ENTR Entrepreneurship Exam 1 Practice

These questions are part of the practice quiz. Start practicing

• Which model of corporate entrepreneurship is associated with proceeding based on the efforts of a project champion?
• Which statement best describes competitive analysis?
• How should a founder approach pricing strategy in the early stages?
• Which of the following is one of Grenier's Five Stages of Growth?
• What is bootstrapping and when might it be advantageous?
• The two main dimensions of the four-model approach to corporate entrepreneurship are:
• Which company was used as an example of target costing?
• Starbucks launched the Starbucks Digital Network (SDN) as a strategy to enhance the stores' atmosphere. Under which boundary of competition does this strategy fall?
• In the BOS text, the 'electric sewer' refers to which of the following?
• How do partnerships and alliances contribute to a startup’s growth?
• Define go-to-market channels and give two examples.
• In the Lean Canvas, which element is central to enabling rapid iteration?
• In Blue Ocean Strategy, a compelling tagline is a characteristic of a good strategy because it provides
• Which statement best describes the role of channels in a go-to-market strategy?
• In a startup context, what is a stakeholder?
• Which of the following is NOT one of the Intrapreneur's Ten Commandments?
• If people love working at a company, and if that company selects people based on fit and reviews them with their peers, this is an example of a _______ company.
• Which term describes the process of creating new market space by combining differentiation with low cost?
• What is customer lifetime value and how is it used?
• Which statement best describes 'customer segments'?
• A typical corporate entrepreneurship program should include offering seed money for worthy ideas.
• Which of the following costs varies with output?
• Which statement about customer lifetime value is most accurate?
• What does non-dilutive funding mean in the context of grants?
• Barnes & Noble’s decision to add a coffee shop in bookstores focuses on which boundary of competition?
• In a Blue Ocean strategy, a key method for reaching beyond existing demand is to:
• True or False: In intrapreneurship, a sponsor coaches intrapreneurs and then lets them find their own answers.
• In Blue Ocean Strategy, value innovation is achievable only when a company's utility, price and inventory are properly aligned.
• Explain the importance of customer interviews in the discovery phase.
• True or False: A mission statement is primarily about the organization’s current activities and purposes.
• General Doriot selected a team based on which criterion?
• Which of the following describes the four hurdles to strategy execution?
• What is the significance of 'ethics by design' in product development?
• Which of the following is NOT a path in the 6-Paths Framework?
• Explain the difference between a for-profit startup and a social enterprise.
• Which metric would best demonstrate traction to investors?
• In Porter's Five Forces, differentiation of inputs, switching costs of firms in the industry and the threat of forward integration are all part of:
• Barnes & Noble is an example of a company that looked across what path?
• A performance-driven government uses resources to accomplish results, while a function-driven government bases its performance on spending allocated resources.
• What is the purpose of the Strategy Canvas?
• Three characteristics of a good Blue Ocean Strategy are:
• Defending against external threats by addressing weaknesses is an example of which SWOT strategy?
• In the examples of automobiles, computers, and movie theaters, what was the key to unlocking new markets?
• Which path involves examining buyers to identify new demand opportunities?
• What does a business model canvas help you map?
• What is one main reason corporate entrepreneurs leave the company?
• Blue Ocean Strategy suggests a focus on creating new demand by building on commonalities and focusing on differences.
• Which of the following is NOT a dimension used in the BOI Index?
• Grants may de-risk early R&D but may come with constraints; which is a common constraint?
• In the text, Curves is an example of which path?
• In the Blue Ocean Strategy context, how are 'hot spots' best characterized?
• What is the cornerstone of Blue Ocean Strategy?
• True or False: Grenier's Five Stages of Growth include Creativity, Direction, Delegation, Coordination, and Collaboration.
• Government entrepreneurs gather resources to exploit opportunities. Which option reflects this idea?
• In Porter's Five Forces, Barriers to Entry include all of the following EXCEPT:
• In Blue Ocean Strategy, a _________ captures the current state of play in a known market.
• If a corporation has an entrepreneurship program that offers well-connected corporate leadership with a full-time staff and significant, independent funding, then it is said to be using which of the four corporate models of entrepreneurship?
• In the BOS simulation, how many runs (years) are in the Red Round?
• What responsibilities do top level managers have?
• For Southwest Airlines, which of the following acted as a barrier to entry for other competitors?
• True or False: A mission statement conveys what you are now, while a vision statement defines what you want to be.
• In Blue Ocean Strategy, which tier of your non-customers are aware of your product but don't use it because it's either unacceptable, or they can't afford it?
• In Blue Ocean Strategy, the three tiers of non-customers include Soon-to-be's, Refusing, and Unexplored.
• What award did Mohammad Yunus win?
• The 'electric sewer' example illustrates the impact of which urban infrastructure on efficiency?
• General Doriot's team selection prioritized which of the following characteristics?
• What are the four organizational hurdles to Strategy Execution?
