20%
C) 30%
D) 40%
E) 50%
Answer: D
Q3) Established firms with an entrepreneurial emphasis are proactive, innovative, and risk-taking.
A)True
B)False
Answer: True
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Chapter 2: Recognizing Opportunities and Generating Ideas
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/30056
Sample Questions
Q1) Hulu.com allows people to watch television shows and movies on the Internet. Hulu.com's business opportunity was made possible by ________ that enhanced the ability of television shows and movies to be uploaded to the Internet and played by anyone with a suitable computer and an Internet connection.
A) social forces
B) technological advances
C) legal changes
D) regulatory changes
E) economic forces
Answer: B
Q2) Which of the following is correct regarding opportunities and ideas?
A) An opportunity and an idea are essentially the same thing.
B) An idea almost always meets the criteria of an opportunity.
C) An opportunity is a thought, an impression, or a notion.
D) An idea is a favorable set of circumstances that creates a need for a new product, service, or business.
E) It's important to discern whether a particular idea meets the criteria for an opportunity.
Answer: E
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Chapter 3: Feasibility Analysis
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/30057
Sample Questions
Q1) Which of the following is an example of a resource that normally would not be evaluated as part of the "resource sufficiency" stage of organizational feasibility analysis?
A) ability to form favorable business partnerships
B) financial resources
C) affordable office space
D) key equipment needed to operate the business
E) key support personnel
Answer: B
Q2) Industry/target market feasibility is an assessment of the overall appeal of the industry and the target market for the product or service being proposed.
A)True
B)False
Answer: True
Q3) Primary research is research that is collected by the person or persons completing the analysis.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Writing a Business Plan
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/30058
Sample Questions
Q1) A(n) ________, in a business plan context, is a noteworthy event in the past or future development of a business.
A) aspiration
B) intention
C) signpost
D) milestone
E) target
Q2) Kate Payne was reading the business plan for New Venture Fitness Drinks, and noticed that prior to its financial statements, New Venture Fitness Drinks placed an explanation of the sources of the numbers for the statements and the assumptions used to generate them. This explanation is called a(n):
A) estimate sheet
B) hypothesis sheet
C) assumptions sheet
D) forecast sheet
E) forecast hypothesis
Q3) A firm's operating leverage is an analysis of its debt versus its equity.
A)True
B)False
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Page 6
Chapter 5: Industry and Competitor Analysis
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/30059
Sample Questions
Q1) Jeremy Banks recently started a new firm in the financial services industry. Prior to starting his firm, he spent considerable time doing research on the potential of the industry. The research that Jeremy was doing is called:
A) industry analysis
B) sector analysis
C) commercial analysis
D) business analysis
E) target market analysis
Q2) The best industry to enter is an industry where the threat of each of Porter's five-forces is low.
A)True
B)False
Q3) The five industry types discussed in the book include:
A) launching, fragmented, leveled-off, declining, and global
B) emerging, climbing, mature, declining, and worldwide
C) emerging, fragmented, mature, declining, and global
D) climbing, peaking, plateaued, declining, and international
E) launching, consolidated, plateaued, mature, and worldwide
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Chapter 6: Developing an Effective Business Model
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/30060
Sample Questions
Q1) Which of the following are the primary elements of a startup's core strategy?
A) target customer, fulfillment and support, pricing structure
B) suppliers, partners, other key relationships
C) pricing structure, suppliers, strategic assets
D) core competencies, strategic assets, funding model
E) mission statement, product/market scope, basis for differentiation
Q2) The term ________ refers to initiatives, such as Netflix in movie rentals and Zipcar in car sharing, which revolutionize how products are sold in an industry.
A) product model modernism
B) business model innovation
C) feasibility analysis innovation
D) value innovation
E) opportunity innovation
Q3) There is no standard business model that dictates how firms in a particular industry should compete.
A)True
B)False
Q4) What is meant by the statement, "A firm's business model takes it beyond its own boundaries"? Provide an example to illustrate your answer.
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Chapter 7: Preparing the Proper Ethical and Legal Foundation
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75 Flashcards
Source URL: https://quizplus.com/quiz/30061
Sample Questions
Q1) Partnerships are organized as either:
A) specific or general partnerships
B) narrow or broad partnerships
C) inward or outward partnerships
D) general or limited partnerships
E) partial or full partnerships
Q2) 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
Q3) The Savvy Entrepreneurial Firm feature in Chapter 6 focuses on the topic of vesting company stock. According to the feature, a typical startup's vesting schedule lasts ________ and includes a 12-month cliff.
A) 12 months
B) 12 months to 24 months
C) 24 months to 36 months
D) 36 months to 48 months
E) 48 months to 60 months
Page 9
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Chapter 8: Assessing a New Ventures Financial Strength and Viability
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/30062
Sample Questions
Q1) Which of the following statements about pro forma financial statements is incorrect?
A) Pro forma financial statements are projections for future periods based on forecasts.
B) Pro forma financial statements are typically completed for two to three years into the future.
C) Pro forma financial statements are required by the SEC.
