Question 1

A firm's ________ describe(s) the ways in which it makes money.

Accepted Answer

A)  proceeds account 
B)  break-even analysis 
C)  revenue streams 
D)  cash flow 
E)  income statement 
A)  proceeds account 
B)  break-even analysis 
C)  revenue streams 
D)  cash flow 
E)  income statement

Question 2

In the financing/funding section of the Barringer/Ireland Business Model Template, there are three categories of costs to consider: capital costs, one-time expenses, and provisions for ramp-up expenses.

Accepted Answer

A) True 
 B)False

Question 3

The Savvy Entrepreneurial Firm feature in Chapter 4 focuses on the ways in which CoachUp creates, delivers and captures value for its stakeholders. According to the feature, CoachUp would be a business that would be difficult to copy. According to the feature, it would be difficult to copy because ________.

Accepted Answer

A)  it has raised $9.4 million, has 13,000 coaches in its platform, and tens of thousands of athletes who have used its service 
B)  it has a highly-functional Web site and has a talented management team 
C)  it has a savvy marketing plan 
D)  it has raised $9.4 million and has a talented management team 
E)  it has an excellent Internet domain name and has a first-mover advantage 
A)  it has raised $9.4 million, has 13,000 coaches in its platform, and tens of thousands of athletes who have used its service 
B)  it has a highly-functional Web site and has a talented management team 
C)  it has a savvy marketing plan 
D)  it has raised $9.4 million and has a talented management team 
E)  it has an excellent Internet domain name and has a first-mover advantage

Question 4

Which of the following is the proper sequence for when a firm should develop a business model?

Accepted Answer

A)  Preparation of the business model, initial validation of the business idea, opportunity recognition 
B)  Initial validation of the business idea, establishing a growth plan, preparation of the business model 
C)  Initial validation of the business idea, preparation of the business model, fleshing out the operational details of the firm 
D)  Opportunity recognition, fleshing out the operational details of the firm, preparation of the business model 
E)  Opportunity recognition, preparation of the business model, establishing a growth plan for the firm 
A)  Preparation of the business model, initial validation of the business idea, opportunity recognition 
B)  Initial validation of the business idea, establishing a growth plan, preparation of the business model 
C)  Initial validation of the business idea, preparation of the business model, fleshing out the operational details of the firm 
D)  Opportunity recognition, fleshing out the operational details of the firm, preparation of the business model 
E)  Opportunity recognition, preparation of the business model, establishing a growth plan for the firm

Question 5

The Partnering for Success feature in Chapter 4 focused on Web-based platforms, including Upwork and Guru, that make it easy to identify and hire experienced ________.

Accepted Answer

A)  part time employees 
B)  freelancers 
C)  interns 
D)  virtual assistants 
E)  full-time employees 
A)  part time employees 
B)  freelancers 
C)  interns 
D)  virtual assistants 
E)  full-time employees

Question 6

The Financials section of the Barringer/Ireland Business Model Template consists of three boxes. The boxes are titled ________.

Accepted Answer

A)  economics of the business, startup-costs, and break-even 
B)  revenue streams, cost structure, and financing/funding 
C)  profit margins, revenue streams, and break-even 
D)  startup-costs, operating leverage, and financing/funding 
E)  fixed vs variables costs, financing/funding, and break-even 
A)  economics of the business, startup-costs, and break-even 
B)  revenue streams, cost structure, and financing/funding 
C)  profit margins, revenue streams, and break-even 
D)  startup-costs, operating leverage, and financing/funding 
E)  fixed vs variables costs, financing/funding, and break-even

Question 7

A firm's ________ market is a place within a larger market segment that represents a narrower group of customers with similar interests.

Accepted Answer

A)  aspirational 
B)  ambitious 
C)  constrained 
D)  target 
E)  objective 
A)  aspirational 
B)  ambitious 
C)  constrained 
D)  target 
E)  objective

Question 8

Value-driven businesses focus on minimizing costs wherever possible.

Accepted Answer

A) True 
 B)False

Question 9

The resources section of the Barringer/Ireland Business Model Template includes three parts: core competency, key assets, and revenue streams.

