MGT 602 Midtermexamination

MIDTERM SOLVED
ALL 2007 T0 2011 MIDTERM PAPERS

MGT602- ENTREPRENEURSHIP
COMPOSE AND PREPARED BY SANASUNNY=1
Question No: 1 ( Marks: 1 ) - Please choose one
Being one’s own boss is a need of:
► Independence
► Achievement
► Affiliation
► Authority

With a commercial history of only 300 years, which country was a new comer to the international arena?
► Japan
► U.S
► China
► U.K

Which of the following is a obstacle to going in international business?
► Mergers
► Trade barriers
► Rivalry
► Protectionist attitudes

Which one of the following is an important source of idea generation due to their familiarity with the needs of market?
► Existing products and services
► Distribution channels
► Federal government
► Consumers

Which of the followings is NOT followed in brainstorming?
► Criticism is done by the group members
► The wilder idea is better
► Quantity of ideas is required
► The session should be fun, with no on dominating the discussion

A/an ______ is an online connection between the company and its customers.
► Internet advertising
► Website
► E-Commerce
► World Wide Web

Which one of the following is the next stage to the Concept Stage of Product Planning and Development Process?
► Idea Stage
► Product Planning Stage
► Product Development Stage
► Test Marketing Stage

All of the following are essentials to maintain secrecy, EXCEPT:
► Train employees to refer sensitive questions to one person
► Discuss business in public places
► Provide escorts for all office visitors
► Use simple security such as locked file cabinets

Licensing is a significant marketing strategy to:
► Use intellectual property of others
► Pirate others’ patents
► Grow the business in new markets
► Control the costs

Which one of the following is the main problem for the entrepreneur in the beginning stages of creating a new venture?
► Lack of experience
► Limited resources
► Lack of education
► None of the given options
How many perspectives should be considered while preparing business plan?
► One
► Three
► Four
► Not specific


SBA stands for:
► Small business accountants
► Small business administration
► Small business adequacy
► Small business advisors


Which one of the following is NOT an environmental factor?
► Economy
► Culture
► Technology
► Competition

Which one of the following guide the firm through the long term decision making?
► Mission statement
► Product forecast
► Industry analysis

Which one of the following is NOT included in four C’s evaluation by lender?
► Character
► Cost
► Continuity
► Contribution

For which of the following copy right acquisition is desirable?
► Songs
► Poems
► Models
► All of the given options

A utility patent has a term of:
► 10 years
► 40 years
► 20 years
► 80 years

Which of the following body issues patents?
► GATT
► NAFTA
► FTA
► PTO

Which of the following is a idea generation method that focuses on parameters?
► Brainstorming
► Reverse brainstorming
► Creative problem solving
► Synectics

Developing a new idea through inquiry and testing is called:
► Heuristics
► Forced relationship
► Scientific method
► Value analysis

Trade barriers cause:
► Increase in cost
► Decrease in cost
► Increase in profit

Having less than 50 percent of equity share in an international venture is called:
► Minority interest
► Joint venture
► Majority interest
► Exporting


Having more than 50% ownership position that provides the entrepreneur with managerial control is called:
► Joint venture
► Horizontal merger
► Diversified activity merger


Which of the following is a method of selling goods to another country by taking care of transactions?
► Indirect exporting
► Direct exporting
► Importing
► Management contract
Which of the following two work environments should be good for spawning the new enterprises?
► Finance and marketing
► Finance and R&D
► Marketing and R&D
► Marketing and IT

Gazelles are the firms with:
► High growth rate
► Moderate growth rate
► Zero growth rate
► Low growth rate

Which of the following are the Fast-growth young companies?
► Gazelles
► Life style
► Foundation Company


Which one of the following is used to identify opportunity?
► Input from customers
► Input from channel members
► Input from business associates

In some countries, point of purchase displays are not allowed in retail stores. Such differences are studied by international entrepreneurs under which of the
following type of environment?
► Economic
► Political
► Cultural
► Technological

Which of the following factor has allowed small companies to act like they are big ones?
► Technology
► Customers
► Economic development
► Competition


Which of the following is alternatively called corporate venturing?
► Entrepreneurship
► Intrapreneurship
► Act of stating a new venture
► Offering new products by an existing company


Which one of the following is not the intrapreneurial leadership characteristic?
► Understands environment
► Encourage the team work
► Not flexible
► Persistent
Which of the following system is necessary for expansion or elimination of intrapreneurial units?
► Management
► Evaluation
► Reward
► Training

Which of the following typical culture has a climate and reward system that favors conservative decision making?
► Entrepreneurial
► Intrapreneurial
► Corporate

Which of the following makes the formation of new venture difficult within a corporate culture?
► Lack of intrapreneurial talent
► Lack of freedom to make autonomous decisions
► Lack of market opportunity

Which of the following are known as barriers to new product creation and development?
► Trial and error
► Opportunity parameters
► Opportunity cost
► Intrapreneurship culture

Which of the following factor does not affect a person for being an entrepreneur?
► Family background
► Education
► Personal values
► Gender

Degree of influence and control on other people is called:
► Locus of control
► Locomotion of control
► Locust of control
► Loss of control

Which of the following plan describes market conditions and strategy related to products?
► Production plan
► Operational plan
► Financial plan
► Marketing plan

Individuals who give psychological support to an entrepreneur are called:
► Role models
► Moral support networks
► Professional support networks
► Informal networks
Question No: 41 ( Marks: 10 )

In the given situations what types of merger is suitable for each situation and why?
· McDonald’s with KFC
· One steel mill with another steel mill
· ABN AMRO with Royal bank of Scotland
· Steel mill with a fertilizer producing firm
· An oil cooking producing company with Desi Ghee producing company
Answer:
McDonald’s with KFC: The merger in this case will be a horizontal merger because they both produce related products, which is the condition of
horizontal merger.
One Steel Mill with other Steel Mill: The two steel mills will merge horizontally because both the mills are producing similar product.
ABN AMRO with Royal Bank of Scotland: Both the banks will merge horizontally because both are providing similar type of services.
Steel mill with a fertilizer producing firm: Since both the firms are non-interrelated so this merger will be a diversified merger.
An oil cooking producing company with Desi Ghee producing company: The merger in this situation will be a production merger because
production of both products is related but the products themselves are not competing.
MIDTERM EXAMINATION
Fall 2009
MGT602- Entrepreneurship
Compose and prepare by sanasunny=2
Question No: 1 (Marks: 1) - Please choose one

► Independence
► Achievement
► Affiliation
► Authority


► Japan
► U.S
► China
► U.K


► Mergers
► Trade barriers
► Rivalry


► Consumers





► Website
► E-Commerce
► World Wide Web


► Idea Stage









► One
► Three
► Four
► Not specific

SBA stands for:



► Economy
► Culture
► Technology
► Competition



► Character
► Cost
► Continuity
► Contribution


► Songs
► Poems
► Models


► 10 years
► 40 years
► 20 years
► 80 years


► GATT
► NAFTA
► FTA
► PTO


► Brainstorming
► Synectics



► Heuristics
► Value analysis

► Character
► Cost
► Continuity
► Contribution

Which of the following is a characteristic of a good partner?
► Help to achieve goals
► Share entrepreneur’s vision
► Do not exploit the partnership

► Joint venture

Which one of the following is a sound strategic option for an entrepreneur when synergy is present?
► Merger
► Joint venture

► Importing
.
Following are the types of non-equity arrangements EXCEPT:
► Licensing
► Management contracts
► Direct export
► Turnkey projects

Andrew Carnegie is an example of entrepreneur of which century:
► Earliest period
► 19th and 20th century
► Middle ages
► 17th century

A person who managed large project was termed as the entrepreneur in the _________.
► Earliest period
► Middle ages
► 17th century

In some countries, point of purchase displays are not allowed in retail stores. Such differences are studied by international entrepreneurs under
__________.
► Economic Environment
► Political Environment
► Cultural Environment
► Technological Environment

Which of the following factor is most important in forming a new business?
► Finance
► Marketing
► Government support
► Family support

Most of the finance for the new firm comes from following resources EXCEPT:
► Friends
► Foreign aid
► Relatives
► Personal savings

Which one of the following is the process of entrepreneurs developing new products that over time make current products obsolete?
► New business model
► Anatomization
► Creative destruction

The intersection of knowledge and a recognized social need to start a product development process is called which of the following?
► Iterative synthesis
► Product-evolution process
► Ordinary innovation
► Situation analysis

A foundation company is formed through which of the following?
► Fashion
► Most popular business
► A winding up company
► Research and development

Which of the following factors is the most important in forcing U.S companies to focus on new product development and increased productivity?
► Hyper competition
► Governmental laws
► Organizational culture

Which of the following is required for a company that wants to be more flexible in adopting changes?
► Management commitment
► Contact with customers
► Technology
► More productivity

Which of the following areas are preferred by women entrepreneurs?
► Administration
► Utilities
► Manufacturing
► None of the above

Individuals influencing an entrepreneur’s career choice and style are known as which of the following?
► Role model
► Moral-support network
► Professional support network
► Support system

An entrepreneur is also successful in international business as well if he understands:
► Difference of domestic and international business
► Domestic business
► International business

Which of the following is NOT an important aspect of international success?
► Planning
► Diversification
► Reporting
► Control
MIDTERM EXAMINATION
Spring 2010
MGT602- Entrepreneurship (Session - 3)
Compose and prepared by sanasunny=3
A typical inventor is usually ________________________.
► Highly creative & in love with the invention
► Does not encourage change
► Willing to modify the invention in order to augment commercial benefit

► Independence
► Achievement
► Affiliation
► Authority

The difference between the value of a country’s imports and exports over time is called:
► Deficit exports
► Deficit imports
► Balance of payment
► Balance of debt

► Website
► E-Commerce
► World Wide Web

Which of the following grants protection to owner from anyone else making, using and selling the identified innovation?
► Utility patent
► Design patent
► Plant patent
► International patent


Who should prepare the business plan?
► Entrepreneurs
► Consultants
► Engineers
► Small business administration services

hich of the following body issues patents?
► GATT
► NAFTA
► FTA
► PTO

The product life cycle starts with which stage of product planning and development process?
► Test marketing stage
► Product development stage
► Commercialization stage
► Product planning and development process is a part of product life cycle

► Heuristics
► Value analysis

Which one of the following gives suggestions for new product and also help to market new products?
► Consumers

A person who managed large project was termed
as the entrepreneur in the _________.
► Earliest period
► Middle ages
► 17th century

Which of the following is NOT a potential cost of
becoming an entrepreneur?
► Financial reward
► Long hours
► Financial insecurity
► Loneliness
Factors contribute to the creation of new venture
EXCEPT:
► Government
► Finance
► High interest rates
► Role models
Most of the finance for the new firm comes from
following resources EXCEPT:
► Friends
► Foreign aid
► Relatives
What is the process by which individuals pursue
opportunities without regard to resources they currently control?
► Startup management
► Financial analysis
► Feasibility planning

Which of the following is NOT included in the
opportunity evaluation process?
► Length of the opportunity
► Real and perceived value of opportunity
► Goals and objectives of customers
► Risks and rewards of opportunity

The difference of the entrepreneurial and
managerial domains has contributed towards an increase interest in which of the following?
► Forming new firms
► Partnership
► Private firms
Which is the most common cause of business
failure?
► Insufficient capital
► Unstable market
► Insufficient experience
► Poor entrepreneurship
In which one of the following countries the
entrepreneurial success has been significant because of the culture, the political and economic systems?
► European countries
► Asian countries
► Far East countries
► Middle East countries

Moral support network includes all of the following
EXCEPT:
► Spouses
► Friends
► Business associates
► Relatives
Professional support network includes all of the
following EXCEPT:
► Personal affiliations
► Mentor
► Trade associations
► Friends

The former USSR received technology and syrup
from Pepsi and provided it with Soviet vodka and rights to distribute it in the US. This is an example of:
► Barter system
► International trade

__________ is prepared on the bases of levels of
the internal structure of the business.
► Organizational Plan
► Production Plan
► Marketing Plan
► Financial Plan

Which of the following abilities must be possessed
by an entrepreneur?
► Creative
► Conceptualization
► Understanding environment
Which of the following is NOT a guiding principle
in a traditional corporate culture?
► Follow given instructions
► Take responsibility and ownership
► Do not take initiative
► Do not make mistakes

In order to minimize the negative effect of any
disruption in an organization, which of the following characteristics an intrapreneur must possess?
► He should be diplomatic
► He should be conservative
► He should be autocratic
► He should be authoritative

According to research, when do the female
entrepreneurs tend to start their first significant venture?
► In their mid 20s
Which of the following best defines “horizontal
merger”?
► It refers to combining at least two firms doing similar businesses at the same market level
► It refers to forming a third company by combining two companies
► It refers to having more than 50 percent ownership position
► It refers to combining at least two firms at different market levels

Which of the following is an example of rising
number of women entrepreneurs in China?
► Guau Guarymei
► Wataru Ohashi
► Kazuhiko Nishi
► Li Ka-Shing
Identify the statement which best defines
“checklist method”
► It refers to developing a new idea through a list of related issues
► It refers to a group method for obtaining new ideas focusing on the negative
► It refers to a method for individuals to solve problems through one of four mechanisms
► It refers to a method for developing new ideas when the individuals are unaware of the problem
Which of the following best describes “contract”?
► It refers to a legally binding agreement between two parties
► It grants holder protection from others making, using or selling similar idea
► It may be a word, symbol, design or some combination that identifies the source of certain goods
► It refers to a legal document giving official permission to do something

Which of the following is the title or cover page
that provides a brief summary of the business plan’s content?
► Introductory page
► Executive summary
► Environmental and industry analysis
► Description of venture

How the business plan is presented to potential
investors?
The description of the venture should be comprehensive. This should begin with the mission statement or company
mission, which describes the nature of the business and what the entrepreneur hopes to accomplish. The new venture
should be described in detail, including the product, location, personnel, background of entrepreneur, and history of the
venture. The emphasis placed on location is a function of the type of business. Maps that locate customers, competitors,
and alternative locations can be helpful. Then the marketing plan describes how the products will be distributed, priced,
and promoted. Potential investors regard the marketing plan as critical to the venture’s success.
Which factors should be studied by entrepreneur
to conduct environmental analysis while preparing a business plan? Explain the factors.
The entrepreneur should first conduct an environmental analysis to identify trends and changes occurring on a national
and international level that may impact the new venture. Examples of environmental factors are:
· Economy
· Culture
· Technology
· Legal concerns
Economy: The entrepreneur first wants to know the economic situation of country where he wants to start the business
because this has great impact on its success. If economical situation is not stabilizes then investors will not willing to
invest with us, which is the first step for every beginning of business.
Culture: It has too much influence on our products which we made. If we produce such thing which is not familiar to
people where the business operate there should be loss for. For example; if Bonanza will start to produce Shalwar &
Kameez suits in Arab countries who will buy, because in Arab countries there culture is different from us. So, entrepreneur
must first look about the culture trends.
Technology: Now a day’s technology changes day to day. Every day or week new inventions is there in market, which
help us to make business easy for us. We should keep update ourselves in technology perspective to save more money
and produce more.
Legal Concerns: These are important issue for every entrepreneur. As every country have its own and different laws
there. Therefore, he/she must be having knowledge about the limitations and permissions from government of that
country where he/she want to do business.
While entering into the international market the
companies usually have strategic planning process. What should be considered in the strategic planning?
Strategic Planning offers ideas on how to match the organization’s design to its products and capabilities, goals and
resources. This process is much easier to execute once you have obtained a basic knowledge of exporting value-added
food products, understand the marketing research process, and analyzed the elements of the marketing mix. Proper
organization, both internally and externally, allow the firm to become more efficient in its operations and expansion.
After the information the first step in building a successful export strategy is determining the firm’s readiness to export.
The following are guidelines on preparing an export business plan, developing export marketing skills, designing a
template for an export marketing plan and considering marketing tools prior to engaging directly in promotional activities.
MIDTERM EXAMINATION
Spring 2009
Which of the following has not yet been empirically established as a distinguishing characteristic of entrepreneurs?
► Feeling about independence
► Need for achievement
► Risk taking

The level at which an individual is viewed by society is called:
► Financial status
► Qualification
► Social status
► Achievement

Which one of the following is a business arrangement in which someone else is allowed to use something of the company?
► Patent
► Trade mark
► Copy right
► Licensing

Which of the following method entrepreneur can use to do international business with least risk?
► Joint venture
► Merger
► Synergy

A company dealing in beer has a merger with cigarettes manufacturing firm. This merger is called:
► Product extension merger
► Market extension merger
► Vertical merger

► Consumers

Members of distribution channels are excellent sources for new ideas because:
► They are familiar with the needs of the market
► They earn a handsome profit from new business
► They do not bother if entrepreneur bears a loss
► They have well-developed sales force


Which one of the following is the most important characteristic of a successful business websit?
► Speed
► Innovation
► Graphics
► Products


► Idea Stage


According to the governing bodies of common laws, the life of trade secret is:
► 12 years
► 17 years
► 20 years
► As long as it remains confidential
SBA stands for:



Why should an entrepreneur do a feasibility study for starting a new venture?
► To see if there are possible barriers to success
► To identify possible sources of funds
► To estimate the expected sales
► To explore potential customers


Information regarding all of the following is related to operations, EXCEPT:
► Location
► Promotion
► Raw materials
► Labor skills




Which of the following is included in the description of the business?
► Location
► Products offered
► History
► Songs
► Poems
► Models

Which of the following is TRUE for Disclosure Document?
► It gives recognition that he was the inventor of the idea in past
► It gives recognition that he is the first the inventor of the idea
► It gives recognition that he will be the invent an idea in future
► It gives recognition that he wants to copy the idea


Which of the following is aidea generation method that focuses on parameters?
► Brainstorming
► Synectics

The transitional disturbance and lack of reform has led to a booming black market in:
► China
► Hungary
► Singapore
► Poland

Which of the following geographical area is of least interest to U.S entrepreneurs?
► Europe
► The Far East
► Central Asia
► Transition economies

► Consumers

Which of the following is used by entrepreneurs to acquire experience in an international market before making a major commitment?
► Merger
► Joint venture

GATT is established in 1947, under:
► German leadership
► French leadership
► U.S. leadership
► U.K. leadership

The entrepreneur was distinguished from capital provider in:
► Middle ages
► 18th century
► 17th century

► Earliest period
► Middle ages
► 17th century

► Finance
► Marketing
► Family support
What is the process by which individuals pursue opportunities without regard to resources they currently control?

