Entrepreneurial Leadership
Mock Exam
Course Introduction
Entrepreneurial Leadership explores the unique blend of skills, mindsets, and strategic approaches required to lead innovative ventures in dynamic environments. The course examines the characteristics and behaviors that distinguish entrepreneurial leaders, emphasizing how they drive vision, inspire teams, manage uncertainty, and navigate the challenges of launching and scaling new businesses. Through case studies, discussions, and experiential activities, students learn to identify opportunities, mobilize resources, foster creativity, and develop resilience. The course also addresses ethical considerations and social responsibility in entrepreneurial decision-making, preparing students to lead with confidence in both startups and established organizations seeking growth through innovation.
Recommended Textbook
Entrepreneurship Theory Process and Practice 10th Editionby Donald F. Kuratko
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Chapter 1: Entrepreneurship: Evolutionary
Development-Revolutionary Impact
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Sample Questions
Q1) During the past ten years,new business incorporations averaged nearly 600,000 per year.
A)True
B)False
Answer: True
Q2) The "corridor principle" is best described by which of the following statements?
A)If at first you don't succeed, try, try, again.
B)Being in the right place at the right time.
C)With every new venture launched, new and unintended opportunities arise.
D)Luck happens when preparation meets opportunity.
Answer: C
Q3) Entrepreneurs and gazelles have been credited with making disproportionate contributions to all but which of the following?
A)innovation
B)job creation
C)economic renewal
D)unemployment
Answer: D
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Chapter 2: The Entrepreneurial Mind-Set in Individuals:
Cognition and Ethics
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Sample Questions
Q1) Every person has the _____ and _____ to pursue a career as an entrepreneur
A)stubbornness; stupidity
B)potential; free choice
C)rights; regulations
D)obligation; duty
Answer: B
Q2) Which of the following may be the greatest risk to the well-being of the entrepreneur?
A)social risk
B)financial risk
C)psychic risk
D)family risk
Answer: C
Q3) A decision to sell toys that pass minimum safety standards but can often result in minor accidents to children is an example of a(n)
A)illegal and ethical decision.
B)legal and unethical decision.
C)illegal and unethical decision.
D)legal and ethical decision.
Answer: B
Page 4
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Chapter 3: The Entrepreneurial Mind-Set in Organizations: Corporate Entrepreneurship
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Sample Questions
Q1) Which of the following helps account for the rise of interest in corporate entrepreneurship?
A)A decrease in the number of sophisticated competitors.
B)An increase government regulation of small entrepreneurs.
C)An increase in corporations losing some of their best people.
D)A general increase in the number of competitors.
Answer: C
Q2) All of the following are reasons for the growth of corporate entrepreneurship except
A)a desire to dramatically increase profitability.
B)a rapidly growing number of new and sophisticated competitors.
C)a sense of distrust in the traditional methods of corporate management.
D)an exodus of some of the best people out of corporations.
Answer: A
Q3) Firms do not need to alter management techniques to encourage corporate entrepreneurship since it tends to occur naturally.
A)True
B)False
Answer: False
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Chapter 4: Social Entrepreneurship and the Global
Environment for Entrepreneurship
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Sample Questions
Q1) An account framework that goes beyond the traditional measures of profit,return on investment,and shareholder value to include environmental and social dimensions is called
A)the shared bottom line
B)the value proposition
C)the triple bottom line
D)the twin bottom line
Q2) Social obligation,social responsibility,and social responsiveness are all ways firms view their interactions with society.
A)True
B)False
Q3) Bottom-line measures of economic performance include all of the following except:
A)global competition
B)personal income
C)cost of underemployment
D)job growth
Q4) In the context of benefit corporations,what does transparency refer to?
Q5) List some activities that have come to be associated with social entrepreneurship.
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Chapter 5: Innovation: the Creative Pursuit of Ideas
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Sample Questions
Q1) Which of the following is not one of the phases in the creative process?
A)background or knowledge accumulation
B)evaluation and implementation
C)the incubation process
D)preliminary investigation
Q2) Which of the following are sources of innovation?
