Question 1

Before preparing a business plan it is important to examine the viability of a proposed venture idea. To do this it is good practice to complete a _______________.

Accepted Answer

A)  strategic plan 
B)  feasibility study 
C)  economic impact study 
D)  demographic study 
E)  marketing strategy 
A)  strategic plan 
B)  feasibility study 
C)  economic impact study 
D)  demographic study 
E)  marketing strategy

Question 2

In the process 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 
E)  business planning 
A)  feasibility assessment 
B)  applied research 
C)  idea generation 
D)  creative destruction 
E)  business planning

Question 3

Businesses that are started in response to needs within a community are known as social enterprises/ventures and may be not-for-profit entities.

Accepted Answer

A) True 
 B)False

Question 4

An analysis of the benefits, costs, and value that an organization can deliver to its customers is commonly known as a value proposition.

Accepted Answer

A) True 
 B)False

Question 5

Refer to the scenario below to answer the following questions.
Angela's Thesis Coaching Company (Scenario)
Angela is finally starting to feel more at ease with her business. Six months since the launch of her Ph.D. Thesis Masters she is starting to see revenues climb and her associates are producing great work-and more importantly, her customers are happy. Ph.D. Thesis Masters (PTM) provides coaching and research services for masters and Ph.D. students working on their theses. Angela discovered that many students need help with much of the grunt work of formatting, meeting deadlines, and doing secondary research of the existing literature.
Her associates are Ph.D. graduates who have successfully completed their theses and can now guide other students and help them with the related pressures and quality guidelines. Angela has worked out a formula where she charges student clients $75 per hour and pays her associates $45, leaving her with a $30 gross profit (or gross margin) for every hour of work completed. Her customers are happy and her associates are happy.
-With approximately 10 associates serving the company's clients, Angela was challenged by the leadership duties she had to perform. Originally, she thought it would be easier because they were professionals who were working independently. But what she found was that it was a bit like doing what Max Depree says in the book-that good leadership is a lot like leading a ______________.

Accepted Answer

A)  herd of cows 
B)  flock of geese 
C)  rock band 
D)  jazz ensemble 
E)  symphony orchestra 
A)  herd of cows 
B)  flock of geese 
C)  rock band 
D)  jazz ensemble 
E)  symphony orchestra

Question 6

Janice is the new CEO of a small Internet security company and is working with the founder to grow the business. Janice is the classic idea of an entrepreneur.

Accepted Answer

A) True 
 B)False

Question 7

You are having a discussion with a friend who opened a gelato shop about six months ago. She has shared that it is time for her to hire a manager and promote a couple of employees to supervisors. She is a little concerned that the added structure will affect the natural flow of things. But you reassure her that good organization structure is a balance between ____________ and ____________, and may require some finessing to achieve the right mix of the two.

Accepted Answer

A)  competence; creativity 
B)  fluidity; rigidity 
C)  fluidity; flexibility 
D)  rigidity; creativity 
E)  creativity; fluidity 
A)  competence; creativity 
B)  fluidity; rigidity 
C)  fluidity; flexibility 
D)  rigidity; creativity 
E)  creativity; fluidity

Question 8

Refer to the scenario below to answer the following questions.
A Mature Café (Scenario)
Sarah has been growing and operating her café in an upscale neighbourhood. She is happy with how the business has continued to increase in revenues as her customer base has become loyal over the years. She has just over 30 employees, two of whom are managers.
The lease on the space is coming up for renewal and this has brought up the notion of leaving the business and exploring other interests she has in travelling through Africa and Southeast Asia. Sarah has worked hard and she wants to be sure she gets as much out of the business as she put into it.
Another factor is the increasing competition in the area and the sinking feeling she has that it will be next to impossible to differentiate her business from the big chains opening on several street corners. Her fear is that her sales may have plateaued and there in fact will be a decrease in sales in the near future.
-More than five years ago, Sarah was careful to think about what she would do if things did not go according plan-in other words, if business took a serious downturn. Business is fine right now, but she can see the writing on the wall, and although selling is an option, she would rather stick with it and try to take the business to a new level. When she first planned the business, she also developed a Plan B, also known as a __________ ,and in reading it has uncovered some great ideas that she had forgotten about.

Accepted Answer

A)  golden parachute 
B)  treasure chest 
C)  contingency plan 
D)  escape route 
E)  venture backup 
A)  golden parachute 
B)  treasure chest 
C)  contingency plan 
D)  escape route 
E)  venture backup

Question 9

The business plan is a written document that defines and articulates how the particular opportunity will be developed and exploited.

Accepted Answer

A) True 
 B)False

Question 10

As the entrepreneurial venture grows and the entrepreneur finds it increasingly difficult to go it alone, the next step is usually to _______________.

Accepted Answer

A)  prepare a new business plan 
B)  sell the business 
C)  expand the business 
D)  hire a therapist to help the entrepreneur deal with the stresses and strains of the business 
E)  hire employees to perform certain functions the entrepreneur can no longer handle 
A)  prepare a new business plan 
B)  sell the business 
C)  expand the business 
D)  hire a therapist to help the entrepreneur deal with the stresses and strains of the business 
E)  hire employees to perform certain functions the entrepreneur can no longer handle

Question 11

A contingency plan is there to help the entrepreneur be prepared if there are problems or if an emergency occurs. The plan needs to focus on specific details for controlling the most fundamental aspects of running the organization: cash flow, accounts receivables, ____________ and _____________.

Accepted Answer

A)  costs; potential sales 
B)  potential sales; market penetration 
C)  costs; debt 
D)  costs; employee benefits 
E)  potential sales; debt 
A)  costs; potential sales 
B)  potential sales; market penetration 
C)  costs; debt 
D)  costs; employee benefits 
E)  potential sales; debt

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

The choice of an appropriate organizational structure is an important decision when organizing an entrepreneurial venture. In a short essay explain how structure and the necessary human resources management contribute to the success of the organization. Provide clear examples of strategies for employee recruitment and retention.

Accepted Answer

A suitable organization structure is nec

Question 14

Pursuing opportunities is at the heart of entrepreneurship.

Accepted Answer

A) True 
 B)False

Before preparing a business plan it is important to examine the viability of a proposed venture idea. To do this it is good practice to complete a _______________.

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

Businesses that are started in response to needs within a community are known as social enterprises/ventures and may be not-for-profit entities.

An analysis of the benefits, costs, and value that an organization can deliver to its customers is commonly known as a value proposition.

Janice is the new CEO of a small Internet security company and is working with the founder to grow the business. Janice is the classic idea of an entrepreneur.

The business plan is a written document that defines and articulates how the particular opportunity will be developed and exploited.

As the entrepreneurial venture grows and the entrepreneur finds it increasingly difficult to go it alone, the next step is usually to _______________.

A contingency plan is there to help the entrepreneur be prepared if there are problems or if an emergency occurs. The plan needs to focus on specific details for controlling the most fundamental aspects of running the organization: cash flow, accounts receivables, and _.

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

Pursuing opportunities is at the heart of entrepreneurship.

Introduction to Management and Organizations

Organizational Culture and the Organizational Environment

Managing in a Global Environment

Managing Responsibly and Ethically

Innovation and Adaptability

Decision Making

Foundations of Planning

Managing Strategically

Organizational Design

Managers and Communication

Managing Human Resources

Leadership

Motivating Employees

Managing Groups and Teams

Evidence-Based Decision Making

Management History

Planning and Control Techniques

Managing Operations

Filters

Exam 4: Managing Entrepreneurially

Before preparing a business plan it is important to examine the viability of a proposed venture idea. To do this it is good practice to complete a _______________.

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

Businesses that are started in response to needs within a community are known as social enterprises/ventures and may be not-for-profit entities.

An analysis of the benefits, costs, and value that an organization can deliver to its customers is commonly known as a value proposition.

Janice is the new CEO of a small Internet security company and is working with the founder to grow the business. Janice is the classic idea of an entrepreneur.

The business plan is a written document that defines and articulates how the particular opportunity will be developed and exploited.

As the entrepreneurial venture grows and the entrepreneur finds it increasingly difficult to go it alone, the next step is usually to _______________.

A contingency plan is there to help the entrepreneur be prepared if there are problems or if an emergency occurs. The plan needs to focus on specific details for controlling the most fundamental aspects of running the organization: cash flow, accounts receivables, ____________ and _____________.

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

Pursuing opportunities is at the heart of entrepreneurship.

Introduction to Management and Organizations

Organizational Culture and the Organizational Environment

Managing in a Global Environment

Managing Responsibly and Ethically

Innovation and Adaptability

Decision Making

Foundations of Planning

Managing Strategically

Organizational Design

Managers and Communication

Managing Human Resources

Leadership

Motivating Employees

Managing Groups and Teams

Evidence-Based Decision Making

Management History

Planning and Control Techniques

Managing Operations

Filters

A contingency plan is there to help the entrepreneur be prepared if there are problems or if an emergency occurs. The plan needs to focus on specific details for controlling the most fundamental aspects of running the organization: cash flow, accounts receivables, and _.