Entrepreneurship and Innovation Study Guide Questions

Course Introduction

This course explores the fundamental concepts and processes of entrepreneurship and innovation, examining how new ideas are generated, developed, and transformed into successful business ventures. Students will study the entrepreneurial mindset, opportunity identification, business model development, and strategies for launching and growing innovative enterprises. The curriculum emphasizes real-world application through case studies, collaborative projects, and interaction with entrepreneurs, fostering skills in creativity, risk assessment, resource allocation, and strategic planning within both startup and corporate environments.

Recommended Textbook

Entrepreneurship Theory Process and Practice 10th Editionby Donald F. Kuratko

Available Study Resources on Quizplus

15 Chapters

444 Verified Questions

444 Flashcards

Source URL: https://quizplus.com/study-set/1416

Page 2

Chapter 1: Entrepreneurship: Evolutionary

Development-Revolutionary Impact

Available Study Resources on Quizplus for this Chatper

28 Verified Questions

28 Flashcards

Source URL: https://quizplus.com/quiz/28106

Sample Questions

Q1) Entrepreneurs are high risk takers.

A)True

B)False

Answer: False

Q2) The word entrepreneur is derived from the French entreprendre,which is translated as

A)to apprehend

B)to undertake

C)to compete

D)to enter and dare

Answer: B

Q3) Mountain gap strategies refer to:

A)unique resources

B)unique locations

C)unique resources.

D)unique markets

Answer: D

To view all questions and flashcards with answers, click on the resource link above.

Page 3

Chapter 2: The Entrepreneurial Mind-Set in Individuals:

Cognition and Ethics

Available Study Resources on Quizplus for this Chatper

30 Verified Questions

30 Flashcards

Source URL: https://quizplus.com/quiz/28107

Sample Questions

Q1) The generation of the twenty-first century may become known as generation E because it is becoming the most entrepreneurial generation since the Industrial Revolution.

A)True

B)False

Answer: True

Q2) 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

Q3) Today's entrepreneurs are faced with few ethical decisions because the legal system imposes greater penalties on wrongdoers.

A)True

B)False

Answer: False

To view all questions and flashcards with answers, click on the resource link above. Page 4

Chapter 3: The Entrepreneurial Mind-Set in Organizations: Corporate Entrepreneurship

Available Study Resources on Quizplus for this Chatper

28 Verified Questions

28 Flashcards

Source URL: https://quizplus.com/quiz/28108

Sample Questions

Q1) Systematic evolution of a product or service into newer or larger markets is referred to as radical innovation.

A)True

B)False

Answer: False

Q2) Clever bootlegging of ideas refers to secretly working on new ideas on company time as well as on personal time.

A)True

B)False

Answer: True

Q3) 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

To view all questions and flashcards with answers, click on the resource link above. Page 5

Chapter 4: Social Entrepreneurship and the Global

Environment for Entrepreneurship

Available Study Resources on Quizplus for this Chatper

30 Verified Questions

30 Flashcards

Source URL: https://quizplus.com/quiz/28109

Sample Questions

Q1) Among the advantages for global entrepreneurs of diaspora networks is

A)the speed with which information flows across borders

B)the distrust among traditional trading partners

C)the creation of places where anything can happen

D)the decline in political risks across ethnic communities

Q2) The triple bottom line is an accounting framework that focuses on optimizing short-term financial performance.

A)True

B)False

Q3) Key elements in plans to create a sustainable future are likely to include which of the following?

A)eliminating the concept conservation

B)eliminating the concept of waste

C)eliminating the concept of "price"

D)eliminating the concept of accountability

Q4) An L3C is a new legal form for social enterprises known as

A)limited liability corporations

B)low-profit, limited liability companies

C)long-term, low-profit, low-liability companies

D)limited liability laborers

To view all questions and flashcards with answers, click on the resource link above. Page 6

Chapter 5: Innovation: the Creative Pursuit of Ideas

Available Study Resources on Quizplus for this Chatper

30 Verified Questions

30 Flashcards

Source URL: https://quizplus.com/quiz/28110

Sample Questions

Q1) Creative talents can be improved through practice and awareness of habits that can cause problems. However,there are ways to increase creativity; one area is to recognize relationships. Explain what is meant by this.

Q2) Which of the following statements is true?

A)The right brain helps people analyze and verbalize.

B)The right brain helps people understand analogies and imagine things.

C)The left brain helps people understand analogies and imagine things.

D)Right and left brain concepts are meaningless.

Q3) The cognitive ability of entrepreneurs to acquire and transform information has yet to be studied.

A)True

B)False

Q4) One of the most helpful avenues for developing one's own creative talents is to be aware of the habits and mental blocks that stifle creativity.

