Startup Management Exam Review
Course Introduction
Startup Management explores the fundamental principles and practical approaches to creating, launching, and scaling new ventures. The course covers key topics such as opportunity identification, business model development, market validation, funding strategies, team building, and growth management. Students will examine real-world case studies, engage in entrepreneurial simulations, and develop critical skills for navigating uncertainty and solving challenges unique to startups. Emphasis is placed on innovation, strategic decision-making, and operational execution, providing a comprehensive understanding of the entrepreneurial process from idea conception to sustainable business growth.
Recommended Textbook
New Venture Creation Entrepreneurship for the 21st Century 9th Edition by Stephen Spinelli
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19 Chapters
689 Verified Questions
689 Flashcards
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Page 2
Chapter 1: The Global Entrepreneurial Revolution for a Flatter World
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26 Verified Questions
26 Flashcards
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Sample Questions
Q1) While leading U.S.venture capital firms are interested in establishing relationships and operations in China,the Chinese government continues to resist such overtures.
A)True
B)False
Answer: False
Q2) What was the primary concept that entrepreneur Rick Adam applied from his years as a software engineer in order to develop two separate aircrafts-the A-500 and the A-700-while maintaining a time-to-market advantage over more entrenched competitors?
A) Economies of scale
B) Modularity
C) Process mapping
D) Horizontal management structure
Answer: B
Q3) The best entrepreneurship professors are able to determine in advance which of their incoming students will be the most effective entrepreneurs.
A)True
B)False
Answer: False
Page 3
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Chapter 2: The Entrepreneurial Mind: Crafting a Personal
Entrepreneurial Strategy
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41 Verified Questions
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Sample Questions
Q1) For a successful entrepreneur,seeking and using ________ is central to the habit of learning from mistakes and setbacks,and of responding to the unexpected.
Answer: feedback
Q2) In what ways is having Courage an important part of being an entrepreneur?
Answer: Courage has at least three important aspects in entrepreneurship.First,moral strength and principles:the character and the personal integrity to know right from wrong,and the will and commitment to act accordingly (to do the right thing).The second is being a fearless experimenter:a restlessness with convention and a rejection of the status quo.This relentless experimentation is enhanced by a third aspect of courage:a lack of fear of failing at the experiment-and most undertakings for that matter-and a lack of fear of conflicts that may arise.In other words,there is a mental toughness that is quite impervious to fears but is not ignorant or oblivious to possible consequences.
Q3) The ________ is the need to excel and for measurable personal accomplishment.
Answer: need for achievement
Q4) The ________ is the need to build a warm relationship with someone else and/or to enjoy mutual friendship.
Answer: need for affiliation
Page 4
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Chapter 3: The Entrepreneurial Process
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37 Verified Questions
37 Flashcards
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Sample Questions
Q1) Unlike the venture capitalists,private investors are a prime source for less capital-intensive startups and early-stage businesses.
A)True
B)False
Answer: True
Q2) Failure is part of the dynamics of innovation and economic renewal.
A)True
B)False
Answer: True
Q3) Bootstrapping can create significant competitive advantages.
A)True
B)False
Answer: True
Q4) Discuss the overall paradoxical conflict inherent in the entrepreneurial process.
Answer: To thrive in the entrepreneurial environment,one needs to be very adept at coping with ambiguity,chaos,and uncertainty,and at building management skills and systems that create predictability.It is in the collision of these two opposing forces--spontaneity and discipline--that leads to the creation of sustainable value.
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Page 5
Chapter 4: Clean Commerce Is an Opportunity Sea Change
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41 Verified Questions
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Sample Questions
Q1) What is green chemistry?
Q2) Building weak-ties is an aspect of looking through a sustainability lens.
A)True
B)False
Q3) NatureWorks has assumed a leadership role in what emerging market?
A) Biofuels
B) Green cleaners
C) Greener plastics
D) Waste recycling
Q4) Sustainability concepts are incompatible with growth and profits.
