Question 1

_______________ is an important method of building relationships often enable entrepreneurs to use external resources that their smaller venture does not own
A) Networking
B) Delegation
C) Management
D) Outsourcing

Accepted Answer

Networking is a vital method for entrepreneurs to build relationships with other professionals in the industry. Through networking, entrepreneurs can develop partnerships, gain access to resources, and learn from the experiences of others. Additionally, networking can often lead to new business opportunities and increased visibility for the entrepreneur and their venture. Delegation, management, and outsourcing are also important methods for entrepreneurs, but they do not necessarily involve building relationships with external parties in the same way that networking does.

Question 2

The level of failure the entrepreneur experienced and learned from at the start of the venture should be regarded as _________ the level expected, tolerated, and learned from in the growth stage.
A) Less than
B) The same as
C) Greater than

Accepted Answer

The level of failure experienced and learned from at the start of the venture should be regarded as the same as the level expected, tolerated, and learned from in the growth stage. This is because the growth stage is a time of rapid expansion and change, and it is inevitable that there will be some failures along the way. However, these failures should be seen as learning opportunities, and the entrepreneur should use them to improve their business.

Question 3

___________________ is caused by external factors and is usually the most difficult to prepare for. Top management must carefully analyze the context of this form of failure and work to prevent its recurrence
A) Moral failure
B) Personal failure
C) Uncontrollable failure
D) Equipment failure

Accepted Answer

Uncontrollable failure is caused by external factors that cannot be predicted or prevented, such as natural disasters, economic downturns, or pandemics. These types of failures are usually the most difficult to prepare for, and top management must carefully analyze the context of the failure in order to prevent its recurrence. Moral and personal failures are caused by individual actions and decisions, while equipment failure is a mechanical or technical issue.

Question 4

Entrepreneurial style relates to the creativity, innovation, and risk-taking ability needed to start up a venture, whereas managerial style emphasizes the ________________ability needed to operate the business
A) planning and organizational
B) financial accounting
C) marketing
D) personnel management
E) All of the above

Accepted Answer

Managerial style emphasizes the ability to plan and organize the operations of a business, including financial accounting, marketing, and personnel management. However, it is not necessarily related to creativity, innovation, and risk-taking ability that are more important for entrepreneurial style.

Question 5

Which of the following enterprise characteristics can pose a threat to a firm's development during the growth stage?
A) A highly centralized decision-making system
B) An overde?pendence on one or two key individuals
C) An inadequate repertoire of managerial skills and training
D) Paternalistic atmosphere
E) All of the above

Accepted Answer

All of the listed enterprise characteristics can pose a threat to a firm's development during the growth stage. A highly centralized decision-making system can lead to slow decision-making and hinder growth opportunities. An overdependence on one or two key individuals can create vulnerability if they leave the company or are unable to carry out their responsibilities. An inadequate repertoire of managerial skills and training can limit the ability of the organization to adapt to changes in the market, and a paternalistic atmosphere can stifle creativity and discourage innovation. Therefore, all of the above enterprise characteristics can pose a threat to a firm's development during the growth stage.

Question 6

During the growth stage a "Quasi-board" or "board of advisors" can be a helpful source of:
A) Outside managerial assistance
B) Process discipline
C) Innovative ideas
D) Flexibility

Accepted Answer

A "Quasi-board" or "board of advisors" can provide outside managerial assistance by offering expertise, guidance, and strategic advice to help the company grow effectively.

Question 7

Countries vary with respect to the quantity and proportion of resources they possess, which forms the basis for ___________________ of nations
A) Lasting partnerships
B) The short term success
C) A sustainable competitive advantage

Accepted Answer

A sustainable competitive advantage is based on having unique resources that are valuable, rare, difficult to imitate, and not substitutable. Countries can have such resources, such as oil, minerals, or skilled labor, that enable them to produce goods and services more efficiently and effectively than others, thus gaining a competitive edge. Lasting partnerships and short term success are not sufficient for sustaining such advantages.

Question 8

Before entering a foreign market, an entrepreneur should consider their own:
A) Knowledge of foreign language
B) Experience with foreign cultures
C) International orientation
D) All of the above

Accepted Answer

Before entering a foreign market, an entrepreneur should consider their own knowledge of foreign language, experience with foreign cultures, and international orientation. This is because having knowledge or experience in these areas can greatly increase the chances of success in entering a foreign market.

Question 9

When considering the risks of international growth, _______________ include unstable governments, disruptions caused by territorial conflicts, wars, regionalism, illegal occupation, and political ideological differences.
A) Economic risks
B) Political risks
C) Financial risks
D) Social risks

Accepted Answer

Political risks are the risks associated with instability in government, territorial conflicts, wars, regionalism, illegal occupation, and political ideological differences. Economic risks are related to changes in currency rates, inflation, and taxes. Financial risks are related to credit ratings, liquidity, and market volatility. Social risks pertain to issues like cultural differences and changes in consumer behavior.