A)unexpected occurrences and incongruities
B)duplication and processes
C)synthesis and technology
D)industry changes and extension
Q3) The phase of the creative process when the idea or solution the individual is seeking is discovered is the
A)background or knowledge accumulation.
B)incubation process.
C)idea experience.
D)evaluation and implementation.
Q4) Identity and describe two arenas of creativity.
Q5) List and briefly explain each of the phases in the creative process.
Q6) Describe the innovation process.
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Chapter 6: Assessment of Entrepreneurial Opportunities
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Sample Questions
Q1) Most entrepreneurs are well schooled in the technology associated with their ventures.
A)True
B)False
Q2) List and describe three pitfalls in selecting a new venture.
Q3) Explain three major reasons why new ventures fail.
Q4) Overall market understanding rather than a time-consuming focus on market niches is sufficient for an evaluation.
A)True
B)False
Q5) Market feasibility analysis relies on
A)organizational competence
B)the entrepreneur's vision
C)venture capital
D)general economic trends and competitor data
Q6) What sorts of legal issues can be overlooked when assessing an entrepreneurial opportunity?
Q7) What are the five specific feasibility phases that a new venture will go through?
Page 8
Q8) What are three critical factors in a new venture assessment?
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Chapter 7: Pathways to Entrepreneurial Ventures
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Sample Questions
Q1) Who must negotiate a final deal to purchase a business?
A)A lawyer
B)A CPA
C)The potential buyer
D)All of the above
Q2) What is the role of business brokers in acquiring an established entrepreneurial venture?
Q3) Which of the following is not a key question a prospective buyer needs to ask in buying a business?
A)Why is the owner selling?
B)What is the owner's personal net worth?
C)How many of the personnel will remain with the firm?
D)What type of competition exists?
Q4) The terms upside gain and downside loss refer to the profits the business can make and the losses it can suffer.
A)True
B)False
Q5) Why did the Federal Trade Commission enact the Franchise Rule?
Q6) Briefly explain the new-old approach to creating new ventures.
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Chapter 8: Sources of Capital for Entrepreneurs
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Sample Questions
Q1) Venture capitalists,surprisingly,require little information before they make an investment.
A)True
B)False
Q2) Sophisticated investors are wealthy individuals who invest more or less regularly in new and/or early- and late-stage ventures.
A)True
B)False
Q3) Which of the following terms is not synonymous with social lending?
A)crowdfunding
B)peer-to-peer (P2P) lending
C)banking 2.0
D)commercially viable lending
Q4) Informal risk capitalists are often referred to as "business angels."
A)True
B)False
Q5) Are formal firms the only source of venture capital?
Q6) Should entrepreneurs accept proposals from the first venture capitalist that offers?
Q7) What are the major types and uses of debt financing?
Page 10
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Chapter 9: Legal Challenges of Entrepreneurial Ventures
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Sample Questions
Q1) To effectively pursue a patent violation,experts recommend that the entrepreneur
A)handle all matters personally.
B)prepare a realistic budget for infringement.
C)fill out a preprinted form obtained from a patent office.
D)sue as quickly as possible.
Q2) A trademark is a distinctive name,mark,or symbol that is identified with a company's product.
A)True
B)False
Q3) It often is possible to obtain more capital and a better range of skills in a sole proprietorship than in a partnership.
A)True
B)False
Q4) Chapter 7,Chapter 9,and Chapter 11 are the most common forms of bankruptcy.
A)True
B)False
Q5) Define a patent and describe its limitations.
Q6) The two parts of a patent application are specification and claims.
A)True
B)False
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Chapter 10: Marketing Challenges for Entrepreneurial Ventures
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Sample Questions
Q1) Of the following,which does the textbook identify as critical to the marketing planning process?
A)market niche
B)market segmentation
C)marketing research
D)marketing myopia
Q2) Pricing the social media age is sometimes based on a model that offers basic levels of service for free.
A)True
B)False
Q3) What is skimming and what are its effects?