A)True
B)False
Q5) An E-factor measurement indicates how many weight units of output per weight unit of input.
A)True
B)False
Q6) What are some of the factors that are driving a greening of corporations?
Q7) Define sustainability.
Q8) Conditions for global competition have changed,and ________ are now a primary source of new business growth and opportunity. Page 6
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Page 7
Chapter 5: The Opportunity:
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64 Verified Questions
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Sample Questions
Q1) Data available about market characteristics,competitors,and the like are frequently inversely related to the real potential of an opportunity.
A)True
B)False
Q2) In general,when do business plans become obsolete?
Q3) The inability to achieve and sustain a position as a ________ producer shortens the life expectancy of a new venture.
Q4) Spontaneous,facilitated collaboration with no criticisms and negative is a creative group process referred to as ________.
Q5) Which of the following was most pivotal in the success of upstart Cellular One over communications giant NYNEX?
A) The team
B) Marketing and service
C) Hardware supremacy
D) Innovative technologies
Q6) The United States has a _________-dominated economy.
Q7) The context in which the sale or acquisition of a company occurs is largely driven by the ________ at that particular time.
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Chapter 6: Screening Venture Opportunities
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Sample Questions
Q1) ________ refers to the gaps in an industry or market into which your opportunity falls.
Q2) Equal salaries and stock ownership in a plan point to naïve assumptions about tasks,roles,and responsibilities.
A)True
B)False
Q3) First-time entrepreneurs tend to overestimate sales and delivery dates.What do they tend to underestimate?
Q4) The single largest factor contributing to stillborn ventures and to those who will ripen as lemons is lack of focus on profitability and cash flow.
A)True
B)False
Q5) Name three sources of information that entrepreneurs can use to develop their venture opportunity profile.
Q6) With regard to screening new venture opportunities,why is time the ultimate ally and enemy of the entrepreneur?
Q7) The venture opportunity screening exercise creates the foundation for the development of ________.
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Chapter 7: Opportunities for Social Entrepreneurship
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35 Verified Questions
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Sample Questions
Q1) The focus of a ________ fund is typically economic development and job creation in impoverished areas.
Q2) Venture philanthropy provides value-added funding for nonprofit organizations to increase their potential for developing revenue streams.
A)True
B)False
Q3) How do social and enterprising nonprofits differ from hybrid models?
Q4) The primary difference between traditional entrepreneurship and social entrepreneurship is the profit motive.
A)True
B)False
Q5) In the early 1970s the notion of wicked problems emerged out of the complexity of resolving issues related to what?
A) Inflation
B) Oil shortages
C) Urban and governmental planning
D) All of the above
Q6) Why are firms with CSR practices not considered hybrid models?
Q7) What are the two types of enterprising nonprofits and how do they differ?
Page 10
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Chapter 8: The Business Plan
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20 Verified Questions
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Sample Questions
Q1) During a business plan presentation,entrepreneurs can become so focused on selling the idea to the investors that they fail to ask great questions and do little serious
Q2) The right investor can make the difference between an average and a good or great venture.
A)True
B)False
Q3) Venture capitalists can be expected to say no quickly when they believe a venture or a team is not a fit with their investment objectives.
A)True
B)False
Q4) It is acceptable to have unnamed management team members in your business plan as long as you can demonstrate they are critical to the operation.
A)True
B)False
Q5) The business plan should identify several alternative sources of financing. A)True
B)False
Q6) Why is it important to develop a business plan?
Page 11
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Chapter 9: The Entrepreneurial Leader and the Team
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Sample Questions
Q1) Democratic structures among the founders such as equal stock ownership are recommended because they foster solidarity and avoid conflict.
A)True
B)False
Q2) When key people leave before they have satisfied their vesting agreement,a portion of their stock is retained by the company and can be made available to others.
A)True
B)False
Q3) In what stage of development are the critical mass of people,market and financial results,and competitive resiliency established?
