ETR 1
Latent creative potential of an individual can be stifled by perceptual, cultural, emotional, and organizational factors. A. True B. False
A
Managers have a short-run time orientation, while entrepreneurs have a long-run orientation. A. True B. False
A
Most innovations introduced on the market A. are ordinary B. are unique. C. employ significant levels of technology D. are breakthrough innovations.
A
Products are called "new" when only slight changes or modifications have been made in its appearance. A. False B. True
A
Which of the following provides the greatest incentive to creating a new venture? A. Knowledge of the market place and its needs B. Personal dislocation C. Discovery of new technologies or processes D. Development of new products
B
The typical corporate culture favors conservative decision making. A. True B. False
A
Window of opportunity is A. Period of time when the environment is favorable for entrepreneurs to exploit a particular new entry. B. More knowledge ensures a more efficient search process. C. Search process represents a dilemma for an entrepreneur. D. None of above
A
_________ are the activities occurring when the venture is started. A. Departure points B. Windows of opportunity C. Administrative domains D. Opportunity parameters
A
According to J.Schumpeter, the entrepreneurs is mainly motivated and driven by: A. The dream and the will to found a private kingdom B. The dream and the will to found a private kingdom, The will to conquer, The joy of creating C. The dream and the will to found a private kingdom, The will to conquer, The joy of creating, The ambition of fame
B
Entrepreneurs generally have: A. a low need for independence. B. no need for independence. C. a high need for independence D. a low need for independence combined with an external locus of control.
C
New venture formation is more likely in countries in which: A. Making money is not highly valued. B. Failure is viewed as a disgrace. C. A high value is placed on being one's own boss. D. All of the above are true.
C
Demand uncertainty: difficulty in estimating . A. Potential size of the market B. How fast it will grow. C. Key dimensions along which it will grow. D. All of above
D
Lenovo is brand name of A. United States. B. Germany. C. Italy. D. Chinese.
D
____ make(s) it possible to form a new company. A. Government-sponsored infrastructure B. Marketing know-how C. Role models D. All of the above
D
__________ designed to provide answers to three basic questions: Where have we been? Where do we want to go (in the short term)? How do we get there? A. Business Plan B. Marketing Strategy C. The financial plan D. Marketing Plan
D
Other Leader Competencies A. Market research and evaluation B. Marketing planning C. Product pricing D. Sales management E. All of them
E
Issues Leading to Possible Crises in rapid Growth A. Expanding facilities and space . . . and surprises B. Creativity - capital C. Resource frugality and parsimony D. Systems and nonlinear
A
An entrepreneurial leader should be flexible and create management options. A. True B. False
A
An opportunity with no or very low potential can be an enormously big opportunity. A. True B. False
A
Blue Ocean Corporation recently signed a long term labor contract with unionized workers and now has an excellent working relationship between labor and management. Is it strength, weakness, opportunity or threat? A. Strength B. Weakness C. Opportunity D. Threat
A
Business venture risks and rewards are determined by the market size and the length of the window of opportunity. A. True B. False
A
Criteria for evaluation need to be established at frist stage of the product planning and development process. A. False B. True
A
Do not recognize that creating and building a new venture is a dynamic process; Do not identify and defuse destructive motivations of investors, prospective team members, or the lead entrepreneur,... are ____________ A. Common Pitfalls B. Slicing the Founder's Pie C. Consideration of Value D. None of them
A
Entrepreneurial Influence Skills A. Interpersonal/teamwork skills B. Entrepreneurs skilled in leadership, vision, and influence C. Entrepreneurs skilled at helping, coaching, and conflict management D. Entrepreneurs skilled at teamwork and people management
A
Entrepreneurial experience is one of the best predictors of success. A. True B. False
A
Entrepreneurs have a different set of attitudes about the nature of management and business in general. A. True B. False
A
Entrepreneurs have few reference points and developed internal ethics systems and are particularly vulnerable to ethical dilemmas. A. True B. False
A
Entrepreneurship is the process of creating something new and assuming the risks and rewards. A. True B. False
A
Entrepreneurship—a way of thinking, reasoning, and acting that is opportunity obsessed, holistic in approach, and leadership balanced for the purpose of value creation and capture A. True B. False
A
External Causes for Failure A. Recession; Interest rate changes; Changes in government policy B. Misunderstood market niche C. Mismanaged relationships with suppliers and customers D. Diversification into an unrelated business area
A
In the entrepreneurial domain, the organizational structure is formalized and hierarchical in nature. A. False B. True
A
Investigation of business practices in light of human values is business: A. ethics. B. synthesis. C. morality. D. technology transfer.
A
Sequences to make a business plan: 1 -Costs 2 -The team 3 -The offering 4 -Description of the business concept and the business opportunity and strategy 5 -Target market and projections 6 -Competitive advantages A. 4 -5 -6 -1 -2 -3 B. 1 -2 -3 -4 -5 -6 C. 2- 4 -6 -1 -5 -3 D. 2- 4 -3 -1 -5 -6
A
Successful entrepreneurs have a wide range of personality types; Acquired skills are more important that specific inherent traits A. True B. False
A
The Business Plan carefully articulate the merits, requirements, risks, and potential rewards of the opportunity and how it will be seized A. True B. False
A
The area of research and development has been particularly good for spawning new businesses. A. True B. False
A
The failure rate among entrepreneurs is: A. high. B. medium C. low. D. not possible to estimate.
