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MHR 300 Final Exam Questions And All Correct Answers.
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A business plan would best be described as the initial rough sketch of an idea for starting a new venture True False - Answer False The business plan describes all the elements involved in starting the new venture. The business plan describes the venture and its market, strategies, and fut...

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  • October 9, 2024
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  • 2024/2025
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MHR 300 Final Exam Questions And All
Correct Answers.

A business plan would best be described as the initial rough sketch of an idea for starting a new venture



True

False - Answer False



The business plan describes all the elements involved in starting the new venture. The business plan
describes the venture and its market, strategies, and future directions. It often has functional plans for
marketing, finance, manufacturing, and human resources.



Most small business ventures are in the ________ category of the entrepreneurial strategy matrix.



low innovation/high risk

high investment/low risk

low innovation/low risk

high innovation/high risk

high innovation/low risk - Answer Low innovation/high risk



Most small business ventures are in the lower-right quadrant, where innovation is low and risk is high.
They are fairly conventional entries in well-established fields. New restaurants, retail shops, and
commercial outfits involve a sizable investment for the small business entrepreneur and face direct
competition from similar businesses.



Social capital is a competitive advantage in the form of relationships with other people and the image
other people have of you.



True

,False - Answer True



Social capital is a competitive advantage in the form of relationships with other people and the image
other people have of you. Social capital helps entrepreneurs gain access to useful information, gain trust
and cooperation from others, recruit employees, form successful business alliances, receive funding
from venture capitalists, and become more successful.



________ are best described as new venture creators working inside big companies.



Entrepreneurs

Sole proprietors

Knowledge workers

Intrapreneurs

Franchisees - Answer Intrapreneurs



Intrapreneurs are new venture creators working inside big companies; they are corporate entrepreneurs,
using their company's resources to build a profitable line of business based on a fresh new idea.



Protected environments for new, small businesses are known as business incubators.



True

False - Answer True



Business incubators are protected environments for new, small businesses. Incubators offer benefits
such as low rents and shared costs. Shared staff costs, such as for receptionists and secretaries, avoid the
expense of full-time employees but provide convenient access to services.



Skunkworks are project teams designated to produce new, innovative products.



True

False - Answer True

,Skunkworks are project teams designated to produce a new product. A team is formed with a specific
goal within a specified time frame. In this approach to corporate innovation, risk takers are not punished
for taking risks and failing; their former jobs are held for them.



Entrepreneurs, in part because they are very busy, often fail to use ________.



social capital

emotional intelligence

formal control systems

cost competencies

benchmarking - Answer Formal Control Systems



Entrepreneurs, in part because they are very busy, often fail to use formal control systems. One common
entrepreneurial malady is an aversion to record keeping. Pricing decisions are based on intuition without
adequate reference to costs.



Initial public stock offerings provide a way to raise capital through federally registered and underwritten
sales of shares in the company.



True

False - Answer True



Sometimes companies reach a point at which the owners want to "go public." Initial public stock
offerings (IPOs) offer a way to raise capital through federally registered and underwritten sales of shares
in the company.



Bringing buyers and sellers together and charging a commission for each sale is known as the ________
model.



advertising support

transaction fee

, intermediary

affiliate

subscription - Answer Intermediary



The intermediary model has eBay as the premier example, bringing buyers and sellers together and
charging a commission for each sale.



The primary objective of an entrepreneurial venture is to:



reduce the amount of dividends paid.

create a long term relationship with an investment banking firm.

provide non-profit services.

acquire growth and high profitability.

increase the social capital - Answer Acquire growth and high profitability



An entrepreneurial venture has growth and high profitability as primary objectives. Entrepreneurs
manage aggressively and develop innovative strategies, practices, and products.



Organizations that encourage intrapreneurship face the obvious risk that the effort can fail.



True

False - Answer True



Organizations that encourage intrapreneurship face an obvious risk: the effort can fail. One author
noted, "There is considerable history of internal venture development by large firms, and it does not
encourage optimism."



When spotting an opportunity, which of the following possibilities involves capitalizing on new clothing
and music trends, the desire for fast food, and growing interest in sports?

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