Technology Venture Formation
Exam Questions
Course Introduction
Technology Venture Formation explores the process of transforming innovative technological ideas into viable business ventures. This course covers essential topics such as opportunity identification, market analysis, business model development, intellectual property strategies, funding mechanisms, and team formation. Students will learn how to assess the commercial potential of technologies, create robust business plans, and navigate the challenges of startup growth and scaling. Through case studies, real-world projects, and interactions with entrepreneurs and industry experts, participants will gain practical skills needed to launch and manage technology-driven startups.
Recommended Textbook
Entrepreneurship Successfully Launching New Ventures 5th Edition by Bruce R. Barringer
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15 Chapters
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Page 2
Chapter 1: Introduction to Entrepreneurship
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Sample Questions
Q1) Colorado Sandwich, Soup and Salad is a casual dining restaurant that has been owned by Stephanie Peterson for the past 14 years. The restaurant offers a menu that is typical for casual dining restaurants and affords Stephanie a level of income that is similar to what she would earn in a conventional job. According to the textbook, Colorado Sandwich, Soup and Salad is an example of a(n) ________ firm.
A) salary-substitute
B) entrepreneurial
C) quality-of-life
D) lifestyle
E) industry-standard
Answer: A
Q2) Innovation is the process of creating something new, which is central to the entrepreneurial process.
A)True
B)False
Answer: True
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Chapter 2: Recognizing Opportunities and Generating Ideas
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Sample Questions
Q1) An opportunity has the following four essential qualities ________.
A) attractive; timely; durable; and anchored in a product, service, or business that creates or adds value for its buyer or end user
B) practical; opportune; appropriate; and anchored in a product, service, or business that is efficient and effective
C) realistic; striking; timely; and anchored in a product, service, or business that is timely
D) attention-getting; attractive; timely; and anchored in a product, service, or business that creates or adds value for its buyer or end user
E) attractive, durable, resilient, and opportune
Answer: A
Q2) Many new businesses are successful by taking advantage of fads.
A)True
B)False
Answer: False
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4
Chapter 3: Feasibility Analysis
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Sample Questions
Q1) Quirky is a Web site that allows you to submit product ideas to a community that vets and provides feedback on the ideas.
A)True
B)False
Answer: True
Q2) The two primary issues to consider in organizational feasibility analysis are
A) target market attractiveness and financial rate of return
B) management prowess and resource sufficiency
C) capital requirements and industry attractiveness
D) concept testing and financial rate of return
E) industry attractiveness and overall attractiveness of the investment
Answer: B
Q3) Product/service feasibility analysis is an assessment of the overall appeal of the product or service being proposed.
A)True
B)False
Answer: True
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Chapter 4: Developing an Effective Business Model
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Sample Questions
Q1) Advertising, commissions, download fees, licensing, and product sale are examples of ________.
A) revenue streams
B) basis of differentiation
C) key assets
D) channels
E) cost structure
Q2) According to the textbook, there are three categories of costs to consider when completing the "financing/funding" section of the Barringer/Ireland Business Model Template. These are ________.
A) setup costs, one-time expenses, and costs associated with incorporating the firm
B) capital costs, marketing costs, and provisions for ramp-up expenses
C) setup costs, marketing costs, and operating costs
D) capital costs, one-time expenses, and provisions for ramp-up expenses
E) operating costs, capital costs, and costs associated with setting up the firm
Q3) A firm's revenue streams describe the ways in which it makes money.
A)True
B)False
Q4) Describe the Barringer/Ireland Business Model Template and discuss its purpose.
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Chapter 5: Industry and Competitor Analysis
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Sample Questions
Q1) A(n) ________ industry is an industry that is experiencing slow or no increase in demand.
A) declining
B) global
C) mature
D) emerging
E) fragmented
Q2) A fragmented industry is an industry that is experiencing slow increases in demand, numerous repeat customers, and limited product innovation.
A)True
B)False
Q3) Which of Porter's five forces is most closely associated with the concept "barrier to entry"?
A) Bargaining power of suppliers
B) Rivalry among existing firms
C) Threat of new entrants
D) Bargaining power of buyers
E) Threat of substitutes
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Chapter 6: Writing a Business Plan
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Sample Questions
Q1) For most business plans, 25 to 35 pages are sufficient.
A)True
B)False
Q2) What section of the business plan deals with the day-to-day operations of a company?
A) Financial plan
B) Marketing plan
C) Operations plan
D) Industry analysis
E) Executive summary
Q3) Melanie Summer spoke to an investor who is interested in her business idea. Melanie offered to send the investor a copy of her full business plan, but the investor asked for a short overview of the business plan instead. What portion of her business plan should Melanie send the investor?
A) Marketing plan
B) Executive summary
C) Elevator pitch
D) Company description
E) Operations plan
Q4) What are the two main reasons for writing a business plan?
Page 8
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Chapter 7: Preparing the Proper Ethical and Legal Foundation
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Sample Questions
Q1) A code of ________ is a formal statement of an organization's values on certain ethical and social issues.
A) conduct
B) behavior
C) performance
D) principles
E) morals
Q2) A corporation is formed by filing ________ with the Secretary of State's office in the state of incorporation.
A) a certificate of intent to incorporate
B) articles of business
C) corporate credentials
D) a corporation permit
E) articles of incorporation
Q3) Which of the following is a disadvantage of a C Corporation?
A) Income is subject to double taxation.
B) Limited liability
C) Raising capital is easier than a partnership or sole proprietorship.
D) Stock is liquid if traded on a major stock exchange.
Page 9
E) No restrictions exist on the number of shareholders.
