Technology Entrepreneurship
Textbook Exam Questions
Course Introduction
Technology Entrepreneurship explores the process of creating and growing technology-based ventures. This course covers the identification and evaluation of innovative business opportunities, business model development, resource acquisition, and the strategic challenges encountered within technology-driven markets. Students examine case studies, hear from industry experts, and participate in hands-on projects to develop skills in pitching, financing, and managing startups. Emphasis is placed on the dynamic relationship between technological innovation and entrepreneurial activity, equipping students with practical tools to navigate the complexities of launching and sustaining successful tech enterprises.
Recommended Textbook
Entrepreneurship 11th Edition by
Robert D Hisrich
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15 Chapters
1225 Verified Questions
1225 Flashcards
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Page 2
Chapter 1: The Entrepreneurial Mind-Set
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Sample Questions
Q1) All of the following statements are true of sustainable entrepreneurship except:
A) Entrepreneurs with a positive attitude toward the natural environment never disengage these values to exploit an opportunity.
B) It is not just the natural environment that needs sustained; communities also need to be preserved.
C) Environmental gains include reduced air pollution, improved air quality, and enhanced living conditions.
D) Social gains include improved child survival rates, longer life expectancy, and equal opportunity.
Answer: A
Q2) When entrepreneurs make do by applying combinations of the resources at hand to new problems and opportunities,this is known as:
A) sustainable entrepreneurship
B) perceived desirability
C) entrepreneurial intentions
D) bricolage
Answer: D
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Chapter 2: Corporate Entrepreneurship
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Sample Questions
Q1) Having an entrepreneurial orientation toward the control of resources means:
A) that one focuses on accessing others' resources.
B) that one focuses on purchasing resources.
C) that one has a belief that resources are unlimited and therefore easy to obtain.
D) that one focuses on using a hierarchy management structure in allocating resources.
Answer: A
Q2) An entrepreneur with loss-orientation would talk about the business-failure with a close friend or relative.
A)True
B)False
Answer: True
Q3) One study found that new ventures started within a corporation performed better than those started independently by entrepreneurs.
A)True
B)False
Answer: False
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Chapter 3: Generating and Exploiting New Entries
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Sample Questions
Q1) A broad-scope strategy:
A) is vulnerable to the risk that market demand does not materialize as expected and/or changes over time.
B) opens the firm up to many different "fronts" of competition.
C) focuses the firm on producing customized products, localized business operations, and high levels of craftsmanship.
D) offers a way of reducing some competition-related risks.
Answer: B
Q2) An entrepreneurial strategy has three key stages-the generation of a new entry opportunity,the exploitation of a new entry opportunity,and a feedback loop back to the first stage.
A)True
B)False
Answer: True
Q3) Imitation of other products increases the risk of downside loss associated with new entry.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Creativity and the Business Idea
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Sample Questions
Q1) New products may be classified from the viewpoint of either the consumer or the firm.
A)True
B)False
Q2) This problem-solving method requires the entrepreneur to list the properties of an item or problem and then look at each from a variety of viewpoints.
A) Value analysis
B) Attribute listing
C) Brainwriting
D) Big-dream approach
Q3) Brainstorming is an unstructured process used for generating possible ideas about a problem within a limited time frame through the spontaneous contributions of participants.
A)True
B)False
Q4) Using the big-dream approach,a new idea is developed through a list of related issues or suggestions.
A)True
B)False
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Chapter 5: Identifying and Analyzing Domestic and International Opportunities
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Sample Questions
Q1) A vertical merger is the combination of two firms that produce one or more of the same or closely related products in the same geographical area.
A)True
B)False
Q2) Useful government sources of information include Business Source Complete and Mergent.
A)True
B)False
Q3) Discuss government stability and political risk when applied to international versus domestic business.Identify and briefly describe the three major types of political risk.
Q4) ________ is a nonprofit organization that provides free online and in-person assistance to entrepreneurs in the form of training,consulting and mentoring provided mainly by retired executives and entrepreneurs.
A) CSBC
B) NAICS
C) SCORE
D) SIC
Q5) List the seven various aspects of culture.
Page 7
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Chapter 6: Protecting the Idea and Other Legal Issues for the Entrepreneur
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Sample Questions
Q1) Casualty insurance may include fire,burglary and theft,and business interruption coverage.
A)True
B)False
Q2) A provisional patent application can be used to establish the date of conception of the invention.
A)True
B)False
Q3) A trade secret is protected by state law.
A)True
B)False
Q4) Copyright law does not apply to music,especially when downloaded from the Internet.
A)True
B)False
Q5) Intellectual property is any patents,trademarks,copyrights,or trade secrets held by an entrepreneur.
A)True
B)False
Q6) Define a trade secret and briefly discuss a noncompetition agreement. Page 8
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Page 9
Chapter 7: The Business Plan: Creating and Starting the Venture
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Sample Questions
Q1) Operations information that may be needed for the business plan include-location,manufacturing operations,raw materials,equipment,labor skills,space,and technology.
A)True
B)False
Q2) All of the following are reasons to enact a contingency plan,except:
A) changes in fashion.
B) changes in regulations.
C) a technology breach.
D) a tornado or hurricane.
Q3) Standard & Poor's and the U.S.government are good sources of industry and market data.
A)True
B)False
Q4) When collecting marketing information the entrepreneur should:
A) not include general environmental information.
B) start with narrow-based data and work down to a more broader scope of information.
C) identify competitors.
D) not aim to define a specific market.