► Anatomization

Which of the following shows the process of creating something new?
► Business model
► Modeling
► Innovation
► Creative flexibility


In the administrative domain, the commitment of resources is for which of the following?
► Periodic intervals
► Total amount needed
► For certain tasks
► For long time


Which is the most common cause of business failure?
► Unstable market

► Administration
► Utilities
► Manufacturing

► Loss of control

► Role model
► Support system

The activity which occurs when the new venture is started is called:
► Motivation
► Business skills
► Departure point
► Goal orientation
Mid Term Paper 2010

MGT602

Individuals who help the entrepreneur in business activities are
called:
► Role models
► Business support networks

Following are the problems in developing the economies
EXCEPT:
► Gap of knowledge
► Variable rate of return
► Same communication style Page No. 27
► Different accounting system

Which one the following is the best protection against product
liability?
► Avoid negligence
► Warn consumers of any potential hazards Page No. 47
► Give warranty
► Avoid misrepresentation

Which one of the following reviews the trends and
competitive strategies?
► Environmental analysis Page No. 52

► Contingency plan

► 10 years
► 40 years
► 20 years Page No. 40
► 80 years

► GATT
► NAFTA
► FTA
► PTO Page No. 40

Which of the following is a more structured method of
problem solving, including principles and rules for concept formation, making observations and experiments, and finally validating the hypothesis?
► Scientific method Page No. 38

► Heuristics
► Attribute listing
► Value analysis

Which one of the following gives suggestions for new product
and also help to market new products?

► Distribution channels Page No. 35
► Consumers

► U.S. leadership (Not Sure)
► U.K. leadership

Factors contribute to the creation of new venture EXCEPT:
► Government
► Finance
► Role models

A foundation company is formed through which of the
following?
► Fashion
► Research and development Page No. 7

Which one of the following is the primary cause of failure in
small businesses?
► Poor financial control

► Poor location
► Management mistakes
► Improper inventory control

Which of the following is a fourth step in the entrepreneurial
process?
► Developing successful business ideas
► Deciding to become an entrepreneur
► Growing the entrepreneurial firm
► Moving from an idea to an entrepreneurial firm

Which one of the following is NOT a phase of entrepreneurial
process?
► Identification and evaluation of opportunity

► Development of business plan
► Determination of required resources

Which one of the following is not the intrapreneurial
leadership characteristic?
► Not flexible
► Persistent

Which of the following system is necessary for expansion or
elimination of intrapreneurial units?
► Management
► Evaluation
► Reward
► Training

Which of the following factor does not affect a person for
being an entrepreneur?
► Nationality
► Education
► Personal values
► Work history

Professional support network includes all of the following
EXCEPT:
► Mentor
► Friends Page No. 24

Following are the types of foreign direct investment EXCEPT:
► Joint venture
► Management contracts Page 29
► Merger

► Licensing
► Direct export Page28

According to which of the following, an entrepreneur is the
person who brings resources, labor, materials and other assets into combinations that increase their value?
► Economist Page No. 4
► Psychologist
► Businessman
► Sociologist

Which of the following abilities must be possessed by an
entrepreneur?
► Creative

Which of the following options can be very helpful to start-up
new ventures?
► Seed Capital
► Infrastructure
► Technology
► Experience

According to Henning and Jardim, female executives tend to
be the firstborn. Which of the following supports this research?
► Because firstborn has to be more responsible
► Because firstborn needs special care
► Because firstborn tends to be more flexible
► Because firstborn receives special attention

In terms of personality, there are strong similarities between
men and women entrepreneurs. Which of the following does not refer to this statement?
► Both are energetic
► Both are goal oriented
► They want to be independent
► Males are more confident than women

Which of the following businesses women entrepreneurs
prefer to start?
► Manufacturing
► Construction
► Educational services
► High-technology fields

“Paying for goods indirectly through another source” refers to:
► Barter
► Trading
► Third-party arrangement Page No. 33

Which of the following best defines “diversified activity
merger”?
► It refers to combining two firms with noncompeting products
► It refers to combining at least two totally unrelated firms Page No. 29

Which of the following statements best defines
“brainstorming”?
► It refers to groups of individuals providing in a structured format
► It refers to a group method for obtaining new ideas and solutions Page 37
► It refers to a method for obtaining new ideas and solutions by focusing on problems
► It refers to a method for obtaining new ideas focusing on the parameters

Identify the statement which refers to “licensing”.
► It protects original works of authorship
► It is a contractual agreement giving rights to others to use intellectual property in return for a royalty or fee Page No. 49

Which of the following denote no relationship between the
mark and the goods or services?
► Coined marks Page No.45
► Arbitrary marks
► Suggestive marks
► Descriptive marks

Which of the following trademarks is used to suggest certain
features, qualities, ingredients or characteristics of a product or service?
► Coined mark
► Arbitrary mark
► Suggestive mark Page No. 45
► Descriptive mark

Data that support the opportunity for the venture should be
briefly stated in the executive summary. If this venture is an internet business, all of the following facts should be stated by an entrepreneur EXCEPT:
► Growth in the number of internet users
► Growth in the average amount of time spent on the internet
► Growth in sales dollars generated on the internet
► Growth rate of population

Which of the following make the business plan difficult to
control and implement?
► Too general goals and objectives
► Too specific goals and objectives
► Realistic goals and objectives
► None of the given options (Not Sure)
MIDTERM EXAMINATION
Spring 2010
Time: 60 min
Marks: 47
► Risk taking


► Qualification
► Social status
► Achievement

An individual’s need to be recognized is called:
► Need for independence
► Need for affiliation
► Need of fame

► Consumers

The concept of World Wide Web pages was developed in:
► 1960s
► 1970s
► 1980s
► 1990s

Which one of the following can serve entrepreneur as a consultant of the business plan?
► Lawyers
► Accountants
► Marketers

► One
► Three
► Four
► Not specific

Which of the following is a powerful marketing tool for expansion of business in new market?
► Licensing
► Product safety
► Insurance
► Copy rights

Which one of the following can be registered under design patent?
► New product
► Original product
► Ornamental


► Importing

Which one of the following is the way by which an entrepreneur can enter into international business?
► Export
► Non equity arrangements
► Direct foreign investment

► Friends
► Foreign aid
► Relatives

Which one of the following receives highest investment?
► Public company
► Life style
► High potential venture
► Foundation firm

Which of the following is a second step in the entrepreneurial process?

Which of the following is NOT included in the opportunity evaluation process?

Which one of the following is true regarding female entrepreneurs?
► Currently the number of companies owned by female entrepreneurs exceeds those owned by their male counterparts
► Women-owned businesses grow thrice that national rate for all private companies
► 53 percent of all private companies are women-owned businesses
► One-third of women-owned businesses are connected with health care and social services

All of the following are true regarding male entrepreneurs EXCEPT:
► Typically most male entrepreneurs are first-borns
► Dissatisfaction with present job is a departure point for a male entrepreneur
► Male entrepreneurs mostly have a occupational background of middle-management or administrative-experience in the field
► Male entrepreneurs tend to be opinionated and persuasive in their approach

In terms of chronological age, most entrepreneurs initiate their entrepreneurial carrier between ages of:
► 15 and 22
► 22 and 45
► 45 and 57
► 57 and 63

It has been observed that usually the entire country is organized under single:
► Economic system
► Culture
► Living standard
► Legal environment

► Licensing
► Direct export

Which of the following abilities must be possessed by an entrepreneur?
► Creative

An individual’s desirability to form a new venture depends upon all of the following Except:
► Culture
► Family
► Teachers

Identify the type of innovation which refers to new products with significant technological advancement.
► Technological innovation
► Breakthrough innovation
► Technical innovation

“Management of enterprise” is an important aspect of entrepreneurial process. Which involves all of the following EXCEPT:
► Implementation of a management style
► Determination of key variables for success
► Implementation of control system
► Creation of opportunity

Which of the following is NOT a goal of an intrapreneurial culture?
► To take responsibility and ownership
► To be rewarded for actions taken
► To develop visions, goals, and action plans
► To follow given instructions

Which of the following best defines “minority interest”?
► It refers to having less than 50 percent ownership position
► It refers to selling goods made in one country to another country

Which of the following techniques is an excellent method for initial screening of ideas and concepts?
► Focus group
► Problem inventory analysis
► Brain storming

Which of the following is an idea generation method that focuses on parameters?
► Brainstorming
► Synectics


There are three perspectives that should be considered when preparing the plan. Which of the following does NOT refer to the plan?
► Entrepreneurial perspective
► Marketing perspective
► Investor’s perspective
► Religious perspective

Business plan should be prepared by an entrepreneur. All of the following should be consulted while preparing this plan EXCEPT:
► Lawyers
► Accountants
► Marketing consultants
► General public

Data that support the opportunity for the venture should be briefly stated in the executive summary. If this venture is an internet business, all of the
following facts should be stated by an entrepreneur EXCEPT:
MIDTERM EXAMINATION
Spring 2010
Time: 60 min
Marks: 47
► Qualification
► Social status
► Achievement

Which one of the following is the next stage to the Concept
Stage of Product Planning and Development Process?
► Idea Stage

Which one of the following is NOT included in four C’s
evaluation by lender?
► Character
► Cost
► Continuity
► Contribution

Which of the following is NOT essential part of the contract?
► All the parties involved should be named

► Transaction should be described in detail
► Obtain signatures of the persons involved
► Place where contract takes place

Which one of the following is the way by which an
entrepreneur can enter into international business?
► Export

► Middle ages
► 18th century
► 17th century

Andrew Carnegie is an example of entrepreneur of which
century:
► Earliest period
► Middle ages
► 17th century

Which of the following two work environments should be
good for spawning the new enterprises?

► Finance and R&D

Most of the finance for the new firm comes from following
resources EXCEPT:
► Friends
► Foreign aid
► Relatives

What is the process by which individuals pursue opportunities
without regard to resources they currently control?

Which one of the following is a firm that achieves modest
growth?
► High potential growth firm

► Foundation firm
► Life style
► Public company

Which of the following factors is the most important in forcing
U.S companies to focus on new product development and increased productivity?

Which of the following typical culture has a climate and
reward system that favors conservative decision making?
► Entrepreneurial
► Intrapreneurial
► Corporate Page 16

What takes place during the product-evolution process?
► Innovation is developed and commercialized through entrepreneurial activity Page8

► The product/service is evaluated and any scope of further development is charted
► The business branches into separate units of development and marketing
► The product/service is evaluated to identify its global marketability

All the following qualities are requisites for an entrepreneur
Except:
► Driven by perception of opportunity

► Learning from business failure
► Cognitive adaptability
► Effectuation

Which one of the following factor does not differ in
motivating male and female entrepreneurs?
► Independence page22
► Money
► Job satisfaction
► Opportunity

Female entrepreneurs differ from male entrepreneurs in terms
of all of the following EXCEPT:
► Motivation Page22
► Business skills
► Departure point

Which one of the following may need the business plan?
► Employees
► Investors page50 – (need to check)
► Advisors

Which of the following refers to new products with some
technological change?
► Breakthrough innovation Page5

Which of the following is/are known as barriers to new
product creation and development?
► Trial and error

► Opportunity parameters page13
► Intrapreneurial culture

According to research, when do the female entrepreneurs tend
to start their first significant venture?

Which of the following statements describes “International
entrepreneurship”?
► It is the process of an entrepreneur conducting business activities across national boundaries page27
► It is the process of an entrepreneur conducting business activities within the national boundaries
► It is an innovative corporate management style that encourages employees within an organization to create new product ideas
► It is a business structure in which an individual and his company are considered a single entity for tax and liability purposes

Which of the following best describes the term “indirect
exporting”?
► It refers to buying and selling of commodities
► It refers to a commercial activity of buying and bringing in goods from a foreign country
► It refers to selling goods to another country through a person in the entrepreneur’s home country

Identify the term which best describes the term “management
contracts”?
► It is a commercial activity of buying and bringing in goods from a foreign country
► It is method of doing specific international task Page33

► It refers to having less than 50 percent ownership position Page33

In which of the following centuries the people of Malaysia
peninsula were converted from Islam?
► 14th century
► 15th century
► 16th century
► 17th century

Identify the statement which best defines “reverse
brainstorming”.

Identify the statement which best defines “checklist method”

Which one of the following is a method for obtaining new
ideas and solutions by focusing on problems?
► Problem inventory analysis Page37

► Gordon method
► Checklist method

Which of the following statements best defines “forced
relationship”?
► It refers to developing a new idea through a chain of word associations
► It refers to developing a new idea by looking at product combinations Page38
► It refers to developing a new idea through inquiry and testing
► It refers to developing a new idea by evaluating the worth of aspects of ideas

How many major stages of “product planning and
development process” are there?
► Four
► Five Page41
► Six
► Seven

► Coined marks Page45
► Arbitrary marks

A design patent has a term of:
► 20 years
► 14 years Page43
► 10 years
► 40 years

Lenders focus on four Cs of credit. Identify which of the
following is NOT included in those four Cs.
► Character
► Cash flow
► Collateral
► Code of ethics
Question: what are the key environmental factors which differentiate international entrepreneurship from domestic entrepreneurship. 3marks
Factors Which Differentiate International Entrepreneurship From Domestic Entrepreneurship

Economics
Balance of Payments
Type of System Barter, third-party arrangements
Political-Legal Environment
Cultural Environment
Technological Environment
Strategic Issues
ALL MID TERM PAPERS OF ENTREPRENUERSHIP
Mid Term Papers
MGT602

Individuals who help the entrepreneur in business activities are
called:
► Role models

Following are the problems in developing the economies
EXCEPT:
► Same communication style Page No. 27

Which one the following is the best protection against product
liability?
► Warn consumers of any potential hazards Page No. 47
► Give warranty

Which one of the following reviews the trends and
competitive strategies?


► 10 years
► 40 years
► 80 years

► GATT
► NAFTA
► FTA
► PTO Page No. 40

Which of the following is a more structured method of
problem solving, including principles and rules for concept formation, making observations and experiments, and finally validating the hypothesis?
► Scientific method Page No. 38

► Heuristics
► Value analysis


► Distribution channels Page No. 35
► Consumers

► U.S. leadership (Not Sure)
► U.K. leadership
► Government
► Finance
► Role models

A foundation company is formed through which of the
following?
► Fashion
► Research and development Page No. 7

Which one of the following is the primary cause of failure in
small businesses?

► Poor location
Ref: http://www.moyak.com/papers/small-business-failure.html
think that fact speaks for itself," says Jonathan Goldhill, a small-business consultant and former director of an economic development center in California's
San Fernando Valley. "I would say that the primary reason for failure of startups within three years is usually...management's failure to act, or
management's failure to react, or management's failure to plan."

Which of the following is a fourth step in the entrepreneurial
process?
Ref: http://wps.prenhall.com/bp_barringer_entrep_1/29/7476/1913875.cw/content/index.html

Which one of the following is NOT a phase of entrepreneurial
process?


Which one of the following is not the intrapreneurial
leadership characteristic?
► Not flexible
► Persistent

Which of the following system is necessary for expansion or
elimination of intrapreneurial units?
► Management (check plz)

► Evaluation
► Reward
► Training
Ref: http://www.rcktmom.com/njlworks/Spst541MgtANAL_NJL.html
This expansion is attained through the infusion of the intrapreneurial management strategy

Which of the following factor does not affect a person for
being an entrepreneur?
► Nationality
► Education
► Personal values
► Work history
EXCEPT:
► Mentor
► Friends Page No. 24

► Joint venture
► Management contracts Page 29
► Merger

► Licensing
► Direct export Page28

According to which of the following, an entrepreneur is the
person who brings resources, labor, materials and other assets into combinations that increase their value?
► Economist Page No. 4
► Psychologist
► Businessman
► Sociologist

entrepreneur?
► Creative

Which of the following options can be very helpful to start-up
new ventures?
► Seed Capital
► Infrastructure
► Technology
► Experience
Google Search: New ventures needing capital must depend on a well documented and frequently updated plan. The objectives are two fold. First, to give
prospective investors a realistic valuation of the feasibility and risks involved with a thorough analysis of capital needs and applications. Secondly, to
provide the entrepreneurial team with a detailed operational guideline
WikiPedia: Venture capital (also known as VC or Venture) is provided as seed funding to early-stage, high-potential, growth companies and more often
after the seed funding round as growth funding round
According to Henning and Jardim, female executives tend to
be the firstborn. Which of the following supports this research?
► Because firstborn tends to be more flexible
► Because firstborn receives special attention (Not Sure)

In terms of personality, there are strong similarities between
men and women entrepreneurs. Which of the following does not refer to this statement?
► Both are goal oriented (Not Sure)
► Males are more confident than women

Which of the following businesses women entrepreneurs
prefer to start?
► Manufacturing
► Construction
► Educational services

► Barter
► Trading
► Third-party arrangement Page No. 33

Which of the following best defines “diversified activity
merger”?
► It refers to combining at least two totally unrelated firms Page No. 29

Which of the following statements best defines
“brainstorming”?
► It refers to a group method for obtaining new ideas and solutions Page 37

► It is a contractual agreement giving rights to others to use intellectual property in return for a royalty or fee Page No. 49

► Arbitrary marks

Which of the following trademarks is used to suggest certain
features, qualities, ingredients or characteristics of a product or service?
► Coined mark
► Arbitrary mark

Data that support the opportunity for the venture should be
briefly stated in the executive summary. If this venture is an internet business, all of the following facts should be stated by an entrepreneur EXCEPT:

Which of the following make the business plan difficult to
control and implement?
► None of the given options (Not Sure)

Describe any three issues that should be addressed in
executive summary.
Executive Summary
This is prepared after the total plan is written. It should be three to four pages in length and should highlight the key points in the business plan. The summary should
highlight in a concise manner the key points in the business plan. Issues that should be addressed include:
1. Brief description of the business concept
2. Any data that support the opportunity for the venture.
3. Statement of you this opportunity will be pursued.
4. Highlight some key financial results that can be achieved Because of the limited scope of the summary, the entrepreneur should ascertain what is
important to the audience to whom the plan is directed

Briefly discuss the status of entrepreneurship in Europe.
THE FUTURE OF ENTREPRENE URSHIP
In spite of the differences in definition of entrepreneurship, there are common aspects such as risk taking, creativity, independence, and rewards. Entrepreneurship is
currently being embraced by educational institutions, governments, societies, and corporations. Schools are increasing their emphasis on entrepreneurship in terms of
courses and academic research. In Europe many universities have started programs in entrepreneurship.
There has also been an increase in academic research, endowed chairs and centers of entrepreneurial activity. Governments have also promoted the growth of
entrepreneurship. Individuals are encouraged to form new businesses and provided tax incentives, roads, and a communications system to facilitate this
creative process. Some state governments are developing strategies for fostering entrepreneurial activity.
The venture capital industry has benefited from lowering of capital gains tax rates and more relaxed rules regarding pension fund investment.
Society’s support of entrepreneurship is critical in providing motivation and public support. The media has played a powerful role in developing public
support. Media coverage uplifts the image of the entrepreneur and growth companies. Articles have appeared in newspapers such as New York Times, The
Wall Street Journal, and the Washington Post. Business magazines such as Barrons, Business Week, Forbes, and Fortune have provided coverage.
Magazines such as Black Enterprise, Entrepreneur, Inc., and Venture focus on issues of the entrepreneurial process. Television on both a national and local
level has highlighted entrepreneurship.
Large companies will continue to have a special interest in Entrepreneurship in the future. The largest 15 companies account for over 20 percent of the
total U.S. research and development. Other companies will create more new businesses through Entrepreneurship.

Discuss what kind of information should be mentioned in
“description of venture” section of a business plan.
Description of the Venture

The description of the venture should be detailed in this section. This should begin with the mission statement or company mission, which describes the nature of the
business and what the entrepreneur hopes to accomplish. The new venture should be described in detail, including the product, location, personnel, background of
entrepreneur, and history of the venture. The emphasis placed on location is a function of the type of business. Maps that locate customers, competitors, and alternative
locations can be helpful. If the building or site decision involves legal issues, the entrepreneur should hire a lawyer.
MIDTERM EXAMINATION
Spring 2010
Time: 60 min
Marks: 47
► Qualification
► Social status
► Achievement

Which one of the following is the next stage to the Concept
Stage of Product Planning and Development Process?
► Idea Stage

Which one of the following is NOT included in four C’s
evaluation by lender?
► Character
► Cost
► Continuity
► Contribution



Which one of the following is the way by which an
entrepreneur can enter into international business?
► Export

► Middle ages
► 18th century
► 17th century

Andrew Carnegie is an example of entrepreneur of which
century:
► Earliest period
► Middle ages
► 17th century

Which of the following two work environments should be
good for spawning the new enterprises?

► Finance and R&D

resources EXCEPT:
► Friends
► Foreign aid
► Relatives


Which one of the following is a firm that achieves modest
growth?

► Foundation firm
► Life style
► Public company

Which of the following factors is the most important in forcing
U.S companies to focus on new product development and increased productivity?

Which of the following typical culture has a climate and
reward system that favors conservative decision making?
► Entrepreneurial
► Intrapreneurial
► Corporate Page 16

► Innovation is developed and commercialized through entrepreneurial activity Page8


All the following qualities are requisites for an entrepreneur
Except:

► Effectuation

Which one of the following factor does not differ in
motivating male and female entrepreneurs?
► Independence page22
► Money
► Opportunity

Female entrepreneurs differ from male entrepreneurs in terms
of all of the following EXCEPT:
► Motivation Page22
► Business skills
► Departure point

► Employees
► Investors page50 – (need to check)
► Advisors

Which of the following refers to new products with some
technological change?
► Breakthrough innovation Page5

Which of the following is/are known as barriers to new
product creation and development?
► Trial and error

► Opportunity parameters page13


Which of the following statements describes “International
entrepreneurship”?
► It is the process of an entrepreneur conducting business activities across national boundaries page27

Which of the following best describes the term “indirect
exporting”?
► It refers to selling goods to another country through a person in the entrepreneur’s home country

Identify the term which best describes the term “management
contracts”?
► It is method of doing specific international task Page33

► It refers to having less than 50 percent ownership position Page33

In which of the following centuries the people of Malaysia
peninsula were converted from Islam?
► 14th century
► 15th century
► 16th century
► 17th century
Ref Wiki: By the end of the 14th century, Islam controlled isolated pockets, particularly ports eg Sumatra, north coast of Java but had little penetration to
the interior. King Parameswara of Srivijaya who became the ruler of Malacca (Malaysia) in 1410, apparently converted to Islam leading to Islam’s
spread via conquest over a century while Malacca became the centre of Islam in SE Asia (Khan p 139).

Identify the statement which best defines “reverse
brainstorming”.
► It refers to a group method for obtaining new ideas focusing on the negative (Not Sure- I select due criticism is allowed)

Which one of the following is a method for obtaining new
ideas and solutions by focusing on problems?
► Problem inventory analysis Page37

► Gordon method

Which of the following statements best defines “forced
relationship”?
► It refers to developing a new idea by looking at product combinations Page38

How many major stages of “product planning and
development process” are there?
► Four
► Five Page41
► Six
► Seven

► Coined marks Page45
► Arbitrary marks

► 20 years
► 14 years Page43
► 10 years
► 40 years

Lenders focus on four Cs of credit. Identify which of the
following is NOT included in those four Cs.
► Character
► Cash flow
► Collateral
► Code of ethics

Briefly discuss licensing and its benefits.
LICENSING:- Licensing is an arrangement between two parties, where one party has proprietary rights protected by a patent, trademark, or copyright.
This requires the licensee to pay a royalty to the holder of the proprietary rights in return for permission to copy the patent. Licensing has significant value
as a marketing strategy to holders of patents.
Benefits
Licensing can increase revenues, without the risk and costly start-up investment. Licensing can also be a way to start a new venture when the idea may
infringe.
What is a business plan and what purpose does it serve?
Phase 2: Develop a Business Plan
A good business plan must be developed in order to exploit the opportunity defined. A good business plan is important in developing the opportunity and
in determining the resources required, obtaining those resources and successfully managing the venture.
The business plan is valuable to the entrepreneur and investors because:
1. It helps determine the viability of the venture in a designated market.
2. It gives guidance in organizing planning activities.
3. It serves as an important tool in obtaining financing. Potential investors are very particular

Discuss the role of “export management firm” in indirect
exporting.
Exporting
As a general rule, an entrepreneur starts doing international business through exporting.
Indirect exporting involves a foreign purchaser in the local market or using an export management firm. For certain commodities, foreign buyers seek out sources of
supply. Export management firms, another indirect method, are located in many commercial centers.
Direct exporting through independent distributors or through one’s own overseas sales office is another entry method. An independent foreign distributor directly
contacts foreign customers and takes care of all technicalities.
Entrepreneurs who do not wish to give up control over marketing can open overseas sales offices and hire their own salespeople.
MIDTERM EXAMINATION
Spring 2010
Time: 60 min
Question No: 1 (Marks: 1) - Please choose one A typical
inventor is usually ________________________.

► Independence
► Achievement
► Affiliation
► Authority

The difference between the value of a country’s imports and
exports over time is called:
► Deficit exports
► Deficit imports
► Balance of debt

A/an ______ is an online connection between the company and
its customers.
► Website
► E-Commerce
► World Wide Web

Which of the following grants protection to owner from
anyone else making, using and selling the identified innovation?
► Utility patent
► Design patent
► Plant patent

All of the following are essentials to maintain secrecy,
EXCEPT:

► Entrepreneurs
► Consultants
► Engineers

► GATT
► NAFTA
► FTA
► PTO

The product life cycle starts with which stage of product
planning and development process?

► Heuristics
► Value analysis

► Consumers


A person who managed large project was termed as the
entrepreneur in the _________.
► Earliest period
► Middle ages
► 17th century

Which of the following is NOT a potential cost of becoming
an entrepreneur?
► Long hours
► Loneliness
► Government
► Finance
► Role models
resources EXCEPT:
► Friends
► Foreign aid
► Relatives

Which of the following is NOT included in the opportunity
evaluation process?

The difference of the entrepreneurial and managerial domains
has contributed towards an increase interest in which of the following?
► Partnership
► Private firms
► Unstable market
In which one of the following countries the entrepreneurial
success has been significant because of the culture, the political and economic systems?
► Asian countries

Moral support network includes all of the following EXCEPT:
► Spouses
► Friends
► Relatives

EXCEPT:
► Mentor
► Friends

The former USSR received technology and syrup from Pepsi
and provided it with Soviet vodka and rights to distribute it in the US. This is an example of:
► Barter system

__________ is prepared on the bases of levels of the internal
structure of the business.
► Production Plan
► Marketing Plan
► Financial Plan

entrepreneur?
► Creative
Which of the following is NOT a guiding principle in a
traditional corporate culture?

In order to minimize the negative effect of any disruption in an
organization, which of the following characteristics an intrapreneur must possess?

Which of the following best defines “horizontal merger”?

Which of the following is an example of rising number of
women entrepreneurs in China?
► Guau Guarymei
► Wataru Ohashi
► Kazuhiko Nishi
► Li Ka-Shing


Which of the following is the title or cover page that provides a
brief summary of the business plan’s content?

How the business plan is presented to potential investors?
The description of the venture should be comprehensive. This should begin with the mission statement or company mission, which describes the nature of
the business and what the entrepreneur hopes to accomplish. The new venture should be described in detail, including the product, location, personnel,
background of entrepreneur, and history of the venture. The emphasis placed on location is a function of the type of business. Maps that locate customers,
competitors, and alternative locations can be helpful. Then the marketing plan describes how the products will be distributed, priced, and promoted.
Potential investors regard the marketing plan as critical to the venture’s success.
Which factors should be studied by entrepreneur to conduct environmental analysis while preparing a business plan? Explain the factors.
The entrepreneur should first conduct an environmental analysis to identify trends and changes occurring on a national and international level that may
impact the new venture. Examples of environmental factors are:
· Economy
· Culture
· Technology
· Legal concerns
Economy: The entrepreneur first wants to know the economic situation of country where he wants to start the business because this has great impact on its
success. If economical situation is not stabilizes then investors will not willing to invest with us, which is the first step for every beginning of business.
Culture: It has too much influence on our products which we made. If we produce such thing which is not familiar to people where the business operate
there should be loss for. For example; if Bonanza will start to produce Shalwar & Kameez suits in Arab countries who will buy, because in Arab countries
there culture is different from us. So, entrepreneur must first look about the culture trends.
Technology: Now a day’s technology changes day to day. Every day or week new inventions is there in market, which help us to make business easy for
us. We should keep update ourselves in technology perspective to save more money and produce more.
Legal Concerns: These are important issue for every entrepreneur. As every country have its own and different laws there. Therefore, he/she must be
having knowledge about the limitations and permissions from government of that country where he/she want to do business.
While entering into the international market the companies usually have strategic planning process. What should be considered in the strategic planning?
Strategic Planning offers ideas on how to match the organization’s design to its products and capabilities, goals and resources. This process is much easier
to execute once you have obtained a basic knowledge of exporting value-added food products, understand the marketing research process, and analyzed the
elements of the marketing mix. Proper organization, both internally and externally, allow the firm to become more efficient in its operations and expansion.
After the information the first step in building a successful export strategy is determining the firm’s readiness to export. The following are guidelines on
preparing an export business plan, developing export marketing skills, designing a template for an export marketing plan and considering marketing tools
prior to engaging directly in promotional activities.
MIDTERM EXAMINATION
Spring 2010
Time: 60 min
Marks: 47
► Risk taking


► Qualification
► Social status
► Achievement

► Need for independence
► Need for affiliation
► Need of fame

► Consumers

► 1960s
► 1970s
► 1980s
► 1990s

► Lawyers
► Accountants
► Marketers

► One
► Three
► Four
► Not specific

Which of the following is a powerful marketing tool for expansion of business in new market?
► Licensing
► Product safety
► Insurance
► Copy rights

Which one of the following can be registered under design patent?
► New product
► Original product
► Ornamental


► Importing

► Export

► Friends
► Foreign aid
► Relatives

Which one of the following receives highest investment?
► Public company
► Life style
► High potential venture
► Foundation firm



Which one of the following is true regarding female entrepreneurs?
► Currently the number of companies owned by female entrepreneurs exceeds those owned by their male counterparts
► Women-owned businesses grow thrice that national rate for all private companies
► 53 percent of all private companies are women-owned businesses
► One-third of women-owned businesses are connected with health care and social services

All of the following are true regarding male entrepreneurs EXCEPT:
► Typically most male entrepreneurs are first-borns
► Dissatisfaction with present job is a departure point for a male entrepreneur
► Male entrepreneurs mostly have a occupational background of middle-management or administrative-experience in the field
► Male entrepreneurs tend to be opinionated and persuasive in their approach

In terms of chronological age, most entrepreneurs initiate their entrepreneurial carrier between ages of:
► 15 and 22
► 22 and 45
► 45 and 57
► 57 and 63

It has been observed that usually the entire country is organized under single:
► Economic system
► Culture
► Living standard
► Legal environment

► Licensing
► Direct export

► Creative

An individual’s desirability to form a new venture depends upon all of the following Except:
► Culture
► Family
► Teachers

Identify the type of innovation which refers to new products with significant technological advancement.
► Breakthrough innovation

“Management of enterprise” is an important aspect of entrepreneurial process. Which involves all of the following EXCEPT:
► Implementation of a management style
► Determination of key variables for success
► Implementation of control system
► Creation of opportunity

Which of the following is NOT a goal of an intrapreneurial culture?
► To take responsibility and ownership
► To be rewarded for actions taken
► To develop visions, goals, and action plans
► To follow given instructions

► It refers to having less than 50 percent ownership position

Which of the following techniques is an excellent method for initial screening of ideas and concepts?
► Focus group
► Problem inventory analysis
► Brain storming

Which of the following is an idea generation method that focuses on parameters?
► Brainstorming
► Synectics


There are three perspectives that should be considered when preparing the plan. Which of the following does NOT refer to the plan?
► Entrepreneurial perspective
► Marketing perspective
► Investor’s perspective
► Religious perspective

Business plan should be prepared by an entrepreneur. All of the following should be consulted while preparing this plan EXCEPT:
► Lawyers
► Accountants
► Marketing consultants
► General public


What is copyright? What are its limitations.
COPYRIGHT
A copyright protects original works of authorship. The protection does not protect the idea itself. It allows someone else to use the idea in a different
manner. In 1980 the Computer Software Copyright Act was added to provide explanation of the nature of software protection under copyright law. Authors
of software are protected in a manner similar to authors of artistic works. The idea is not eligible for protection, but the actual software program is eligible.
The PTO issues registration for software source codes and object codes programs. Protection of material on the Internet has become an important issue.
The New York Time recently claimed that Amazon.com couldn’t use its best-seller list without its permission. Ownership of stock quotes, judicial
decision, and real estate postings is also being questioned. Copyrights are registered with the
Library of Congress. All that is needed is the form, two copies of the work, and the appropriate fee sent to the Register of Copyrights. The term of the
copyright is the life of the author plus 50 years. In some instances, several forms of protection may be available: trademark, patent, and copyright.
While using brain storming for new idea creation what measures should be taken to acquire a good idea?
Brainstorming
A group method of obtaining new ideas and solutions is called brainstorming. The brainstorming method for generating new ideas is based on the fact that
people can be stimulated to greater creativity by meeting with others an d participating with organized group experiences. Although most of the ideas
generated from the group have no basis for further development, often a good idea emerges.
CREATIVE PROBLEM SOLVING

Creative problem solving is a method for obtaining new ideas focusing on the parameters.
Brainstorming
The first technique, brainstorming, is probably the most well known and widely used for both creative problem solving and idea generation. It is an
unstructured process for generating all possible ideas about a problem within a limited time frame through the spontaneous contribution of participants. All
ideas, no matter how illogical, must be recorded, with participants prohibited from criticizing or evaluating during the brainstorming session.
Reverse brainstorming
Similar to brainstorming, but criticism is allowed and encouraged as a way to bring out possible problems with the ideas.

While developing the web site what characteristics should be kept in mind?
USING THE INTERNET AS A RESOURCE TOOL

Thanks to technology, entrepreneurs are able to access information efficiently, expediently, and at very little cost. The Internet can serve as an important
source of information in preparing the business plan. Information on industry analysis, competitor analysis, and measurement of market potential can be
located. In addition, the Internet also provides opportunities for actually marketing the new venture’s products. A web site, or home page, typically
describes a firm’s history, existing products, background of the founders, and other information to create a favorable image. The web site can be a vehicle
for advertising or for direct marketing. Many new ventures use web pages to increase sales contacts and reach potential customers. An entrepreneur can
also access competitors’ web sites to gain knowledge of their strategy in the marketplace. To gather information anonymously the entrepreneur can also
investigate newsgroups. All that is needed to use these sources is a small investment in hardware and software.
MIDTERM EXAMINATION
Fall 2009


► Independence
► Achievement
► Affiliation
► Authority


► Japan
► U.S
► China
► U.K


► Mergers
► Trade barriers
► Rivalry


► Consumers





► Website
► E-Commerce
► World Wide Web


► Idea Stage









► One
► Three
► Four
► Not specific

SBA stands for:



► Economy
► Culture
► Technology
► Competition



► Character
► Cost
► Continuity
► Contribution


► Songs
► Poems
► Models


► 10 years
► 40 years
► 20 years
► 80 years


► GATT
► NAFTA
► FTA
► PTO


► Brainstorming
► Synectics



► Heuristics
► Value analysis

► Character
► Cost
► Continuity
► Contribution


► Joint venture

► Merger
► Joint venture

► Importing
.
► Licensing
► Direct export

► Earliest period
► Middle ages
► 17th century

► Earliest period
► Middle ages
► 17th century

__________.

► Finance
► Marketing
► Family support

► Friends
► Foreign aid
► Relatives

► Anatomization


► Fashion


► Technology

► Administration
► Utilities
► Manufacturing

► Role model
► Support system


► Planning
► Diversification
► Reporting
► Control
MIDTERM EXAMINATION
Spring 2009
Time: 60 min
Marks: 50
► Risk taking

► Qualification
► Social status
► Achievement

Which one of the following is a business arrangement in which someone else is allowed to use something of the company?
► Patent
► Trade mark
► Copy right
► Licensing

► Joint venture
► Merger
► Synergy

A company dealing in beer has a merger with cigarettes manufacturing firm. This merger is called:
► Product extension merger
► Market extension merger
► Vertical merger

► Consumers

► They are familiar with the needs of the market
► They earn a handsome profit from new business
► They do not bother if entrepreneur bears a loss
► They have well-developed sales force


Which one of the following is the most important characteristic of a successful business websit?
► Speed
► Innovation
► Graphics
► Products


► Idea Stage


► 12 years
► 17 years
► 20 years
► As long as it remains confidential
SBA stands for:



► To see if there are possible barriers to success
► To identify possible sources of funds
► To estimate the expected sales
► To explore potential customers


Information regarding all of the following is related to operations, EXCEPT:
► Location
► Promotion
► Raw materials
► Labor skills




► Location
► Products offered
► History
► Songs
► Poems
► Models

Which of the following is TRUE for Disclosure Document?
► It gives recognition that he was the inventor of the idea in past
► It gives recognition that he is the first the inventor of the idea
► It gives recognition that he will be the invent an idea in future
► It gives recognition that he wants to copy the idea


Which of the following is aidea generation method that focuses on parameters?
► Brainstorming
► Synectics

The transitional disturbance and lack of reform has led to a booming black market in:
► China
► Hungary
► Singapore
► Poland

Which of the following geographical area is of least interest to U.S entrepreneurs?
► Europe
► The Far East
► Central Asia
► Transition economies

► Consumers

Which of the following is used by entrepreneurs to acquire experience in an international market before making a major commitment?
► Merger
► Joint venture

► U.S. leadership
► U.K. leadership

► Middle ages
► 18th century
► 17th century

► Earliest period
► Middle ages
► 17th century

► Finance
► Marketing
► Family support

► Anatomization

Which of the following shows the process of creating something new?
► Business model
► Modeling
► Innovation
► Creative flexibility


In the administrative domain, the commitment of resources is for which of the following?
► Periodic intervals
► Total amount needed
► For certain tasks
► For long time

► Unstable market

► Administration
► Utilities
► Manufacturing

► Loss of control

► Role model
► Support system

The activity which occurs when the new venture is started is called:
► Motivation
► Business skills
► Departure point
MIDTERM EXAMINATION
Spring 2009
Question No: 1 __ ( Marks: 1 ) - Please choose one
A typical inventor is usually ________________________ .
Highly creative & in love with the invention (Pg 28)

Does not encourage change
Willing to modify the invention in order to augment commercial benefit
None of the given options
Question No: 2___( Marks: 1 ) - Please choose one

Independence (Pg 25)

Achievement
Affiliation
Authority

There is an evidence that an entrepreneur usually has________________ parents.
Self employed (Pg 22)

Discouraged
Non supportive
Strict

In which of the following business arrangements two companies form a third company?
Merger
Joint ventures (Pg 33)
Management contracts
Synergy

Turnkey projects (Ref web)

They are less risky in countries where the political and economic environment is such that a longer-term investment might expose the firm to unacceptable
political and/or economic risk
Joint venture
Merger
Synergy

The combining of two or more independent bodies into a single body is known as:
Joint venture (Pg 33)

Merger Rivalry
Protectionist attitudes
Synergy

They are familiar with the needs of the market (Pg 39)
They earn a handsome profit from new business
They do not bother if entrepreneur bears a loss
They have well-developed sales force
http://books.google.com.pk/books?
id=s01P0agnLPUC&pg=PA138&dq=Which+one+of+the+following+is+a+method+for+obtaining+new+ideas+and+solutions+by+focusing+on+problems
?&hl=en&ei=uAzwTLCMAYemcIHtqasK&sa=X&oi=book_result&ct=result&resnum=1&ved=0CCQQ6AEwAA#v=onepage&q=Members%20of
%20distribution%20channels%20&f=false

Lack of experience
Limited resources (Pg 15)
Lack of education
Which one of the following protects continuity of the business(specially in partnership)?
Property insurance
Casualty insurance
Life insurance
Bonding (Repeated)

Which one the following is the best protection against product liability?
Avoid negligence
Warn consumers of any potential hazards (Pg 52)
Give warranty
Avoid misrepresentation
Question No: 11 __ ( Marks: 1 ) - Please choose

One Which one of the following is NOT an internal factor?
New technology
Manufacturing
Marketing
Personnel

Lawyers
Accountants
Marketers (Pg 54)
All of the given options

To see if there are possible barriers to success (Pg 56)

To identify possible sources of funds
To estimate the expected sales
To explore potential customers

The marketing perspective of business plan considers the venture through the eyes of:
Investor
Customer (Pg 54)
Entrepreneur
Marketing manager

Which one of the following contracts should be in written form?
Real estates
Lease
Rentals
All of the given options (page 53)
Any deal involving real estate must be in writing to be valid. Leases, rentals, and purchases all need written agreements
Question No: 16 ( Marks: 1 ) - Please choose

One Which of the following body issues patents?
PTO (Pg 47)

GATT
NAFTA
FTA

Brainstorming
Creative problem solving (Pg 40)
Synectics

Which of the following is a more structured method of problem solving, including
principles and rules for concept formation, making observations and experiments, and finally validating the hypothesis?
Scientific method (Pg 41)

Heuristics
Attribute listing
Value analysis

Which of the following techniques is an excellent method for initially screening ideas and concepts in addition to generating new ideas?
Focus group
Problem inventory analysis
Brain storming
Soiled reference
?&hl=en&ei=uAzwTLCMAYemcIHtqasK&sa=X&oi=book_result&ct=result&resnum=1&ved=0CCQQ6AEwAA#v=onepage&q=Focus
%20group&f=false

Heuristics
Forced relationship
Scientific method (Repeated)
Value analysis

Finance and marketing

Finance and R&D
Marketing and R&D ( Repeated)
Marketing and IT

Fashion
Most popular business
A winding up company
Research and development (Pg 08)

Which of the following is a fourth step in the entrepreneurial process?
Developing successful business ideas
Deciding to become an entrepreneur
Growing the entrepreneurial firm (Repeated)
Moving from an idea to an entrepreneurial firm

Entrepreneurship
Hyper competition (Pg 16)
Governmental laws
Organizational culture

Economic
Political
Cultural
Technological (Repeated)

In entrepreneurial domain the commitment to opportunity has short time span but in managerial domain it is:
For 1 month
For 6 months
For long time span (Pg 15,and Ref:online book)
For 1 year

The resources acquired from outsiders(creditors, banks etc) are usually:
Easily available
Difficult to obtain (sure )
Very useful
Very cheap

In an entrepreneurial domain,an entrepreneur is used to have resources for which of the following?
Periodic intervals
Whole project
For certain tasks
?&hl=en&ei=uAzwTLCMAYemcIHtqasK&sa=X&oi=book_result&ct=result&resnum=1&ved=0CCQQ6AEwAA#v=onepage&q=entrepreneurial
%20domain&f=false

The difference of the entrepreneurial and managerial domains has contributed towards an increase interest in which of the following?
Forming new firms

Partnership
Intrapreneurship (Pg 16)
Private firms

Entrepreneurship
Act of stating a new venture
Offering new products by an existing company

Understands environment
Encourage the team work
Not flexible (Pg 20)
Persistent

Which of the following typical culture has a climate and reward system that favors
conservative decision making?
Entrepreneurial
Partnership
Intrapreneurship
Private firms
Corporate culture (Pg 18)

Which of the following statement about the intrapreneurial climate is true?
Trial and error are discouraged

Resources of the firm need to be available and easily accessible (Pg 19)
A multidisciplinary approach is discouraged
Failures are not allowed

Which of the following is NOT true about corporate entrepreneurs?
They prefer direct involvement to delegation

They tend to be moderate risk takers
They usually attempt to hide risky projects from view until ready
They follow their dreams with decisions
http://highered.mcgraw-hill.com/novella/MixQuizProcessingServlet

Nationality (Pg 22)

Education
Personal values
Work history

Administration (Pg 27)

Utilities
Manufacturing
None of the above

Which one of the following is NOT true about male entrepreneurs?
Males often have investors, bank loans, or personal loans in addition to personal funds (Pg 27)
Males often have more experience in manufacturing, finance, or technical areas
Men are often more confident and less flexible and tolerant
Men usually list outside advisors as the least important supporters

An entrepreneur doing business within the national border is called:
International entrepreneurship (Pg 29)

Intrapreneurship
Domestic entrepreneurship

Difference of domestic and international business

Domestic business (Pg 29)
International business

Employees
Investors (Pg 54)
Advisors

In which classification the research on ‘business ethics’ can be broken down?
Research on business ethics can be broken down into four broad classifications:
1. Pedagogically-oriented inquiry
2. Theory-building without empirical testing
3. Empirical research, measuring the attitudes and ethical beliefs of students and academic faculty
4. Empirical research within business environments
Question No: 42 __ ( Marks: 5 )

ABC firm (a renowned company) wants to own foreign subsidiary in other country
named Z.ABC firm wants to reduce the risk with a quick entry in the market of country Z. but the firm is not much familiar with the culture and market
structure of the country Z. Which type of investment would you suggest the ABC firm should do.Support your answer with sound reasoning.

Discuss the ‘age’ factor as an important characteristic of entrepreneurs.
Age
Entrepreneurial age is the age of the entrepreneur reflected in the experience. Entrepreneurial experience is one of the best predictors of success. In chronological age,
most entrepreneurs start their careers between ages 22 and 55. Earlier starts in an entrepreneurial career seem to be better than later ones. Generally, male entrepreneurs
start their first venture in their early 30s, while women tend to do so in their middle 30s.
Elaborate the situation of entrepreneurship in the Far East.
The Far East
1. Entrepreneurial success in some Asian countries has been significant because of the culture and the political and economic systems.
2. The Malaysian government has established the Malaysian Industrial Development authority to promote efforts to eradicate poverty, but has not accomplished much.
3. In Singapore, entrepreneurial success is greatly esteemed.
4. Japan’s social structure discourages entrepreneurship.
5. Hong Kong is a major entrepreneurial center.
MIDTERM EXAMINATION
Spring 2009
Need for independence
Need for affiliation
Need of fame
Need for achievement(pg 25)

Which one of the following is a process of selling goods to other countries?
Non equity arrangements
Exporting(page 32)
Direct foreign investment

Joint venture(page31)
Merger Rivalry
id=s01P0agnLPUC&pg=PA93&dq=Which+of+the+following+method+entrepreneur+can+use+to+do+international+business+with+least+risk
%3F&hl=en&ei=0BusTOzGDoSavgOx3uTtBg&sa=X&oi=book_result&ct=book-thumbnail&resnum=1&ved=0CCoQ6wEwAA#v=snippet&q=Joint
%20venture&f=false

An ice cream producing company merges with a cotton spinning company this merger is an example of:
Diversified activity merger (page 34)
Product extension merger
Market extension merger
Vertical merger

Combination of at least two firms at different market levels is called:
Joint venture
Synergy
Horizontal merger
Vertical merger(pg 36)

1960s
1970s
1980s
1990s(pg 44)
Question No: 7 __ ( Marks: 1 ) - Please choose on
Utility patent(pg 47)
Design patent
Plant patent
International patent

Which one of the followings statements is NOT true about trademarks?
The entrepreneur can not file after the mark already been in use
A trademark could be a slogan or a particular sound
Some trademarks have no relationship with the product
The filing date for the trademark becomes the first date use of the mark
http://books.google.com/books?
id=s01P0agnLPUC&pg=PA167&lpg=PA167&dq=The+filing+date+for+the+trademark+becomes+the+first+date+use+of+the+mark&source=bl&ots=rCO
ECu-1w_&sig=pAMy-
Oy5UqZ1WuDzQUBH3d7zli4&hl=en&ei=WDndTIXBIsOecNeGnOUL&sa=X&oi=book_result&ct=result&resnum=8&ved=0CE4Q6AEwBw#v=onepa
ge&q=The%20filing%20date%20for%20the%20trademark%20becomes%20the%20first%20date%20use%20of%20the%20mark&f=false

12 years
17 years
20 years
As long as it remains confidential
%3F&hl=en&ei=0BusTOzGDoSavgOx3uTtBg&sa=X&oi=book_result&ct=book-
thumbnail&resnum=1&ved=0CCoQ6wEwAA#v=onepage&q=trade%20secret%20&f=false

Lack of experience
Limited resources(pg 10)
Lack of education

Which one of the following insurance is compulsory for companies according to law?
Life insurance
Property insurance
Disability and vehicle coverage(pg54)
Health care coverage
Question No: 12 _________________ ( Marks: 1 ) - Please choose

one Health insurance premium is less expensive if there is:
One insured participants

Ten participants
Large group of participants Very
small group of participants

Property insurance
Casualty insurance
Life insurance
Bonding (http://www.answers.com/topic/insurance)
http://www.entrepreneur.com/encyclopedia/term/82222.html
6 Mar 2009 ... Thus, large life insurance companies began to enter the property and liability insurance field. ... The Fidelity and Casualty Company of New
York issued the first contract to .... Bonding, or fidelity insurance, is designed to protect an .... of underwriters working individually or in partnerships

Avoid negligence
Warn consumers of any potential hazards (page 52)
Give warranty

Which of the following is NOT studied in industry analysis?
Economic conditions
Technology advancements
Organizational culture (page 57)
Legal concerns
Which one of the following assesses the impact of external factors on business?
Environmental analysis(pg 57)
Product forecast
Industry analysis
Question No: 17 __ ( Marks: 1 ) - Please choose one Which
one of the following is NOT an environmental factor?
Economy
Culture
Technology
Competition (page 57)

Character
Cost
Continuity(pg 55)
Contribution

All the parties involved should be named
Transaction should be described in detail
Obtain signatures of the persons involved
Place where contract takes place (page 53)
Which one of the following is NOT a condition of a contract?
An offer is made
An acceptance of offer
Counter offer
Consideration is given
%3F&hl=en&ei=0BusTOzGDoSavgOx3uTtBg&sa=X&oi=book_result&ct=book-thumbnail&resnum=1&ved=0CCoQ6wEwAA#v=snippet&q=a
%20contract&f=false
Question No: 21 ( Marks: 1 ) - Please choose one Which
one of the following is a section of patent application?
Introduction
Description of business
Claims

Scientific method (page 41)
Heuristics
Attribute listing
Value analysis

Existing products and services
Distribution channels (repeated ) 100%
Federal government
Consumers

Help to achieve goals
Share entrepreneur’s vision
Donot exploit the partnership
Al of the given options (repeated)(100% sure )

Which of the following is a method of selling goods to another country through a person in the entrepreneur’s home country?
Trading
Direct export
Indirect export (pg 34)
Domestic sales

Earliest period
19th and 20th centuryPG (4)
Middle ages
17th century

In which of the following entrepreneur was known as an innovator?
Earliest period
Middle ages
17th century
20th century(pg3)

In which of the following era entrepreneur enters into a contract with government to perform a service?
Earliest period
Middle ages
17th century (pg3)
20th century

Finance and R&D
Marketing and R&D (repeated)
Marketing and IT
The intersection of knowledge and a recognized social need to start a product
development process is called which of the following?
Iterative synthesis(PG 7)
Product-evolution process
Ordinary innovation
Situation analysis

Developing successful business ideas(PG 13)
Growing the entrepreneurial firm

Length of the opportunity
Real and perceived value of opportunity
Goals and objectives of customers (page 13)
Risks and rewards of opportunity

The resistance of employees in an organization against flexibility, growth, and
diversification can be overcome by developing which of the following?
Entrepreneurship
Intrapreneurship(PG 16)
Managerial domain
Administrative domain
For 1 month
For 6 months
For long time span (page 15)
For 1 year

Not flexible (page 20)
Persistent

Which of the following is very important to develop a good team for creating something new?
Nepotism
Open discussion (page 20)
Non flexible behavior
Discouragement of team member’s ideas

The environment of an entrepreneurial oriented organization is called:
Corporate culture
Entrepreneurial culture(PG 14)
Intrapreneurial culture
Traditional culture
Trial and error
Opportunity parameters(PG 14)
Opportunity cost
Intrapreneurship culture

Role model (page 25)
Moral-support network
Professional support network
Support system

Which of the following is NOT an important aspect of International success?
Planning
Diversification (repeated )
Reporting
Control
Enlist any five characteristics in which male entrepreneurs are different from female entrepreneurs.
Education
Education appears important in the upbringing of the entrepreneur, in the level of education obtained and in playing a major role in coping with problems.
Although formal education is not necessary for starting a new business, it does provide a good background. In education, female entrepreneurs previously
experienced some disadvantage, with few having degrees in engineering, science, or math. The ability to deal with people and communicate clearly in
written and spoken work is also important.
Personal Values
Studies have failed to indicate that entrepreneurs can be differentiated on personal valued from managers, unsuccessful entrepreneurs, or the general
public. Leadership, support, aggression, benevolence, conformity, creativity, veracity, and resource seeking may also be important. A successful
entrepreneur is frequently characterized as a winner; winning may be a prerequisite for his or her actually becoming one.
Age
Entrepreneurial age is the age of the entrepreneur reflected in the experience. Entrepreneurial experience is one of the best predictors of success. In
chronological age, most entrepreneurs start their careers between ages 22 and 55. Earlier starts in an entrepreneurial career seem to be better than later
ones. Generally, male entrepreneurs start their first venture in their early 30s, while women tend to do so in their middle 30s.
Work History
Dissatisfaction with one’s job often motivates the launching of a new venture. Previous technical and industry experience is also important once the
decision to start a business is made. Experience in the following areas is particularly important: financing; product or service development; manufacturing;
development of distribution channels; and preparation of a marketing plan. As the venture becomes established, managerial experience and skills become
more important. Entrepreneurial experience becomes increasingly important as the complexity of the venture increases.
MOTIVATION While motivations may vary, the reason cited most often for becoming an entrepreneur independence-not wants to work for anyone else.
Other motivating factors differ between male and female entrepreneurs. Money is the second reason for men’s starting a venture. Job satisfaction,
achievement, opportunity, and money are the second order reasons for women.

X.Y.Z Company has launched a product in the market. And the customers are complaining about the quality of the product. Company is not taking any
action against it. Customers want to sue the company. How many ways customers can claim regarding product liability? And also suggest the best which is
suitable in this situation with sound reasons.
Question: explain types of exchange systems & explain how barter system emerged in international trade. 5marks
there are two type of exchange system

Barter system
Third party arrangement
Barter system
A method of payments using non-money items
Third party arrangement
Paying for goods indirectly through another source
barter system emerged in international trade

The former USSR received technology and syrup from Pepsi and provided it with Soviet vodka and rights to distribute it in the US. This is an example of:
barter system. Pepsi is used barter type arrangement that satisfied both the socialized system of the former USSR and the U.S capitalist system. In return of
receiving technology and syrup form Pepsi, the former USSR provided with company with soviet vodka and the right to distribute in the united state
what is gorden method how is it used for creative problem Solving? 3 marks
Gordon method
Gordon method is a method of developing new ideas when the individuals are unaware of the problem. In this method the entrepreneur starts by mentioning a general
concept associated with the problem. The group responds with expressing a number of ideas.
What is copyright? What are its limitations. 3(marks)

The exclusive right to make and dispose of copies of a literary, musical, or artistic work.
Limitations
All other uses require permission and copyright owners can license or
permanently transfer or assign their exclusive rights to others. Copyright does not protect ideas, only their expression or fixation. Without the permission
of owner you cannot have a right to copy.
What are condition of best partner? 3(marks)

A good partner help the entrepreneur achieve his or her goal such as market access, cost sharing, or more competency obtainment. They also share the entrepreneur’s
vision and are unlikely try to opportunistically exploit the partnership for their own benefit.
why a lawer is needed to create a new venture explain reasons ?
NEED FOR A LAWYER

All business is regulated by law. The entrepreneur needs to be aware of regulations that affect the new venture. At different stages the entrepreneur will need legal
advice. The legal expertise required will vary based on factors such as type of product and organizational status. The entrepreneur should carefully evaluate his or her
needs before hiring a lawyer.
Briefly discuss the status of entrepreneurship in Europe? 5(marks)
Europe
1. Europe has only recently become interested in entrepreneurship.
2. Risk taking has been discouraged and business failure considered a social disgrace.
3. Several changes in the social and political climate have changed this traditional, security- conscious culture.
4. Exemplifying this new thinking are academics, especially scientists and engineers.
5. Today more individuals are emerging in both academic circles and large companies who are look for a challenge.
6. New government policies are making it easier to raise money for starting up businesses.
7. The U.K. created the Business Expansion Scheme in 1983 to provide capital to new business ventures.
8. In France several economic and social factors cause difficulties.
9. Venture capital is managed by bankers, who are risk averse.
10. Another hurdle is the French contempt for both failure and success.
11. Research in Ireland and Sweden has explored the nature of European entrepreneurship.

Age
The Far East
2) What R the Factors that Facilitate the Growth of E-Commerce? (3 marks )

Factors that facilitate the growth of e- commerce are:
1. The widespread use of personal computers.
2. The adoption of intranets in companies.
3. The acceptance of the Internet as a business communications platform.
3) As an Entrepreneur if u start new Business at which factors u would concentrate in the context of Economics. (3 marks )
Economics
A domestic business strategy is designed under a single economic system. Creating a business strategy for multiple countries means dealing with different levels of
economic development and different distribution systems.
4) What R the benefits to an Entrepreneur of Maintaining Good relationship with Lawyer?
Discuss why is it necessary for an entrepreneur to have good relationship with a lawyer.
The entrepreneur normally does not have the expertise and much know how to handle possible risk associated with many different
laws and regulations. So , an entrepreneur needs help of a competent lawyer to handle such situations nicely.
A good relationship with a competent lawyer may help entrepreneur to eliminate risk associated with new starting business and it
will give confidence to the entrepreneur. The lawyer with whom you are going to work should be some one you can relate easily and
frankly with trust.
4) Problem Inventory Analysis Techniques. (5 Marks)
Problem inventory analysis uses individuals in a manner that is like to focus groups to generate new product ideas. However instead of generating new
ideas themselves, consumers are provided with a list of problems in a general product category. They are then asked to identify and discuss products in this
category that have the particular problem. This method is often effective since it is easier to relate known products to suggested problems and arrive at a
new product idea then to generate an entirely new idea by itself.
Which factors should be studied by entrepreneur to conduct environmental analysis while preparing a business plan? Explain the factors. 5(marks)
The entrepreneur should first conduct an environmental analysis to identify trends and changes occurring on a national and international level that may impact the new
venture. Examples of environmental factors are:
Economy
The entrepreneur should consider trends in the GNP, unemployment by geographic area, disposable income, and so on.
Culture
An evaluation of cultural changes may consider shift in the population by demographics.
Technology
Advance in technology is difficult to predict. However, the entrepreneur should consider potential technological developments determined from resources
committed by major industries or the U.S. government.
Legal concerns
There are many legal issues for starting a new venture. The entrepreneur should be prepared for any future legislation that may affect that product or
services, channel of distribution, price or promotion strategy.

Discuss the role of export management firm as an indirect source of exporting. 5
Export management firms, another indirect method, are located in many commercial centers. For a fee, these firms will provide representation in foreign market.
Typically, they represent a group of non-competing manufactures from the same country who have no interest in becoming directly involved in exporting. The expert
management handles all of selling, marketing and delivery, in addition to any problem technical problems involved in the export process.
Describe any three issues that should be addressed in executive summary.
Briefly discuss the product planning and development stage. 5

This refining process- the product planning and development process – is divided in to five major stages. Idea stage, concept stage, product development stage, test
marketing stage and commercializing; it result in the product life cycle.

Idea Stage
Promising new product ideas should be identified and impractical ones eliminated in the idea stage allowing maximum use of company’s resources. In the systematic
market evaluation checklist method, each new product idea is expressed in terms of its chief values, merits, and benefits.
Concept Stage
In the concept stage the refined idea is tested to determine consumer acceptance without manufacturing it.
Product Development Stage

In this stage, consumer reaction is determined, often through a consumer panel. The panel can be given samples of the product and competitors’ products to determine
consumer preference.
Commercialization.
Although the results of product development stage provide the basis of the final marketing plan, the market test can be done to increase the certainty of successful
commercialization.
Test Marketing Stage

The last step in the evaluation process, the test marketing stage, provides actual sales results which indicate the acceptance level of consumers. Positive test results
indicate the degree of probability of a successful product launch and company formation.
What activities are required at Test Marketing Stage of Product Planning & Development Process? (3 M)
Test Marketing Stage Although the results of product development stage provide the basis of the final marketing plan, the market test can be done to increase the
certainty of successful commercialization. The last step in the evaluation process, the test marketing stage, provides actual sales results which indicate the acceptance
level of consumers. Positive test results indicate the degree of probability of a successful product launch and company formation.
2) If an entrepreneur is going to start International Business. What are the strategic issues that are more important for him and he has to consider them
carefully.
The mode of entering or engaging in international business can divided into three categories: exporting, non equity arrangements and direct foreign
investment
Exporting
Selling goods to another country by taking care of the transaction

Doing international business through an arrangement that does not involve any investment
Direct Foreign Investment

The wholly owned foreign subsidiary has been the preferred mode of ownership for direct investment.
Minority interests
It refers to having less than 50 percent ownership position
Joint ventures
Two firms get together and form a third company in which they share the equity.
3) Being a entrepreneur you are going to start International Business. Your need to adjust your Business plan according to Regional Difference in terms of
Economic development. You are required to highlight the factors which can impact your decision.
Consumer can help in creating new idea for new product. Discuss how the consumer can be helpful. (3 Marks)
Consumers
Potential entrepreneurs should pay close attention to the final focal point of the idea for a new product or service the potential consumer. This can be an informal or
formal survey of consumers expressing their opinions. Care should be taken to ensure that the idea represents a large enough market.
2) How the business plan is presented to potential investor? (3 Marks)
The business plan should be comprehensive enough to give a potential investor a complete understanding of the venture
Introductory Page
The title page provides a brief summary of the business plan’s contents
Executive Summary
This is prepared after the total plan is written. It should be three to four pages in length and should highlight the key points in the business plan
Environmental and Industry Analysis

environmental factors include Economy, Culture, Technology, Legal concerns
industry factors include: Industry demand Competition The last part of this section should focus on the specific market.
The description of the venture should be detailed in this section. This should begin with the mission statement or company mission, which describes the nature of the
business and what the entrepreneur hopes to accomplish.
3) While entering into the international market the companies usually have strategic planning process. What should be considered in strategic planning? (5
Marks)
4) Discuss how can lenders evaluate the business plan. (5 marks)

Lenders are primarily interested in the ability of the new venture to pay back the debt and focus on the four C’s of credit:
1. The entrepreneur’s credit history or character.

2. Their ability to meet debt and interest payments (cash flow.)
3. The collateral or tangible assets being secured.
4. Equity contribution or the amount of personal equity that has been invested by the entrepreneur.

A business plan is a written document prepared by the entrepreneur that describes all the relevant external and internal elements involved in starting a new venture. It
addresses both short- and long-term decision making. The business plan is like a road map for the business’ development. The Internet also provides outlines for business
planning. Entrepreneurs can also hire or offer equity to another person to provide expertise in preparing the business plan. In developing the business plan the
entrepreneur can determine how much money will be needed from new and existing sources.
3) a.b.c. company want do international business discuss the effects of trade barriers and effects on entrepreneur.
Entrepreneur’s Strategies and Trade Barriers
Trade barriers pose problems for entrepreneurs who want to become involved in international business. Trade barriers increase the costs of exporting projects to a
country. Voluntary export restrictions may limit the ability to sell products in a country from production facilities outside the country. An entrepreneur may have to
locate assembly or facilities in a country to conform to the local content regulations.
explain business method patent & give example. 3marks
PATENTS
A patent is a contract between the government and an inventor. The government grants the inventor exclusivity for a specified amount of time. At the end, the
government publishes the invention, and it becomes part of the public domain. The patent gives the owners a negative right, preventing anyone from making, using, or
selling the invention.

While using brain storming for new idea creation what measures should be taken to acquire a good idea?
Brainstorming
A group method of obtaining new ideas and solutions is called brainstorming. The brainstorming method for generating new ideas is based on the fact that people can be
stimulated to greater creativity by meeting with others an d participating with organized group experiences. Although most of the ideas generated from the group have no
basis for further development, often a good idea emerges
3) Why business plan is significant. (5 Marks)
Business plan is significant because, In running or starting a business, the learning curve is short before you run out of resources and are forced to close.
Therefore, a business plan helps you set up a sound framework, model and system ahead of time, as well as, treat potential problems and threats, so that
you can capably run a business. A funding business plan will save you a lot of time and money. The beautiful thing about a business plan is that it actually
creates the future of your business, as you want it to be. It gives you more control over what future success will come. More importantly, it gives you a
great process to grow the future business you desire, whether that is a start up, acquisition, expansion or build out.
Q: WHAT IS INTELLECTUAL PROPERTY?

Intellectual property which includes patents, trademarks, copyrights, and trade secrets represent important assets of entrepreneur and should be understood even before
engaging the services of an attorney. Because entrepreneurs often don’t understand intellectual property, they can ignore steps that should be taken to protect these
assets.
Question No: 35 (Marks: 3)

Licensing involves a manufacturer giving a foreign manufacturer the right to use a patent, trademark, or technology in return for a royalty. This arrangement is most
appropriate when the entrepreneur has no prospect of entering the market through exporting or direct investment. The process is usually low risk and an easy way to
generate incremental income. Without careful analysis, licensing arrangements have several pitfalls
What activities are done at product development stage pf the product development process?
Product Development Stage

In this stage, consumer reaction is determined, often through a consumer panel. The panel can be given samples of the product and competitors’ products to determine
consumer preference. Participants keep the record of their use of product and comment on its virtues and deficiencies. The panel of consumers is also given a sample of
product and one or more competitive product simultaneously. One test product may already be on the market, whereas the other test product is new.
A person who intended to do business internationally, what problems he might face? 3

2) Strategic issues in international entrepreneurship
3) What will your strategic planning while enter international market
Existing product is useful for idea product discuss(3)
2) how prepare business plan for attract investors(3)

Investors provide large sums of capital for ownership (equity) and expect to cash out within 5 to 7 years. They will often place more emphasis on the entrepreneur’s
character than lenders. The venture capitalist will play an important role in management of the business and wants the entrepreneurs to be pliable and willing to accept
this involvement. These investors will also demand high rates of return and will thus focus on the market and financial projections. If the entrepreneur does not consider
the needs of these sources, the plan may be an internalized document without consideration of the feasibility of meeting market goals. Most external advisors and
potential investors are bound by a professional code of ethics regarding disclosure.
4) a.b.c. company lunch defective product and customer claim about it but company not concentrate on it. Now customer thinking sues on company as
entrepreneur how you tell customer about to sue on company.
1) Benefit of internationally Partnership

advantages of registering a trademark. 5marks
.

While developing the web site what characteristics should be kept in mind?
A well designed website can bring positive effect to a company’s image. It speaks a lot about your organization and can give it public recognition. So,
while creating a website certain things have to be taken care of. Some of the points that should be strictly followed for developing an effective website
design are mentioned below:
•Importance of Focus- first the target audience should be determined and then the design should be done according to their tastes and requirements. The
site should be visually appealing and the content should be simple. Otherwise the online visitors will click out of the site.
•Reduced Loading Time- always avoid using large images in a website. This is because; big images extend the loading time and thus reduce a site’s
possibility of getting public attention.
: •Keep the Site Simple- the site should be kept simple. Insertion of too much flash elements should be avoided and the colors used in the website should
be eye soothing.
•Importance of Balance- HTML can be used for displaying all the links to the other web pages. However, while providing web design solutions, the one
thing that should be kept in mind is the browser compatibilities.

Education
Education appears important in the upbringing of the entrepreneur, in the level of education obtained and in playing a major role in coping with problems. Although
formal education is not necessary for starting a new business, it does provide a good background. In education, female entrepreneurs previously experienced some
disadvantage, with few having degrees in engineering, science, or math. The ability to deal with people and communicate clearly in written and spoken work is also
important.
Personal Values
Studies have failed to indicate that entrepreneurs can be differentiated on personal valued from managers, unsuccessful entrepreneurs, or the general public. Leadership,
support, aggression, benevolence, conformity, creativity, veracity, and resource seeking may also be important. A successful entrepreneur is frequently characterized as a
winner; winning may be a prerequisite for his or her actually becoming one.
Age
Work History
Dissatisfaction with one’s job often motivates the launching of a new venture. Previous technical and industry experience is also important once the decision to start a
business is made. Experience in the following areas is particularly important: financing; product or service development; manufacturing; development of distribution
channels; and preparation of a marketing plan. As the venture becomes established, managerial experience and skills become more important. Entrepreneurial experience
becomes increasingly important as the complexity of the venture increases.
MOTIVATION While motivations may vary, the reason cited most often for becoming an entrepreneur independence-not wants to work for anyone else. Other
motivating factors differ between male and female entrepreneurs. Money is the second reason for men’s starting a venture. Job satisfaction, achievement, opportunity,
and money are the second order reasons for women.

What is meant by role models? What role do they perform?
ROLE MODELS AND SUPPORT SYSTEMS One of the most important factors influencing entrepreneurs in their career choice is role models. Role models can be
parents, relatives, or successful entrepreneurs in the community. Role models can also serve in a supportive capacity as mentors during and after the new venture is
launched. This support system is most crucial during the start-up phase.
It is important that an entrepreneur establish connections to support resources early in the venture formation process. As contacts expand they form a network with
density (extensiveness of ties between two individuals) and centrality (the total distance of the entrepreneur to all other individuals.) The strength of ties between the
entrepreneur and any individual is dependent on the frequency, level, and reciprocity of the relationship. An informal network for moral and professional support benefits
the entrepreneur.
Answer:
horizontal merger.
An oil cooking producing company with Desi Ghee producing company: The merger in this situation will be a production merger because production
of both products is related but the products themselves are not competing.
MGT602 Mid
Spring 2010

Individuals who help the entrepreneur in business activities are called:

► Role models

► Professional support networks (page 25)

Following are the problems in developing the economies EXCEPT:


► Same communication style( Page No. 29)



► Warn consumers of any potential hazards (Page No. 52)
► Give warranty

Which one of the following reviews the trends and competitive strategies?




► 10 years

► 40 years
► 80 years


► GATT

► NAFTA
► FTA
► PTO Page No. 46

Which of the following is a more structured method of problem solving, including principles and rules for concept formation, making observations and
experiments, and finally validating the hypothesis?

► Scientific method (Page No. 41)

► Heuristics
► Value analysis



► Distribution channels (Page No. 38)
► Consumers



► U.S. leadership
► U.K. leadership
http://www.google.com.pk/search?client=firefox-a&rls=org.mozilla%3Aen-US
%3Aofficial&channel=s&hl=en&source=hp&q=GATT+is+established+in+1947%2C+under%3A++++++++++%E2%96%BA+German+leadership+++++
+++++%E2%96%BA+French+leadership++++++++%E2%96%BA+U.S.+leadership+%28Not+Sure%29++++++++%E2%96%BA+U.K.
+leadership&meta=&btnG=Google+Search


► Government

► Finance
► Role models

► Fashion
► Research and development (Page No. 7)

Which one of the following is the primary cause of failure in small businesses?


► Poor location
http://www.scribd.com/doc/21955115/MARKETING-TEST-046-Exam-Questions-Answers


Ref:
http://wps.prenhall.com/bp_barringer_entrep_1/29/7476/1913875.cw/content/index.html


Which one of the following is NOT a phase of entrepreneurial process?


► Deciding to become an entrepreneur (page 13 and 14)

Which one of the following is not the entrepreneurial leadership characteristic?


► Not flexible (page 20)
► Persistent


► Management (page 19 and 20)

► Evaluation
► Reward
► Training

Ref: http://www.rcktmom.com/njlworks/Spst541MgtANAL_NJL.html

This expansion is attained through the infusion of the intrapreneurial management strategy


► Nationality (page 24)
► Education
► Personal values
► Work history

Professional support network includes all of the following EXCEPT:


► Mentor
► Friends (Page No. 26)


► Joint venture
► Management contracts (Page 31)
► Merger

► Licensing
► Direct export (Page 31)

According to which of the following, an entrepreneur is the person who brings resources, labor, materials and other assets into combinations that increase
their value?
► Economist (Page No. 4)
► Psychologist
► Businessman
► Sociologist


► Creative


Which of the following options can be very helpful to start-up new ventures?
► Seed Capital
► Infrastructure correct
► Technology
► Experience
Google Search: New ventures needing capital must depend on a well documented and frequently updated plan. The objectives are two fold. First, to give
prospective investors a realistic valuation of the feasibility and risks involved with a thorough analysis of capital needs and applications. Secondly, to
provide the entrepreneurial team with a detailed operational guideline
WikiPedia: Venture capital (also known as VC or Venture) is provided as seed funding to early-stage, high-potential, growth companies and more often
after the seed funding round as growth funding round
According to Henning and Jardim, female executives tend to be the firstborn. Which of the following supports this research?
► Because firstborn tends to be more flexible (correct)
► Because firstborn receives special attention
http://www.google.com.pk/search?hl=en&client=firefox-a&rls=org.mozilla%3Aen-US%3Aofficial&channel=s&q=According+to+Henning+and+Jardim
%2C+female+executives+tend+to+be+the+firstborn.+Which+of+the+following+supports+this+research%3F++++++++
%E2%96%BA+Because+firstborn+has+to+be+more+responsible++++++++%E2%96%BA+Because+firstborn+needs+special+care++++++++
%E2%96%BA+Because+firstborn+tends+to+be+more+flexible++++++++%E2%96%BA+Because+firstborn+receives+special+attention++++
+&btnG=Search&aq=f&aqi=&aql=&oq=&gs_rfai=

In terms of personality, there are strong similarities between men and women entrepreneurs. Which of the following does not refer to this statement?
► Both are goal oriented
► Males are more confident than women (page 27)

Which of the following businesses women entrepreneurs prefer to start?
► Manufacturing
► Construction
► Educational services (page 10)
This high education level of the women entrepreneurs and their parents is reflected ... Educational Services Law/Medical Services Distribution and
Construction ... findings that entrepreneurs tend to start businesses in fields in which they.... Some women entrepreneurs may prefer to maintain small,
easy-to-manage...

► Barter
► Trading
► Third-party arrangement (Page No. 36)

Which of the following best defines “diversified activity merger”?
► It refers to combining at least two totally unrelated firms (Page No. 32)

Which of the following statements best defines “brainstorming”?
► It refers to a group method for obtaining new ideas and solutions (Page 40)

► It is a contractual agreement giving rights to others to use intellectual property in return for a royalty or fee (Page No. 53)


Which of the following denote no relationship between the mark and the goods or services?
► Arbitrary marks

Which of the following trademarks is used to suggest certain features, qualities, ingredients or characteristics of a product or service?
► Coined mark
► Arbitrary mark


Which of the following make the business plan difficult to control and implement?
REF:
http://books.google.com.pk/books?id=s01P0agnLPUC&pg=PA192&lpg=PA192&dq=the+business+plan+difficult+to+control+and+implement?
&source=bl&ots=rCPvCp_ZAZ&sig=ra0rpP05XEtOTQsvWY6rU14BUBs&hl=en&ei=97LrTOujG8f4sgb_hpnyDg&sa=X&oi=book_result&ct=result&re
snum=1&ved=0CBQQ6AEwAA#v=onepage&q=the%20business%20plan%20difficult%20to%20control%20and%20implement%3F&f=false

Describe any three issues that should be addressed in executive summary.

Briefly discuss the status of entrepreneurship in Europe.

Europe
1. Europe has only recently become interested in entrepreneurship.
2. Risk taking has been discouraged and business failure considered a social disgrace.
3. Several changes in the social and political climate have changed this traditional, security- conscious culture.
4. Exemplifying this new thinking are academics, especially scientists and engineers.
5. Today more individuals are emerging in both academic circles and large companies who are look for a challenge.
6. New government policies are making it easier to raise money for starting up businesses.
7. The U.K. created the Business Expansion Scheme in 1983 to provide capital to new business ventures.
8. In France several economic and social factors cause difficulties.
9. Venture capital is managed by bankers, who are risk averse.
10. Another hurdle is the French contempt for both failure and success.
11. Research in Ireland and Sweden has explored the nature of European entrepreneurship.

Discuss what kind of information should be mentioned in “description of venture” section of a business plan.
The description of the venture should be detailed in this section. This should begin with the mission statement or company mission, which describes the
nature of the business and what the entrepreneur hopes to accomplish. The new venture should be described in detail, including the product, location,
personnel, background of entrepreneur, and history of the venture. The emphasis placed on location is a function of the type of business. Maps that locate
customers, competitors, and alternative locations can be helpful. If the building or site decision involves legal issues, the entrepreneur should hire a lawyer.
MIDTERM EXAMINATION
Spring 2010
Time: 60 min
Marks: 47
► Qualification
► Social status (Page 25)
► Achievement
Social status
The level at which an individual in viewed by society
► Idea Stage
► Product Development Stage (Page 43)
Product planning and development process
Generally divided into five major stages: idea stage, concept stage, product development stage, test marketing stage, and commercialization stage
► Character
► Cost
► Continuity
► Contribution
Page #55 Lesson #21 Lenders are primarily interested in the ability of the new venture to pay the debt and focus on the four C’s pf credit:
1.The Entrepreneur’s credit history or character.
2. Their ability to meet debt and interest payment(cash flow)
4. Equity contribution or the amount of personal equity that has been invested by the entrepreneur.
► Export
► All of the given options (Page 30_31)
► Middle ages
► 18th century (Page 3)
► 17th century
18th Century
In the 18th century the person with capital was differentiated from the one who needed capital. In other words, entrepreneur was distinguished from the capital provider.
► Earliest period
► 19th and 20th century (Page 3)
► Middle ages
► 17th century
► Finance and R&D
Ref:
The company’s sales, marketing, and R&D organizations have built and
managed dynamic collaborative communities that increase cross-team collaboration; reduce email traffic; and spawn new innovation in products, services,
and marketing campaigns.
http://webcache.googleusercontent.com/search?q=cache:aUta3Stb4m4J:www.imsciences.net/uploads/second-semester/1-Entreprenuership-
chapter-1-The-Nature-%26-Importance-Of-
Entreprenurs.ppt+Which+of+the+following+two+work+environments+should+be+good+for+spawning+the+new+enterprises%3F+
%E2%96%BA+Finance+and+marketing+%E2%96%BA+Finance+and+R%26D+%E2%96%BA+Marketing+and+R%26D+
%E2%96%BA+Marketing+and+IT&cd=13&hl=en&ct=clnk&gl=pk

► Friends
► Foreign aid
► Relatives
http://www.google.com.pk/#hl=en&biw=800&bih=381&q=Most+of+the+finance+for+the+new+firm+comes+from+following+resources+EXCEPT%3A+
%E2%96%BA+Friends+%E2%96%BA+Foreign+aid++%E2%96%BA+Relatives+
%E2%96%BA+Personal+savings&aq=f&aqi=&aql=&oq=&gs_rfai=&fp=da14bd97565d75f

► Entrepreneurship (page 11)
Conceptualized entrepreneurship as a process by which individuals - either on their own or inside organizations - pursue opportunities without regard to the
resources which they currently control.
http://wps.prenhall.com/bp_barringer_entrep_1/29/7476/1913875.cw/content/index.html

Which one of the following is a firm that achieves modest growth?
► Foundation firm
► Life style
► Public company
.
► Hyper competition (Page 16)
REF:
There are social, cultural, and business pressures for Entrepreneurship. Hyper competition has forced U.S. companies to focus on new product development and
increased productivity.
► Entrepreneurial
► Intrapreneurial
► Corporate (Page 18)
The typical corporate culture has a climate and reward system that favors conservative decision making.
► Innovation is developed and commercialized through entrepreneurial activity (Page 8)
The product-evolution process is the process through which innovation develops and commercializes through entrepreneurial activity, which in turn stimulates economic
growth.
All the following qualities are requisites for an entrepreneur Except:
► Effectuation
Effectuation is logic of entrepreneurial expertise, a dynamic and interactive process of creating new artifacts in the world. Cognitive adaptability, defined as the ability to be dynamic,
flexible, and self-regulating in one's cognitions given dynamic and uncertain task environments.
http://www.google.com.pk/#hl=en&biw=800&bih=381&q=All+the+following+qualities+are+requisites+for+an+entrepreneur+Except%3A+
%E2%96%BA+Driven+by+perception+of+opportunity+%E2%96%BA+Learning+from+business+failure+++%E2%96%BA+Cognitive+adaptability+
%E2%96%BA+Effectuation+&aq=f&aqi=&aql=&oq=&gs_rfai=&fp=da14bd97565d75f

Which one of the following factor does not differ in motivating male and female entrepreneurs?
► Independence (Page 22 & 24)
► Money
► Opportunity
Feelings about Independence and Need for Achievement. The entrepreneur also has the need for independence, to do things in his or her own way and time.
MOTIVATION while motivations may vary, the reason cited most often for becoming an entrepreneur independence-not wants to work for anyone else. Other
Female entrepreneurs differ from male entrepreneurs in terms of all of the following EXCEPT:
► Motivation
► Business skills
► Departure point
► Goal orientation (Page 27)

► Employees
► Investors
► Advisors
► All of the given options ( Page 54)
To understand the scope and value of the business plan to investors, lenders, employees, suppliers, and customers.

Which of the following refers to new products with some technological change?
► Breakthrough innovation (Page 5)
KEY TERMS Breakthrough innovations A new product with some technological change
Which of the following is/are known as barriers to new product creation and development?
► Trial and error
► Opportunity parameters (Page 14)
Opportunity parameters
Barriers to new product creation and development
According to research, when do the female entrepreneurs tend to start their first significant venture?
► In their mid 30s (correct)
http://www.google.com.pk/#hl=en&biw=800&bih=381&q=According+to+research
%2C+when+do+the+female+entrepreneurs+tend+to+start+their+first+significant+venture%3F+%E2%96%BA+In+their+mid+20s++
%E2%96%BA+In+their+mid+30s+%E2%96%BA+In+their+mid+40s+
%E2%96%BA+In+their+mid+50s&aq=f&aqi=&aql=&oq=&gs_rfai=&fp=da14bd97565d75f

Which of the following statements describes “International entrepreneurship”?
► It is the process of an entrepreneur conducting business activities across national boundaries (Page 29)
International entrepreneurship is the process of an entrepreneur conducting business activities across national boundaries
Which of the following best describes the term “indirect exporting”?
► It refers to selling goods to another country through a person in the entrepreneur’s home country (pg34)
Identify the term which best describes the term “management contracts”?
► It is method of doing specific international task
Entrepreneurs can contract their management techniques and skills, often following a turn-key project. The management contract allows the purchasing country to gain
foreign expertise without turning ownership over to a foreigner.
► It refers to having less than 50 percent ownership position (Page 36 )
Minority interest
Having less than 50 percent ownership position
In which of the following centuries the people of Malaysia peninsula were converted from Islam?
► 14th century
► 15th century
► 16th century
► 17th century
http://www.thecommonwealth.org/YearbookInternal/145165/history/

Identify the statement which best defines “reverse brainstorming”.
► It refers to a group method for obtaining new ideas focusing on the negative Page 40
Similar to brainstorming, but criticism is allowed and encouraged as a way to bring out possible problems with the ideas.
id=s01P0agnLPUC&pg=PA138&dq=Which+one+of+the+following+is+a+method+for+obtaining+new+ideas+and+solutions+by+focusing+on+problems?
&hl=en&ei=uAzwTLCMAYemcIHtqasK&sa=X&oi=book_result&ct=result&resnum=1&ved=0CCQQ6AEwAA#v=onepage&q&f=false

► It refers to developing a new idea through a list of related issues (Page 41)
Checklist method
Developing a new idea through a list of related issues is checklist method of problem solving.

Which one of the following is a method for obtaining new ideas and solutions by focusing on problems?
► Problem inventory analysis (Page 40)
► Gordon method
Problem inventory analysis uses individuals in a manner that is analogous to focus groups to generate new product ideas.
Which of the following statements best defines “forced relationship”?
► It refers to developing a new idea by looking at product combinations (Page 41)
Forced relationship
Forced relationship is the process of forcing relationship among some product combination. It is technique that asks questions about objects or ideas in an effort to
develop a new idea.
How many major stages of “product planning and development process” are there?
► Four
► Five (Page 43)
► Six
► Seven
The product planning and development process – is divided in to five major stages.
Which of the following denote no relationship between the mark and the goods or services?
► Coined marks (Page 49)
► Arbitrary marks
Coined marks denote no relationship between the mark and the goods and afford the possibility of expansion.
► 20 years
► 14 years (Page 47)
► 10 years
► 40 years
Design Patents
Covering new, original, ornamental, and unobvious designs for articles, These are for a 14-year term and provide a negative right,
Lenders focus on four Cs of credit. Identify which of the following is NOT included in those four Cs.
► Character
► Cash flow
► Collateral
► Code of ethics (Page 55)
Four C’s of credit:
1. The entrepreneur’s credit history or character.
2. Their ability to meet debt and interest payments (cash flow.)
4. Equity contribution or the amount of personal equity that has been invested by the entrepreneur
Question No: 35 (Marks: 3)
Licensing involves a manufacturer giving a foreign manufacturer the right to use a patent, trademark, or technology in return for a royalty. This arrangement is most
appropriate when the entrepreneur has no prospect of entering the market through exporting or direct investment. The process is usually low risk and an easy way to
generate incremental income. Without careful analysis, licensing arrangements have several pitfalls.
A business plan is a written document prepared by the entrepreneur that describes all the relevant external and internal elements involved in starting a new venture. It
addresses both short- and long-term decision making. The business plan is like a road map for the business’ development. The Internet also provides outlines for business
planning. Entrepreneurs can also hire or offer equity to another person to provide expertise in preparing the business plan. In developing the business plan the
entrepreneur can determine how much money will be needed from new and existing sources.
Discuss the role of “export management firm” in indirect exporting.
MIDTERM EXAMINATION
Spring 2010

Time: 60 min
Marks:
Question No: 1 (Marks: 1) - Please choose one A typical inventor is usually ________________________.
Inventor
An individual who creates something new
► Independence
► Achievement
► Affiliation
► Authority
Need for independence. Being one’s own boss-one of the strongest needs of an entrepreneur
The difference between the value of a country’s imports and exports over time is called:
► Deficit exports
► Deficit imports
► Balance of debt
Ref: http://en.mimi.hu/business/exports.html
The difference between the value of a country's imports and exports during a specific period of times called the balance of
trade.
► Website
► E-Commerce
► World Wide Web
Website A website is an online connection between the company and its customers and can be developed in-house or
outsourced. There are several important features of every website.
Question No: 5 ( Marks: 1 ) - Please choose onWhich of the following grants protection to owner from anyone else
making, using and selling the identified innovation?
► Utility patent
► Design patent
► Plant patent
1. Utility Patents
A utility patent has a term of 17 years, beginning on the date the Patent and Trademark Office (PTO) issues it. NAFTA
(North American Free Trade Agreement) establishes a minimum period of 20 years. The patent grants the owner
protection from anyone making, using, and/or selling the invention.

To maintain secrecy
1. Train employees to refer sensitive questions to one person.
2. Provide escorts for all office visitors.
3. Avoid discussing business in public places.
4. Use simple security such as locked file cabinets and shredders.

► Entrepreneurs
► Consultants
► Engineers
A business plan is a written document prepared by the entrepreneur that describes all the relevant external and internal
elements involved in starting a new venture.
► GATT
► NAFTA
► FTA
► PTO
Patents are issued by the Patent and Trademark Office (PTO.)
The product life cycle starts with which stage of product planning and development process?
► Product planning and development process is a part of product life cycle correct
Product planning and development process
Generally divided into five major stages: idea stage, concept stage, product development stage, test marketing
stage, test marketing stage, and commercialization stage

► Heuristics
► Value analysis
Heuristics
It is method of developing a new idea through a thought process progression.
► Consumers
Distribution Channels Because they are familiar with the needs of the market, channel members often have suggestions
for new products. These channel members can also help in marketing the new product.
Trade barriers pose problems for entrepreneurs who want to become involved in international business. Trade barriers
increase the costs of exporting projects to a country.
► Earliest period
► Middle ages
► 17th century
Middle Ages
In this age the term entrepreneur was used to describe both an actor and a person who managed large production
projects.

Which of the following is NOT a potential cost of becoming an entrepreneur?
► Financial reward correct
► Long hours
► Loneliness
http://webcache.googleusercontent.com/search?q=cache:6mZx0lwXhisJ:www.edutopia.org/files/existing/ppt/edutopia-investor-project-
entrepreneurship.ppt_files/edutopia-investor-project-entrepreneurship.ppt.ppt+is+NOT+a+potential+cost+of+becoming+an+entrepreneur%3F+
%E2%96%BA+Financial+reward+%E2%96%BA+Long+hours+%E2%96%BA+Financial+insecurity+
%E2%96%BA+Loneliness&cd=6&hl=en&ct=clnk&gl=pk

► Government
► Finance
► High interest rates correct
► Role models

► Friends
► Foreign aid
► Relatives

Conceptualized entrepreneurship as a process by which individuals - either on their own or inside organizations - pursue
opportunities without regard to the resources which they currently control.

a. The evaluation process involves looking at
b. The creation and length of the opportunity
c. Its real and perceived value
d. Its risks and return.
e. It’s fit with the skills and goals of the entrepreneur
f. Its differential advantage in its competitive environment

The difference of the entrepreneurial and managerial domains has contributed towards an increase interest in which of the
following?
► Partnership
► Private firms
The differences in the entrepreneurial and managerial domains have contributed towards an increased interest in corporate entrepreneurship.

► Unstable market
In which one of the following countries the entrepreneurial success has been significant because of the culture, the political
and economic systems?
► Asian countries
Page 37 Entrepreneurial success in some Asian countries has been significant because of the culture and the political and
economic systems.
Moral support network includes all of the following EXCEPT:
► Spouses
► Friends
► Relatives
Moral support network of family and friends. Most entrepreneurs indicate that their spouses are their biggest
supporters. Friends can provide advice that is more honest than that received from others, plus encouragement,
understanding, and assistance. Relatives can also be sources of moral support, particularly if they are also entrepreneurs.
Professional support network includes all of the following EXCEPT:
► Mentor
► Friends
Page 26 read Professional-Support Network

The former USSR received technology and syrup from Pepsi and provided it with Soviet vodka and rights to distribute it in
the US. This is an example of:
► Barter system

Type of System Barter or third-party arrangements have been used to increase business activity with the
Commonwealth of Independent States, the former U.S.S.R.
__________ is prepared on the bases of levels of the internal structure of the business.
► Production Plan
► Marketing Plan
► Financial Plan
The organizational plan section should describe the venture’s form of ownership. If the venture is a corporation, this
should include the number of shares authorized, share options, and names and addresses of the directors and officers. It is
helpful to provide an organization chart indicating the line of authority. This chart shows the investor who controls the
organization and how members interact.

► Creative

Which of the following is NOT a guiding principle in a traditional corporate culture?
The guiding principles in a traditional corporate culture are:
1. Follow instructions given 2. Do not make mistakes 3. Do not fail 4. Do not take initiative 5. Stay within your turf and
protect your backside 6. This restrictive environment is not conducive to creativity, flexibility, and risk taking

disruption in an organization, which of the following characteristics an intrapreneur must possess?
PAGE 20
The intrapreneur must be a good diplomat to minimize disruption.
According to research, when do the female entrepreneurs tend to start their first significant venture?
Which of the following best defines “horizontal merger”?
Horizontal merger
Combination of at least two firms doing similar businesses at the same market level
Which of the following is an example of rising number of women entrepreneurs in China?
► Guau Guarymei 100% correct
► Wataru Ohashi
► Kazuhiko Nishi
► Li Ka-Shing
SOLID REFERENCE
HTTP://BOOKS.GOOGLE.COM.PK/BOOKS?
ID=PZXEAAAAYAAJ&Q=IS+AN+EXAMPLE+OF+RISING+NUMBER+OF+WOMEN+ENTREPRENEURS+IN+CHINA?
&DQ=IS+AN+EXAMPLE+OF+RISING+NUMBER+OF+WOMEN+ENTREPRENEURS+IN+CHINA?&HL=EN&EI=-
GXWTIRTDMMXCFXGQASK&SA=X&OI=BOOK_RESULT&CT=RESULT&RESNUM=2&VED=0CCCQ6AEWAQ

dentify the statement which best defines “checklist method”
Checklist method (page 41)
Developing a new idea through a list of related issues is checklist method of problem solving.
Contract is an agreement between two or more parties, that if it contains the elements of a valid legal agreement is
enforceable by law[1] or by binding arbitration. That is to say, a contract is an exchange of promises with a specific remedy
for breach.
Which of the following is the title or cover page that provides a brief summary of the business plan’s content?
PAGE 57
The title page provides a brief summary of the business plan’s contents,
How the business plan is presented to potential investors?
Which factors should be studied by entrepreneur to conduct environmental analysis while preparing a business plan?
Explain the factors.
· Economy
· Culture
· Technology
· Legal concerns
and produce more.
MGT602 MIDTERM
Compose bye sanasunny
Which of the following statement is true for entrepreneurship?

► Entrepreneurship is the dynamic process of creating incremental wealth (PAGE 4)
► Entrepreneurship involves the management process
► Entrepreneurship does not require the devotion of the necessary time and effort
► Entrepreneurship involves assuming the necessary financing
2-The skills required by entrepreneurs can be classified into three main areas, one of which is:
► Being innovative
► Personal entrepreneurial skills (PAGE 11)
► Social skill
► None of the mentioned options
THREE ENTERPRENEURIAL SKILLS

1) TECHNICAL SKILL
2) BUSINESS MANAGEMENT SKILL
3) PERSONAL ENTERPREUEURIAL SKILL
3-The entrepreneur employs a flat organizational structure with:
► Which is hierarchical in nature?
► Which is formalized?
► Informal networks (PAGE 15)
4-Following leadership characteristics constitute a successful intrapreneur, except:
► Visionary and flexible
► Creates management options
► Train employees as well as share their experiences (PAGE 20)
► Persists
INTRAPRENEURIAL LEADERSHIP CHARACTERISTICS

There are certain individual characteristics needed for a person to be successful Entrepreneurs, including:
1. Understanding the environment
2. Being visionary and flexible
3. Creating management options
4. Encourage teamwork while employing a multi-disciplined approach
5. Encouraging open discussion
6. Building a coalition of supporters, and persisting
5-An opportunity assessment plan should focus on the opportunity and provide the basis to make the decision, and:
► A description of the product or service
► An assessment of the opportunity
► Assessment of the entrepreneur and the team
► All of the mentioned options (PAGE 13)
Opportunity analysis, or an opportunity assessment plan, should focus on the opportunity and provide the basis to make the decision, including:
a. A description of the product or service
b. An assessment of the opportunity
c. Assessment of the entrepreneur and the team
d. Specifications of all the activities and resources needed
e. The source of capital to finance the initial venture
6-One of the factors making it desirable to create a new venture is:

► The Government
► Teachers (PAGE 6)
► Availability of financial resources
7-Some of the more frequently used ideas for new entrepreneur include:
► Consumers
► Existing companies
SOURCE S OF NEW IDEAS

A sound idea for a new product or service, properly evaluated, is essential to successfully launch a new venture. Some of the more frequently used ideas for
new entrepreneur include consumers, existing companies, distribution channels, the federal government and research and development.
8-Personal entrepreneurial skills differentiate an entrepreneur from a manager and include
► Inner control (discipline)
► Risk taking
► Innovativeness
Personal entrepreneurial skills differentiate an entrepreneur from a manager and include inner control (discipline), risk taking, innovativeness, persistence, visionary
leadership, and being change oriented.
9-The product planning and development process – is divided into five major stages. Which of the following is not a stage of this process?
► Idea stage
► Concept stage
► Production stage (PAGE 43)
This refining process- the product planning and development process – is divided in to five major stages. Idea stage, concept stage, product development stage, test
marketing stage and commercializing; it result in the product life cycle.
10-One of the factors making it possible to create a new venture is:

► The Government (PAGE 6)
► Teachers
► Peers
What makes it possible to form a new company?”

Formal education and previous business experience give a potential entrepreneur the skills needed to form and manage a new enterprise. Although
educational systems are important in providing the needed business knowledge, individual will tend to be more successful in forming in fields in which they have
worked. The government also contributes by providing the infrastructure to help a new venture.
11-Without Top Management , the organization will never be able to make the necessary changes.
COMMITMENT (PAGE 20)
Without top management commitment, the organization will never be able to make the necessary changes

12-Technological innovations refer to new products with significant technological advancements
TRUE (PAGE 8)
FALSE
13-The Venture Capitalist is a professional money manager who makes risk investments from pool and equity capital to obtain a high rate of return on
investment.
TRUE (page 3)
FALSE
14-The entrepreneur must be able to put forth the necessary Time and effort required for the venture to succeed.
True (page 13)
False
15-In Product Development stage, consumer reaction is determined, often through a consumer panel.
True (page 43)
False
MIDTERM EXAMINATION
Spring 2009
A typical inventor is usually ________________________ .
Highly creative & in love with the invention (Pg 28)

Does not encourage change
Willing to modify the invention in order to augment commercial benefit

Independence (Pg 25)

Achievement
Affiliation
Authority

There is an evidence that an entrepreneur usually has________________ parents.
Self employed (Pg 22)

Discouraged
Non supportive
Strict

In which of the following business arrangements two companies form a third company?
Merger
Joint ventures (Pg 33)
Synergy

Turnkey projects (Ref web)

They are less risky in countries where the political and economic environment is such that a longer-term investment might expose the firm to unacceptable
political and/or economic risk
Joint venture
Merger
Synergy

Joint venture (Pg 33)

Merger Rivalry
Synergy

They are familiar with the needs of the market (Pg 39)
They earn a handsome profit from new business
They do not bother if entrepreneur bears a loss
They have well-developed sales force
?&hl=en&ei=uAzwTLCMAYemcIHtqasK&sa=X&oi=book_result&ct=result&resnum=1&ved=0CCQQ6AEwAA#v=onepage&q=Members%20of
%20distribution%20channels%20&f=false

Lack of experience
Limited resources (Pg 15)
Lack of education

Property insurance
Casualty insurance
Life insurance
Bonding (Repeated)

Avoid negligence
Warn consumers of any potential hazards (Pg 52)
Give warranty
Question No: 11 __ ( Marks: 1 ) - Please choose

One Which one of the following is NOT an internal factor?
New technology
Manufacturing
Marketing
Personnel

Lawyers
Accountants
Marketers (Pg 54)

To see if there are possible barriers to success (Pg 56)

To identify possible sources of funds
To estimate the expected sales
To explore potential customers

The marketing perspective of business plan considers the venture through the eyes of:
Investor
Customer (Pg 54)
Entrepreneur
Marketing manager

Which one of the following contracts should be in written form?
Real estates
Lease
Rentals
Any deal involving real estate must be in writing to be valid. Leases, rentals, and purchases all need written agreements
Question No: 16 ( Marks: 1 ) - Please choose

One Which of the following body issues patents?
PTO (Pg 47)

GATT
NAFTA
FTA

Brainstorming
Creative problem solving (Pg 40)
Synectics

Scientific method (Pg 41)

Heuristics
Attribute listing
Value analysis

Which of the following techniques is an excellent method for initially screening ideas and concepts in addition to generating new ideas?
Focus group
Brain storming
Soiled reference
?&hl=en&ei=uAzwTLCMAYemcIHtqasK&sa=X&oi=book_result&ct=result&resnum=1&ved=0CCQQ6AEwAA#v=onepage&q=Focus
%20group&f=false

Heuristics
Forced relationship
Scientific method (Repeated)
Value analysis


Finance and R&D
Marketing and R&D ( Repeated)
Marketing and IT

Fashion
Most popular business
A winding up company
Research and development (Pg 08)

Growing the entrepreneurial firm (Repeated)

Entrepreneurship
Hyper competition (Pg 16)
Governmental laws

Economic
Political
Cultural
Technological (Repeated)

For 1 month
For 6 months
For long time span (Pg 15,and Ref:online book)
For 1 year

The resources acquired from outsiders(creditors, banks etc) are usually:
Easily available
Difficult to obtain (sure )
Very useful
Very cheap

In an entrepreneurial domain,an entrepreneur is used to have resources for which of the following?
Periodic intervals
Whole project
For certain tasks
?&hl=en&ei=uAzwTLCMAYemcIHtqasK&sa=X&oi=book_result&ct=result&resnum=1&ved=0CCQQ6AEwAA#v=onepage&q=entrepreneurial
%20domain&f=false

The difference of the entrepreneurial and managerial domains has contributed towards an increase interest in which of the following?
Forming new firms

Partnership
Private firms
Entrepreneurship
Act of stating a new venture
Offering new products by an existing company

Not flexible (Pg 20)
Persistent

Which of the following typical culture has a climate and reward system that favors
conservative decision making?
Entrepreneurial
Partnership
Intrapreneurship
Private firms
Corporate culture (Pg 18)
Which of the following statement about the intrapreneurial climate is true?
Trial and error are discouraged

Resources of the firm need to be available and easily accessible (Pg 19)
A multidisciplinary approach is discouraged
Failures are not allowed

Which of the following is NOT true about corporate entrepreneurs?
They prefer direct involvement to delegation

They tend to be moderate risk takers
They usually attempt to hide risky projects from view until ready
They follow their dreams with decisions
http://highered.mcgraw-hill.com/novella/MixQuizProcessingServlet

Nationality (Pg 22)

Education
Personal values
Work history

Administration (Pg 27)

Utilities
Manufacturing
None of the above

Which one of the following is NOT true about male entrepreneurs?
Males often have investors, bank loans, or personal loans in addition to personal funds (Pg 27)
Males often have more experience in manufacturing, finance, or technical areas
Men are often more confident and less flexible and tolerant
Men usually list outside advisors as the least important supporters

An entrepreneur doing business within the national border is called:
International entrepreneurship (Pg 29)

Intrapreneurship
Domestic entrepreneurship
Difference of domestic and international business

Domestic business (Pg 29)
International business
Employees
Investors (Pg 54)
Advisors


ABC firm (a renowned company) wants to own foreign subsidiary in other country
named Z.ABC firm wants to reduce the risk with a quick entry in the market of country Z. but the firm is not much familiar with the culture and market
structure of the country Z. Which type of investment would you suggest the ABC firm should do.Support your answer with sound reasoning.
MIDTERM EXAMINATION
Spring 2009
Independence
Achievement
Affiliation
Authority

Financial status
Qualification
Social status
Achievement

Individuals who help the entrepreneur in business activities are called:
Role models
Moral support networks
Professional support networks
Business support networks

International entrepreneur’s decisions are more complex because of:
Business expansion
Analysis of Huge information is difficult
Complex transactions
Uncontrollable factors

Which one of the following is a business arrangement in which someone else is allowed
to use something of the company?
Patent
Trade mark
Copy right
Licensing

Exporting

Which one of the following is important for international business to avoid trade barriers?
Protectionist attitude
Entrepreneurial partnering
Free trade areas

Which one of the following is an important source of idea generation due to their
familiarity with the needs of market?
Distribution channels
Federal government
Consumers

Which one of the following is a method for obtaining new ideas and solutions by
focusing on problems?
Product inventory analysis
Gordon method
Checklist method
Scientific method
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%20analysis&f=false

Life insurance
Property insurance
Disability and vehicle coverage

Health insurance premium is less expensive if there is:
Ten participants
Large group of participants
Very small group of participants

Property insurance
Casualty insurance
Life insurance
Bonding

Which one of the following is NOT an external factor?
New regulations
Competition
Social changes
Manufacturing

One
Three
Four
Not specific

Which one of the following reviews the trends and competitive strategies?
Environmental analysis
Product forecast
Contingency plan
Industry analysis

Location
Products offered
History

GATT
NAFTA
FTA
PTO

The product life cycle starts with which stage of product planning and development
process?
Test marketing stage
Product development stage
Commercialization stage
Product planning and development process is a part of product life cycle

In which of the following stage idea of new product is tested to determine consumer
acceptance?
Concept stage
Test marketing stage
Commercialization stage

Heuristics
Forced relationship
Scientific method
Value analysis

Minority interest
Joint venture
Majority interest
Exporting

Having more than 50% ownership position that provides the entrepreneur with
managerial control is called:
Joint venture
Majority interest
Horizontal merger
Diversified activity merger

Which of the following is a method of selling goods to another country through a person
in the entrepreneur’s home country?
Trading
Direct export
Indirect export
Domestic sales

Earliest period
Middle ages
17th century
20th century

In which of the following era entrepreneur enters into a contract with government to
perform a service?
20th century
Earliest period
Middle ages
17th century

Which of the following two work environments should be good for spawning the new
enterprises?
Finance and R&D
Marketing and R&D
Marketing and IT

Which one of the following is a firm that achieves modest growth?
High potential growth firm
Foundation firm
Life style
Public company
Gazelles manual
Life style
Foundation Company

Which one of the following is the first step in the entrepreneurial process?

