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

Preview (16 of 79 Pages)

100%

Foundations of Entrepreneurship: Key Concepts, Characteristics, and Strategic Decisions - Page 1 preview image

Loading page ...

Foundations of Entrepreneurship: Key Concepts, Characteristics, andStrategic Decisions1.Any patents, trademarks , copyright or trade secrets held by the entrepreneur is known asa.Disclosure documentb.Patentc.Intellectual propertyd.None of the mentioned2.The organization will never be able to make the necessary changes without_________a.Top management commitmentb.Employeesc.Workersd.None of the mentioned3.The ways entrepreneurs make decisions.a.Entrepreneurial domain.b.Reverse brain stormingc.Heuristicsd.Reverse brain storming4.A trademark is5.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 isa.a.A feelingb.b.Attitudec.c.Attributed.d.None of the above7.Licensing arrangements havea.a.Low risk process involvedb.b.Easy way to generate incremental incomec.c.Several pitfallsd.d.All of the above8.Personal characteristics to be a successful entrepreneur includesa.a.Understanding environmentb.b.Creating management optionsc.c.Encourage open discussiond.d.All of the above9.International entrepreneurship isa.LicensingFormatted:Bullets and NumberingFormatted:Bullets and NumberingFormatted:Bullets and Numbering

Foundations of Entrepreneurship: Key Concepts, Characteristics, and Strategic Decisions - Page 2 preview image

Loading page ...

Foundations of Entrepreneurship: Key Concepts, Characteristics, and Strategic Decisions - Page 3 preview image

Loading page ...

b.Exportingc.Both of the mentioned optionsd.None of the two mentionedWhich of the following isnota characteristic that is helpfulfor an entrepreneur to have?a.Self-esteemb.Cautionc.Drived.Optimism10.Hindrance for going in the international business is known asa.Synergyb.Turn key pointc.Trade barrierd.Minority interest5)In chronological age , most entrepreneurs start their careers between agesa)22 and 55b)30 and 55c)40 and 65d)None of the given options6)___________________isthecombinationofatleasttwofirmsdoingsimilarbusinesses at the same market level.a)Diversified activity Mergerb)Horizontal Mergerc)Joint Ventured)Vertical Merger7)WhichofthefollowingisNOTrecognizedasamisconceptionaboutentrepreneurship?a) Entrepreneurship is found only is small businesses.b) Entrepreneurship is easy.

Foundations of Entrepreneurship: Key Concepts, Characteristics, and Strategic Decisions - Page 4 preview image

Loading page ...

c) Successful entrepreneurship needs only a great idea.d) Entrepreneurial ventures and small businesses are different9)Allof thefollowingarerecognizedaspotentialsourcesofentrepreneurialideasEXCEPT:a) Work experiences, skills, and abilitiesb) Familiar and unfamiliar products and servicesc) Personal interests or hobbiesd) 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) Entrepreneurb) Inventorc) Both a and bd) None of the given options

Foundations of Entrepreneurship: Key Concepts, Characteristics, and Strategic Decisions - Page 5 preview image

Loading page ...

Foundations of Entrepreneurship: Key Concepts, Characteristics, and Strategic Decisions - Page 6 preview image

Loading page ...

Foundations of Entrepreneurship: Key Concepts, Characteristics, and Strategic Decisions - Page 7 preview image

Loading page ...

Choose the correct option(simply highlight the correct option)1.An entrepreneur’s primary motivation for starting a business ise.To make moneyf.To be independentg.To be famoush.To be powerful2.To be successful in an entrepreneurial venture, you needa.Moneyb.Luckc.Hard workd.A good idea3.Entrepreneurs are best ase.Managersf.Venture capitalistsg.Plannersh.Doers4.A successful entrepreneur relies on which of the following for critical management advicea.Internal management teamb.External management professionalsc.Financial sourcesd.No one5. Entrepreneurs are:a.High risk takersb.Moderate risk takersc.Small risk takersd.Doesn’t matter6. Entrepreneurs typically forme.Service businessesf.Manufacturing companiesg.Constructive companiesh.A variety of ventures

Foundations of Entrepreneurship: Key Concepts, Characteristics, and Strategic Decisions - Page 8 preview image

Loading page ...

