Question 1

The steps in the model for company building include all of the following EXCEPT ________.

Accepted Answer

A) customer validation 
B) customer creation 
C) company building 
D) company growth 
A) customer validation 
B) customer creation 
C) company building 
D) company growth

Question 2

The entrepreneurial process starts with ________.

Accepted Answer

A) identifying customers 
B) developing the product/service 
C) exploring the entrepreneurial context 
D) applied research 
A) identifying customers 
B) developing the product/service 
C) exploring the entrepreneurial context 
D) applied research

Question 3

Organizations that are started in response to needs within the community are known as ________.

Accepted Answer

A) communal cooperatives 
B) public ventures 
C) social enterprises 
D) social networks 
A) communal cooperatives 
B) public ventures 
C) social enterprises 
D) social networks

Question 4

Growing quickly can kill a venture if the related stresses caused by growth are not managed properly.

Accepted Answer

A) True 
 B)False

Question 5

A New Subsidiary (Scenario)
Philip works for a large multinational corporation with offices in 23 countries, 64,000 employees worldwide, and $8 billion in annual sales. The company was involved in several different industries: automotive parts, rapid transit systems, and recreational vehicles. Philip is the executive vice-president of new technology ventures.
Philip wants you to investigate and potentially launch a business focusing on alternative energy systems. The first area you are to explore is the potential business opportunity of ocean tidal energy. You are to explore what technology already exists that can be exploited, what additional technology development is needed, and figure out the viability of the tidal energy as an entrepreneurial venture.
-It is rumoured that Philip has been directed to develop this business for the overall good of the planet,as a way of contributing to the turnaround of greenhouse gas and oil consumption issues.The company would be set up as a public trust,with all profits either returned back to the organization for further development or donated to specific organizations such as the Bill and Melinda Gates Foundation.If so,this would then become a ________.

Accepted Answer

A) public company 
B) public interest organization 
C) not-for profit venture 
D) social enterprise 
A) public company 
B) public interest organization 
C) not-for profit venture 
D) social enterprise

Question 6

Henrik wanted to launch a new business focusing on custom hockey stick manufacturing-allowing semi-pro hockey players access to similar custom technology that NHL players receive.His potential financial backers kept pushing him to clarify the cost-benefit to his customers since it meant charging 15 percent to 20 percent more for an off-the-shelf hockey stick.They wanted to know his value proposition.

Accepted Answer

A) True 
 B)False

Question 7

Launching an On-Line Yoga Studio (Scenario)
Deborah was thinking about what it would take to launch her new business. Like many entrepreneurs, she had an idea and wanted to get started but really did not know where to begin—not to mention experiencing both the normal excitement and fear of launching a new enterprise.
Deborah discovered that she could gather together well-known yoga teachers from all over the world and create an online yoga studio. Customers could become members for much less money than going to a regular studio and learn from the best teachers in the world, not just the local ones.
In her mind this could lead to the downfall of many mediocre yoga studios in her city (and perhaps other cities) and make world-class yoga teachers more available. Plus, the overhead costs would be minimal. She would then pay each teacher a royalty based on the participant volume each one received.
-The next big step Deborah should complete is ________.

Accepted Answer

A) a business plan 
B) to establish an advisory board 
C) a feasibility study 
D) to meet with venture capitalists 
A) a business plan 
B) to establish an advisory board 
C) a feasibility study 
D) to meet with venture capitalists

Question 8

The feasibility study and business plan are key parts of the value proposition.

Accepted Answer

A) True 
 B)False

Question 9

Entrepreneurial start-ups need customer development teams that have a ________.

Accepted Answer

A) clear focus on the objectives 
B) learning-and-discovery culture 
C) targeted business model 
D) culture of flexibility and risk-taking 
A) clear focus on the objectives 
B) learning-and-discovery culture 
C) targeted business model 
D) culture of flexibility and risk-taking

Question 10

Conventional entrepreneurship models start with the business plan.The Timmons model looks at the entrepreneurial process a bit differently.It starts with a market opportunity and ________.