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Chapter 8: The Marketing Plan
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Sample Questions
Q1) Which of the following is an internal environmental variable
A) The economy
B) Technology
C) Industry demand
D) Financial resources
Q2) The ________ is the specific group of potential customers toward which a venture aims its marketing plan.
A) target market
B) external environmental factor
C) channel of distribution
D) consumer market
Q3) When budgeting the marketing strategy,a reasonable budget is a percentage of forecasted total production costs.
A)True
B)False
Q4) The marketing budget will depend on a number of factors such as the size of the business,time the venture has been operating,type of business,and resources available.
A)True
B)False
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Chapter 9: The Organizational Plan
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Sample Questions
Q1) A board of advisors has less decision making authority than a board of directors does.
A)True
B)False
Q2) Identify the nine areas an entrepreneur should consider in choosing a legal form of organization.
Q3) A ________ can raise capital through bonds,stock and debt.
A) sole proprietorship
B) partnership
C) corporation
D) LLP
Q4) Shares of stock are issued to members of a limited liability company.
A)True
B)False
Q5) What are the main characteristics of an LLC
Q6) The corporation is considered a legal person that is taxable and absorbs liability.
A)True
B)False
Q7) Discuss the advantages and disadvantages of an S-Corporation.
Page 12
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Chapter 10: The Financial Plan
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Sample Questions
Q1) Labor hours,utility costs,or training costs are considered direct costs.
A)True
B)False
Q2) Using a spreadsheet software package is helpful when developing budgets as it helps to gauge the impact of different financial scenarios.
A)True
B)False
Q3) Large positive cash flows usually occur in the first months of a new venture.
A)True
B)False
Q4) Fixed expenses:
A) are incurred regardless of sales volume.
B) can be estimated by taking into consideration the production.
C) includes labor, raw materials, and commissions.
D) must be linked to strategy in the business plan.
Q5) ________ represent(s)money that is owed to creditors.
A) Assets
B) Cash flow
C) Owner equity
D) Liabilities
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Chapter 11: Sources of Capital
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Sample Questions
Q1) When borrowing from friends and family,the entrepreneur should avoid putting agreements in writing to avoid future disagreements.
A)True
B)False
Q2) When using equity financing from family and friends:
A) business arrangements should be in good faith.
B) details such as terms of the investment and rights of the investor need not be in writing.
C) they can be more patient than other investors in when they expect a return on investment.
D) since the amount of money is usually small, they do not have an ownership position in the venture.
Q3) Which of the following is not a form of cash flow financing
A) Trust receipt
B) Character loan
C) Line of credit
D) Installment loan
Q4) Briefly define debt financing and equity financing.Which key factors favor one type of financing over another
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Chapter 12: Informal Risk Capital, Venture Capital, and Going Public
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Q1) The securities of certain smaller companies going public must also be qualified under the ________ of each state where the securities will be offered.
A) Securities and Exchange Commission
B) Markets Improvement Act
C) Internal Revenue Service
D) blue sky laws
Q2) The best source of funds for first-stage financing is the venture-capital market.
A)True
B)False
Q3) Many times Internet companies are valued according to the number of users they have and the data that is generated such as page views and unique visitors.
A)True
B)False
Q4) The underwriting syndicate is a group of firms involved in selling stock to the public.
A)True
B)False
Q5) Identify the main advantages and disadvantages of going public.
Page 15
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Chapter 13: Strategies for Growth and Managing the Implication of Growth
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Sample Questions
Q1) Even when cash flow problems are discovered,the pro forma budgeted amounts should never be changed.
A)True
B)False
Q2) In growing the workforce,entrepreneurs face the decision of what proportion of the workforce should be permanent and what proportion should be part time.Briefly explain some of the trade-offs the entrepreneur faces when deciding the composition of the firm's workforce.
Q3) The grocery and pharmaceutical industries have developed a computerized system to link chain members together and manage demand,distribution,and marketing.
A)True
B)False
Q4) The penetration growth strategy:
A) focuses on developing new products for the existing market.
B) relies on taking market share from competitors.
C) expands the firm's product offering with complementary products.
D) aims to take new products into new markets.
Q5) Explain the four types of entrepreneurs and firm growth.
Q6) What benefits can an entrepreneur receive from better time management
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Chapter 14: Accessing Resources for Growth From External
Sources
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Q1) Often,when a business changes hands,key employees move into the acquiring company.
A)True
B)False
Q2) The integration task phase of negotiation explores mutual benefits for the parties.
A)True
B)False
Q3) The most common type of joint venture is:
A) international joint ventures.
B) created for cooperative research.
C) an industry-university agreement.
D) between two or more private sector companies.
Q4) The ________ is the range of outcomes between the entrepreneur's reservation price and the reservation price of the other party.
A) reservation price
B) franchise price
C) bargaining zone
D) break-even price
Q5) Discuss the main disadvantages of an acquisition.
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Chapter 15: Succession Planning and Strategies for
Harvesting and Ending the Venture
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Sample Questions
Q1) A "management buyout" is the same thing as an "ESOP."
A)True
B)False
Q2) Exchanging stock or something else for existing debt under Chapter 11 bankruptcy is called:
A) amendment.
B) extension.
C) composition settlement.
D) substitution.
Q3) The early signs of bankruptcy are most often:
A) apparent to the entrepreneur.
B) interrelated.
C) occur in isolated instances.
D) unavoidable.
Q4) It is common for a buyer to purchase a business using notes based on future profits.
A)True
B)False
Q5) When transferring a business to family members,list the critical factors that an effective succession plan needs to consider.
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