Question 10

When considering the risks of international growth, _______________ include changes in tax laws, rapid rises in costs, strikes, sudden increases in raw materials, and cyclical/dramatic shifts in GNP.
A) Economic risks
B) Political risks
C) Financial risks
D) Social risks

Accepted Answer

Economic risks encompass changes in tax laws, rapid rises in costs, strikes, sudden increases in raw materials, and cyclical/dramatic shifts in GNP, as these factors directly affect the economic environment in which businesses operate.

Question 11

When considering the risks of international growth, _______________ incorporate fluctuating exchange rates, repatriation of profits and capital, and seasonal cash flows.
A) Economic risks
B) Political risks
C) Financial risks
D) Social risks

Accepted Answer

Financial risks are the risks associated with financial factors that can impact the success of international growth. These factors can include fluctuating exchange rates, repatriation of profits and capital, and seasonal cash flows. Political risks refer to risks associated with the political and regulatory environment of a foreign country, while social risks refer to risks associated with cultural differences and social norms. Economic risks can refer to a range of economic factors that can affect international growth, but may not specifically include the financial factors mentioned in the question.

Question 12

_____________ represent(s) a set of principles prescribing a behavioral code that explains what is good and right or bad and wrong, possibly even providing an outline of moral duties and obligations.
A) Laws
B) Ethics
C) Leadership
D) Employee Handbooks

Accepted Answer

Ethics represent a set of principles that dictate what is considered as right or wrong behavior. They often include moral duties and obligations, and guide individuals and organizations in making ethical decisions. Laws may align with ethical principles, but they are not the same thing. Leadership and employee handbooks may include ethical principles, but are not comprehensive codes of ethics.

Question 13

Rapidly developing countries such as China, Sri Lanka, India etc. fall under which category
A) Labor-rich countries
B) Resource-rich countries
C) Market-rich countries
D) Capital-rich countries

Accepted Answer

Rapidly developing countries such as China, Sri Lanka, India, etc. are characterized by having abundant labor resources. This means that there is a huge supply of skilled and unskilled workers in these countries, making labor relatively cheap and readily available. This is one of the key factors driving their economic growth, as it allows them to compete on cost with more developed countries.

Question 14

What is the one-person-band syndrome and how might entrepreneurs work to escape it?

Accepted Answer

The answer of What is the one-person-band syndrome and how...

Question 15

What is a code of conduct, and how can it assist a business?

Accepted Answer

The answer of What is a code of conduct, and...

Question 16

Describe some of the threats and risks associated with entry into foreign markets.

Accepted Answer

The answer of Describe some of the threats and risks...

Question 17

Describe at least two advantages and two disadvantages that are associated with operating as a small firm.

Accepted Answer

The answer of Describe at least two advantages and two...

Question 18

What are some of the important parameters that can be identified by conducting global market research?

Accepted Answer

The answer of What are some of the important parameters...

Quiz 12: Scaling Ventures: The Future

_______________ is an important method of building relationships often enable entrepreneurs to use external resources that their smaller venture does not own

The level of failure the entrepreneur experienced and learned from at the start of the venture should be regarded as _________ the level expected, tolerated, and learned from in the growth stage.

___________________ is caused by external factors and is usually the most difficult to prepare for. Top management must carefully analyze the context of this form of failure and work to prevent its recurrence

Entrepreneurial style relates to the creativity, innovation, and risk-taking ability needed to start up a venture, whereas managerial style emphasizes the ________________ability needed to operate the business

Which of the following enterprise characteristics can pose a threat to a firm's development during the growth stage?

During the growth stage a "Quasi-board" or "board of advisors" can be a helpful source of:

Countries vary with respect to the quantity and proportion of resources they possess, which forms the basis for ___________________ of nations

Before entering a foreign market, an entrepreneur should consider their own:

When considering the risks of international growth, _______________ include unstable governments, disruptions caused by territorial conflicts, wars, regionalism, illegal occupation, and political ideological differences.

When considering the risks of international growth, _______________ include changes in tax laws, rapid rises in costs, strikes, sudden increases in raw materials, and cyclical/dramatic shifts in GNP.

When considering the risks of international growth, _______________ incorporate fluctuating exchange rates, repatriation of profits and capital, and seasonal cash flows.

_____________ represent(s) a set of principles prescribing a behavioral code that explains what is good and right or bad and wrong, possibly even providing an outline of moral duties and obligations.

Rapidly developing countries such as China, Sri Lanka, India etc. fall under which category

What is the one-person-band syndrome and how might entrepreneurs work to escape it?

What is a code of conduct, and how can it assist a business?

Describe some of the threats and risks associated with entry into foreign markets.

Describe at least two advantages and two disadvantages that are associated with operating as a small firm.

What are some of the important parameters that can be identified by conducting global market research?