Accepted Answer

A) the ability of the founder to access financial resources quickly 
B) the capacity of the founder to see the future more coherently than their nearest competitor 
C) the ability of the founder to find the right people for specific roles quickly 
D) the capacity of the founder to distinguish between an idea and an opportunity 
A) the ability of the founder to access financial resources quickly 
B) the capacity of the founder to see the future more coherently than their nearest competitor 
C) the ability of the founder to find the right people for specific roles quickly 
D) the capacity of the founder to distinguish between an idea and an opportunity

Question 11

Exiting a venture when an entrepreneur hopes to capitalize financially on the investment in the venture is known as ________.

Accepted Answer

A) contingency planning 
B) liquidation 
C) harvesting 
D) strategic planning 
A) contingency planning 
B) liquidation 
C) harvesting 
D) strategic planning

Question 12

The best time to plan an exit strategy from your venture is ________.

Accepted Answer

A) at the same time you enter into it 
B) after the end of the first fiscal year 
C) 18 to 24 months after the launch of the venture so you can see a financial track record 
D) when a potential buyer makes their first inquiry about possibly buying your business 
A) at the same time you enter into it 
B) after the end of the first fiscal year 
C) 18 to 24 months after the launch of the venture so you can see a financial track record 
D) when a potential buyer makes their first inquiry about possibly buying your business

Question 13

Studies have shown that visionary companies outperformed nonvisionary ones by six times based on standard financial criteria.To become a visionary organization the entrepreneur must articulate a coherent,inspiring,and ________.

Accepted Answer

A) visionary business plan 
B) exciting product or service 
C) creative customer service oriented organization 
D) attractive vision of the future 
A) visionary business plan 
B) exciting product or service 
C) creative customer service oriented organization 
D) attractive vision of the future

Question 14

The model for company building starts with ________.

Accepted Answer

A) an innovative idea 
B) raising financing 
C) customer discovery 
D) market research 
A) an innovative idea 
B) raising financing 
C) customer discovery 
D) market research

Question 15

There are essentially two descriptions of how entrepreneurs add value to the economy: creative destruction and by being entrepreneurially alert.They are essentially the same thing.

Accepted Answer

A) True 
 B)False

Question 16

An organization that is independently owned,operated,and financed; has fewer than 100 employees; and does not necessarily engage in any new or innovative practices is known as a(n)________.

Accepted Answer

A) small business 
B) entrepreneurial venture 
C) small holding company 
D) subsidiary 
A) small business 
B) entrepreneurial venture 
C) small holding company 
D) subsidiary

Question 17

Aside from innovation the importance of entrepreneurship can be shown in three areas: ________.

Accepted Answer

A) job creation,new product development,and increase in economic activity 
B) global entrepreneurship,applied research,and social responsibility 
C) social responsibility,number of new startups,and job creation 
D) number of new startups,job creation,and global entrepreneurship 
A) job creation,new product development,and increase in economic activity 
B) global entrepreneurship,applied research,and social responsibility 
C) social responsibility,number of new startups,and job creation 
D) number of new startups,job creation,and global entrepreneurship

Question 18

In the course of transformation that must happen from following through with a radical innovation and taking advantage of it,the venture goes through a process called ________.

Accepted Answer

A) feasibility assessment 
B) applied research 
C) idea generation 
D) creative destruction 
A) feasibility assessment 
B) applied research 
C) idea generation 
D) creative destruction

Question 19

The first step in the entrepreneurial process is to explore economic,legal,political and social environments.

Accepted Answer

A) True 
 B)False

Question 20

According to our textbook,the best growth strategy is ________.

