Deck 16 : History Module

Question 1

This type of business plan is a step down from the most complete type of business plan.

A)summary business plan
B)full business plan
C)executive summary
D)synopsis-type plan

Answer 1

A

Question 2

One key difference between an entrepreneurial venture and a small business is that the entrepreneurial venture focuses on ________.

A)productivity
B)efficiency
C)quality
D)innovation

Answer 2

D

Question 3

During the organizing phase of an entrepreneurial venture, an entrepreneur ________.

A)states a mission
B)selects a legal business organization form
C)creates a business plan
D)selects an organizational design

Answer 3

B

Question 4

Uncovering business ideas, looking at competitors, and exploring financing options are part of this phase of the entrepreneurial process.

A)identifying competitive advantage
B)exploring business forms
C)researching the venture's feasibility
D)identifying potential opportunities

Question 5

Survival rates of entrepreneurial ventures that started in a recession are ________ those that started in an expansion.

A)somewhat greater than
B)less than
C)about the same as
D)much greater than

Question 6

In the wake of high unemployment, statistics show that entrepreneurship is ________.

A)low
B)high
C)falling
D)neither rising nor falling

Question 7

Besides being innovative in some way, a second defining characteristic of an entrepreneurial venture is that it is ________.

A)small in size
B)focused on growth
C)dedicated to quality
D)original and creative

Question 8

This type of business plan is a step up from the simplest type of business plan.

A)summary business plan
B)executive summary
C)synopsis-type plan
D)full business plan

Question 9

This is an important part of researching a firm's feasibility.

A)exploring finance options
B)researching the legal business forms
C)pinpointing potential competitive advantages
D)identifying potential opportunities

Question 10

After four years, ________ business.

A)56 percent of entrepreneurial ventures are out of
B)56 percent of entrepreneurial ventures are still in
C)31 percent of entrepreneurial ventures are out of
D)two-thirds of entrepreneurial ventures are out of

Question 11

Once an entrepreneurial venture is actually up and running, the entrepreneur switches to a ________ role.

A)managerial
B)ceremonial figurehead
C)background
D)subordinating

Question 12

An entrepreneurial venture and a small business ________.

A)are superficially similar
B)are identical
C)have nothing in common
D)are impossible to tell apart

Question 13

An "accidental entrepreneur" is someone who became an entrepreneur because he or she ________.

A)always had a dream to start a company
B)lost his or her job
C)identified a great opportunity
D)quit his or her job

Question 14

During the first step of the planning phase of an entrepreneurial venture, this is accomplished.

A)selecting a legal business organization form
B)stating a mission
C)selecting an organizational design
D)performing a copyright search

Question 15

Which of the following is typically involved in exploring the entrepreneurial context of a new venture?

A)researching the venture's feasibility
B)uncovering business ideas
C)exploring finance options
D)pinpointing potential competitive advantages

Question 16

During the launching of a venture, which of the following is accomplished?

A)creating a top management team
B)establishing a mission
C)setting goals and strategy
D)patenting the product or service

Question 17

When it was first starting out, the Viking Range company qualified as an entrepreneurial organization because its products were ________.

A)high in quality
B)expensive
C)innovative and different
D)loved by serious cooks

Question 18

This is the simplest and briefest type of business plan.

A)synopsis-type plan
B)full business plan
C)summary business plan
D)executive summary

Question 19

In most cases, the first step in the initial (pre-planning)phase of the entrepreneurial process is this.

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

Question 20

After the startup has been planned and organized, the next step is ________.

A)prototyping the product or service
B)creating a top management team
C)financing the venture
D)launching the venture

Question 21

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

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

Question 22

Which of the following terms does not fit the classic profile of the successful entrepreneur?

A)high energy
B)reflective
C)persistent
D)resourceful

Question 23

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.

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

Question 24

When hiring, entrepreneurs are more likely to make sure that these two elements are a good match than traditional HRM managers.

A)job skills and organizational needs
B)job qualifications and organizational requirements
C)formal job training and organizational requirements
D)values and organizational culture

Question 25

At an entrepreneurial organization, job candidates are more likely to hear about ________ than they will at conventional organizations.

A)benefits
B)monetary compensation
C)advancement through the ranks
D)learning opportunities

Question 26

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

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

Question 27

This is the most complete and comprehensive type of business plan.

A)executive summary
B)full business plan
C)summary business plan
D)synopsis-type plan

Question 28

A brief mission statement of an entrepreneurial venture would be included in this section of a full business plan.

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

Question 29

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

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

Question 30

This section of a full business plan would include an assessment of the industry of the venture and how it fits into the overall economic climate.

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

Question 31

An entrepreneurial venture whose goal is to create humorous video games would be likely to be ________.

A)very organic in structure
B)highly centralized
C)fairly mechanistic in structure
D)very mechanist in structure

Question 32

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

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

Question 33

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

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 research on this topic as to date.

Question 34

A person with a proactive personality is someone who ________.

A)takes action
B)avoids taking action
C)is entrepreneurial
D)is not entrepreneurial

Question 35

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

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

Question 36

Many small entrepreneurial firms don't have a deliberately planned organizational structure because ________.