7. Entrepreneurs:a.Are the life of the partyb.Are bores at a cocktail partyc.Will never go to partiesd.Just fit into the crowd at a party8. Entrepreneurs and ventures capitalists:a.Get along wellb.Are the best friendsc.Are cordial friendsd.Are in conflict9. An entrepreneur’s primary motivation for high ego and need for achievement is based upon arelationship with:a.Spouseb.Motherc.Fatherd.Children10. An individual usually begins his or her first significant entrepreneurial business enterprise atwhat agea.Teensb.Twentiesc.Fortiesd.FiftiesChoose the correct option(simply highlight the correct option)1.Personal characteristics to be a successful entrepreneur includesa.i.Understanding environmentb.j.Creating management optionsc.k.Encourage open discussiond.l.All of the above2.Without topmanagement commitment, the organizationwilla.e.Be able to make changesb.f.Not be able to make any changesc.g.Not be able to make effective changesh.None of the aboved.3.locus of control isFormatted:Bullets and NumberingFormatted:Bullets and NumberingFormatted:Bullets and Numbering

Foundations of Entrepreneurship: Key Concepts, Characteristics, and Strategic Decisions - Page 9 preview image

Loading page ...

a.i.A feelingb.j.Attitudec.k.Attributed.l.None of the above4.Entrepreneurial experience becomes increasingly important asa.e.Work load increasesb.f.Complexity of venture increasesc.g.Complexity of wok increasesd.h.None of the above5.Entrepreneurs are concerned about basic issues of:a.e.Sales, costs and benefitsb.f.Customers, sales and costsc.g.Risk, costs and benefitsd.h.None of the above6.Licensing arrangements havea.i.Low risk process involvedb.j.Easy way to generate incremental incomec.k.Several pitfallsd.l.All of the above7.Joint ventures have been used by entrepreneur:a.e.When the entrepreneur wants to purchase local knowledgeb.f.When rapid entry in to the market is neededc.g.Both of the options givend.h.None of the above8.A horizontal merger isa.e.Is the combination of firms in successive stages of productiona.f.Is the combination of firms that produce closely related projects in same aread.g.Is the combination of firms that produce same products and sell in different areash.None of the above9.Main reason(s) for merger is (are)a.e.When synergy is presentb.f.When complementary resources can be combinedc.g.Economies of scale can be achievedd.h.All of the above10.First stage of production planning and development processes isFormatted:Bullets and NumberingFormatted:Bullets and NumberingFormatted:Bullets and NumberingFormatted:Bullets and NumberingFormatted:Bullets and NumberingFormatted:Bullets and NumberingFormatted:Bullets and Numbering

Foundations of Entrepreneurship: Key Concepts, Characteristics, and Strategic Decisions - Page 10 preview image

Loading page ...

a.e.Idea stageb.f.Concept stagec.g.Establishing and evaluating criteria staged.h.None of the above1.One effective way to begin themarketing planisa.To make a list of the information that will be needed to prepare the marketingplan.b.Gathering Data from Secondary Sourcesc.Gathering Information from Primary Sources.d.None of the options given2.A focus groupa.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 given3.Thesituation analysisisa.Defining Target Market/Opportunities and Threats.b.Considering Strengths and Weaknessesc.A review of where the company has been and considers environmental factors.d.None of the options given4.One of the difficult decisionsa.Is about the distribution of the productb.Is determining the appropriate price for the product.c.Is about the promotion of the productd.None of the options given5.Which of the following statement is true for marketing system?a.It is all about the internal envoi mental factorsb.It identifies the major interacting components, both internal and externalc.It’s about the financial needs of the ventured.None of the options given6.In setting marketing goals and objectives the entrepreneur musta.Set the priceb.Distribution placec.Must satisfy customersd.None of the aboveFormatted:Bullets and Numbering

Foundations of Entrepreneurship: Key Concepts, Characteristics, and Strategic Decisions - Page 11 preview image

Loading page ...