Accepted Answer

A) a well-executed one 
B) a well-planned one 
C) copied from well-established competitors 
D) unchangeable 
A) a well-executed one 
B) a well-planned one 
C) copied from well-established competitors 
D) unchangeable

The steps in the model for company building include all of the following EXCEPT ________.

The entrepreneurial process starts with ________.

Organizations that are started in response to needs within the community are known as ________.

Growing quickly can kill a venture if the related stresses caused by growth are not managed properly.

The feasibility study and business plan are key parts of the value proposition.

Entrepreneurial start-ups need customer development teams that have a ________.

Conventional entrepreneurship models start with the business plan.The Timmons model looks at the entrepreneurial process a bit differently.It starts with a market opportunity and ________.

Exiting a venture when an entrepreneur hopes to capitalize financially on the investment in the venture is known as ________.

The best time to plan an exit strategy from your venture is ________.

Studies have shown that visionary companies outperformed nonvisionary ones by six times based on standard financial criteria.To become a visionary organization the entrepreneur must articulate a coherent,inspiring,and ________.

The model for company building starts with ________.

There are essentially two descriptions of how entrepreneurs add value to the economy: creative destruction and by being entrepreneurially alert.They are essentially the same thing.

An organization that is independently owned,operated,and financed; has fewer than 100 employees; and does not necessarily engage in any new or innovative practices is known as a(n)________.

Aside from innovation the importance of entrepreneurship can be shown in three areas: ________.

In the course of transformation that must happen from following through with a radical innovation and taking advantage of it,the venture goes through a process called ________.

The first step in the entrepreneurial process is to explore economic,legal,political and social environments.

According to our textbook,the best growth strategy is ________.

Introduction to Management and Organizations

Organizational Culture and the Organizational Environment

Managing Diversity

Managing in a Global Environment

Managing Responsibly and Ethically

Innovation and Adaptability

Decision Making

Foundations of Planning

Managing Strategically

Designing Organizational Structure

Managers and Communication

Managing Human Resources

Leadership

Motivating Employees

Managing Groups and Teams

Evidence-Based Decision Making

Filters

Exam 5: Managing Entrepreneurially

The steps in the model for company building include all of the following EXCEPT ________.

The entrepreneurial process starts with ________.

Organizations that are started in response to needs within the community are known as ________.

Growing quickly can kill a venture if the related stresses caused by growth are not managed properly.

The feasibility study and business plan are key parts of the value proposition.

Entrepreneurial start-ups need customer development teams that have a ________.

Conventional entrepreneurship models start with the business plan.The Timmons model looks at the entrepreneurial process a bit differently.It starts with a market opportunity and ________.

Exiting a venture when an entrepreneur hopes to capitalize financially on the investment in the venture is known as ________.

The best time to plan an exit strategy from your venture is ________.

Studies have shown that visionary companies outperformed nonvisionary ones by six times based on standard financial criteria.To become a visionary organization the entrepreneur must articulate a coherent,inspiring,and ________.

The model for company building starts with ________.

There are essentially two descriptions of how entrepreneurs add value to the economy: creative destruction and by being entrepreneurially alert.They are essentially the same thing.

An organization that is independently owned,operated,and financed; has fewer than 100 employees; and does not necessarily engage in any new or innovative practices is known as a(n)________.

Aside from innovation the importance of entrepreneurship can be shown in three areas: ________.

In the course of transformation that must happen from following through with a radical innovation and taking advantage of it,the venture goes through a process called ________.

The first step in the entrepreneurial process is to explore economic,legal,political and social environments.

According to our textbook,the best growth strategy is ________.

Introduction to Management and Organizations

Organizational Culture and the Organizational Environment

Managing Diversity

Managing in a Global Environment

Managing Responsibly and Ethically

Innovation and Adaptability

Decision Making

Foundations of Planning

Managing Strategically

Designing Organizational Structure

Managers and Communication

Managing Human Resources

Leadership

Motivating Employees

Managing Groups and Teams

Evidence-Based Decision Making

Filters