BUS 3303 - Entrepreneurship 1 Exam Questions with Complete Answers (Graded A+)

BUS 3303 - Entrepreneurship 1 Exam Questions with Complete Answers (Graded A+) True or False: Embedding entrepreneurship and innovation does not require new models, frameworks, or paradigms. - Answers False Television and the internet have provided some valuable education on the topic of entrepreneurship. - Answers True True or False: Institutions at the higher education level offer insignificant roles as intellectual hubs in the entrepreneurial ecosystems - Answers False What could be a major challenge standing in the way of entrepreneurial education? - Answers Ending of funding before sustainability is reached What is the motto of the World Economic Forum? - Answers Committed to improving the state of the world Which is not a good characteristic of a successful entrepreneur? - Answers They are reluctant to share power What does the Triple Bottom Line for measuring organizational success include? - Answers Economic, social and environmental concerns Which is NOT a characteristic of a successful entrepreneur? - Answers Easily discouraged Characteristics associated with social entrepreneurship will always include all of these, except rarely: - Answers Familiarity What is not considered to be a salient feature of the brainstorming process? - Answers Used only for decision-making What is an entrepreneurial process that goes on inside an organization that can lead to new business ventures best known as? - Answers Corporate entrepreneurship A "lifestyle entrepreneur" is one who: - Answers Creates their business with the intention of providing themselves with a steady income, but with a lot more freedom and flexibility. Which of the following is not a common characteristic of successful entrepreneurs today? - Answers Low internal locus of control is an important driver of success for entrepreneurs staring new ventures Which of these following statements about entrepreneurs is not false? - Answers Your ability to listen can make or break you as an entrepreneur Which is not a skill required to become a successful entrepreneur? - Answers Impractical skills Who is a lifestyle entrepreneur? - Answers They create their business with the intention of providing themselves with a steady income, but with a lot more freedom and flexibility True or False: Entrepreneurship education has to be framed within the context of its contribution to economic and social growth in order to attract the proper attention.Select one: - Answers True True or False: Some governments are not receptive to foreign investments or to certain types of distribution relationships. Select one: - Answers True True or False: Entrepreneurship education policies need not include a focus on specific segments of the population. Select one: - Answers False True or False: All types of distributorship arrangements are easy to set up in all countries. Select one: - Answers False Which of the following is not considered to be a strong commandment for successful international expansions? - Answers Standardized products and services across international markets True or False: A critical component for an international venture is to have effective relationships with the right partners. Select one: - Answers True True or False: Overseas expansions take time to yield satisfying returns on investment and profits. Select one: - Answers True True or False: It is never too early to start exposing students to business and entrepreneurship. Select one: - Answers True True or False: Entrepreneurship can help level the playing field between developed and developing countries and regions. Select one: - Answers True True or False: Entrepreneurship programmes should be developed and focused on business schools and economic departments. Select one: - Answers False True or False: Even developing countries are receptive to franchising and licensing. Select one: - Answers True When venturing into international markets, a strategy that should be followed in order to set a reasonable pricing structure is? - Answers Pricing always based on partner responsibilities and resources required When focusing on entrepreneurship education policies, which of the following statements is not true? - Answers Entrepreneurship education policies need not include a focus on specific segments of the population True or False: In developing countries, it is necessary to integrate entrepreneurship education into the overall poverty reduction strategies. Select one: - Answers False Which of the following requirements should not be fulfilled when designing and implementing entrepreneurship education strategies and programmes? - Answers Entrepreneurship programmes should always be developed and focused on business schools and economic departments True or False: The younger the target audience, the more the curriculum should be focused on basic skills and awareness raising about business and entrepreneurship. Select one: - Answers True Which of the following is not considered to be a strong commandment for successful international expansions? - Answers Standardized products and services across international markets True or False: Overseas expansions take time to yield satisfying returns on investment and profits. Select one: - Answers True True or False: All types of distributorship arrangements are easy to set up in all countries. Select one: - Answers False _________ help to keep the products in the customers' minds and help to stimulate demand for the products. Select one: - Answers Promotions True or False: Direct sales methods enable us to tailor the message to the individual customer and allow us to answer questions and get feedback during the sales process. Select one: - Answers True Which is not an element that should be considered while preparing a marketing plan? - Answers The plan should not give an incisive look into the company affairs While performing market research, what thought must we try to avoid? - Answers Secondary research is not helpful in forming a preliminary research strategy True or False: Buyers may resist buying your product if you try to make them alter their habits. Select one: - Answers True When discussing business incubators, what is not safe to assume? - Answers All companies graduating from the incubators are sufficiently battle tested When can we say that a team is successful? - Answers Each individual member in the team feels powerful Which are the four classic stages of team development according to the Tuckman Model? - Answers Forming, Storming, Norming, and Performing True or False: Business incubators are places where new business ventures may share office space, equipment, and access to mentors and other professional services to help their businesses get started - Answers True The Tuckman Model outlines the four classic stages of team development. They are as follows: - Answers Forming, Storming, Norming, and Performing What is the business model through which the provider charges a fee for access to the service? - Answers Subscription based model In a business plan, what conveys the essence of a business venture? - Answers Executive summary When discussing about the licensing of a business idea, which statement is not true? - Answers Exclusive licenses are generally less expensive than partially exclusive licenses How can we avoid profitable businesses from failing? - Answers Forecasting sales and expenses, and projecting cash inflows during specific periods What should not be included in a business plan? - Answers Details of the technology to avoid While preparing a business plan, what should we remember to avoid? - Answers A business plan should be considered as a final document that should never change When discussing about the licensing of a business idea, which statement is not true? - Answers Exclusive licenses are generally less expensive than partially exclusive licenses How can we avoid profitable businesses from failing? - Answers Forecasting sales and expenses, and projecting cash inflows during specific periods Forecasting sales and expenses, and projecting cash inflows during specific periods - Answers Executive summary What should not be included in a business plan? - Answers Details of the technology to avoid The Board of Advisors is a less formal working alternative to a board of directors, often us