FBLA REVISION EXAM PAPER 2025/2026 (QUESTIONS
WITH 100% CORRECT
better widget strategies - innovation that encompasses new or existing markets
corridor principle - states that with every venture launched, new and unintended opportunities arise
displacement school of thought - alienation drives entrepreneurial pursuits (political displacement,
cultural displacement, economic displacement)
dynamic states approach - stresses dependency of venture on environment and the interaction of:
-the dominant logic of the firm
-the business model
-value creation
entrepreneurial management - the discipline of entrepreneurial management:
-based upon the same principles no matter who or what the entrepreneur is
entrepreneurial revolution - -symbol of business tenacity and achievement
-entrepreneurs are the pioneers of today's business successes
entrepreneurial trait school of thought - focuses on identifying traits common to successful
entrepreneurs (achievement, creativity, determination, and technical knowledge)
environmental school of thought - school of thought that focuses on the external factors and forces-
values, morals, institutions- that surround a potential entrepreneur's lifestyle
external locus of control - point of view in which external processes are sometimes beyond the
control of the entrepreneur
financial/capital school of thought - school of thought that focuses on the ways entrepreneurs seek
seed capital and growth funds
,gazelle - a business establishment with at least 20% salesgrowth in each year for five years, starting
with a base of at least $100,000 in annual sales
-produce 2x as many product innovations per employee as larger firms
-obtain more patents per sales dollar than larger firms
great chef strategies - skills or special talents of one or more individuals around whom a venture is
built
internal locus of control - viewpoint where the potential entrepreneur has the ability or control to
direct or adjust the outcome of each major influence
macro view of entrepreneurship - broad array of factors that relate to success or failure in
contemporary entrepreneurial ventures
micro view of entrepreneurship - examines the factors specific to entrepreneurship and part of the
internal locus of control
mountain gap strategies - identifying major market segments as well as in between markets that
arise from larger markets
strategic formulation school of thought - emphasizes the planning process in successful
venture development
venture opportunity school of thought - focuses on the opportunity aspect of venture
development—the search for idea sources, the
development of concepts, and the implementation of venture opportunities
water well strategies - the ability to gather special resources (land, labor, capital, raw materials) over
long term
career risk - whether an entrepreneur will be able to find a job or go back to an old job if a venture
fails
code of conduct - statement of ethical practices or guidelines to which an enterprise adheres
, entrepreneurial behavior - entrepreneur's decision to initiate the new venture formation process
entrepreneurial experience - the knowledge that people use to make assessments, judgments, or
decisions involving opportunity evaluation, venture creation, and growth
entrepreneurial mind-set - all of the characteristics and elements that compose the entrepreneurial
potential in every individual
entrepreneurial motivation - the willingness of an entrepreneur to sustain his or her entrepreneurial
venture
entrepreneurial persistence - an entrepreneur's choice to continue with an entrepreneurial
opportunity regardless of counter influences or other enticing alternatives
ethics - a set of principles prescribing a behavioral code that explains what is good and right or bad
and wrong
family and social risk - starting a new venture uses much of the entrepreneur's energy and time.
entrepreneurs with families expose them to the risks of an incomplete family experience and the
possibility of permanent emotional scars. friends may also vanish slowly
financial risk - money or resources at stake for a new venture
grief recovery - involves focusing on the particular loss to construct an account that explains why the
loss occurred
psychic risk - the great psychological impact on and the well-being of the entrepreneur who creates a
new venture
rationalizations - what managers use to justify the questionable conduct
risk - involves uncertain outcomes/events. the higher the reward, the greater the risk entrepreneurs
usually face
WITH 100% CORRECT
better widget strategies - innovation that encompasses new or existing markets
corridor principle - states that with every venture launched, new and unintended opportunities arise
displacement school of thought - alienation drives entrepreneurial pursuits (political displacement,
cultural displacement, economic displacement)
dynamic states approach - stresses dependency of venture on environment and the interaction of:
-the dominant logic of the firm
-the business model
-value creation
entrepreneurial management - the discipline of entrepreneurial management:
-based upon the same principles no matter who or what the entrepreneur is
entrepreneurial revolution - -symbol of business tenacity and achievement
-entrepreneurs are the pioneers of today's business successes
entrepreneurial trait school of thought - focuses on identifying traits common to successful
entrepreneurs (achievement, creativity, determination, and technical knowledge)
environmental school of thought - school of thought that focuses on the external factors and forces-
values, morals, institutions- that surround a potential entrepreneur's lifestyle
external locus of control - point of view in which external processes are sometimes beyond the
control of the entrepreneur
financial/capital school of thought - school of thought that focuses on the ways entrepreneurs seek
seed capital and growth funds
,gazelle - a business establishment with at least 20% salesgrowth in each year for five years, starting
with a base of at least $100,000 in annual sales
-produce 2x as many product innovations per employee as larger firms
-obtain more patents per sales dollar than larger firms
great chef strategies - skills or special talents of one or more individuals around whom a venture is
built
internal locus of control - viewpoint where the potential entrepreneur has the ability or control to
direct or adjust the outcome of each major influence
macro view of entrepreneurship - broad array of factors that relate to success or failure in
contemporary entrepreneurial ventures
micro view of entrepreneurship - examines the factors specific to entrepreneurship and part of the
internal locus of control
mountain gap strategies - identifying major market segments as well as in between markets that
arise from larger markets
strategic formulation school of thought - emphasizes the planning process in successful
venture development
venture opportunity school of thought - focuses on the opportunity aspect of venture
development—the search for idea sources, the
development of concepts, and the implementation of venture opportunities
water well strategies - the ability to gather special resources (land, labor, capital, raw materials) over
long term
career risk - whether an entrepreneur will be able to find a job or go back to an old job if a venture
fails
code of conduct - statement of ethical practices or guidelines to which an enterprise adheres
, entrepreneurial behavior - entrepreneur's decision to initiate the new venture formation process
entrepreneurial experience - the knowledge that people use to make assessments, judgments, or
decisions involving opportunity evaluation, venture creation, and growth
entrepreneurial mind-set - all of the characteristics and elements that compose the entrepreneurial
potential in every individual
entrepreneurial motivation - the willingness of an entrepreneur to sustain his or her entrepreneurial
venture
entrepreneurial persistence - an entrepreneur's choice to continue with an entrepreneurial
opportunity regardless of counter influences or other enticing alternatives
ethics - a set of principles prescribing a behavioral code that explains what is good and right or bad
and wrong
family and social risk - starting a new venture uses much of the entrepreneur's energy and time.
entrepreneurs with families expose them to the risks of an incomplete family experience and the
possibility of permanent emotional scars. friends may also vanish slowly
financial risk - money or resources at stake for a new venture
grief recovery - involves focusing on the particular loss to construct an account that explains why the
loss occurred
psychic risk - the great psychological impact on and the well-being of the entrepreneur who creates a
new venture
rationalizations - what managers use to justify the questionable conduct
risk - involves uncertain outcomes/events. the higher the reward, the greater the risk entrepreneurs
usually face