Accepted Answer

A) True 
 B)False

Question 10

Core strategy describes what causes consumers to pick one company's products over another.

Accepted Answer

A) True 
 B)False

Question 11

An entity created by two or more firms pooling a portion of their resources to create a separate, jointly-owned organization is called a ________.

Accepted Answer

A)  trade association 
B)  network 
C)  joint venture 
D)  consortia 
E)  strategic alliance 
A)  trade association 
B)  network 
C)  joint venture 
D)  consortia 
E)  strategic alliance

Question 12

Brandon Jones has crafted a business model for his firm that is based on an existing plan or template for how firms in his industry create, deliver and capture value for their shareholders. Brandon has crafted a ________ business model.

Accepted Answer

A)  standard 
B)  disruptive 
C)  customary 
D)  normal 
E)  temporary 
A)  standard 
B)  disruptive 
C)  customary 
D)  normal 
E)  temporary

Question 13

In the Barringer/Ireland Business Model Template, ________ describes how the firm plans to compete relative to its competitors.

Accepted Answer

A)  strategic plan 
B)  grand strategy 
C)  tactical strategy 
D)  value proposition 
E)  core strategy 
A)  strategic plan 
B)  grand strategy 
C)  tactical strategy 
D)  value proposition 
E)  core strategy

Question 14

Sarah Green, who plans to open a garden and lawn business, is working on the portion of the Barringer/Ireland Business Model template that focuses on how her products and services will be produced. Sarah is working on the ________ section of the template.

Accepted Answer

A)  basis of differentiation 
B)  product/service production 
C)  product/market scope 
D)  core competency 
E)  channels 
A)  basis of differentiation 
B)  product/service production 
C)  product/market scope 
D)  core competency 
E)  channels

Question 15

Cynthia Hamilton is launching a chain of smoothie restaurants. Among Cynthia's key partners will be firms that provide her the ingredients needed to make her smoothies. In the terminology of the Barringer/Ireland Business Model Template, these partners are called ________.

Accepted Answer

A)  dealers 
B)  suppliers 
C)  merchants 
D)  traders 
E)  brokers 
A)  dealers 
B)  suppliers 
C)  merchants 
D)  traders 
E)  brokers

Question 16

Google and its AdWords program is an example of a ________ disruptive business model.

Accepted Answer

A)  low-end 
B)  new-market 
C)  high-quality 
D)  low-price 
E)  new-channel 
A)  low-end 
B)  new-market 
C)  high-quality 
D)  low-price 
E)  new-channel

Question 17

What are core competencies? Provide an example of the core competencies that are utilized by an entrepreneurial firm.

Accepted Answer

A core competency is a specific factor o

Question 18

A company's channels describe how it delivers its product or service to its customers.

Accepted Answer

A) True 
 B)False

Question 19

A company's target market is a place within a larger market segment that represents a narrower group of customers with similar interests.

Accepted Answer

A) True 
 B)False

Question 20

The four major categories in the Barringer/Ireland Business Model Template are ________.

Accepted Answer

A)  core strategy, resources, financials, and operations 
B)  core strategy, value proposition, customers and channels 
C)  value proposition, resources, customers and partners 
D)  activities, partners, customers, and competitors 
E)  value proposition, cost structure, financials, and operations 
A)  core strategy, resources, financials, and operations 
B)  core strategy, value proposition, customers and channels 
C)  value proposition, resources, customers and partners 
D)  activities, partners, customers, and competitors 
E)  value proposition, cost structure, financials, and operations

A firm's ________ describe(s) the ways in which it makes money.

In the financing/funding section of the Barringer/Ireland Business Model Template, there are three categories of costs to consider: capital costs, one-time expenses, and provisions for ramp-up expenses.

Which of the following is the proper sequence for when a firm should develop a business model?

The Partnering for Success feature in Chapter 4 focused on Web-based platforms, including Upwork and Guru, that make it easy to identify and hire experienced ________.

The Financials section of the Barringer/Ireland Business Model Template consists of three boxes. The boxes are titled ________.

A firm's ________ market is a place within a larger market segment that represents a narrower group of customers with similar interests.

Value-driven businesses focus on minimizing costs wherever possible.