A)they are inefficient
B)small firms never need structure
C)the IRS prevents them from having a structure
D)one person does "everything"

Question 37

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

A)efficiency; organic
B)efficiency; informal
C)innovation; mechanistic
D)innovation; informal

Question 38

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

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

Question 39

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

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

Question 40

This section of a full business plan would include possible income statements for the next three years.

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

Question 41

To avoid problems in their personal lives, entrepreneurs need to become excellent time managers and ________.

A)treat all needs equally
B)prioritize what needs to be done
C)wait to see what needs can be ignored
D)handle all needs long before they are needed

Question 42

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

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 43

Entrepreneurs who have trouble delegating authority should go through the process of empowering employees in this manner.

A)gradually
B)all at once
C)using a rigid timetable
D)hastily

Question 44

An entrepreneur's ability to be visionary is important because visionary companies tend to ________.

A)have employees who are satisfied with their jobs
B)be larger than nonvisionary companies
C)be more successful than nonvisionary companies
D)be more organic than nonvisionary companies

Question 45

This is one of the best ways for entrepreneurs to deal with especially difficult work-related or personal problems.

A)read self-help books
B)consult trusted employees
C)develop a network of trusted peers
D)consult relatives and family members

Question 46

A proactive person would be most likely to say this about his or her life.

A)I feel trapped.
B)If I don't like something, I fix it.
C)If I don't like something, I learn to live with it.
D)I like to leave well enough alone.

Question 47

In general, employee empowerment ________ motivation in employees.

A)increases
B)slightly decreases
C)strongly decreases
D)has no effect on

Question 48

With respect to entrepreneurship, a proactive person is best described as someone who has skill in identifying ________.

A)a problem
B)trouble
C)a good idea
D)a good opportunity

Question 49

Entrepreneurship is the process of starting a new business to respond to an opportunity in the market.

Question 50

Harvesting an entrepreneurial venture occurs when the venture ________.

A)has a hit product
B)is successful
C)is sold
D)becomes profitable

Question 51

An entrepreneur should ________ a plan for dealing with an economic downturn ________ any downturn occurs.

A)create; when
B)have; in place before
C)write out; after
D)think out; while

Question 52

People who become entrepreneurs often have ________.

A)family money
B)no family money
C)family members who are entrepreneurs
D)no family members who are entrepreneurs

Question 53

This type of work team has authority to implement the changes it recommends.

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

Question 54

Perhaps the best predictor of whether or not a person will become an entrepreneur is how ________ she is.

A)proactive
B)talented
C)likeable
D)desperate

Question 55

An entrepreneurial venture is the same as a small business.

Question 56

A leader of an entrepreneurial organization is like a jazz band leader because he or she ________.

A)controls every "note" that the performers "play"
B)wants a happy and harmonious workplace
C)has no influence over what the performers "play"
D)works to draw the "best" out of every performer

Question 57

This type of work team has the most autonomy.

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

Question 58

This type of work team is composed of specialists.

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

Question 59

The typical reason for why an entrepreneur considers implementing employee empowerment in an organization is to make sure that the organization ________.

A)stays nimble and flexible
B)is profitable
C)stays small and informal
D)is efficient

Question 60

The key to the proactive personality is that a proactive person feels that he or she can ________ any environment.

A)adapt to
B)change
C)be successful in
D)be well liked in

Question 61

An entrepreneurial venture that sees its competitive advantage in cost efficiency would tend to adopt an organic style organizational structure.

Question 62

You would expect an entrepreneur who has a grand vision for the future to be more of a risk taker than an entrepreneur who is using his or her venture simply as a source of income.

Question 63

The two primary factors that affect the legal structure of an entrepreneurial organization are taxes and legal liability.

Question 64

When hiring, entrepreneurs typically are much less concerned with matching a candidate's values to the organization's organizational culture than traditional HRM managers.

Question 65

The more proactive you are, the more likely you are to be an entrepreneur.

Question 66

Legal issues for an entrepreneurial organization typically are addressed after the organization is up and running.

Question 67

Once the entrepreneurial organization is up and running, the entrepreneur becomes a manager.

Question 68

An entrepreneurial venture's advertising strategy would be included in the description of the business section of a full business plan.

Question 69

If the legal structure of an entrepreneurial venture does not turn out to be ideal, it can always be changed easily once the organization is up and running.

Question 70

Identifying opportunity is not a trait of a person with a proactive personality.

Question 71

An executive summary is the most complete kind of business plan.

Question 72

When they first start out, most small entrepreneurial ventures have a very informal organizational structure.

Question 73

The classic "entrepreneurial personality" is a person who is high in self-confidence, motivation, and energy.

Question 74

Most entrepreneurial ventures are successful.

Question 75

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

Question 76

An entrepreneurial venture is much more likely to change an industry than a small business.

Question 77

One of the first things an entrepreneur does is look for potential opportunities in the marketplace.

Question 78

Since it is impossible to predict the future, projected income estimates are not part of a good business plan.

Question 79

People with proactive personalities tend to react to their environment more than trying to change their environment.

Question 80

Since they are often overwhelmed by the pressure of decisions, one chore that most entrepreneurs never hesitate to delegate is decision making.