• The statement about Blue Ocean innovations being introduced during downturns is best characterized as:
• A company that has successfully integrated innovation and creativity into their daily business practice is called a _________ firm.
• Which statement best captures the essence of Tipping Point Leadership?
• Which of the following best describes the goal of Blue Ocean Strategy?
• A business model test involves experimenting to prove a core assumption about how the business will work. Which of the following is an example?
• What term refers to the person who provides air cover and suggests strategies for winning allies rather than making enemies?
• Which statement best differentiates a minimum lovable product from a minimum viable product in terms of user experience?
• In order to foster a new environment of intrapreneurial service-providers, employees will need to
• Which is NOT a phase of design thinking?
• To create new demand by crossing to other industries, which BOS path is used?
• The entrepreneurial process involves which of the following?
• Why is a proof of concept (POC) important before a full product launch?
• What best defines a go-to-market strategy?
• Identify two typical funding stages for startups and what investors seek at each stage.
• Which term best describes the alignment of a company's people with its goals, often evidenced by strong fit hiring and peer reviews?
• In intrapreneurship, a sponsor is the person in the firm who does what?
• How many tiers of non-customers are there in Blue Ocean Strategy?
• Which statement best describes the relationship between social and government entrepreneurship?
• What are the primary elements of a pitch deck?
• Which of the following is an ethical consideration in entrepreneurship?
• If your firm establishes a defensive plan to prevent the firm's weaknesses from making it highly susceptible to external threats, that would be an example of an S-T strategy
• Which concept best describes making competitors less relevant by creating a new market space?
• Which statement about fixed costs is true?
• Which sector is most associated with the '#1 obstacle to entrepreneurial activity' in non-profits?
• Which statement about the relationship between innovation and opportunity recognition in social entrepreneurship is most accurate?
• How can entrepreneurs validate demand before building a full product in a new market?
• What role do metrics and KPIs play in startups?
• Which statement best describes the purpose of mapping the value chain in a business model?
• Explain the concept of product-market fit and indicators of it.
• Operational effectiveness is about doing WHAT better than your competitors?
• In Blue Ocean Strategy, a ________ captures the current state of play in a known market
• The value curve is a graphic depiction of what?
• Which characteristics are true about social entrepreneurs?
• Which statement best differentiates direct and indirect competition?
• Which of the following correctly lists the three tiers of noncustomers?
• What is the second principle of Blue Ocean Strategy?
• Which concept concerns a firm's competitive initiatives and business approaches?
• In the 6-Paths Framework, the 'time' path examines
• Value Innovation is best described as:
• What is a value proposition?
• Which statement best describes a Series A funding round for startups?
• What is design thinking and how can it benefit startups?
• There are three things to consider when you want to choose an idea to promote if you were a corporate entrepreneur. Which of the following is NOT one of them?
• In the lectures on non-profits, what was the #1 obstacle to entrepreneurial activity?
• Which statement best describes the role of middle-level managers in entrepreneurship?
• In what year was the Model T introduced?
• What is the primary purpose of calculating contribution margin in a startup's financial model?
• Define 'minimum lovable product' as a concept and how it differs from MVP.
• What is the formula for break-even point in units?
• A typical corporate entrepreneurship program should include creating channels for volunteers.
• In the Four Actions Framework, what does Eliminate mean?
• What is a lean canvas and how is it used?
• What is the primary purpose of identifying customer segments in entrepreneurship?
• Looking Across Strategic Groups Within Industries involves moving between what?
• Which of the following statements is correct about top-level or middle-level managers?
• Which of the following is an example of a startup stakeholder?
• A typical corporate entrepreneurship program should include sharing the company vision, mission, and strategy.
• The statement "Only the top-level managers provide leadership for corporate entrepreneurship" is:
• The first 'home computer' was the ___________.
• Which model describes a deliberate effort to create a new business that leverages core competences and business-unit processes?
• Which role is typically the person who pushes an idea forward in a corporate entrepreneurship process?
• Why is cash flow management critical for a startup?
• What does a value proposition canvas help map in startup development?
• The BOI Index is a way to measure what?
• What best describes a value proposition?
• Swatch was used as an example of what?
• One way to tip the 'cognitive' hurdle is to have managers do what?
• Government entrepreneurship involves which activities?
• How should a startup measure traction beyond revenue in early stages?
• If the desired output of the deliberate approach to corporate entrepreneurship is a new business relatively close to a business-unit core competence or process efficiency, then that company is probably using which approach of the four-models of corporate entrepreneurship?
• Why is team composition important in early-stage startups?
• Which boundary involves expanding product and service offerings to complement the core offering?
• Which activity is central to customer discovery?
• Explain the term 'scaling' and differentiate it from 'growth'.
• Which metric best measures how much revenue remains after variable costs to help cover fixed costs?
• What is a milestone plan and why is it useful?
• Describe the difference between a mission statement and a vision statement in entrepreneurship.
• ________ firms have CEOs who planned to compete on the basis of superior marketing and positive customer relations.
• True or False: Mission statements should define the current business activities of the company.
• True or False: The claim that only 60% of CEOs have vision statements is accurate.
• In BOS, by reducing or eliminating some strategy factors, you can:
• What is risk management in entrepreneurship and name two common startup risks?
• What does lifetime value (LTV) measure in unit economics?
• How does IP protection influence monetization opportunities for a startup?
• Which term describes delivering a leap in value by simultaneously raising utility and reducing costs?
• All innovations described in the Blue Ocean videos were introduced during economic downturns.
• In Porter's Five Forces, the Concentration Ratio is a measure of:
• In unit economics, why are gross margin and lifetime value important?
• What are the two main dimensions used to categorize the four models of corporate entrepreneurship?
• If you were a senior manager in a company and wanted to foster innovation, which idea below would NOT be a good idea to do?
• In the context of a value proposition, what do 'gains' refer to?
• What is the primary objective of Blue Ocean Strategy?
• For the chemical industry, the current discussion of cap and trade legislation is an example of:
• Which metric is most directly tied to user adoption in early stages?
• Is the statement 'Entrepreneurs focus more on the current situation and less on what can be' true?
• Which statement best defines gross margin?
• Entrepreneurial Strategy is about WHAT in a firm?
• What is customer discovery and what are two key activities?
• Sharing information is part of which way to overcome obstacles?
• What is the first step of Visualizing Strategy?
• Which level of management is primarily responsible for setting a compelling vision?
• What is a risk register and what information does it typically include?
• If a company asks for innovation or ideas and there is little response, what is the most likely issue?
• When trying to get an idea going, there are three rules to follow. Which of the following is NOT one of the three rules?
• The Altair MITS is associated with which milestone?
• Which phrase is closely associated with Blue Ocean Strategy?
• In which of the four corporate models of entrepreneurship does corporate entrepreneurship proceed based on the efforts of a 'project champion'?
• What is a key advantage of grant funding for early-stage startups?
• What is the difference between a sole proprietorship and a corporation?
• In the Lean Startup cycle, what does customer discovery test?
• Gallery Furniture is an example of a company focusing on improving which frontier of innovation?
• A Blue Ocean Strategy idea threatens the
• The statement "Only the top-level managers provide leadership for corporate entrepreneurship" is true or false?
• True or False: A company's mission is to make a profit.
• Which statement is NOT a myth about entrepreneurs?
• In the BOS text, 'hot spots' refers to what?
• What does the Lean Canvas emphasize to support rapid iteration?
• When identifying the Price Corridor of the Masses, products and services should consider which of the following?
• Which statement best describes the purpose of social entrepreneurship?
• Which approach is least useful for validating demand before building a full product in a new market?
• The 6-Paths Framework looks across which of the following dimensions?
• Arriving at a cost structure that is both profitable and hard for potential followers to match is called?
• True or False: Mission statements should define the future direction of the company.
• Jack Welch was Chairman of the Board and CEO of which company?
• What is a minimum viable product (MVP) and how should it be used?
• Which of the following was a block to Buyer Utility for automobiles facing consumers when Ford introduced the Model T?
• Blue Ocean strategies are
• Developing a firm's strategy canvas focuses on
• When Henry Ford introduced the Model T in 1908, how many automobile manufacturers were there in the US?
• Which of the following is NOT one of Grenier's Five Stages of Growth?
• In entrepreneurship education, what is the main purpose of a business plan?
• Three characteristics of a good Blue Ocean Strategy are:
• A typical corporate entrepreneurship program should include creating an innovation fair.
• Which of the following is NOT typically considered a go-to-market channel?
• Mohammad Yunus is associated with which field?
• Which option reflects the intrapreneurial development steps to foster intrapreneurship environment?
• Which dimension characterizes an entrepreneurial organization?
• NetJets is an example of a company that used which path?
• Which statement best describes the mission statement?
• Which tool is used to map the current market space in Blue Ocean Strategy?
• In Blue Ocean Strategy, what do companies pursuing value innovation aim to pursue?
• Developing a firm's strategy canvas focuses on which aspect?
• Which statement best differentiates revenue streams from cost structure?
• Novo Nordisk is an example of a company that looked across which path?
• How do you assess market size for a startup idea?
• The strategy canvas maps the current state of play in which market space?
• What is the purpose of a business plan in an entrepreneurship course exam?
• How does IP protection typically apply to startups?
• Which of the following is a "people constraint"?
• Enron is an example of a company that embraces the amoral management model as their business practice.
• What does the option 'All of the above' signify in the context of government entrepreneurship?
• Government entrepreneurs have the ability to bring resources together to exploit social opportunities.
• Describe the concept of customer acquisition cost (CAC).
• Tipping Point Leadership focuses on the people, acts and activities which exercise a disproportionate amount of influence and performance of the entire organization.
• What is a value chain and how does it relate to a business model?
• What is a pivot in entrepreneurship?
• In Blue Ocean Strategy, focusing means
• The term 'air cover' in entrepreneurship refers to someone who does what?