A) Nascent
B) Startup
C) High-growth
D) Mature
Q4) There exists in growing new ventures a common _________ system that is most evident in behavior and attitudes.
Q5) Discuss the concept of exerting influence without formal power.
Q6) In what ways has the Internet enhanced design and business collaboration?
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Chapter 10: Ethical Decision Making and the Entrepreneur
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23 Verified Questions
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Sample Questions
Q1) Broken partnerships can often be traced to differences in personal ethics among the members of the management team.
A)True
B)False
Q2) Entire industries have developed their own codes of ethics as a way of heading off action by Congress.
A)True
B)False
Q3) Our ________,which compels us to seek pleasure and benefit and avoid pain and loss,influences and colors our perceptions.
Q4) How does the concept known as 'the fog of war' relate to ethical behavior and the entrepreneurial experience?
Q5) Why is it important to study and think about ethical situations in business settings?
Q6) When making ethical decisions,it is best to choose an approach you feel most comfortable with and stick to those principles.
A)True
B)False
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Page 13
Chapter 11: Resource Requirements
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39 Verified Questions
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Sample Questions
Q1) A board of advisors is not exposed to personal liability stemming from decisions made at the company.
A)True
B)False
Q2) Describe some ways of using other people's resources.
Q3) In choosing a board of directors,entrepreneurs tend to value financial expertise over operating experience.
A)True
B)False
Q4) Discuss some of the positive aspects of using advisors rather than a formal board of directors.
Q5) A entrepreneur is legally bound by the decisions of a formal board of directors.
A)True
B)False
Q6) Consultants should not be employed by start-ups to compensate for a lower level of professional experience in the team.
A)True
B)False
Q7) Effective entrepreneurs are more like than others to systematically do what?
Page 14
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Chapter 12: Franchising
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Sample Questions
Q1) A franchisor is under no obligation to disclose remuneration gained from product purchases from designated suppliers.
A)True
B)False
Q2) The best franchisors view their field support function as a diplomatic opportunity.
A)True
B)False
Q3) With regard to national media buys,"best efforts" relates to the quality and diversity of the advertising and PR support.
A)True
B)False
Q4) One limitation of franchising is that when demand is high,it is difficult to control the size of the overall venture.
A)True
B)False
Q5) A demographic profile is a compilation of personal characteristics that enables the company to define the ________ customer.
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Page 15
Chapter 13: Entrepreneurial Finance
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Sample Questions
Q1) How is the increase in net total operating capital calculated?
Q2) Short-term debt is incurred in ________ months or less.
Q3) What are the three central issues in entrepreneurial finance?
Q4) An existing business seeking expansion capital or funds for temporary use has a much easier job obtaining a combination of debt and equity.
A)True
B)False
Q5) ________ borrowings are used to finance the purchase of property or equipment that serves as collateral for the loan.
Q6) Banks are typically willing to provide long-term debt to new ventures if the business has a substantial asset base of property and equipment.
A)True
B)False
Q7) What are the three core principles of entrepreneurial finance?
Q8) What funding structure provides a sound financial foundation for growth without excessive dilution of an entrepreneur's equity?
Q9) What phenomenon is at the heart of the financing challenges facing new and high revenue growth companies?
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Chapter 14: Obtaining Venture and Growth Capital
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Sample Questions
Q1) Private companies that get into financial trouble can opt to raise funds through a private placement.
A)True
B)False
Q2) Capital that is between senior debt financing and common stock is called _________ financing.
Q3) The verification of facts,backgrounds,and reputations of key people,market estimates,technical capabilities of the product,proprietary rights,and the like is an investigation for investors called ________.
Q4) What is the best way for an entrepreneur to learn about the reputation of a particular venture capital firm?
Q5) Private placements are used for firms that are not in a position to pursue an IPO. A)True
B)False
Q6) Second tier venture capital funds prefer debt instruments to equity investments. A)True
B)False
Q7) ESOP stands for ________.
