MGMT 335 EXAM QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026

MGMT 335 EXAM QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026 **Who are Entrepreneurs - Answers People who Drive, passion and Vision Well educated people people with significant industry experiance Showing early interest early in life. ***(Article: What it takes: talked about a experiment with children. They attempted to teach a group of young children to toss a ring on a pole. Some attempted to toss and some walked over and dropped it on the poll. Those who repeatedly attempted to toss the poll were seen as the ones who "like" challenges) **What are entrepreneurs motivated by - Answers Wealth Owning a company Start up culture An idea of Oppurtunity Working for self **What is Entrepreneurship - Answers 1.Managing People = Leadership; Communicating skills, innovations, culture and teamwork, comfort with uncertainty, negotiation. 2. Leveraging Opportunities = Business; Strategy, Opportunity Evaluation, Marketing, Organizational Behavior, Business Plan, Finance ***What are the 6 steps in the entrepreneurship process - Answers 1. Identify Oppurtuinty 2. Develop the oppurtintyy 3. Determine the Resources 4. Acquire the resources 5. Implement and Mangage 6. Harvast Describe good and bad creativity - Answers Good: Interesting, funny, innovative Bad: weird, nonsensical, impractival Left Brain Vs. Right Brain - Answers left brain : more analytical Right brain: more creative Right Brain road blocks - Answers You. Not thinking you can create loathe criticism a creature of habit overconfident ** dont let your brain tie you in knots*** **Article: Brainstorming: what did you take away - Answers - Wild and divergent ideas are welcome - Defer judgemnet - no evaluations (wait till after) - Quantity takes precedence of over quality - Build on or modify others ideas ---poor ideas that are modified often become good ideas - Be Visual - --use words, pictures - Hold one conversation at at time ----use headlines to summarize **Article: Listening to your Inner Entrepreneur - Answers -Find the opportunities; don't wallow in the problems -Separate idea generation from idea evaluation -Change lenses -Avoid the trap of entrenched thinking -Risk something big ** Apply what you know - experience, education, hobbies, etc.*** ***Article: Finding the Real Opportunities - Answers -Do what you love. -Turn old standbys into new products -Explore mundane moneymakers -Spin off a more lucrative business -Look for avalanches - Based upon understanding trends Trends Driving the Global Economy - Answers Carbon Killers - going green All Access Economy - open standards People power - user-created content Trends - Technological and Social (from Ch 2 Reading) - Answers -Aging of baby boomers -Increasing US diversity -Two working parents / changing role of women -Rising middle class in developing nations -Changing role of religious organizations -Pervasive influence of media (TV, Web, etc.) -Life sciences - genomics, biometrics, etc. -Info technologies - wireless, cloud, video gaming, robotics -Really high tech - Nanotech, superconductors, designer enzymes -Security - software, devices, clothes, airport/other -Computing interfaces - cell phones, speech recognition, gaming 3DP: Lessons from this Example - Answers 1. Opportunities are in the eye of the beholder. -None of those licensing the 3DP technology thought of any of the other applications. -Each entrepreneur drew on his/her prior experience to recognize opportunity. 2. We notice opportunities in the neighborhood of our past experience. - Past experience drives discovery (we usually notice opportunities in the neighborhood of our past experiences) 3. What are the implications for building a team? Whats the Point for brainstorming - Answers -Brain storming is great for coming up with ideas, but dont evaluate them to early. -Good ideas and opportunists are in the eye of the beholder --- based upon experience - Understanding economic, technological, and social trends can help generate business ideas. Takeaway from Zippy Project - Answers -Opportunities are everywhere! -"Value" is in the eye of the beholder. -Ideas are cheap and plentiful. - Execution distinguishes entrepreneurs from dreamers. What is the difference between an idea and an opportunity ? - Answers Ideas are not durable. kinda like dreams every one has them Opportunity are durable, have timeliness. First, opportunities are driven by customer need. The entrepreneur has identified a set of customers who can be served profitably. The economics of the business are favorable, and it has the ability to generate significant cash flows in a relatively short period of time. Second, the opportunity is closely aligned with the entrepreneur's personal interests and skill set. Third, the entrepreneur is able to leverage proprietary knowledge or relationships to gain a competitive advantage over rivals. Finally, the timing of the opportunity has to be right. Three Core Concepts to evaluate: Idea and opportunity? - Answers 1. The "suckiness" factor. 