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Foundations of Entrepreneurship: Key Concepts, Characteristics, and Strategic Decisions

Introduction to entrepreneurship, business strategies, and decision-making.

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    Foundations of Entrepreneurship: Key Concepts, Characteristics, and Strategic Decisions 1. Any patents, trademarks , copyright or trade secrets held by the entrepreneur is known as a. Disclosure document b. Patent c. Intellectual property d. None of the mentioned 2. The organization will never be able to make the necessary changes without_________ a. Top management commitment b. Employees c. Workers d. None of the mentioned 3. The ways entrepreneurs make decisions. a. Entrepreneurial domain. b. Reverse brain storming c. Heuristics d. Reverse brain storming 4. A trademark is 5. A word, symbol, name or device that a business uses to identify its goods. a. A legal protection for information on foreign products. b. Legal protection for intellectual works. c. Legal protection for a U.S. product exported to another country. 6. locus of control is a. a. A feeling b. b. Attitude c. c. Attribute d. d. None of the above 7. Licensing arrangements have a. a. Low risk process involved b. b. Easy way to generate incremental income c. c. Several pitfalls d. d. All of the above 8. Personal characteristics to be a successful entrepreneur includes a. a. Understanding environment b. b. Creating management options c. c. Encourage open discussion d. d. All of the above 9. International entrepreneurship is a. Licensing Formatted: Bullets and Numbering Formatted: Bullets and Numbering Formatted: Bullets and Numbering

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    b. Exporting c. Both of the mentioned options d. None of the two mentioned Which of the following is not a characteristic that is helpful for an entrepreneur to have? a. Self - esteem b. Caution c. Drive d. Optimism 10. Hindrance for going in the international business is known as a. Synergy b. Turn key point c. Trade barrier d. Minority interest 5) In chronological age , most entrepreneurs start their careers between ages a) 22 and 55 b) 30 and 55 c) 40 and 65 d) None of the given options 6) ___________________ is the combination of at least two firms doing similar businesses at the same market level. a) Diversified activity Merger b) Horizontal Merger c) Joint Venture d) Vertical Merger 7) Which of the following is NOT recognized as a misconception about entrepreneurship? a) Entrepreneurship is found only is small businesses. b) Entrepreneurship is easy.

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    c) Successful entrepreneurship needs only a great idea. d) Entrepreneurial ventures and small businesses are different 9) All of the following are recognized as potential sources of entrepreneurial ideas EXCEPT: a) Work experiences, skills, and abilities b) Familiar and unfamiliar products and services c) Personal interests or hobbies d) All of the selections are recognized as potential sources of entrepreneurial ideas. 10) An _______________________ is an individual who creates something for the first time, is a highly driven individual motivated by his or her own work and personal ideas. a) Entrepreneur b) Inventor c) Both a and b d) None of the given options

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    Choose the correct option ( simply highlight the correct option) 1. An entrepreneur’s primary motivation for starting a business is e. To make money f. To be independent g. To be famous h. To be powerful 2. To be successful in an entrepreneurial venture, you need a. Money b. Luck c. Hard work d. A good idea 3. Entrepreneurs are best as e. Managers f. Venture capitalists g. Planners h. Doers 4. A successful entrepreneur relies on which of the following for critical management advice a. Internal management team b. External management professionals c. Financial sources d. No one 5. Entrepreneurs are: a. High risk takers b. Moderate risk takers c. Small risk takers d. Doesn’t matter 6. Entrepreneurs typically form e. Service businesses f. Manufacturing companies g. Constructive companies h. A variety of ventures

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    7. Entrepreneurs: a. Are the life of the party b. Are bores at a cocktail party c. Will never go to parties d. Just fit into the crowd at a party 8. Entrepreneurs and ventures capitalists: a. Get along well b. Are the best friends c. Are cordial friends d. Are in conflict 9. An entrepreneur’s primary motivation for high ego and need for achievement is based upon a relationship with: a. Spouse b. Mother c. Father d. Children 10. An individual usually begins his or her first significant entrepreneurial business enterprise at what age a. Teens b. Twenties c. Forties d. Fifties Choose the correct option ( simply highlight the correct option) 1. Personal characteristics to be a successful entrepreneur includes a. i. Understanding environment b. j. Creating management options c. k. Encourage open discussion d. l. All of the above 2. Without to p management commitment, the organization will a. e. Be able to make changes b. f. Not be able to make any changes c. g. Not be able to make effective changes h. None of the above d. 3. locus of control is Formatted: Bullets and Numbering Formatted: Bullets and Numbering Formatted: Bullets and Numbering

