Question 1

Business angels are _____.

Accepted Answer

A)  individuals who rescue a troubled entrepreneurial firms 
B)  individuals who volunteer time to help startup entrepreneurs 
C)  individuals who are lucky enough to establish a business that reaches an IPO 
D)  high net worth individuals who invest in new startup businesses 
E)  high net worth individuals who can identify cutting edge trends in business 
A)  individuals who rescue a troubled entrepreneurial firms 
B)  individuals who volunteer time to help startup entrepreneurs 
C)  individuals who are lucky enough to establish a business that reaches an IPO 
D)  high net worth individuals who invest in new startup businesses 
E)  high net worth individuals who can identify cutting edge trends in business D

Question 2

Discuss the factors that discourage innovation.

Accepted Answer

a. Rigid bureaucracy
b. Absence of management champions
c. Authoritarian leadership
d. Difficult approval process
e. Attention given to ideas of only certain people
f. Closed-door offices
g. Inadequate resources
h. Harsh penalties for failure
i. Exclusive emphasis on measurable outcomes

Question 3

Entrepreneurship involves all but ONE of the following.

Accepted Answer

A)  Competitive stability 
B)  Opportunity recognition 
C)  Opportunity creation 
D)  Assembling resources 
E)  Managing activities to start-up the firm 
A)  Competitive stability 
B)  Opportunity recognition 
C)  Opportunity creation 
D)  Assembling resources 
E)  Managing activities to start-up the firm A

Question 4

A business plan _____.

Accepted Answer

A)  contains the details of how a new venture will be carried out 
B)  is focused on forward looking income statements 
C)  is focused on risk analysis 
D)  is not critical to an entrepreneur 
E)  should be extensive with a minimum of 50 pages to be useful 
A)  contains the details of how a new venture will be carried out 
B)  is focused on forward looking income statements 
C)  is focused on risk analysis 
D)  is not critical to an entrepreneur 
E)  should be extensive with a minimum of 50 pages to be useful

Question 5

Differentiate between the different types of legal forms an entrepreneurial firm can choose identified in Chapter 6 (i.e. partnership, limited partnership, and S corporation).

Accepted Answer

a. Partnership: a business form in which

Question 6

Discuss the rules followed by 3M to encourage creativity.

Accepted Answer

a. Don't kill a project; have time alloc

Question 7

The most difficult time for an entrepreneurial startup is the _____.

Accepted Answer

A)  early stages 
B)  middle stages 
C)  late stages 
D)  at the IPO 
E)  after receiving venture capital financing 
A)  early stages 
B)  middle stages 
C)  late stages 
D)  at the IPO 
E)  after receiving venture capital financing

Question 8

The most difficult problems facing entrepreneurial startups are _____.

Accepted Answer

A)  partnership problems 
B)  management problems 
C)  employee training problems 
D)  timely delivery problems 
E)  financing and financial management problems 
A)  partnership problems 
B)  management problems 
C)  employee training problems 
D)  timely delivery problems 
E)  financing and financial management problems

Question 9

Research at Cornell University on lodging prices has shown _____.

Accepted Answer

A)  heavy discounting works to raise occupancies 
B)  discounting is advisable 
C)  discounting contributes to revenue gains 
D)  price discounting does not boost market share 
E)  market share raises with price reductions 
A)  heavy discounting works to raise occupancies 
B)  discounting is advisable 
C)  discounting contributes to revenue gains 
D)  price discounting does not boost market share 
E)  market share raises with price reductions

Question 10

According to examples in the text, theme restaurants like Planet Hollywood _____.

Accepted Answer

A)  are particularly profitable 
B)  are usually diversified 
C)  suffer from high wages and stagnant menus 
D)  follow a low-cost provider strategy 
E)  experience a pattern of repeat customers 
A)  are particularly profitable 
B)  are usually diversified 
C)  suffer from high wages and stagnant menus 
D)  follow a low-cost provider strategy 
E)  experience a pattern of repeat customers

Question 11

Franchising is when _____.

Accepted Answer

A)  two independent companies form a contractual agreement giving one the right to operate a business. 
B)  a firm operates in many different locations for a specified period of time 
C)  fees are paid to a lawyer for services that assist in establishing a strong brand name 
D)  business-format services are not sufficient to maintain profitability of an enterprise 
E)  risk is too large to merit other ventures like a business-format service 
A)  two independent companies form a contractual agreement giving one the right to operate a business. 
B)  a firm operates in many different locations for a specified period of time 
C)  fees are paid to a lawyer for services that assist in establishing a strong brand name 
D)  business-format services are not sufficient to maintain profitability of an enterprise 
E)  risk is too large to merit other ventures like a business-format service

Question 12

The creation of new business ventures within existing corporations is often referred to as _____.

Accepted Answer

A)  restructuring 
B)  turnaround 
C)  startup renewal 
D)  intrapreneurship 
E)  diversification 
A)  restructuring 
B)  turnaround 
C)  startup renewal 
D)  intrapreneurship 
E)  diversification

Question 13

Discuss the evolution of electronic tourism products and services

Accepted Answer

a. Simple systems-such as guide books
b.

Question 14

What is the most successful commercial sector on the Internet?

Accepted Answer

A)  books 
B)  music 
C)  auctions 
D)  travel 
E)  clothing 
A)  books 
B)  music 
C)  auctions 
D)  travel 
E)  clothing

Question 15

A letter of an intent drafted in an IPO _____.

