Q1. Which of the following is not one of the five values offered to a customer?

 Experience
 Access
 Quality
 Service

Q2. Emergent Markets have:

 No established industry rules

 High competitiveness
 Usually slow revenue growth
 Moderate uncertainty

Q3. Define 'competitive advantage'.

 A short version of firm's value proposition.

 Description of the course of action to implement the vision.
 Resources and capabilities that comprise the strategic value of a business.
 Distinctive factors that give a firm a superior or favorable position in relation to its rivals.

Q4. Which of the following is not one of the elements of a business plan concerning financial
resources?

 Financial Plan
 Context
 Harvest
 Financial return

Q5. What are the three elements of a business story?

 Problem, Challenge, Success

 Background, Challenge, Resolution
 Background, Problem, Solution
 Problem, Analysis, Feedback

Q6. The process by which new, creative firms disrupt existing markets could be called:

 All of the Above

 Creative Destruction
 Dynamic Capitalism
 Dynamic Disequilibrium

Q7. Which of the following is not one of the three stages of the business story?

 Set the stage

 Introduce dramatic conflict
 Provide personal background
 Resolution

Q8. Which of the following is NOT listed as a common mistake in the business plan?

 Unconfirmed customer demand

  Lack of focus and a sound mission
 Unclear opportunity
 Unclear value proposition

Q9. Which of the following firms do you think has Access as the primary value and Experience as
the secondary value?

 Mercedes
 IKEA
 Etisalat
 Starbucks

Q10. Which of the following is not one of the four elements of a vision?

 Creativity
 Purpose
 Clarity
 Uniqueness

Q11. Which of the following is not one

of the elements of Intellectual Capital?

 Social Capital
 Financial Capital
 Human Capital
 Organizational Capital

Q12. For how many years does a company usually operate at a loss before
becoming cash flow positive?

 5 years
 1 year
 10 years
 2-3 years

Q13. Which of the following is NOT a trend that has helped the globalization of business...

 The rise of smartphones

 The increase in the number of entrepreneurs
 The decreasing cost of overseas travel
 The advent of the internet

Q14. To be useful, a plan must do all of the following except:

 Utilize opportunities
 Be aware of the firm's strengths
 Be action-oriented
 Divide profit equally

Q15. Define 'disruptive innovation'.

 Newly created or newly recreated industries formed by product, customer, or con

 Introducing attributes to a marketplace different than ones that mainstream customers
historically valued
  Breadth of intellectual property protection for invention.
 Ability to use the imagination to develop new ideas, new things, or new solutions.

Q16. Who should create the mission statement?

 The CEO
 The head of the entrepreneurial team
 The entrepreneurial team and other employees
 Employees at the lowest level of the company

Q17. Which of the following is a categorization of Apple's

strategy?

 Mass market segmentation

 Low cost
 Differentiation
 Niche

Q18. Which of the following is the most critical component necessary to turn an idea into an
enterprise?

 Understanding of the Competitive Landscape

 Market Potential
 Customer Need
 A Good Opportunity

Q19. The Sweet Spot in entrepreneurship is that balancing of three variables. Which is not one of
them?

 Attractive opportunity
 Capabilities and skills
 Interest, passion, and commitment
 Market value

Q20. Which of the following is not an element of the ability to

overcome a challenge?

 Able to handle many tasks simultaneously

 Able to start and grow organizations
 Able to deal with a series of tough issues
 Able to create solutions and work to perfect them

Q21. A possible disadvantage of being a first-mover is

 Short-lived advantages as competition arises

 Over-willing customers
 Lower development costs
 Certainty in designing a product

Q22. Which of the following is not an entrepreneur?

 Jeff Bezos
 None of the Above
 Elon Musk
 Steve Jobs
Q23. Human Capital is:

 Minerals, fuels, energy, biological yield, or pollution absorption capacity

 The combined knowledge, skills, and abilities in a company
 Financial assets, such as money, bonds, securities, and land
 The relationships between various people and organizations

Q24. Which of the following is not an element of a concept summary?

 Tell the customer why they will pay for the solution
 Explain the problem
 Identify the customer
 Explain the uniqueness of the customer

Q25. Which of the following do you think is not a factor in determining a good technology
innovation?

 Feasibility
 Product Value
 Resource Availability
 Manufacturability

Q26. The value proposition does not accomplish which of the following?

 Outlines the importance of the product

 States who the customer is
 Describes what is offered to the customer
 Lists the price of the product

Q27. The mission statement should not explain which of the following?

 Collective purpose
 Company values
 Workforce size
 Customer approach

Q28. Which of the following best describes what entrepreneurship entails?

 Taking Calculated Risks

 Working at a Company
 Choosing your own hours
 Making Money

Q29. The following are all listed as elements of an attractive innovation strategy except:

 Opportunity to take advantage of resources

 Well-defined customer
 Core competencies required to exploit new technology
 High benefit-to-price ratio for customers

Q30. Which of the following is not an example of an available input

that the firm can transform into desired outputs?
  Raw Materials
 Physical Assets
 Financial Capital
 Products and Services

Q31. Which of the following is not one of the six

forces in the Six Forces model?

 Customers
 Investors
 Suppliers
 Complementors

Q32. SWOT stands for:

 Stable, Winning, Open, Trade

 Strengths, Weaknesses, Opportunities, Threats
 Success, Warranty, Opportunity, Training
 Strong, Willing, Oriented, Team

Q33. Which of the following is not a characteristic of an attractive opportunity?

 Important
 Timely
 Solvable
 Complex

Q34. Which of the following is not one of the six questions for
creating a sound, dynamic strategy?

 Where will we be active?

 How will we reach profitability?
 Why are we pursuing this objective?
 With whom will we compete and cooperate?

Q35. Which of the following is a question that would be answered in the "Entrepreneurial Team"
section of the business plan?

 Does the team have the necessary commitment and capabilities?

 What are the key risks that will be mitigated at each milestone?
 Are there any regulatory hurdles that must be cleared?
 Which customers have validated the product and are willing to pay for it?

Q36. Which of the following is not explicitly part of the five-step process for
establishing a new enterprise?

 Identify opportunities
 Determine the human resources required
 Refine the concept
 Develop a prototype

Q37. Which of these was given as a possible element of a mission statement?

 Vision coherence
 Focus groups
  Rate of change
 Competitive advantage

Q38. Characteristics of an invention do not include:

 Importance
 Radicalness
 Patent Scope
 Opportunity

Q39. Which of the following is not one of the

three types of industry?

 Growing
 stable
 emergent
 mature

Q40. Which is not one of the six elements of an executive summary?

 Success plan
 Financial plan
 business concept
 market, customer, and industry