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 given8.Before developing the pro forma income statement, the entrepreneur shoulda.Prepare operating budgetsb.Capital budgets.c.None of the options givend.Both of the options given (a,b)9.Which of the following statement is true?a.Cash flowis 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 payments.d.Cash flows only when actual payments are not made but only received.10.Which of the statement is not true?a.TheS Corporationcombines the tax advantages of the partnership and the corporation.b.S Corporations represent almost half of all corporate filings.c.A popular new entity is thelimited liability company(LLC)d.Limited liability Company(LLC) offers similar disadvantages as the S Corporation1.What causes people to do something?Need for achievementNeed for independenceMotivationNone of the mentioned options2.Individuals who help the entrepreneur in business activitiesRole modelsProfessional-support networkParentsNone of the mentioned options

Foundations of Entrepreneurship: Key Concepts, Characteristics, and Strategic Decisions - Page 12 preview image

Loading page ...

3.The managers in an organization strongly supporting intrapreneurship is called-----------------------Top management commitmentUpper management commitmentLower management intrapreneurUpper management intrapreneur4.-------------involves a manufacturer giving a foreign manufacturer the right to use apatent, trademark or technology in return for a royaltyLicensingTurn-key projectsManagement contractsNone of the mentioned options5.Female entrepreneurs differ in terms of--------------------,-----------------------, and---------------------------MotivationBusiness skillsOccupational backgroundIn brainstormingNo criticism is allowedQuantity of ideas is desiredNone of the mentioned optionsBoth of the mentioned options2.A technique that asks questions about objects or ideas in an effort to develop a newidea isHeuristicsMatrix chartingForced relationshipsAttribute listing3.The solution development isBig-Dream approachParameter AnalysisCreative synthesisNone of the above4.Perceived benefits /risks involve the following factors:

Foundations of Entrepreneurship: Key Concepts, Characteristics, and Strategic Decisions - Page 13 preview image

Loading page ...

Utility to customerConsumption habitsBuying motivesAll of the above5.A patent isA document between government and an inventorGrants holder protection from others making, using, or selling similar ideaA public domainNone of the aboveMarketing mixincludes:Product or serviceFinancingConsumerRetailer2.Which of the following statement is true for tax advantage of proprietorship?There is double tax on profitsThere is no capital stock tax or penalty for retained earningsBoth of the options givenNone of the options given3.Industry analysis should include information on:Market size of competitor’s productGrowth rate of suppliersNew products entryEconomic conditions4.We need to update the business plan because…………Environmental factors and internal factors can change the direction of the planGoals set by the entrepreneurs may be unreasonable.Goals may not be measurable.Goals may not be specific5.Marketing research involves the gathering of data in order to determineinformation as:

Foundations of Entrepreneurship: Key Concepts, Characteristics, and Strategic Decisions - Page 14 preview image

Loading page ...

Who will buy the product?What price should be charged?What is the most effective promotion strategy?All of the mentioned options1. A set of reasons for engaging in a particular behavior, especially human behavior isknown as _____________.a. Valuesb. Visionc. Entrepreneurshipd. Motivation2. Which of the following techniques is an excellent method for initially screening ideasand concepts in addition to generating new ideas?a. Focus groupb. Brain stormingc. Problem inventory analysisd. Reverse brainstorming3. The creative process for problem solving that involves making the strange familiar infirst step and then making the familiar strange through personal, direct or symbolicanalogy is called _________.a. Synecticsb. Gordon methodc. Checklist methodd. Scientific method4. When the multiplicity of environments become too complex to handle, theinternational entrepreneurs often __________.a. Go for mergersb. Diversifyc. Decentralize operationsd. Sale out the foreign businessCOM5. An entrepreneur into the hosiery business found out the reason his hosiery was notselling was due to its color. What could be the best source of this information?a. Supplierb. Retailerc. Competitiond. Government bureau6. In some countries, point of purchase displays are not allowed in retail stores. Suchdifferences are studied by international entrepreneurs under __________environment.a. Economicb. Politicalc. Culturald. Technological

Foundations of Entrepreneurship: Key Concepts, Characteristics, and Strategic Decisions - Page 15 preview image

Loading page ...