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Chapter 8: Assessing a New Venture's Financial Strength and Viability
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Sample Questions
Q1) GymFlow, the company profiled in the opening feature in Chapter 8, created a mobile app that shows how busy a gym is at any given point in time. According to the case, in regard to financial management, the cofounders of GymFlow found that ________ was one of their most difficult challenges.
A) managing accounts payable
B) managing accounts receivable
C) projecting future income
D) projecting future expenses
E) completing financial statements
Q2) The What Went Wrong? feature for Chapter 8 focuses on Wise Acre Frozen Treats, a company that made organic popsicles from unrefined sweeteners. According to the feature, Wise Acre Frozen Treats failed largely because it ________.
A) grew too quickly, which overwhelmed its cash flow
B) was not careful enough in preparing its pro forma financial statements
C) was not efficient in the way it utilized its assets
D) spent too much money on marketing
E) did not compare its financial ratios to industry peers
Q3) Describe the difference between historical and pro forma financial statements.
Q4) What is ratio analysis? Why is it important?
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Chapter 9: Building a New-Venture Team
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Sample Questions
Q1) In the context of boards of directors, a(n) ________ director is a person who is also an officer of the firm.
A) outside
B) junior
C) inside
D) expert
E) senior
Q2) In the context of boards of directors, a(n) ________ director is someone who is not employed by the firm.
A) outside
B) inside C) external
D) impartial
E) peripheral
Q3) Are more firms started by individuals or founding teams? What are the advantages to founding a firm as a team rather than as an individual?
Q4) What is SCORE? What is its role in helping a firm fill out its new venture team?
Q5) 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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Sample Questions
Q1) The three common sources of "personal" financing for a startup firm are personal funds, friends and family, and bootstrapping.
A)True
B)False
Q2) The number of angel investors in the United States has decreased dramatically over the past decade.
A)True
B)False
Q3) Equity financing (or funding) means ________.
A) exchanging partial ownership in a firm, usually in the form of stock, for funding
B) getting a grant or outright gift
C) getting a loan
D) getting a lease
E) getting a loan guarantee
Q4) The vast majority of founders contribute personal funds along with sweat equity to their ventures.
A)True
B)False
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Page 12
Chapter 11: Unique Marketing Issues
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Sample Questions
Q1) Annie Clarke owns a smartphone app development firm. The way Annie prices her products is to determine what consumers are willing to pay, and then she backs off a bit to provide a cushion. The method that Annie used to determine her prices is called ________ pricing.
A) predatory
B) technical
C) cost-based
D) competitive-based
E) value-based
Q2) A brand is the set of attributes-positive or negative-that people associate with a company.
A)True
B)False
Q3) A(n) ________ channel is a route a product takes from the place it is made to the customer who is the end user.
A) trade
B) product
C) allotment
D) promotion
E) distribution
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Chapter 12: The Importance of Intellectual Property
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Sample Questions
Q1) Patents, trademarks, copyrights, and licenses are the four key forms of intellectual property.
A)True
B)False
Q2) ________ 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) Creative
B) Intangible
C) Examination
D) Service
E) Subtle
Q3) Which of the following are the four key forms of intellectual property protection?
A) Patents, copyrights, trademarks, and trade secrets
B) Discoveries, covenants, trademarks, patents
C) Patents, official documents, copyrights, inventions
D) Discoveries, Internet domain names, innovations, trademarks
E) Convents, inventions, opportunities, and copyrights
Q4) What is a trademark? Why are trademarks important?
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Chapter 13: Preparing for and Evaluating the Challenges of Growth
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Sample Questions
Q1) According to Penrose, entrepreneurial services generate new market, product, and service ideas.
A)True
B)False
Q2) Kendell Adams owns a software development company. When he first launched his firm, he was careful to hire employees who had the experience he was looking for, were good matches for the positions he had available, and could be properly supervised. As Kendell's firm has grown, and his need for employees has increased, he is finding that it is increasingly difficult to find employees who have the qualifications he is looking for, are good matches for the positions he has available, and fit within the supervisory framework he has developed. Kendell is dealing with an issue referred to as ________.
A) adverse hazard
B) adverse selection
C) complicated hazard
D) ethical hazard
E) moral selection
Q3) All businesses have the potential to be aggressive growth firms.
A)True
B)False
Page 15
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Chapter 14: Strategies for Firm Growth
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Q1) Which of the following is the primary advantage of exporting as a foreign market entry strategy?
A) Provides a firm total control over its foreign operations
B) Ability to generate revenue
C) Exporting is a relatively inexpensive way for a firm to become involved in foreign markets.
D) The exporting company's customers put up most of the capital needed to establish the export operation.
E) Exporting involves very little effort on the part of a firm.
Q2) According to the textbook, the key to effective merchandise and character licensing is ________.
A) get licensing income monthly rather than yearly
B) resist the temptation to license a trademark too widely
C) licensing a trademark very widely
D) restrict licensing agreements to one year
E) restrict licensing to product categories that have no relevance and appeal to a firm's core customers
Q3) Describe what a joint venture is. Identify the two types of joint ventures.
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Chapter 15: Franchising
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Sample Questions
Q1) The people who buy franchises from master franchisees are typically called employee-franchisees.
A)True
B)False
Q2) When is franchising appropriate (from the business owner's point of view)? Provide an example of when franchising is appropriate and when it is inappropriate.
Q3) According to the textbook, which of the following is not a cost that is typically associated with buying a franchise?
A) Advertising fees
B) Continuing royalty payments
C) Trademark acquisition fee
D) Initial franchise fee
E) Capital requirements
Q4) List and explain three of the common misconceptions about franchising.
Q5) A management concept called agency theory refutes the value of franchising for organizations with multiple units, like restaurant chains.
A)True
B)False
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