D) Most companies consider their pro forma financial statements to be confidential and reveal them to outsiders only on a "need to know basis."
E) Pro forma financial statements are strictly planning tools.
Q2) The income statement records all the revenues and expenses for a given period and shows whether the firm is making a profit or is experiencing a loss.
A)True
B)False
Q3) The same financial ratios used to evaluate a firm's historical financial statement should be used to evaluate the pro forma financial statements.
A)True
B)False
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10
Chapter 9: Building a New Venture Team
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/30063
Sample Questions
Q1) Keith Barnes is a general partner in a venture capital firm that just funded South Florida Software, a software firm in Coral Gables, Florida. South Florida Software is incorporated, and Keith has taken a seat on the firm's board of directors. In board of directors terminology, Keith is a(n):
A) subordinate director
B) senior director
C) distant director
D) inside director
E) outside director
Q2) A ________ is the group of founders, key employees, and advisers that move a new venture from an idea to a fully functioning firm.
A) new venture panel
B) startup team
C) new venture team
D) new project team
E) startup cadre
Q3) What is a skills profile and what is it used for?
Q4) Describe the term "liability of newness" and suggest several ways that a new venture can overcome this handicap.
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Chapter 10: Getting Financing or Funding
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/30050
Sample Questions
Q1) Which of the following statements is incorrect regarding equity funding?
A) Equity investors expect to get their money back, along with a substantial capital gain, through the sale of their stock.
B) Angel investors are a common source of equity funding.
C) Equity funding is not a loan.
D) Equity investors are very demanding.
E) Equity investors fund the majority of the plans they consider.
Q2) 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
Q3) What is the difference between equity funding and debt financing? What are the most common sources of equity funding and debt financing?
Q4) What is an elevator speech? How did it get its name?
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Chapter 11: Unique Marketing Issues
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/30051
Sample Questions
Q1) A firm's target market is the limited group of individuals or businesses that it goes after or tries to appeal to.
A)True
B)False
Q2) Creating ________ means creating awareness and a sense of anticipation about a company and its offerings.
A) ruckus
B) noise
C) clatter
D) clamor
E) buzz
Q3) According to the textbook, most experts recommend ________ pricing because it hinges on the perceived value of a product or service.
A) value-based
B) cost-based
C) competitive-based
D) tactical
E) strategic
Q4) 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) Certification marks are similar to ordinary trademarks, but they are used to identify the services or intangible activities of a business rather than a business's physical product.
A)True
B)False
Q2) What is intellectual property? Why is it called "intellectual" property? Why is intellectual property such an important issue for entrepreneurial firms?
Q3) Trademark law falls under the Lanham Act, which passed in 1946.
A)True
B)False
Q4) The average time for the approval of a patent is 19 months.
A)True
B)False
Q5) 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
Q6) Identify and briefly describe the three types of patents.
Q7) What is a copyright? What is protected by a copyright?
Page 14
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Chapter 13: Preparing for and Evaluating the Challenges of Growth
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Sample Questions
Q1) Most entrepreneurial firms try to grow and see it as an important part of their ability to remain successful.
A)True
B)False
Q2) Which of the following options was not identified in the textbook as an appropriate reason for growth?
A) need to accommodate the growth of key customers
B) influence, power, and survivability
C) economies of scale
D) market leadership
E) maintain the appearance that the firm is successful
Q3) The author of the book titled The Theory of the Growth of the Firm, which is referred to in Chapter 13, is:
A) Gary Hammel
B) Joseph Schumpeter
C) Edith Penrose
D) Michael Porter
E) Tom Peters
Q4) What is the organizational life cycle and why is it important?
Page 15
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Chapter 14: Strategies for Firm Growth
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Sample Questions
Q1) In regard to acquisitions, many firms have found that the process of assimilating another company into their current operations is not easy and can stretch finances to the brink.
A)True
B)False
Q2) Which of the following is an advantage of internal growth strategies?
A) encourages internal entrepreneurship
B) adds to industry capacity
C) need to develop new resources
D) investment in a failed internal effort can be difficult to recoup
E) slow form of growth
Q3) Which of the following was identified in the textbook as an advantage of participating in strategic alliances and joint ventures?
A) risk and cost sharing
B) loss of organizational flexibility
C) partners' cultures may clash
D) risk becoming dependent on a partner
E) loss of proprietary information
Q4) Describe what a joint venture is. Identify the two types of joint ventures.
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Chapter 15: Franchising
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/30055
Sample Questions
Q1) The royalty fees a franchisee pays are usually around 10 percent of gross income.
A)True
B)False
Q2) An individual who owns and operates more than one outlet of the same franchisor, whether through an area or a master franchise agreement, is referred to as a:
A) multifaceted franchisee
B) super franchisee
C) various-unit franchisee
D) compound franchisee
E) multiple-unit franchisee
Q3) To avoid making a hasty judgment, a franchisee may not purchase a franchise for ________ from the time the Franchise Disclosure Document is received.
A) 1 day
B) 3 days
C) 10 days
D) 14 days
E) 30 days
Q4) How can a person tell if franchising is right for them?
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Page 17