A)True B)False

Q5) Incongruities are gaps or differences between expectations and reality. A)True

B)False

To view all questions and flashcards with answers, click on the resource link above. Page 7

Chapter 6: Assessment of Entrepreneurial Opportunities

Available Study Resources on Quizplus for this Chatper

30 Verified Questions

30 Flashcards

Source URL: https://quizplus.com/quiz/28111

Sample Questions

Q1) A common pitfall in selecting a new venture is

A)poor financial understanding.

B)proper objective evaluation.

C)real insight into the market.

D)none of the above.

Q2) Many entrepreneurs lack _____ for their new venture.

A)innovation

B)intelligence

C)objectivity

D)both a and b

Q3) Poor financial understanding is characterized by which of the following?

A)failure to anticipate technical difficulties

B)inadequate understanding of costs and funding requirements

C)failure to realize the life cycle of a product

D)lack of product differentiation

Q4) Three specific phases that a new venture goes through are

A)prestart-up, start-up, poststart-up.

B)start-up, poststart-up, evaluation.

C)beginning start-up, start-up, ending start-up.

D)prestart-up, start-up, evaluation.

Page 8

To view all questions and flashcards with answers, click on the resource link above.

Chapter 7: Pathways to Entrepreneurial Ventures

Available Study Resources on Quizplus for this Chatper

28 Verified Questions

28 Flashcards

Source URL: https://quizplus.com/quiz/28112

Sample Questions

Q1) An advantage to buying an on-going business is

A)reduced concern over future operations.

B)time and effort are reduced

C)it may be purchased at a bargain price.

D)all of the above.

Q2) The inventory should be examined for which of the following?

A)salability

B)correspondence between the physical count and the book count

C)up-to-datedness

D)All of the above.

Q3) What is the role of business brokers in acquiring an established entrepreneurial venture?

Q4) 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?

Q5) Briefly explain the new-old approach to creating new ventures.

Q6) Why did the Federal Trade Commission enact the Franchise Rule?

Page 9

To view all questions and flashcards with answers, click on the resource link above.

Chapter 8: Sources of Capital for Entrepreneurs

Available Study Resources on Quizplus for this Chatper

30 Verified Questions

30 Flashcards

Source URL: https://quizplus.com/quiz/28113

Sample Questions

Q1) The entrepreneur should ask the venture capitalist _____ questions.

A)at most ten

B)exactly twenty

C)an unlimited number of

D)no

Q2) Use of debt to finance a new venture involves a payback of funds plus an interest fee for the use of the money.

A)True

B)False

Q3) Private placement is a method of raising capital through the private placement of securities.

A)True

B)False

Q4) An informal risk capitalist is referred to as:

A)your neighbor.

B)a business angel.

C)a retiree.

D)someone with extra money to invest but who is not interested becoming an entrepreneur.

Q5) How does a public offering differ from a private placement?

To view all questions and flashcards with answers, click on the resource link above. Page 10

Chapter 9: Legal Challenges of Entrepreneurial Ventures

Available Study Resources on Quizplus for this Chatper

30 Verified Questions

30 Flashcards

Source URL: https://quizplus.com/quiz/28114

Sample Questions

Q1) A trademark is a distinctive name,mark,or symbol that is identified with a company's product.

A)True

B)False

Q2) That part of a patent application which identifies the features that are protected are known as the

A)particular.

B)claim.

C)identification.

D)essence.

Q3) Identify the three major sections of the Bankruptcy Act.

Q4) All of the following are ways of invalidating a trademark except A)cleaning-out proceedings.

B)clearing-out proceedings.

C)abandonment.

D)generic meaning.

Q5) The registration of a trademark last for 40 years,with continuous renewal every 10 years.

A)True

B)False

To view all questions and flashcards with answers, click on the resource link above.

Chapter 10: Marketing Challenges for Entrepreneurial Ventures

Available Study Resources on Quizplus for this Chatper

30 Verified Questions

30 Flashcards

Source URL: https://quizplus.com/quiz/28115

Sample Questions

Q1) What three important aspects of social media marketing should entrepreneurs be aware of?

Q2) It is usually more expensive to gather secondary data than primary data.

A)True

B)False

Q3) Identify and describe two pricing models pertinent to the social media age?

Q4) Marketing information that has already been compiled is known as secondary data.

A)True

B)False

Q5) Of the following,which is not associated with entrepreneurial tactics in market research?

A)guerrilla marketing

B)lead user research

C)in-person interviews

D)blog monitoring

Q6) The 4Cs of marketing include all the following except:

A)cocreation

B)communities

C)choice

D)continuity

Page 12

To view all questions and flashcards with answers, click on the resource link above. Page 13

Chapter 11: Financial Preparation for Entrepreneurial Ventures

Available Study Resources on Quizplus for this Chatper

30 Verified Questions

30 Flashcards

Source URL: https://quizplus.com/quiz/28116

Sample Questions

Q1) A key concept in developing an expense budget is that of A)fixed costs.