A
The key element found in all definitions of entrepreneurship is risk taking. A. True B. False
A
The moral support network is different from the professional support network in that: A. a professional support network includes finding a mentor. B. moral support is less important than professional support. C. only the "cheering squad" provides moral support D. none of the above.
A
The reason cited most frequently for becoming an entrepreneur is: A. not wanting to work for anyone else. B. achievement. C. opportunity. D. job satisfaction.
A
VOSE is A. Venture Opportunity Screening Exercises B. Vote Opportunity Screening Exercises C. Venture Opportunity Screening Experience D. Vote Opportunity Screening Experience
A
Who added the concept of innovation to the theory of entrepreneurship? A. G.F Papanek B. J.R. Harris C. Richard Cantillion D. J.Schumpeter
A
___________ includes: Patents, Trademarks, Copyrights,Trade secrets. A. Intellectual Property B. Intellectual C. invention D. Brand
A
__________for a high potential venture reveals the business' ability to: Create or add significant value to a customer or end user A. A business plan B. A schedule C. An action calendar D. Segmenting information
A
An opportunity analysis plan is not a business plan. A. False B. True
B
An opportunity assessment plan is simply another word for a business plan. A. True B. False
B
Anchors of Superior Businesses are a good fit with the founder(s) and management team at the time and marketplace and with the risk-reward balance A. True B. False
B
As the venture becomes established and starts growing, which of the following types of experience becomes increasingly important? A. Technical B. Managerial C. Financing D. Marketing
B
Attribute Listing is A. Developing a new idea by group members regularly recording ideas B. Developing a new idea by looking at the positives and negatives. C. Developing a new idea by thinking without constraints. D. Developing a new idea by focusing on parameter identification and creative synthesis
B
Because most good business opportunities appear suddenly, the entrepreneur is rarely able to identify opportunities early enough to exploit them. A. True B. False
B
Being a firstborn is essential for entrepreneurial success. A. True B. False
B
CEOs group model found in the story of______ A. Lenovo B. Innocent drinks C. Zipcar D. Crunch
B
Competitor Analysis are document current strategies of primary competitors. A. True B. False
B
Contacts made at sporting events and school alumni groups usually do not develop into part of an entrepreneur's professional support network. A. True B. False
B
Entrepreneur can determine if the market is large enough and suitable to warrant time and effort required to further develop a business plan and actually enter the market. A. False B. True
B
Entrepreneurs tend to have: A. many siblings. B. a self-employed parent C. a need for dependence. D. all of the above.
B
How many categories of entrepreneurship theory? A. Three B. Four C. Five D. Six
B
Most entrepreneurs start their entrepreneurial careers: A. before age 22. B. between age 22 and 45. C. in their 50s D. after retirement
B
Most studies of entrepreneurs' tend to indicate that entrepreneurs are risk-adverse. A. True B. False
B
Qualities of a startup company A. Small and large firms B. Fast and slow growing firms C. Private, not-for-profit, and public sectors D. Complementary talents and outstanding teamwork of team members
B
Reasons NOT to hire an outside professional to prepare the business plan A. Consequences of different strategies and tactics can be considered B. Both A and D C. Failure to provide total solutions D. Human and financial requirements for launching and building the venture can be examined
B
Role models are relatively unimportant to entrepreneurs. A. True B. False
B
The capital requirements to enter the industry are substantially high (such as in the steel manufacturing industry). Does threat increase or decrease? A. Threat increases B. Threat decreases
B
The entrepreneur, as compared with the administrator or manager, generally has a drive to accumulate as much resources as possible. A. True B. False
B
The failure rate for new businesses is very low. A. True B. False
B
The typical corporate culture has a climate and reward system that favor: A. risk taking. B. conservative decision making. C. innovation. D. obsequiousness
B
There is a concise, universally accepted definition of entrepreneurship. A. True B. False
B
Under Rapid Growth Entrepreneurs need to face A. None of them B. Physical wear and tear; Emotional wear and tear; A possible business harvest; C. High levels of change, ambiguity, and uncertainty D. Ongoing succession of nonlinear and nonparametric events
B
Which of the following is not an element of the entrepreneurial definition? A. Initiative taking. B. Capital provider, not capital user C. Organizing and reorganizing of social and economic mechanisms to turn resources and situations to practical account D. Risk taking.
B
Growth stages A. Plunder -> asunder -> ưonder -> blunder -> thunder B. Wonder -> plunder -> blunder -> thunder -> asunder or renaissance of wonder C. Wonder -> blunder -> thunder -> plunder -> asunder or renaissance of wonder D. Wonder -> blunder -> plunder -> thunder -> asunder or renaissance of wonder
C
In Screening Methodologies, QuickScreen is (are) A. Provides a broad overview of an idea's potential B. Enables the entrepreneur to conduct a preliminary review and evaluation of an idea in a short period of time C. Both A and B D. None of above
C
Relative time orientation for entrepreneurs is: A. immediate or instant return. B. short run. C. long run. D. medium range
C
Key Questions for the Lead Entrepreneur/Founder Is formation of a team desirable or necessary? Do I want to grow a higher potential company? A. What talents, know-how, skills, track record, contacts, and resources are currently available? B. What is needed to succeed? C. Who is needed to complement me? D. All of them
D
The management team is expected: A. To not operate the business as a sideline or part-time venture. B. To operate the business full time and at a modest salary C. Both A and B D. None of them
C
Treat your directors as individual resources; Always be honest with your directors; Set up a compensation committee is a part of ________ A. The Entrepreneurial Approach to Resources B. Resource Minimization Strategy C. Simple rules for a productive relationship with the board of directors D. None of them
C
__________ is entrepreneurship within an existing business. A. Iterative synthesis B. Venture capitalism C. Intrapreneurship D. Technology transfer
C
A Financing Strategy shouldn't be driven dy: A. Corporate and personal goals B. Resulting financial statements C. Ultimately by the available alternatives D. None of them
D
A typical opportunity analysis plan has _______ sections: A. 1 B. 2 C. 3 D. 4
D
An opportunity assessment plan A. should focus on the opportunity and not the entire plan. B. is shorter than a business plan C. provides the basis for making the decision. D. all the above are true
D
Effective Goal Setting A. Request help in identifying common threads or patterns, possible implications of self-assessment data and certain weaknesses, and other relevant information that is missing B. Seek additional feedback from others to verify feedback and to supplement data C. Reach final conclusions at a later time D. Establishment of goals that are specific and concrete, measurable, related to time, realistic, and attainable
D
Entrepreneurs are more likely than the general population to: A. be better educated. B. have entrepreneurial parents. C. have strong work values and work long hours. D. all of the above
D
In order to gain the financing needed to create a venture, entrepreneurs must often give up: A. some control of the new venture. B. a share of the ownership. C. patent rights. D. both a and b.
D
New business venturing involves: A. organizational innovativeness. B. self-renewal. C. proactiveness. D. all of the above.
D
New firm need to: A. Pay special attention in education and training employees. B. Conflict arising from overlap or gaps in C. Establishing formal and informal structures of communication. D. Flexibility and ability to accommodate new knowledge.
D
Nonquantitative Signals of Trouble A. Inability to produce financial statements on time B. Changes in behavior of the lead entrepreneur C. Change in management or advisors, such as directors, accountants, or other professional advisors D. All of them
D
Planning helps the entrepreneur with the following A. Motivating B. Achieving "results orientation" C. Managing and coping with what is by nature a stressful role D. All of above
D
Role models: A. are an important factor influencing entrepreneurs in their career choice. B. can be parents, relatives, or successful entrepreneurs in the community C. show the entrepreneur that success is possible. D. all of the above
D
Sources for Internal Funds A. Profits. Sale of assets and little-used assets B. Working capital reduction. C. Extended or discounted payment terms - suppliers. Collecting bills (accounts receivable) more quickly. D. All of them
D
The "high-potential venture": A. has the same growth potential as a life-style firm. B. starts out like a life-style firm. C. draws the interest of private investors only. D. frequently goes public
D
The Entrepreneurial approach to resources A. People, such as the management team, the board of directors, lawyers, accountants, and consultants B. Financial resources; Assets, such as plant and equipment; Business plan C. Staged capital commitments D. A and B
D
The roads, economic stability, communication, and transportation systems fostered by the government are all examples of: A. government agencies. B. utilities. C. technological ingenuity. D. the infrastructure
D
Traits Characterizing Rapidly Growing Companies A. None of above B. High levels of change, ambiguity, and uncertainty C. Ongoing succession of nonlinear and nonparametric events D. Both B and C
D
What is a New Entry? A. Offering a new product to an established or new market. B. Offering an established product to a new market. C. Creating a new organization. D. All of above
D
What of the following is Personal Entrepreneurial Strategy EXCEPT A. Think ahead B. Craft your personal entrepreneurial strategy C. Estimated time to complete this important planning and goal setting exercise is 90 minutes to three hours D. Managing and coping with what is by nature a stressful role
D
Which of the following risks do entrepreneurs take? A. financial risks B. psychological risks C. social risks D. all of the above
D
Which of the following statements is (are) true? A. Individuals who study entrepreneurship are three to four times more likely to start a business than students in other fields. B. It is impossible for entrepreneurs to also be philanthropists C. Entrepreneurs are a relatively new phenomenon, emerging in the 17th century. D. All of the above are true.
D
With regard to risk, entrepreneurs are: A. risk averse. B. high risk-takers. C. not likely to take risks. D. The correlation has not been empirically established
D
Personal Entrepreneurial Strategy A. Gather data both from yourself (past and present profiles) B. Gather data from others (constructive feedback) C. Evaluate the data you have D. Think ahead E. All of above
E
With regard to risk, entrepreneurs are: A. risk averse. B. high risk-takers. C. not likely to take risks. D. The correlation has not been empirically established
E