Accepted Answer

A)  informs the government that the firm intends to pursue an IPO 
B)  outlines the financial relationship between the company and the underwriter and other conditions of the offering 
C)  informs shareholders who are not on the board of the firm's intent to pursue an IPO 
D)  informs key stakeholders of the intent to pursue an IPO 
E)  informs investment banks of the intent to pursue an IPO so they can bid for the job 
A)  informs the government that the firm intends to pursue an IPO 
B)  outlines the financial relationship between the company and the underwriter and other conditions of the offering 
C)  informs shareholders who are not on the board of the firm's intent to pursue an IPO 
D)  informs key stakeholders of the intent to pursue an IPO 
E)  informs investment banks of the intent to pursue an IPO so they can bid for the job

Question 16

The Uniform System of Accounts for the Lodging Industry (USALI) ____.

Accepted Answer

A)  provide unstandardized systems 
B)  contain fewer operating statements than other accounting systems 
C)  nurture restaurant owners 
D)  permit comparison with industry standards 
E)  result in cash-flow problems for firms seeking venture capital 
A)  provide unstandardized systems 
B)  contain fewer operating statements than other accounting systems 
C)  nurture restaurant owners 
D)  permit comparison with industry standards 
E)  result in cash-flow problems for firms seeking venture capital

Question 17

Is franchising less risky than going into business on one's own?

Accepted Answer

A)  yes, always 
B)  yes, if the business is a new and small franchise 
C)  yes, if the business is established with many units 
D)  no, it is not less risky under any circumstances 
E)  franchising is more risky if you engage in multi-unit franchisee ownership 
A)  yes, always 
B)  yes, if the business is a new and small franchise 
C)  yes, if the business is established with many units 
D)  no, it is not less risky under any circumstances 
E)  franchising is more risky if you engage in multi-unit franchisee ownership

Question 18

The annual return expected by a venture capitalist on early stage seed investments is _____.

Accepted Answer

A)  20% 
B)  40% 
C)  60% 
D)  80% 
E)  100% 
A)  20% 
B)  40% 
C)  60% 
D)  80% 
E)  100%

Question 19

Colonel Sanders started KFC with _____.

Accepted Answer

A)  money from a venture capitalist 
B)  investments from business angels 
C)  loans from banks 
D)  corporate partners 
E)  money from his social security check 
A)  money from a venture capitalist 
B)  investments from business angels 
C)  loans from banks 
D)  corporate partners 
E)  money from his social security check

Question 20

Electronic tourism products and services have evolved from simple systems to _____.

Accepted Answer

A)  providing travel information for sightseeing 
B)  providing destination guides 
C)  integrated management systems 
D)  booking engines 
E)  fragmented systems technology 
A)  providing travel information for sightseeing 
B)  providing destination guides 
C)  integrated management systems 
D)  booking engines 
E)  fragmented systems technology

Business angels are _____.

Discuss the factors that discourage innovation.

Entrepreneurship involves all but ONE of the following.

A business plan _____.

Differentiate between the different types of legal forms an entrepreneurial firm can choose identified in Chapter 6 (i.e. partnership, limited partnership, and S corporation).

Discuss the rules followed by 3M to encourage creativity.

The most difficult time for an entrepreneurial startup is the _____.

The most difficult problems facing entrepreneurial startups are _____.

Research at Cornell University on lodging prices has shown _____.

According to examples in the text, theme restaurants like Planet Hollywood _____.

Franchising is when _____.

The creation of new business ventures within existing corporations is often referred to as _____.

Discuss the evolution of electronic tourism products and services

What is the most successful commercial sector on the Internet?

A letter of an intent drafted in an IPO _____.

The Uniform System of Accounts for the Lodging Industry (USALI) ____.

Is franchising less risky than going into business on one's own?

The annual return expected by a venture capitalist on early stage seed investments is _____.

Colonel Sanders started KFC with _____.

Electronic tourism products and services have evolved from simple systems to _____.

Strategic Management

The Environment and External Stakeholders

Strategic Direction

Organizational Resources and Competitive Advantage

Strategy Formulation at the Business-Unit Level

Corporate-Level Strategy and Restructuring

Strategy Implementation Through Interorganizational Relationships and Management of Functional Resources

Strategy Implementation Through Organizational Design and Control

Global Strategic Management and the Future

Filters

Exam 9: Strategies for Entrepreneurship and Innovation

Business angels are _____.

Discuss the factors that discourage innovation.

Entrepreneurship involves all but ONE of the following.

A business plan _____.

Differentiate between the different types of legal forms an entrepreneurial firm can choose identified in Chapter 6 (i.e. partnership, limited partnership, and S corporation).

Discuss the rules followed by 3M to encourage creativity.

The most difficult time for an entrepreneurial startup is the _____.

The most difficult problems facing entrepreneurial startups are _____.

Research at Cornell University on lodging prices has shown _____.

According to examples in the text, theme restaurants like Planet Hollywood _____.

Franchising is when _____.

The creation of new business ventures within existing corporations is often referred to as _____.

Discuss the evolution of electronic tourism products and services

What is the most successful commercial sector on the Internet?

A letter of an intent drafted in an IPO _____.

The Uniform System of Accounts for the Lodging Industry (USALI) ____.

Is franchising less risky than going into business on one's own?

The annual return expected by a venture capitalist on early stage seed investments is _____.

Colonel Sanders started KFC with _____.

Electronic tourism products and services have evolved from simple systems to _____.

Strategic Management

The Environment and External Stakeholders

Strategic Direction

Organizational Resources and Competitive Advantage

Strategy Formulation at the Business-Unit Level

Corporate-Level Strategy and Restructuring

Strategy Implementation Through Interorganizational Relationships and Management of Functional Resources

Strategy Implementation Through Organizational Design and Control

Global Strategic Management and the Future

Filters