7. Entrepreneurial success has been significant because of the culture and the politicaland economic systems in _________.a. European countriesb. Asian countriesc. Transition economiesd. Middle east8. Having more than 50% ownership position that provides the entrepreneur withmanagerial control is called ___________.a. Joint ventureb. Majority interestc. Horizontal mergerd. Diversified activity merger9. The under-developed or lesser developed countries need manufacturing technologyand infrastructure and yet do not want to turn over substantial portion of theireconomy to foreign ownership. Which of the following is a solution to this dilemma?a. Management contractb. Indirect exportingc. Licensingd. Turn-key project10. The development of a new venture based on an inventor’s work often requires________.a. Expertise of an entrepreneurb. Heavy investment from financersc. Skilled human resourcesd. Highly educated staff1. The importance of intellectual property should be understood by entrepreneur evenbefore _________.a. Hiring a managerb. Engaging an attorneyc. Developing a productd. Establishing new venture2. Which of the following is not followed in brainstorming?a. Criticism is done by the group membersb. The wilder idea is batterc. Quantity of ideas is requiredd. The session should be fun, with no on dominating the discussion3. The former USSR received technology and syrup from Pepsi and provided it withSoviet vodka and rights to distribute it in the US. This is an example of:a. Economic developmentb. Barter systemc. Balance of paymentd. International trade

Foundations of Entrepreneurship: Key Concepts, Characteristics, and Strategic Decisions - Page 16 preview image

Loading page ...

4. A patent is granted for a specified amount of time because of the assumption:a. During this time firm will cover its development costsb. Firm will earn a sufficient profit during this periodc. To limit the monopoly of the firmd. It will stimulate idea and development of a batter product5. Developing a new idea through inquiry and testing is called _________.a. Heuristicsb. Scientific methodc. Forced relationshipd. Value analysis6. In an international perspective, which of the following decisions are not coveredunder 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 productd. What are the company’s major strengths and weaknesses?7. Which of the following grants the owner protection from anyone else making, usingand selling the identified innovation?a. Utility patentb. Design patentc. Plant patentd. International patent8. The problem inventory analysis should b used primarily to:a. Reflect a new business opportunityb. Identify product idea for further evaluationc. Solve unknown problemsd. Develop a list of problems9. Selling goods to another country through a person in the entrepreneur’s homecountry is known as _________.a. Exportb. Direct exportc. Indirect exportd. Domestic sales10. Which of the following statements is not true about trademarks?a. A trademark could be a slogan or a particular soundb. Some trademarks have no relationship with the productc. The filing date for the trademark becomes the first date use of the markd. The entrepreneur can not file after the mark already been in use

Preview Mode

This document has 79 pages. Sign in to access the full document!

Report

Study Now!

Document Details

Related Documents

Launching Dilly's Corner Pet Shop: A Comprehensive Business Plan for Success

An Analysis of the Failure of Realtime Worlds Ltd.: Causes, Consequences, and Lessons for Future Business Strategies

Test Bank for Essentials of Entrepreneurship and Small Business Management, 9th Edition

Test Bank for Entrepreneurship: Successfully Launching New Ventures, 6th Edition

Essentials of Entrepreneurship and Small Business Management, 9th Edition Solution Manual

Canadian Entrepreneurship And Small Business Management, 9th Edition Solution Manual

Small Business Management, Sixth Canadian Edition Solution Manual

Solution Manual For Entrepreneurship: Starting and Operating Small Business, 5th Edition

Nonverbal Behavior In Interpersonal Relations, 6th Edition Test Bank

Test Bank for Patterns of Entrepreneurship Management, 4th Edition

Company

Explore

Study Tools