B)labor costs.

C)taxes.

D)rent.

Q2) What is included in an operating budget and how is this helpful?

Q3) Capital budgeting is designed to show

A)how many projects, in total, should be selected.

B)which project is most profitable.

C)which of several mutually exclusive projects should be selected D)how to evaluate projects based on rates of return.

Q4) Break-even analysis is a technique commonly used to assess the A)rate of return on investment.

B)expected product profitability.

C)net present value.

D)total costs.

Q5) Contribution margin is the difference between the selling price and the fixed cost per unit.

A)True

B)False

To view all questions and flashcards with answers, click on the resource link above. Page 14

Chapter 12: Developing an Effective Business Plan

Available Study Resources on Quizplus for this Chatper

30 Verified Questions

30 Flashcards

Source URL: https://quizplus.com/quiz/28117

Sample Questions

Q1) Factors that must be addressed when planning a new venture include setting realistic goals,determining milestones,making a commitment,and having flexibility.

A)True

B)False

Q2) An indicator of the planning pitfall of "failure to anticipate roadblocks" is

A)recognition of future problems.

B)making no admission of possible flaws in the plan.

C)having a contingency or alternative plan.

D)pursuing a good work force.

Q3) Which of the following statements may be the most important in new venture creation?

A)the pro forma balance sheet

B)the income statement

C)the cash flow statement

D)the profit statement

Q4) After delivering a pitch,it is not acceptable to question venture capitalists who turn down a funding opportunity.

A)True

B)False

To view all questions and flashcards with answers, click on the resource link above. Page 15

Chapter 13: Strategic Entrepreneurial Growth

Available Study Resources on Quizplus for this Chatper

30 Verified Questions

30 Flashcards

Source URL: https://quizplus.com/quiz/28118

Sample Questions

Q1) Which of the following would be considered fatal mistakes in strategic planning,according to researcher Michael E. Porter?

A)no real competitive advantage

B)pursuing a solid competitive position

C)compromising strategy for growth

D)a and c only

Q2) In administrative cultures,there is a need for clearly defined authority and responsibility.

A)True

B)False

Q3) Research has shown a distinct lack of planning on the part of new ventures.

A)True

B)False

Q4) Many research studies suggest that strategic planning influences a venture's survival.

A)True

B)False

Q5) The entrepreneurial strategy matrix measures risk and innovation.

A)True

B)False

Page 16

To view all questions and flashcards with answers, click on the resource link above.

Chapter 14: Valuation of Entrepreneurial Ventures

Available Study Resources on Quizplus for this Chatper

30 Verified Questions

30 Flashcards

Source URL: https://quizplus.com/quiz/28119

Sample Questions

Q1) When considering physical facilities,the entrepreneur should be concerned about

A)which facilities are owned versus leased.

B)which facilities are used for production.

C)whether adequate capital is maintained.

D)facility upkeep.

Q2) When considering management,the entrepreneur should be concerned about

A)ownership positions.

B)pension and profit sharing.

C)total number of employees.

D)employee benefits.

Q3) List and briefly explain the three methods utilized for business evaluation.

Q4) __________ refers to conducting a thorough analysis of every facet of an existing business.

A)Due diligence

B)Industry capitalization

C)Knowledge acquisition

D)Risk assessment

Q5) Business valuation is essential when attempting to buy out a partner.

A)True

B)False

To view all questions and flashcards with answers, click on the resource link above.

Chapter 15: Harvesting the Entrepreneurial Venture

Available Study Resources on Quizplus for this Chatper

30 Verified Questions

30 Flashcards

Source URL: https://quizplus.com/quiz/28120

Sample Questions

Q1) An entrepreneurial successor is someone who is interested in efficiency and the effective use of resources.

A)True

B)False

Q2) One advantage of an early-entry strategy for the younger generation succeeding the older generation of a family business is

A)normal mistakes are viewed as incompetence.

B)perspective of the environment is broadened.

C)successor's skills are judged with more objectivity.

D)skills specifically required by the business are developed.

Q3) The steps in developing a succession strategy are understanding the contextual aspects,identifying successor qualities,and carrying out the succession plan.

A)True

B)False

Q4) Succession pressure inside the firm exists

A)when the founder wants to give up authority.

B)when family members want to keep and manage the business.

C)nonfamily employees don't want the business.

D)competition-is hurting the business.

To view all questions and flashcards with answers, click on the resource link above. Page 18