2. Scale and Scope 3. Fads vs. Trends. What is the "suckiness" factor? - Answers Khosla states that any big problem is a big opportunity. If there is no problem, there is no solution, and no reason for a company to exist. No one will pay you to solve a a problem that doesn't exist, he explains. What is Scale and Scope? - Answers Scale - (volume) As you produce more of a product or service, the price per unit (per customer) decreases Ex: Additional copies of a video game Scope - (diversification) As you expand into more markets and/or introduce more distinct products, the cost of expansion decreases Ex: Once expanded sales in all western US states, moving into Midwest or south is easier Fad vs. Trend? What's the difference and why does it matter? ("Hit or Miss") - Answers So what is the difference between a trend and a fad? Ask 30 people, and you'll probably get 30 different, yet similar, answers. A fad is a statement, a one-hit wonder, something eye-catching that comes and then goes just as quickly. (Think Pet Rock.) A trend has roots and staying power; it strikes a deeper chord and is connected to a larger change in society. The real debate starts when you ask people whether a popular product or service is a fad or a trend. Take the Atkins diet, for example. Some experts say it's a trend because it's become part of a lifestyle and ties into larger trends like the quest for health. Others argue Atkins is a fad that's riding a larger, long-term trend: a fundamental shift in consumer behavior. **A fad and a trend may resemble each other at first, but there is almost always a definite beginning and a definite end to a fad. examples: The use of hot pink wall paint may be a fad, but the idea of using designer colors would be a trend, for example. -One major difference between a fad and a trend is duration. -Another difference between a fad and a trend is industry acceptance -Some say that the difference between a fad and a trend is the number of industries it affects. A fad often appears in a single industry and rarely crosses over into others Hit or Miss Article: Tips from Trump -Do your research for a big-money payoff. Read and study magazines in great detail, and pay attention to pop culture for signs of the next product craze or innovation in product development. "If you are able to hit a trend or a fad early," says Trump, "you'll make much more money than you would from a more normal business." *** What makes a opportunity good? - Answers 1. Timely - a current need or problem 2. Solvable - a problem that can be solved in the near future with accessible resources 3. Important - the customer deems the problem or need important 4. Profitable - the customer will pay for the solution and allow the enterprise to profit. 5. Context - a favorable regulatory and industry situation 5 Steps for Evaluating an Opportunity; - Answers 1. Capabilities: Is the venture opportunity consistent with the capabilities, knowledge, and experience of the team members? 2. Novelty: Does the product or service have significant novel, proprietary, or differentiating qualities? Does it create significant value for the customer - enough so that the customer wants the product and will pay a premium for it? 3. Resources: Can the venture team attract the necessary financial, physical, and human resources consistent with the magnitude of the venture? 4. Return: Can the product be produced at a cost so that a profit can be obtained? Is the expected return of the venture consistent with the risk of the venture? Is the industry context favorable? 5. Commitment: Do the entrepreneurial team members feel compelled to this venture? Are they passionate about the venture? ****These are a bit broader - also consider the team, resources, context = Fit Not a good opportunity if team can't understand or resources are too great/unique or bad context (too many competitors) Multiple step process Guiding Principles for selecting good opportunities. - Answers 1. Only one or two are needed in a lifetime. 2. Do not count on making a high priced sale 3. Carry out a solid analysis of current and expected conditions 4. Create an exit strategy 5. Go with trends, not fads 6. Make sure your team can execute the strategy 7. Consider customer willingness to pay (=profits) How Entrepreneurs Craft Strategies that Work. - Answers Screen opportunities quickly Creative idea + good execution Proprietary assets or "hustle" Analyze ideas parsimoniously: focus on a few important issues There are no standard checklists Integration action and analysis: don't wait for all the answers Act and analyze in stages Plug holes fast Research and sell simultaneously (get commitments) "Seamless process" of guesswork, analysis, and action What's the Point: Ideas vs. Opportunities? - Answers -The ability to distinguish between ideas and true opportunities is a core skill in entrepreneurship. - True opportunities exhibit a number of characteristics - most importantly, they solve a problem. - It's crucial to act quickly - opportunities don't wait for a full-blown, detailed analysis! What makes a good idea a true opportunity? - Answers So what distinguishes an attractive opportunity from a mere idea? First, opportunities are driven by customer need. The entrepreneur has identified a set of customers who can be served profitably. The economics of the business are favorable, and it has the ability to generate significant cash flows in a relatively short period of time. Second, the opportunity is closely aligned with the entrepreneur's personal interests and skill set. Third, the entrepreneur is able to leverage proprietary knowledge or relationships to gain a competitive advantage over rivals. Finally, the timing of the opportunity has to be right. Elevator Pitch - Answers You want to capture interest and encourage people to consider idea for the next step " sticky" ideas understandable, memorable, change the way you think about something. - Differentiated How is it Fit? Diamond diagram - Answers - Characteristics of entrepreneurial team - Characteristics of the context - Characteristics of the opportunity - Resources ** use diaphragm** Article: 60 second Business Plan. Main Companies? - Answers Big Agnes - insulated sleeping bag Parmasters - indoor golf franchise SelectMinds - social networking for former employees TerraCycle - composting garbage into potting soil What is a business plan? - Answers It the the accumulation of knowledge/ plan of attack: Extension of a feasibility study. - Product/service - Management team - Industry & market analysis - Operationalization of business model - Marketing plan - Operations plan - Development plan - Financial plan Are Business Plans Valuable? - Answers NO, and YES..!!! "Business plans rank no higher than a 2 - on a scale from 1 to 10 - as a predictor of a new venture's success... What's wrong with most business plans?... Most waste too much ink on numbers and too little to the information that really matters to intelligent investors." - William Sahlman BUT.... Business Plans can help an entrepreneur be/do... - Disciplined, integrated, holistic exploration of business - Give a reality check - Use as a sales tool for potential investors, suppliers, and key hires - Road map for implementation What will you do. When will you do it. How you will know that you did it. What really matters about a Business Plan - Answers - What People are involved - Recognition of the Opportunity - Context - Recognition of Risk & Reward Business plans: What to avoid? - Answers - Going beyond the limitations of the plan - Actual implementation a plan to implement ***thoughts on this: its good to adress milestones or when stuff need to be done but don't set dates and times, the business plan is suppose to help structure not be a detailed timeline** - Jargon Feasibility Study vs. Business Plan - Answers Feasibility study has Less detail The Business plan is an extention of the feasibility study Internal vs. external use ( within company and use for investors) Goal is to determine if your idea is viable When the feasibility study is completed, you should have: - Answers - A good idea of whether proceeding with the venture is worthwhile. - An understanding of the "white hot" risks. *Biggiest most/ detrimental risk* - An experienced entrepreneur or investor completes this very quickly What do we mean by a "business model"? - Answers - Good business models are - specific, clear, not necessarily to kill competition A business model describes the rationale of how an organization creates, delivers, and captures value (economic, social, or other forms of value) Business Model: Converting innovation to economic value 1.Growth Strategies 2. Value Proposition 3.Market Segments 4.Value Chain Structure 5.Revenue Model 6. Competitive Strategy What is Facebook's business model? **Display Ads, Revenue Share from app/game makers like Zynga, Search Partnerships (e.g. sharing "Like" data with Bing). There are other ways Facebook is reportedly trying to monetize their business including developing a currency (Facebook Credits) and digital goods. Can you envision an alternative one? Maybe pay for use (each user pay subscription) . How does the choice of business model affect strategy? Able to attract bigger customer base: its free. What the point of ideas and business plans/models? - Answers - The "diamond" is a powerful and simple way to assess the strength of an opportunity. - Don't evaluate and stop - evaluate and act. Fix weaknesses and build on strengths. - Don't "assume" a business model. The real work starts after affirming the opportunity as a good business concept. Elsbach: Hows to pitch a Brilliant Idea. 3 successful styles - Answers - Showrunner - 20% - charisma, wit - engages "catcher" - technical & marketing - Ron Popiel; can improvise - Artist 40% - authentic, audience in thrall, less slick, less conformist; creative, transparent - Neophyte - 40% - opposite of showrunner - naïve, asks for help, charming, enthusiastic, ENGAGE THE CATHER (listener) Ways to kill someones interest: pushover, robot, used car salesperson, charity case Article: Chip Heath - "Sticky" Ideas - Answers - Simple - Unexpected - Concrete - Credible - Emotional - Stories The "Story" behind a pitch - Three Stages - Answers The Story is a narrative of factual or imagined events. The business story depicts a business problem responded to with a new means to solve the problem. The story tells the goal of the venture, the challenge, and the response of the new firm. 1. Set the Stage - Define the current situation, the current players, and the opportunities in a coherent, clear, manner. Life and business are in a delicate balance. 2. Introduce the Dramatic Conflict - An inciting incident or need throws life out of balance. Describe the challenges and opportunities and the need for a coherent plan to proceed toward success and a new balance. 3. Reach a resolution - Portray a coherent plan describing how the new venture can overcome the obstacles and by taking action following the plan. Read Dorf: 2.4 The 3 Elements of a story? - Answers 1. Background - describes the current situation, characters and problems 2. Challenge - describes the challenges and conflicts that impede a coherent plan to solve the problem 3. Resolution - Portray a solution to the challenges and problem and how the venture will succeed by resolving the problem. The goal is to tell a compelling story in three acts: background and characters, challenge, and a workable resolution. All story exhibit coherence and flow. 9 questions to answer when addressing a feasibility/ business plan. - Answers What is the product and the problem that it solves? What unique benefits does the product offer? Who is the customer? How will you distribute and sell the product? How many people will buy the product during the first and second years? How much will it cost to design and build the product? What is the sales price? When will you break even? Who are the key team members and how are they qualified to build this business? Whats the point of feasibility/business plans? - Answers - Good business plans (and feasibility studies) focus the team on goals and milestones, while conveying the most important aspects of the business. - A great pitch tells a captivating story to get you to the next step. S - Evaluation - Answers - Their business model - online place for consumers to access/do stuff w/ local govt - Outsource most technical stuff