Q4) What three important aspects of social media marketing should entrepreneurs be aware of?
Q5) Social media marketing is the application of online collaborative media for marketing purposes.
A)True
B)False
B)False Page 12
Q6) It is usually more expensive to gather secondary data than primary data. A)True
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Chapter 11: Financial Preparation for Entrepreneurial Ventures
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Sample Questions
Q1) Financial information pulls together all the information presented in the other segments of the business.
A)True
B)False
Q2) When using the internal rate of return method,the future cash flows are discounted at a rate that makes the net present value equal to
A)assets minus liabilities.
B)assets minus owner's equity.
C)assets minus (liabilities plus owner's equity).
D)zero.
Q3) Comparing financial numbers in order to make decisions is referred to as: A)ratio analysis.
B)debt reduction.
C)comparable fractions.
D)descriptive statistics.
Q4) What is included in an operating budget and how is this helpful?
Q5) Explain pro forma statements.
Q6) List the elements of a capital budget and define its main objective.
14
Q7) Explain what a cash flow budget tells a manager/owner.
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Chapter 12: Developing an Effective Business Plan
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Q1) Which of the following statements would not be an appropriate guideline for successful business plan development?
A)Avoid exaggeration.
B)Orient the plan to the present.
C)Highlight critical risks.
D)Do not overdiversify.
Q2) A "niche" is a homogeneous group with common characteristics (i.e.,all the people who have a need for a newly proposed product or service).
A)True
B)False
Q3) An important guideline in putting the plan together is A)to overdiversify.
B)to not highlight critical risks.
C)to identify the target market.
D)to impress with excessive detail
Q4) The entrepreneur should expect to encounter a friendly and supportive audience when presenting the business plan to potential financial sources.
A)True
B)False
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Chapter 13: Strategic Entrepreneurial Growth
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Sample Questions
Q1) Misunderstanding industry attractiveness can be a fatal flaw in strategic planning.
A)True
B)False
Q2) A "SWOT" analysis refers to analyzing strengths,weaknesses,opportunities,and threats.
A)True
B)False
Q3) Which of the following is not a reason for the lack of planning in new ventures?
A)time scarcity
B)lack of trust
C)lack of dominance
D)lack of knowledge
Q4) The entrepreneurial strategy matrix measures risk and innovation.
A)True
B)False
Q5) Does strategic planning pay off?
Q6) Describe what typically takes place during the new-venture development life-cycle stage.
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Chapter 14: Valuation of Entrepreneurial Ventures
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Sample Questions
Q1) Emotional bias is not an underlying issue in valuing a business.
A)True
B)False
Q2) Replacement value of a business is based upon the value of each asset if it had to be replaced at a certain cost.
A)True
B)False
Q3) "Why is the business being sold?" is not an important question to ask when analyzing the viability of buying a business.
A)True
B)False
Q4) Emotional bias is likely to have what effect on a seller's valuation of a business?
A)increase the valuation
B)decrease the valuation
C)have no net effect on the valuation
D)none of the above
Q5) Explain the purpose of a letter of intent.
Q6) List and briefly explain the three methods utilized for business evaluation.
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Chapter 15: Harvesting the Entrepreneurial Venture
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Sample Questions
Q1) The president of a successful lumberyard has decided to retire in a year. There are two relatives working in the lumberyard who want to take over,but have little business knowledge. The president wants to keep the company in family hands. What should be done so the company stays in the family?
Q2) The Oakland Scavenger case is profound to owners of family businesses in that A)conceivably, the owner can be sued for not giving equal treatment to a son as to a daughter.
B)conceivably, the owner can be sued by an employee of a different ethnic origin based upon not being accorded the same treatment as a son or daughter.
C)conceivably, the owner can be sued for not declaring a family member his or her successor.
D)the owner can be fined for not declaring his or her first son the heir to the business.
Q3) The forcing events that require an entrepreneur to step aside and let someone direct the operation are usually unforeseen and create major problems for the business.
A)True
B)False
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