Which one of the following is NOT a phase of entrepreneurial process?
Identification and evaluation of opportunity
Development of business plan
Determination of required resources

Entrepreneurship
Intrapreneurship
Managerial domain

Technology
Customers
Economic development
Competition

Which of the following is very important to develop a good team for creating something
new?
Nepotism
Open discussion

Why is the evaluation of an opportunity the most critical element of the entrepreneurial
process?
It helps the entrepreneur in developing a good business plan
It enables the entrepreneur to judge the market and the competition
It allows the entrepreneur to compare the prospective returns and the resources needed
It helps develop the opportunity assessment plan

A set of reasons for engaging in a particular behavior, especially human behavior is
known as which of the following?
Values
Vision
Entrepreneurship
Motivation

Administration
Utilities
Manufacturing
None of the above

Locus of control
Locomotion of control
Locust of control
Loss of control

Moral support network includes all of the following EXCEPT
Spouses
Friends
Business associates
Relatives

EXCEPT
Personal affiliations
Mentor
Trade associations
Friends

The former USSR received technology and syrup from Pepsi and provided it with Soviet
vodka and rights to distribute it in the US. This is an example of:
Economic development
Barter system
Balance of payment
International trade

Age
The Far East
MIDTERM EXAMINATION
FALL 2006
Marks: 35
MGT602 - ENTREPRENEURSHIP (Session - 3 )
Writing a business plan can ensure that
You achieve your expense projections.
You figure out how to make your business work.
You meet your target revenue goals.
You make a profit.
Your ________ is a concise communication of your strategy including your business definition and your competitive advantage
Target market analysis
Mission statement
Values statement
Business plan
High-potential ventures are
Ventures that have high growth potential and therefore receive great investor's interest (page 7)
Very low growth ventures
Small ventures that support the owners and usually do not grow
None of the mentioned options
Inner control (discipline), risk taking, innovativeness, change oriented personality are
Business management skills
Technical skills
Personal entrepreneurial skills (page 11)
Proactiveness includes
initiative taking
risk taking
competitive aggressiveness
All of the mentioned options (page 16)
Some of the world's greatest entrepreneurs have overcome challenges from their childhood and youth, including:
Learning disabilities
Extreme poverty
Abuse
All of the mentioned options
The evaluation process involves looking at
Risks and return of the opportunity
Opportunity's fit with the skills and goals of the entrepreneur
Opportunity's differential advantage in its competitive environment
Entrepreneurs view change as
An opportunity
An inevitable situation
A problem
None of the above options
Profit is a sign that an entrepreneur has added value to the “scarce” ________ that he or she is using.
Resources
Employees
Goods
Ideas
Breakthrough innovations are
A new product with just physical change
A new product with some technological change (page 5)
Same product with some technological change
Explain the effect of educational environment, and employment history in the development of
entrepreneur's career
Differentiate between the entrepreneurial and managerial styles considering two business dimensions
1.
Commitment of Resources
2.
Control of Resources
Suppose if you want to start a new venture, while considering the future of the entrepreneurship,
what comes in your mind to further proceed in this field?
Explain entrepreneurial process in detail stating its four phases clearly
MIDTERM EXAMINATION
FALL 2007
Marks: 40
Marks
Combination of at least two firms doing similar businesses at the same level is:
Horizontal Merger (page 32)
Vertical Merger
Product Extension Merger
Diversified Activity Merger
A ______________ is an entity formed between two or more parties to undertake economic activity together.
Indirect Exporting
Joint Venture
Licensing
Entrepreneurship (not sure )

Combination of at least two firms at different market levels is:
Horizontal Merger
Vertical Merger(page 36)
Product Extension Merger
Diversified Activity Merger
______________ is a method of developing new ideas when the individuals are unaware of the problem.
Checklist Method
Free Association Method
Gordon Method (page 41)
Scientific Method
The spirit of entrepreneurs must be:
Ethically influenced
Managerial
Voluntary
None of the given options (page 16)
Most of the innovations are:
Iterative Synthesis
Ordinary Innovation (page 8)
Technological Innovations
Breakthrough Innovations
The _________________ refers to the ways managers make decisions.
Administrative domain (page 14)
Entrepreneurial domain
Intrapreneurial domain
Without _______________ , the organization will never be able to make the necessary change.
Lower Management
Top Management (page 20)
Middle Management
The companies use the technology to make itself:
Faster and Flexible(page 21)
Faster and Stiff
Inflexible and rigid
The___________________ is the term used to describe the complete process of bringing a new product or service to market.
Idea Stage
Concept Stage
Product Development
Test Marketing Stage (not sure )
The belief that entrepreneurship is found only in small businesses is a misconception about entrepreneurship
.
True (not sure )
False
Demographics are the linkage of economies and cultures that foster a business and
competitive situation in which organizations have no national boundaries.
True
False
MIDTERM EXAMINATION
SPRING 2007
Marks: 40
Compose and pepared by sanasunny=25
Exam Date: Tuesday, May 15, 2007
INSTRUCTIONS:
Which of the following statement is true for entrepreneurship?
Entrepreneurship is the dynamic process of creating incremental wealth (page 4)
Entrepreneurship involves the management process
Entrepreneurship does not require the devotion of the necessary time and effort
Entrepreneurship involves assuming the necessary financing

The skills required by entrepreneurs can be classified into three main areas, one of which is:
Being innovative
Personal entrepreneurial skills page 11)
Social skill

The entrepreneur employs a flat organizational structure with:
Which is hierarchical in nature?
Which is formalized?
Informal networks (page 15)

Following leadership characteristics constitute a successful intrapreneur, except:
Visionary and flexible
Creates management options
Train employees as well as share their experiences (page 20)
Persists

An opportunity assessment plan should focus on the opportunity and provide the basis to make the decision, and:
A description of the product or service
An assessment of the opportunity
Assessment of the entrepreneur and the team
One of the factors making it desirable to create a new venture is:
The Government
Teachers (page 6)
Availability of financial resources

Personal entrepreneurial skills differentiate an entrepreneur from a manager and include:
Inner control (discipline)
Risk taking
Innovativeness

The product planning and development process – is divided into five major stages. Which of the following is not a stage of this process?
Idea stage
Concept stage
Production stage (repeated)

One of the factors making it possible to create a new venture is:
The Government (page 6)

Teachers
Peers

Some of the more frequently used ideas for new entrepreneur include:
Consumers
Existing companies
Distribution channels

Without—top management commitment ---------------, the organization will never be able to make the necessary changes.
---- Technological ------------------innovations refer to new products with significant technological advancements.
The ------ venture capitalist ---------------------------- is a professional money manager who makes risk investments
from a pool of equity capital to obtain a high rate of return on investments.
The entrepreneur must be able to put forth the necessary ---time ------------ and------effort --------- required for
the venture to succeed.
In --- Product Development Stage -------------- stage, consumer reaction is determined, often through a consumer panel.
MIDTERM EXAMINATION
Spring 2009

Need for independence
Need for affiliation
Need of fame
Need for achievement(pg 25)

Exporting(page 32)

Joint venture(page31)
Merger Rivalry
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%20venture&f=false

An ice cream producing company merges with a cotton spinning company this merger is an example of:
Diversified activity merger (page 34)
Product extension merger
Market extension merger
Vertical merger

Combination of at least two firms at different market levels is called:
Joint venture
Synergy
Horizontal merger
Vertical merger(pg 36)

1960s
1970s
1980s
1990s(pg 44)
Question No: 7 __ ( Marks: 1 ) - Please choose on
Utility patent(pg 47)
Design patent
Plant patent
International patent

Which one of the followings statements is NOT true about trademarks?
The entrepreneur can not file after the mark already been in use
A trademark could be a slogan or a particular sound
Some trademarks have no relationship with the product
The filing date for the trademark becomes the first date use of the mark
http://books.google.com/books?
id=s01P0agnLPUC&pg=PA167&lpg=PA167&dq=The+filing+date+for+the+trademark+becomes+the+first+date+use+of+the+mark&source=bl&ots=rCO
ECu-1w_&sig=pAMy-
Oy5UqZ1WuDzQUBH3d7zli4&hl=en&ei=WDndTIXBIsOecNeGnOUL&sa=X&oi=book_result&ct=result&resnum=8&ved=0CE4Q6AEwBw#v=onepa
ge&q=The%20filing%20date%20for%20the%20trademark%20becomes%20the%20first%20date%20use%20of%20the%20mark&f=false

12 years
17 years
20 years
As long as it remains confidential
%3F&hl=en&ei=0BusTOzGDoSavgOx3uTtBg&sa=X&oi=book_result&ct=book-
thumbnail&resnum=1&ved=0CCoQ6wEwAA#v=onepage&q=trade%20secret%20&f=false

Lack of experience
Limited resources(pg 10)
Lack of education

Life insurance
Property insurance
Disability and vehicle coverage(pg54)
Question No: 12 _________________ ( Marks: 1 ) - Please choose

one Health insurance premium is less expensive if there is:

Ten participants
Large group of participants Very
small group of participants

Property insurance
Casualty insurance
Life insurance
Bonding (http://www.answers.com/topic/insurance)
http://www.entrepreneur.com/encyclopedia/term/82222.html
6 Mar 2009 ... Thus, large life insurance companies began to enter the property and liability insurance field. ... The Fidelity and Casualty
Company of New York issued the first contract to .... Bonding, or fidelity insurance, is designed to protect an .... of underwriters working
individually or in partnerships

Avoid negligence
Warn consumers of any potential hazards (page 52)
Give warranty

Which of the following is NOT studied in industry analysis?
Economic conditions
Technology advancements
Organizational culture (page 57)
Legal concerns
Which one of the following assesses the impact of external factors on business?
Environmental analysis(pg 57)
Product forecast
Industry analysis
Question No: 17 __ ( Marks: 1 ) - Please choose one Which
one of the following is NOT an environmental factor?
Economy
Culture
Technology
Competition (page 57)

Character
Cost
Continuity(pg 55)
Contribution

All the parties involved should be named
Transaction should be described in detail
Obtain signatures of the persons involved
Place where contract takes place (page 53)

Which one of the following is NOT a condition of a contract?
An offer is made
An acceptance of offer
Counter offer
Consideration is given
%3F&hl=en&ei=0BusTOzGDoSavgOx3uTtBg&sa=X&oi=book_result&ct=book-thumbnail&resnum=1&ved=0CCoQ6wEwAA#v=snippet&q=a
%20contract&f=false
Question No: 21 ( Marks: 1 ) - Please choose one Which
one of the following is a section of patent application?
Introduction
Description of business
Claims

Scientific method (page 41)
Heuristics
Attribute listing
Value analysis

Distribution channels (repeated ) 100%
Federal government
Consumers

Help to achieve goals
Share entrepreneur’s vision
Donot exploit the partnership
Al of the given options (repeated)(100% sure )

Which of the following is a method of selling goods to another country through a person in the entrepreneur’s home country?
Trading
Direct export
Indirect export (pg 34)
Domestic sales

Earliest period
19th and 20th centuryPG (4)
Middle ages
17th century
Earliest period
Middle ages
17th century
20th century(pg3)

In which of the following era entrepreneur enters into a contract with government to perform a service?
Earliest period
Middle ages
17th century (pg3)
20th century

Finance and R&D
Marketing and R&D (repeated)
Marketing and IT

The intersection of knowledge and a recognized social need to start a product
development process is called which of the following?
Iterative synthesis(PG 7)
Product-evolution process
Ordinary innovation
Situation analysis

Developing successful business ideas(PG 13)

Length of the opportunity
Real and perceived value of opportunity
Goals and objectives of customers (page 13)
Risks and rewards of opportunity

Entrepreneurship
Intrapreneurship(PG 16)
Managerial domain
For 1 month
For 6 months
For long time span (page 15)
For 1 year

Not flexible (page 20)
Persistent

Which of the following is very important to develop a good team for creating something new?
Nepotism
Open discussion (page 20)

The environment of an entrepreneurial oriented organization is called:
Corporate culture
Entrepreneurial culture(PG 14)
Intrapreneurial culture
Traditional culture
Trial and error
Opportunity parameters(PG 14)
Opportunity cost
Intrapreneurship culture

Role model (page 25)
Moral-support network
Professional support network
Support system

Which of the following is NOT an important aspect of International success?
Planning
Diversification (repeated )
Reporting
Control

Education
Education appears important in the upbringing of the entrepreneur, in the level of education obtained and in playing a major role in coping with problems. Although
formal education is not necessary for starting a new business, it does provide a good background. In education, female entrepreneurs previously experienced some
disadvantage, with few having degrees in engineering, science, or math. The ability to deal with people and communicate clearly in written and spoken work is also
important.
Personal Values
Studies have failed to indicate that entrepreneurs can be differentiated on personal valued from managers, unsuccessful entrepreneurs, or the general public. Leadership,
support, aggression, benevolence, conformity, creativity, veracity, and resource seeking may also be important. A successful entrepreneur is frequently characterized as a
winner; winning may be a prerequisite for his or her actually becoming one.
Age
Work History
Dissatisfaction with one’s job often motivates the launching of a new venture. Previous technical and industry experience is also important once the decision to start a
business is made. Experience in the following areas is particularly important: financing; product or service development; manufacturing; development of distribution
channels; and preparation of a marketing plan. As the venture becomes established, managerial experience and skills become more important. Entrepreneurial experience
becomes increasingly important as the complexity of the venture increases.
MOTIVATION While motivations may vary, the reason cited most often for becoming an entrepreneur independence-not wants to work for anyone else. Other

X.Y.Z Company has launched a product in the market. And the customers are complaining
about the quality of the product. Company is not taking any action against it. Customers
want to sue the company. How many ways customers can claim regarding product
liability? And also suggest the best which is suitable in this situation with sound reasons.
MIDTERM EXAMINATION
Fall 2009
► Independence
► Achievement
► Affiliation
► Authority

► Japan
► U.S
► China
► U.K

► Mergers
► Trade barriers
► Rivalry

► Consumers


► Website
► E-Commerce
► World Wide Web

► Idea Stage




► One
► Three
► Four
► Not specific


SBA stands for:


► Economy
► Culture
► Technology
► Competition


► Character
► Cost
► Continuity
► Contribution

► Songs
► Poems
► Models

► 10 years
► 40 years
► 20 years
► 80 years

► GATT
► NAFTA
► FTA
► PTO

► Brainstorming
► Synectics

► Heuristics
► Value analysis


► Joint venture
► Exporting


► Joint venture


► Importing
► Finance and R&D

Gazelles are the firms with:
► High growth rate
► Moderate growth rate
► Zero growth rate
► Low growth rate

► Gazelles
► Life style
► Foundation Company


Which one of the following is used to identify opportunity?
► Input from customers
► Input from channel members
► Input from business associates

► Economic
► Political
► Cultural
► Technological

► Technology
► Customers
► Competition




► Not flexible
► Persistent

► Management
► Evaluation
► Reward
► Training

► Entrepreneurial
► Intrapreneurial
► Corporate

Which of the following makes the formation of new venture difficult within a corporate culture?
► Lack of intrapreneurial talent
► Lack of freedom to make autonomous decisions
► Lack of market opportunity

► Trial and error
► Opportunity parameters
► Intrapreneurship culture

► Family background
► Education
► Personal values
► Gender

► Loss of control

Which of the following plan describes market conditions and strategy related to products?
► Production plan
► Operational plan
► Financial plan
► Marketing plan

Individuals who give psychological support to an entrepreneur are called:
► Role models
► Informal networks

Answer:
horizontal merger.
An oil cooking producing company with Desi Ghee producing company: The merger in this situation will be a production merger because
production of both products is related but the products themselves are not competing.
MIDTERM EXAMINATION
Fall 2009

► Independence
► Achievement
► Affiliation
► Authority


► Japan
► U.S
► China
► U.K


► Mergers
► Trade barriers
► Rivalry


► Consumers





► Website
► E-Commerce
► World Wide Web


► Idea Stage









► One
► Three
► Four
► Not specific

SBA stands for:



► Economy
► Culture
► Technology
► Competition



► Character
► Cost
► Continuity
► Contribution


► Songs
► Poems
► Models


► 10 years
► 40 years
► 20 years
► 80 years


► GATT
► NAFTA
► FTA
► PTO


► Brainstorming
► Synectics



► Heuristics
► Value analysis

► Character
► Cost
► Continuity
► Contribution

http://groups.google.com/group/vu-askari?hl=en
► Joint venture

► Merger
► Joint venture

► Importing
.
► Licensing
► Direct export

► Earliest period
► Middle ages
► 17th century

► Earliest period
► Middle ages
► 17th century

__________.

► Finance
► Marketing
► Family support

► Friends
► Foreign aid
► Relatives

► Anatomization

► Fashion


► Technology
http://groups.google.com/group/vu-askari?hl=en

► Administration
► Utilities
► Manufacturing

► Role model
► Support system


► Planning
► Diversification
► Reporting
► Control
MIDTERM EXAMINATION
Spring 2010
Time: 60 min
Marks:
A typical inventor is usually
________________________.

► Independence
► Achievement
► Affiliation
► Authority

The difference between the value of a country’s
imports and exports over time is called:
► Deficit exports
► Deficit imports
► Balance of debt
www.vuaskari.com
A/an ______ is an online connection between the
company and its customers.
► Website
► E-Commerce
► World Wide Web

Which of the following grants protection to owner
from anyone else making, using and selling the identified innovation?
► Utility patent
► Design patent
► Plant patent

All of the following are essentials to maintain
secrecy, EXCEPT:

► Entrepreneurs
► Consultants
► Engineers
www.vuaskari.com
► GATT
► NAFTA
► FTA
► PTO

The product life cycle starts with which stage of
product planning and development process?

Developing a new idea through inquiry and
testing is called:
► Heuristics
► Value analysis

Which one of the following gives suggestions for
new product and also help to market new products?
► Consumers


A person who managed large project was termed
as the entrepreneur in the _________.
► Earliest period
► Middle ages
► 17th century
► 19th and 20th century www.vuaskari.com

Which of the following is NOT a potential cost of
becoming an entrepreneur?
► Long hours
► Loneliness
Factors contribute to the creation of new venture
EXCEPT:
► Government
► Finance
► Role models
Most of the finance for the new firm comes from
following resources EXCEPT:
► Friends
► Foreign aid
► Relatives
What is the process by which individuals pursue
opportunities without regard to resources they currently control?

Which of the following is NOT included in the
opportunity evaluation process?

The difference of the entrepreneurial and
managerial domains has contributed towards an increase interest in which of the following?
► Partnership
► Private firms
Which is the most common cause of business
failure?
► Unstable market
► Insufficient experience www.vuaskari.com
In which one of the following countries the
entrepreneurial success has been significant because of the culture, the political and economic systems?
► Asian countries

Moral support network includes all of the following
EXCEPT:
► Spouses
► Friends
► Relatives

Professional support network includes all of the
following EXCEPT:
► Mentor
► Friends

The former USSR received technology and syrup
from Pepsi and provided it with Soviet vodka and rights to distribute it in the US. This is an example of:
► Barter system

__________ is prepared on the bases of levels of
the internal structure of the business.
► Production Plan
► Marketing Plan
► Financial Plan

Which of the following abilities must be possessed
by an entrepreneur?
► Creative
Which of the following is NOT a guiding principle
in a traditional corporate culture?

disruption in an organization, which of the following characteristics an intrapreneur must possess? www.vuaskari.com

According to research, when do the female
entrepreneurs tend to start their first significant venture?
Which of the following best defines “horizontal
merger”?

Which of the following is an example of rising
number of women entrepreneurs in China?
► Guau Guarymei
► Wataru Ohashi
► Kazuhiko Nishi
► Li Ka-Shing
Identify the statement which best defines
“checklist method”


Which of the following is the title or cover page
that provides a brief summary of the business plan’s content?

How the business plan is presented to potential
investors?
Which factors should be studied by entrepreneur
to conduct environmental analysis while preparing a business plan? Explain the factors. www.vuaskari.com
· Economy
· Culture
· Technology
· Legal concerns
and produce more.

MGT 602 Midtermexamination

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MGT 602 Midtermexamination

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