Question 1

In a short essay, explain why Viking Range qualifies as an entrepreneurial venture.

Accepted Answer

Viking Range has all the earmarks of an entrepreneurial venture-vision, opportunity, innovation, and growth. Viking Range began with the vision of a single man, Fred Carl Jr. Carl was taking advantage of an opportunity in the market that he saw for sales of super high-quality appliances. Carl's products were highly innovative. Finally, Carl's company experienced dramatic growth. It has grown from a tiny company to an organization that now has annual sales of about $300 million.

Question 2

During the fourth and final step of the planning and organizing phase of an entrepreneurial venture, this is accomplished.

Accepted Answer

A)  selecting a legal business organization form 
B)  stating a mission 
C)  selecting an organizational design 
D)  creating a business plan 
A)  selecting a legal business organization form 
B)  stating a mission 
C)  selecting an organizational design 
D)  creating a business plan C

Question 3

This type of work team has the most autonomy.

Accepted Answer

A)  cross-functional 
B)  problem solving 
C)  self-directed 
D)  virtual 
A)  cross-functional 
B)  problem solving 
C)  self-directed 
D)  virtual C

Question 4

The best way for a hesitant entrepreneur to begin the process of employee empowerment is to ________.

Accepted Answer

A)  give employees complete decision-making power immediately 
B)  use participative decision making 
C)  let the employees decide how much decision-making power they will have 
D)  order employees to start making decisions 
A)  give employees complete decision-making power immediately 
B)  use participative decision making 
C)  let the employees decide how much decision-making power they will have 
D)  order employees to start making decisions

Question 5

An entrepreneurial venture that manufactures low-cost generic pills would be likely to be ________.

Accepted Answer

A)  very organic in structure 
B)  very innovative 
C)  fairly mechanistic in structure 
D)  very informal in structure 
A)  very organic in structure 
B)  very innovative 
C)  fairly mechanistic in structure 
D)  very informal in structure

Question 6

Identification of the organization's key personnel would be included in this section of a full business plan.

Accepted Answer

A)  analysis of the context 
B)  analysis of opportunity 
C)  description of the business 
D)  executive summary 
A)  analysis of the context 
B)  analysis of opportunity 
C)  description of the business 
D)  executive summary

Question 7

This section of a full business plan would include a description of the demographics of the target market for the organization.

Accepted Answer

A)  description of the business 
B)  financial data and projections 
C)  executive summary 
D)  analysis of opportunity 
A)  description of the business 
B)  financial data and projections 
C)  executive summary 
D)  analysis of opportunity

Question 8

In a short essay, describe the factors that determine whether an entrepreneurial venture will be mechanistic or organic in structure.

Accepted Answer

The more efficiency- and cost-oriented a

Question 9

Which of the following is NOT a way to organize an entrepreneurial venture?

Accepted Answer

A)  partnership 
B)  corporation 
C)  cooperative association 
D)  sole proprietorship 
A)  partnership 
B)  corporation 
C)  cooperative association 
D)  sole proprietorship

Question 10

In general, entrepreneurs tend to ________ more than the average person.

Accepted Answer

A)  cut corners 
B)  take risks 
C)  avoid risks 
D)  avoid cutting corners 
A)  cut corners 
B)  take risks 
C)  avoid risks 
D)  avoid cutting corners

Question 11

Entrepreneurs should take great care when choosing a form of legal ownership because once one form is chosen, it is ________ to change it to another form.

Accepted Answer

A)  impossible 
B)  very difficult 
C)  easy 
D)  rather embarrassing 
A)  impossible 
B)  very difficult 
C)  easy 
D)  rather embarrassing

Question 12

The form of legal ownership that an entrepreneur chooses for a venture primarily affects these concerns.

Accepted Answer

A)  profit and productivity 
B)  taxes and liability 
C)  liability and planning 
D)  taxes and revenue 
A)  profit and productivity 
B)  taxes and liability 
C)  liability and planning 
D)  taxes and revenue

Question 13

Saving money by avoiding the expense of professional services, such as legal and accounting, is often a mistake for entrepreneurs.

Accepted Answer

A) True 
 B)False

Question 14

In general, an entrepreneurial venture that sees ________ as its competitive advantage would tend to be ________ in structure.

Accepted Answer

A)  efficiency; organic 
B)  efficiency; mechanistic 
C)  innovation; mechanistic 
D)  innovation: formal 
A)  efficiency; organic 
B)  efficiency; mechanistic 
C)  innovation; mechanistic 
D)  innovation: formal

Question 15

This type of work team is composed of specialists.

Accepted Answer

A)  empowered 
B)  problem solving 
C)  self-directed 
D)  cross-functional 
A)  empowered 
B)  problem solving 
C)  self-directed 
D)  cross-functional

Question 16

A context analysis sizes up the target market and evaluates possible competitors to the company.

Accepted Answer

A) True 
 B)False

Question 17

The fourth step in the initial (pre-planning) phase of the entrepreneurial process is ________.

Accepted Answer

A)  exploring finance options 
B)  researching the venture's feasibility 
C)  pinpointing potential competitive advantages 
D)  identifying potential opportunities 
A)  exploring finance options 
B)  researching the venture's feasibility 
C)  pinpointing potential competitive advantages 
D)  identifying potential opportunities

Question 18

To avoid problems in their personal lives, entrepreneurs need to become excellent time managers and deal with conflicts ________ they arise.

Accepted Answer

A)  shortly before 
B)  as 
C)  well after 
D)  long before 
A)  shortly before 
B)  as 
C)  well after 
D)  long before

Question 19

Which of the following statements regarding an "entrepreneurial personality" is true?

Accepted Answer

A)  Finding a set of personality traits for an entrepreneurial personality is much easier than for leaders. 
B)  Finding a set of personality traits for an entrepreneurial personality is more difficult than for leaders. 
C)  There is no specific set of personality traits that all entrepreneurs share. 
D)  There has been no research on this topic to date. 
A)  Finding a set of personality traits for an entrepreneurial personality is much easier than for leaders. 
B)  Finding a set of personality traits for an entrepreneurial personality is more difficult than for leaders. 
C)  There is no specific set of personality traits that all entrepreneurs share. 
D)  There has been no research on this topic to date.

Question 20

In a short essay, describe how an entrepreneur is like a jazz band leader.

Accepted Answer

In a jazz band, the leader doesn't attem

In a short essay, explain why Viking Range qualifies as an entrepreneurial venture.

During the fourth and final step of the planning and organizing phase of an entrepreneurial venture, this is accomplished.

This type of work team has the most autonomy.

The best way for a hesitant entrepreneur to begin the process of employee empowerment is to ________.

An entrepreneurial venture that manufactures low-cost generic pills would be likely to be ________.

Identification of the organization's key personnel would be included in this section of a full business plan.

This section of a full business plan would include a description of the demographics of the target market for the organization.

In a short essay, describe the factors that determine whether an entrepreneurial venture will be mechanistic or organic in structure.

Which of the following is NOT a way to organize an entrepreneurial venture?

In general, entrepreneurs tend to ________ more than the average person.

Entrepreneurs should take great care when choosing a form of legal ownership because once one form is chosen, it is ________ to change it to another form.

The form of legal ownership that an entrepreneur chooses for a venture primarily affects these concerns.

Saving money by avoiding the expense of professional services, such as legal and accounting, is often a mistake for entrepreneurs.

In general, an entrepreneurial venture that sees as its competitive advantage would tend to be in structure.

This type of work team is composed of specialists.

A context analysis sizes up the target market and evaluates possible competitors to the company.

The fourth step in the initial (pre-planning) phase of the entrepreneurial process is ________.

To avoid problems in their personal lives, entrepreneurs need to become excellent time managers and deal with conflicts ________ they arise.

Which of the following statements regarding an "entrepreneurial personality" is true?

In a short essay, describe how an entrepreneur is like a jazz band leader.

Managers and Management

A History Module

The Management Environment

Integrative Managerial Issues

Foundations of Decision Making

A Quantitative Module

Foundations of Planning

Organizational Structure and Design

Managing Human Resources

A Career Module

Managing Change and Innovation

Foundations of Individual Behavior

Understanding Groups and Managing Work Teams

Motivating and Rewarding Employees

Leadership and Trust

Communication and Information

Foundations of Control

Operations Management

Filters

Exam 19: A Entrepreneurship Module

In a short essay, explain why Viking Range qualifies as an entrepreneurial venture.

During the fourth and final step of the planning and organizing phase of an entrepreneurial venture, this is accomplished.

This type of work team has the most autonomy.

The best way for a hesitant entrepreneur to begin the process of employee empowerment is to ________.

An entrepreneurial venture that manufactures low-cost generic pills would be likely to be ________.

Identification of the organization's key personnel would be included in this section of a full business plan.

This section of a full business plan would include a description of the demographics of the target market for the organization.

In a short essay, describe the factors that determine whether an entrepreneurial venture will be mechanistic or organic in structure.

Which of the following is NOT a way to organize an entrepreneurial venture?

In general, entrepreneurs tend to ________ more than the average person.

Entrepreneurs should take great care when choosing a form of legal ownership because once one form is chosen, it is ________ to change it to another form.

The form of legal ownership that an entrepreneur chooses for a venture primarily affects these concerns.

Saving money by avoiding the expense of professional services, such as legal and accounting, is often a mistake for entrepreneurs.

In general, an entrepreneurial venture that sees ________ as its competitive advantage would tend to be ________ in structure.

This type of work team is composed of specialists.

A context analysis sizes up the target market and evaluates possible competitors to the company.

The fourth step in the initial (pre-planning) phase of the entrepreneurial process is ________.

To avoid problems in their personal lives, entrepreneurs need to become excellent time managers and deal with conflicts ________ they arise.

Which of the following statements regarding an "entrepreneurial personality" is true?

In a short essay, describe how an entrepreneur is like a jazz band leader.

Managers and Management

A History Module

The Management Environment

Integrative Managerial Issues

Foundations of Decision Making

A Quantitative Module

Foundations of Planning

Organizational Structure and Design

Managing Human Resources

A Career Module

Managing Change and Innovation

Foundations of Individual Behavior

Understanding Groups and Managing Work Teams

Motivating and Rewarding Employees

Leadership and Trust

Communication and Information

Foundations of Control

Operations Management

Filters

In general, an entrepreneurial venture that sees as its competitive advantage would tend to be in structure.