The resources section of the Barringer/Ireland Business Model Template includes three parts: core competency, key assets, and revenue streams.

Core strategy describes what causes consumers to pick one company's products over another.

An entity created by two or more firms pooling a portion of their resources to create a separate, jointly-owned organization is called a ________.

Brandon Jones has crafted a business model for his firm that is based on an existing plan or template for how firms in his industry create, deliver and capture value for their shareholders. Brandon has crafted a ________ business model.

In the Barringer/Ireland Business Model Template, ________ describes how the firm plans to compete relative to its competitors.

Sarah Green, who plans to open a garden and lawn business, is working on the portion of the Barringer/Ireland Business Model template that focuses on how her products and services will be produced. Sarah is working on the ________ section of the template.

Cynthia Hamilton is launching a chain of smoothie restaurants. Among Cynthia's key partners will be firms that provide her the ingredients needed to make her smoothies. In the terminology of the Barringer/Ireland Business Model Template, these partners are called ________.

Google and its AdWords program is an example of a ________ disruptive business model.

What are core competencies? Provide an example of the core competencies that are utilized by an entrepreneurial firm.

A company's channels describe how it delivers its product or service to its customers.

A company's target market is a place within a larger market segment that represents a narrower group of customers with similar interests.

The four major categories in the Barringer/Ireland Business Model Template are ________.

Introduction to Entrepreneurship

Recognizing Opportunities and Generating Ideas

Feasibility Analysis

Industry and Competitor Analysis

Writing a Business Plan

Preparing the Proper Ethical and Legal Foundation

Assessing a New Ventures Financial Strength and Viability

Building a New-Venture Team

Getting Financing or Funding

Unique Marketing Issues

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters

Exam 4: Developing an Effective Business Model

A firm's ________ describe(s) the ways in which it makes money.

In the financing/funding section of the Barringer/Ireland Business Model Template, there are three categories of costs to consider: capital costs, one-time expenses, and provisions for ramp-up expenses.

Which of the following is the proper sequence for when a firm should develop a business model?

The Partnering for Success feature in Chapter 4 focused on Web-based platforms, including Upwork and Guru, that make it easy to identify and hire experienced ________.

The Financials section of the Barringer/Ireland Business Model Template consists of three boxes. The boxes are titled ________.

A firm's ________ market is a place within a larger market segment that represents a narrower group of customers with similar interests.

Value-driven businesses focus on minimizing costs wherever possible.

The resources section of the Barringer/Ireland Business Model Template includes three parts: core competency, key assets, and revenue streams.

Core strategy describes what causes consumers to pick one company's products over another.

An entity created by two or more firms pooling a portion of their resources to create a separate, jointly-owned organization is called a ________.

Brandon Jones has crafted a business model for his firm that is based on an existing plan or template for how firms in his industry create, deliver and capture value for their shareholders. Brandon has crafted a ________ business model.

In the Barringer/Ireland Business Model Template, ________ describes how the firm plans to compete relative to its competitors.

Sarah Green, who plans to open a garden and lawn business, is working on the portion of the Barringer/Ireland Business Model template that focuses on how her products and services will be produced. Sarah is working on the ________ section of the template.

Cynthia Hamilton is launching a chain of smoothie restaurants. Among Cynthia's key partners will be firms that provide her the ingredients needed to make her smoothies. In the terminology of the Barringer/Ireland Business Model Template, these partners are called ________.

Google and its AdWords program is an example of a ________ disruptive business model.

What are core competencies? Provide an example of the core competencies that are utilized by an entrepreneurial firm.

A company's channels describe how it delivers its product or service to its customers.

A company's target market is a place within a larger market segment that represents a narrower group of customers with similar interests.

The four major categories in the Barringer/Ireland Business Model Template are ________.

Introduction to Entrepreneurship

Recognizing Opportunities and Generating Ideas

Feasibility Analysis

Industry and Competitor Analysis

Writing a Business Plan

Preparing the Proper Ethical and Legal Foundation

Assessing a New Ventures Financial Strength and Viability

Building a New-Venture Team

Getting Financing or Funding

Unique Marketing Issues

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters