Entrepreneurship and Management (GB 370) Gentry Test 1 Practice

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• Which strategy aims to gain competitive advantage by reducing costs?
• Which option is a valid startup KPI focusing on revenue health?
• Strategic planning focuses on how to position the organization to compete in its environment by considering which factors?
• In the BCG Matrix, what two factors are used to evaluate each business?
• Which of the following lists exactly the nine building blocks of the Business Model Canvas?
• In strategic planning, which group is typically responsible for intermediate-range planning to implement the strategic plan?
• Which theorist emphasized that leaders should have a clear vision and communicate it?
• Which resource category includes usable data, info linkages?
• Which strategy best mitigates supplier risk in a small business?
• In the Netflix-Qwikster example, what management behavior is highlighted as important?
• Has five facets for understanding the content of a strategy; the facets are arenas, differentiators, vehicles, staging and pacing, and economic logic.
• Which statement describes the art of management?
• Which role is described as supporting the CEO and ensuring operations run smoothly?
• What does a business plan typically include?
• How is virality defined in marketing, and how should startups design for it?
• Which is Break-even analysis used for?
• If you're a manager, what should you do when employees vent?
• What concept does 'heuristic thinking' refer to in this material?
• A tool for analyzing competition of a business, including 1) threat of new entrants, 2) bargaining power of suppliers, 3) threat of substitutes, 4) bargaining power of buyers, and 5) industry rivals.
• What should you consider when brainstorming?
• What is 'customer validation' and how is it different from 'customer discovery'?
• What framework stands for political, economic, social, technological, environmental, and legal dimensions of an organization's external environment?
• Which term describes a pattern of action that develops over time in an organization in the absence of vision, mission, and goals, or despite missions and goals?
• Which two metrics are compared in the BCG Matrix?
• Why is market size included in a startup pitch deck?
• Warren Bennis is associated with which leadership idea?
• According to the material, what is the average number of hours a typical American works per week?
• What is the role of mentors and advisory boards in early-stage entrepreneurship?
• Which of the following best describes the two dimensions used in the BCG Matrix?
• Which statement best defines entrepreneurship?
• Which concept describes the extent to which a firm owns multiple businesses and the relatedness among them?
• How does the BCG Matrix position each business?
• Which term describes voluntary behaviors employees perform to help others and benefit their organization?
• What dimensions does a feasibility study assess when evaluating a business idea?
• Which practice helps startups design effective teams and avoid common mismanagement pitfalls?
• Which statement about corporations is true?
• Which concept describes the number of different businesses a firm is engaged in and the extent to which these businesses are related?
• Which duties are part of the informational roles of a manager?
• Relative market share is measured relative to what?
• Which description best defines stakeholders?
• Which statement best reflects how founders generally determine equity splits?
• What does lean startup’s build-measure-learn loop emphasize?
• Which statement best defines a value proposition?
• How many paid vacation days are normal Americans entitled to?
• In product development, what does a working prototype primarily demonstrate?
• The term for achieving goals by making the right decisions and successfully implementing them is called
• Which of the following is NOT typically considered a decisional role?
• Conflict in organizations tends to occur when managers try to change too many things at once.
• Which framework analyzes threats of new entrants, supplier power, substitutes, buyer power, and rivalry?
• Which description best defines LTV in the context of customer value?
• Since the 1980s, how has the average American salary changed?
• Which statement about the BCG Matrix is true?
• Which statement best describes the overall impact of small businesses in the economy?
• Compare direct and indirect channels; give examples for each in startup distribution.
• Which resource category includes capital investments to support ongoing and long-term operations?
• Which resource category consists of managerial talent and labor, staff?
• Which pair of metrics determine the BCG Matrix position?
• What is a go-to-market (GTM) strategy and what elements should it include?
• Which metric is typically tracked in early-stage MVP testing?
• Define 'governance' in a startup context and explain its importance.
• When forming a partnership, what document should you draft?
• Which pricing strategies are suitable for startups with low brand awareness?
• What does the LTV/CAC ratio indicate in a startup context, and what is a healthy target?
• Which framework helps a startup decide whether to pivot or persevere?
• Which of the following is a decisional management role?
• What does traction refer to in a startup pitch deck?
• Which of the following is NOT one of Fayol's five functions of management?
• Which sequence describes the management process?
• Power distance is the concept that which?
• Which of the following reflects ethical considerations in startup fundraising and marketing?
• Do small or large businesses usually last longer?
• Which of the following is NOT listed as a fundamental management skill?
• What does CAC stand for in startup metrics?
• An organization's culture map is built on the founder's experiences and includes symbols, stories, heroes, slogans, and ceremonies.
• Theory X proposes that which of the following is true?
• Entrepreneurship is defined as which of the following?
• Which resource category includes usable data and information linkages?
• Which statement helps prioritize investments across a portfolio?
• Which item is a commonly recognized market risk in startups?
• Which of the following is NOT one of Porter’s Five Forces?
• Which are the main components of an operational plan for a new venture?
• Which management approach emphasizes decision making based on intuition and personal insight?
• Define scalability and identify a key indicator that a startup is scalable.
• How is an organization defined?
• What is the best practice for customer discovery interviews?
• How do small businesses typically relate to large manufacturers?
• Organizational citizenship behaviors are defined as what?
• What is a capitalization table (cap table) and why is it important in financing rounds?
• Which concept includes the five facets of arenas, differentiators, vehicles, staging and pacing, and economic logic?
• Which function is the primary responsibility of a marketing manager?
• Which statement describes the BCG Matrix' comparison?
• Which describes focusing on a specific regional market, product line, or group of buyers?
• Which role is primarily associated with supervising scientists or sales staff?
• Which term refers to using planning, realism, and control for one's expectations about the future?
• A virtual organization is best described as which?
• Which concept describes the organization-wide plan of action across markets and industries?
• What is a hallmark of scientific management?
• The BCG Matrix is primarily a tool for what?
• Peter Drucker is known for pioneering which area of management?
• Which statement describes bootstrapping versus external funding and lists common sources of startup capital?
• What is described as the basis of running a small enterprise?
• Which term best describes the extent to which people act predominately as a member of a lifelong group?
• An organization’s culture map includes which elements?
• Which strategy focuses on a narrow market segment to tailor offerings?
• Which statement describes the four functions of management in an entrepreneurial context?
• What is a customer archetype and why is it important?
• Which elements are analyzed in Porter’s Five Forces?
• Firing employees is what to a business?
• What is a major advantage of forming a corporation for owners?
• What is burn rate and how can founders manage cash burn?
• Which factors are included in a PESTLE analysis?
• Which term describes a plan of action from an intended strategy?
• Regarding innovations, which statement is accurate?
• What is SWOT analysis used for in strategic decision-making for a new venture?
• In startup finance, runway refers to how long the company can operate before needing additional funds given current burn rate.
• Which term best describes the function of carrying out the management process—planning, organizing, leading, and controlling resources?
• A specialist manager is most likely to supervise which groups?
• Which framework is used for assessing strengths, weaknesses, opportunities, and threats?
• What does the BCG Matrix evaluate?
• Manager role includes carrying out which action?
• Complete the common market assumption: Customers ________ ________ what they want.
• An leveraged buyout (LBO) is best described as which of the following?
• Why is IRR often more informative than ROI for startup investments?
• Which description best captures the interpersonal roles of a manager?
• Who developed scientific management?
• What term means a bundle of resources and capabilities that provide unique competitive advantages?
• In the described framework, the management process is cyclic and repeats after controlling.
• Which concept denotes the competitive advantage that persists after imitation attempts have ceased?
• Which statement best reflects the basis for running a small enterprise, according to the material?
• Which two dimensions are used by the BCG Matrix?
• When is a pivot typically necessary for a startup?
• What is the primary purpose of the BCG Matrix?
• Which item is NOT typically included in a GTM strategy?
• Which of the following is an example of a decisional role?
• If salaries go up, what tends to rise as well?
• Intangible asset is an asset that can't be physically touched.
• In the management process sequence, which step typically follows planning and decision making?
• Which category of managerial roles includes tasks such as monitoring external information and communicating internally?
• What are the main components of a business plan and how does it differ from a pitch deck?
• Which concept describes the interaction of two or more activities, creating a combined effect greater than the sum of their individual efforts?
• Which term best describes a group of people working together in a structured and coordinated fashion to achieve goals?
• Which concept refers to the bundle of resources and capabilities that provide a competitive edge?
• Which of the following is listed as a fundamental management skill?
• Which are considered organizational resources?
• How do you estimate demand using simple forecasting methods in early-stage ventures?