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    a. i. A feeling b. j. Attitude c. k. Attribute d. l. None of the above 4. Entrepreneurial experience becomes increasingly important as a. e. Work load increases b. f. Complexity of venture increases c. g. Complexity of wok increases d. h. None of the above 5. Entrepreneurs are concerned about basic issues of: a. e. Sales, costs and benefits b. f. Customers, sales and costs c. g. Risk, costs and benefits d. h. None of the above 6. Licensing arrangements have a. i. Low risk process involved b. j. Easy way to generate incremental income c. k. Several pitfalls d. l. All of the above 7. Joint ventures have been used by entrepreneur: a. e. When the entrepreneur wants to purchase local knowledge b. f. When rapid entry in to the market is needed c. g. Both of the options given d. h. None of the above 8. A horizontal merger is a. e. Is the combination of firms in successive stages of production a. f. Is the combination of firms that produce closely related projects in same area d. g. Is the combination of firms that produce same products and sell in different areas h. None of the above 9. Main reason(s) for merger is (are) a. e. When synergy is present b. f. When complementary resources can be combined c. g. Economies of scale can be achieved d. h. All of the above 10. First stage of production planning and development processes is Formatted: Bullets and Numbering Formatted: Bullets and Numbering Formatted: Bullets and Numbering Formatted: Bullets and Numbering Formatted: Bullets and Numbering Formatted: Bullets and Numbering Formatted: Bullets and Numbering

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    a. e. Idea stage b. f. Concept stage c. g. Establishing and evaluating criteria stage d. h. None of the above 1. One effective way to begin the marketing plan is a. To make a list of the information that will be needed to prepare the marketing plan. b. Gathering Data from Secondary Sources c. Gathering Information from Primary Sources. d. None of the options given 2. A focus group a. Is a sample of 10 or 12 potential investors who participate in a discussion? b. Is a sample of 10 or 12 potential employees who participate in a discussion? c. Is a sample of 10 or 12 potential customers who participate in a discussion? d. None of the options given 3. The situation analysis is a. Defining Target Market/Opportunities and Threats. b. Considering Strengths and Weaknesses c. A review of where the com pany has been and considers envi ronmental factors. d. None of the options given 4. One of the difficult decisions a. Is about the distribution of the product b. Is determining the appropriate price for the product. c. Is about the promotion of the product d. None of the options given 5. Which of the following statement is true for marketing system? a. It is all about the internal envoi mental factors b. It identifies the major interacting components, both internal and external c. It’s about the financial needs of the venture d. None of the options given 6. In setting marketing goals and objectives the entrepreneur must a. Set the price b. Distribution place c. Must satisfy customers d. None of the above Formatted: Bullets and Numbering

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    7. The financial plan provides a complete picture of: a. How much and when the funds are coming into the organization. b. Where the funds are going. c. How much cash is available? d. Al of the options given 8. Before developing the pro forma income statement, the entrepreneur should a. Prepare operating budgets b. Capital budgets. c. None of the options given d. Both of the options given (a,b) 9. Which of the following statement is true? a. Cash flow is same as profit. b. Profit is the result of subtracting expenses from sales. c. Cash flow results from the difference between all cash available and cash pay ments. d. Cash flows only when actual payments are not made but only received. 10. Which of the statement is not true? a. The S Corporation combines the tax advantages of the partnership and the corporation. b. S Corporations represent almost half of all corporate fil ings. c. A popular new entity is the limited liability company (LLC) d. Limited liability Company (LLC) offers similar disadvantages as the S Corpora tion 1. What causes people to do something? Need for achievement Need for independence Motivation None of the mentioned options 2. Individuals who help the entrepreneur in business activities Role models Professional - support network Parents None of the mentioned options

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    3. The managers in an organization strongly supporting intrapreneurship is called ----- ------------------ Top management commitment Upper management commitment Lower management intrapreneur Upper management intrapreneur 4. ------------- involves a manufacturer giving a foreign manufacturer the right to use a patent, trademark or technology in return for a royalty Licensing Turn - key projects Management contracts None of the mentioned options 5. Female entrepreneurs differ in terms of -------------------- , ----------------------- , and ---- ----------------------- Motivation Business skills Occupational background In brainstorming No criticism is allowed Quantity of ideas is desired None of the mentioned options Both of the mentioned options 2. A technique that asks questions about objects or ideas in an effort to develop a new idea is Heuristics Matrix charting Forced relationships Attribute listing 3. The solution development is Big - Dream approach Parameter Analysis Creative synthesis None of the above 4. Perceived benefits /risks involve the following factors:

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    Utility to customer Consumption habits Buying motives All of the above 5. A patent is A document between government and an inventor Grants holder protection from others making, using, or selling similar idea A public domain None of the above Marketing mix includes : Product or service Financing Consumer Retailer 2. Which of the following statement is true for tax advantage of proprietorship? There is double tax on profits There is no capital stock tax or penalty for re tained earnings Both of the options given None of the options given 3. Industry analysis should include information on: Market size of competitor’s product Growth rate of suppliers New products entry Economic conditions 4. We need to update the business plan because ………… Environmental factors and internal factors can change the direction of the plan Goals set by the entrepreneurs may be unreasonable. Goals may not be measurable. Goals may not be specific 5. Marketing research involves the gathering of data in order to determine information as:

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    Who will buy the product? What price should be charged? What is the most effective promotion strategy? All of the mentioned options 1. A set of reasons for engaging in a particular behavior, especially human behavior is known as _____________. a. Values b. Vision c. Entrepreneurship d. Motivation 2. Which of the following techniques is an excellent method for initially screening ideas and concepts in addition to generating new ideas? a. Focus group b. Brain storming c. Problem inventory analysis d. Reverse brainstorming 3. The creative process for problem solving that involves making the strange familiar in first step and then making the familiar strange through personal, direct or symbolic analogy is called _________. a. Synectics b. Gordon method c. Checklist method d. Scientific method 4. When the multiplicity of environments become too complex to handle, the international entrepreneurs often __________. a. Go for mergers b. Diversify c. Decentralize operations d. Sale out the foreign business COM 5. An entrepreneur into the hosiery business found out the reason his hosiery was not selling was due to its color. What could be the best source of this information? a. Supplier b. Retailer c. Competition d. Government bureau 6. In some countries, point of purchase displays are not allowed in retail stores. Such differences are studied by international entrepreneurs under __________ environment. a. Economic b. Political c. Cultural d. Technological

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    7. Entrepreneurial success has been significant because of the culture and the political and economic systems in _________. a. European countries b. Asian countries c. Transition economies d. Middle east 8. Having more than 50% ownership position that provides the entrepreneur with managerial control is called ___________. a. Joint venture b. Majority interest c. Horizontal merger d. Diversified activity merger 9. The under - developed or lesser developed countries need manufacturing technology and infrastructure and yet do not want to turn over substantial portion of their economy to foreign ownership. Which of the following is a solution to this dilemma? a. Management contract b. Indirect exporting c. Licensing d. Turn - key project 10. The development of a new venture based on an inventor’s work often requires ________. a. Expertise of an entrepreneur b. Heavy investment from financers c. Skilled human resources d. Highly educated staff 1. The importance of intellectual property should be understood by entrepreneur even before _________. a. Hiring a manager b. Engaging an attorney c. Developing a product d. Establishing new venture 2. Which of the following is not followed in brainstorming? a . Criticism is done by the group members b. The wilder idea is batter c. Quantity of ideas is required d. The session should be fun, with no on dominating the discussion 3. The former USSR received technology and syrup from Pepsi and provided it with Soviet vodka and rights to distribute it in the US. This is an example of: a. Economic development b. Barter system c. Balance of payment d. International trade

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    4. A patent is granted for a specified amount of time because of the assumption: a. During this time firm will cover its development costs b. Firm will earn a sufficient profit during this period c. To limit the monopoly of the firm d. It will stimulate idea and development of a batter product 5. Developing a new idea through inquiry and testing is called _________. a. Heuristics b. Scientific method c. Forced relationship d. Value analysis 6. In an international perspective, which of the following decisions are not covered under strategic planning of an entrepreneur? a. What are unique characteristics of each market ? b. Who should be involved in marketing decisions? c. What customer benefits are provided by the product d. What are the company’s major strengths and weaknesses? 7. Which of the following grants the owner protection from anyone else making, using and selling the identified innovation? a. Utility patent b. Design patent c. Plant patent d. International patent 8. The problem inventory analysis should b used primarily to: a. Reflect a new business opportunity b. Identify product idea for further evaluation c. Solve unknown problems d. Develop a list of problems 9. Selling goods to another country through a person in the entrepreneur’s home country is known as _________. a. Export b. Direct export c. Indirect export d. Domestic sales 10. Which of the following statements is not true about trademarks? a. A trademark could be a slogan or a particular sound b. Some trademarks have no relationship with the product c. The filing date for the trademark becomes the first date use of the mark d . The entrepreneur can not file after the mark already been in use

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