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Chapter 15: The Deal: Valuation, structure, and Negotiation
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35 Verified Questions
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Sample Questions
Q1) Experienced entrepreneurs are able to avoid creating strategic circumference by carefully structuring deals.
A)True
B)False
Q2) Explain how strategic circumference relates to fund raising.
Q3) The goal of valuation techniques is to be able to arrive at a single number.
A)True
B)False
Q4) Which of the following is not an example of a valuation method?
A) Venture capital method
B) Fundamental method
C) Experimental method
D) The First Chicago method
Q5) What are the three ingredients to an entrepreneurial valuation?
Q6) Name three factors that can affect the price of an investment deal.
Q7) ________ financing is a strategy of last resort that wipes out all previously issued stocks when existing preferred shareholders will not commit additional funds.
Q8) Discuss the characteristics of successful deals.
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Q9) _______ are defined as economic agreements between at least two parties.
Chapter 16: Obtaining Debt Capital
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Sample Questions
Q1) A bank's financing of installment note receivables is a non-recourse contract with the seller.
A)True
B)False
Q2) Trade creditors sometimes regard factoring as evidence of a company in financial difficulty.
A)True
B)False
Q3) With regard to personal guarantees,what is meant by 'joint and severable'?
Q4) In the US,commercial banks are the primary source of debt capital for existing (not new)businesses.
A)True
B)False
Q5) How can leasing provide tax advantages?
Q6) Finance companies install measure in their agreements that help insure that they will not be immediately replaced by banks when a borrower's credit profile improves.
A)True
B)False
Q7) Leverage improves present value,but increases ________.
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Chapter 17: Leading Rapid Growth, crises, and Recovery
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Sample Questions
Q1) Identify three external forces that can cause a company to get into trouble.
Q2) With regard to selling inventory to raise quick cash,the sale of raw materials inventory to competitors is generally considered the best route.
A)True
B)False
Q3) The prospect of bankruptcy can provide a foundation for bargaining with creditors in a turnaround situation.
A)True
B)False
Q4) Bankruptcy is a tremendous source of ________ power for a troubled company.
Q5) What are the three most commonly found areas for potential cuts/improvements in a troubled company?
Q6) Explain how a 'big project' can get a company into trouble.
Q7) What is a major protection against and the biggest help in getting out of trouble?
A) A long term strategy
B) Cash budgets and projections
C) Experienced advisors and directors
D) Depends on the venture
20
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Chapter 18: The Family As Entrepreneur
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Sample Questions
Q1) Organizational strategy is only as effective as the leadership and relationships in the family and organization.
A)True
B)False
Q2) Family corporate venturing primarily involves which of the following?
A) Family holding companies
B) Formal growth plans
C) Intuitive growth initiatives that result in a change in business strategy
D) A private equity fund
Q3) Families have the natural potential to destroy relationship capital more ruthlessly than any other social group.
A)True
B)False
Q4) As enterprise refers to economic activity,________ is the action of generating economic activity.
Q5) Family ________ are pools of family capital that families use for entrepreneurial activities.
Q6) Families who intend to act entrepreneurially must be ________ focused.
Q7) Define 'enterprising'.
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Chapter 19: The Harvest and Beyond
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Sample Questions
Q1) ________ are harvest vehicles through which founders can realize some liquidity from their stock by sales to the plan and other employees.
Q2) If begun early in the venture building process,shaping a harvest strategy is a straightforward task.
A)True
B)False
Q3) MBOs typically require the seller to take a limited amount of cash up front and a note for the balance of the purchase price over several years.
A)True
B)False
Q4) The authors write,"If impatience is the enemy of an attractive harvest,then greed is its executioner." To what are they referring to?
Q5) A ________ is one in which a founder can realize a gain from a business by selling it to existing partners or to other key managers in the business.
Q6) Discuss why it is important to have a harvest goal in place from the beginning of a venture.
Q7) What are some of the disadvantages of being a public company?
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