• What is the role of intellectual property in startups?
• In the Business Model Canvas, which block describes the means of delivering value to customers?
• Which item is NOT typically part of an operational plan for a new venture?
• What is customer discovery and why is it essential in the lean startup approach?
• What is the role of a customer archetype in entrepreneurship?
• What are physical resources?
• Hot desking refers to which arrangement?
• Which forms of intellectual property exist to protect startup innovations?
• Which statement best describes environmental scanning?
• How does cultural entrepreneurship address cross-cultural challenges in scaling globally?
• Which best describes organizational culture?
• What is the purpose of a value proposition canvas?
• Strategic planning involves what activities?
• Which element in a startup pitch deck communicates the amount of funding the founders are seeking?
• Which description matches the responsibilities of the human resources manager?
• Which statement is true about TAM, SAM, SOM?
• Which pair best illustrates the interpersonal managerial role?
• What is the typical role of an administrative manager?
• What is an MVP test plan and what metrics should be tracked in early-stage testing?
• What is the purpose of a SWOT analysis in strategy development?
• Which framework assesses external macro-environmental factors including political, economic, social, technological, environmental, and legal factors?
• Which government act sought to reform corporate governance practices in large US public companies?
• Which term refers to the combination of intended and emergent strategy?
• Which resource category includes raw materials, office and production facilities, and equipment?
• Control is defined as?
• What are the key elements of an effective startup pitch deck?
• Which statement about raising capital is true for corporations?
• What is the core principle of lean startup methodology?
• Which statement defines scalability?
• Which of the following is a startup KPI example?
• Which statement correctly identifies stakeholders?
• What is the primary function of a marketing manager?
• Explain the difference between a working prototype and a fully developed product.
• Which statement best describes revenue streams and cost structure in a business model?
• Which statement is NOT a factor used by the BCG Matrix?
• Which statement is incorrect about MVP?
• Which statement best describes virality in marketing?
• How many categories of organizational resources are listed in the material?
• Which statement best differentiates opportunity-driven entrepreneurship from resource-driven entrepreneurship?
• Explain break-even analysis and how to compute the break-even point in units.
• In the normal innovation setup, which sequence is correct?
• Which term best describes the manager role that involves leading and encouraging productivity?
• Which statement best defines a small business?
• Why is it important to manage organizational culture, especially regarding change?
• What differentiates social entrepreneurship from traditional for-profit entrepreneurship?
• Southwest Airlines reportedly got people to buy by which approach?
• Operational planning is best described as...
• When competition for work increases, which skills are emphasized?
• Which concept is the set of strategic alternatives that an organization chooses from as it manages its operations across several industries and several markets?
• What is a common interaction between small businesses and large manufacturers?
• Small businesses' role in job creation includes which of the following?
• Small businesses represent a large share of U.S. exporters. Which percentage is correct?
• Explain the difference between revenue growth and profitability; why both matter.
• Which term refers to plans that an organization intends to implement, often negotiated and adjusted during formulation?
• Power distance is defined as which?
• Describe the concept of a minimum viable product (MVP) and its role in customer discovery.
• What is the main concern of a financial manager?
• Which activity is listed as one of the three approaches to inventing?
• Which term refers to a competitive advantage that will exist after all attempts at strategic imitation have stopped?
• Effectively attaining goals is defined as ...
• Which statement best contrasts skills-based leadership with team-based leadership in entrepreneurship?
• How do you assess market size using TAM, SAM, and SOM? Define each.
• Organizational citizenship behaviors are best described as which?
• Which statement about innovations is supported by the material?
• What are the core steps of risk management in startups?
• Which of the following is NOT listed as an approach to inventing?
• Organize is defined as?
• Which phrase describes Americans' work hours in the material?
• What is the difference between ROI and IRR in capital budgeting for startups?
• More than 98% of employees have fewer than how many employees?
• Operations manager is primarily responsible for which activities?
• Human resources manager is responsible for which?
• VRIO stands for valuable, rare, inimitable, and organization.
• What is considered best practice in conducting customer discovery interviews?
• Small businesses have a strong presence in which economies?
• What strategic move do Netflix and Qwikster reportedly undertake?
• Which term describes the process of negotiation, bargaining, and compromise in strategy development?
• Relative market share refers to what?
• Which concept represents the combination of intended and emergent actions into what actually occurs?
• Which statement describes qualitative market research?