Entrepreneurship: Introductory Concepts Test 1
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The objective portion of this test is designed to assess a student's applied understanding of the key characteristics and models employed by entrepreneurs.
- 1.Nick and Omar were invited to "pitch" a spin-off venture to the Shark Tank. They were offered $250,000 but refused it. Explain why. Be certain to elaborate on how their decision is supported by the entrepreneurial traits you've researched.
- 2.
- 3.The term entrepreneur means:
- A.
One who organizes, manages and assumes the risks of a business or enterprise.
- B.
An individual who provides angel funding to support a start-up venture
- C.
A business owner who is considering going public with his company
- 4.What is the general criteria used to determine if a business qualifies as a small business under the Small Business Administration (SBA) guidelines
- A.
Size of the facility and number of customers
- B.
Revenues and employee count
- C.
The SBA defers to the criteria set by the state in which the business operates
- 5.IRobot designs and builds robots that make a difference in people's lives. They market their cleaning robots as providing faster, smarter ways to get dirty jobs done. This is an example of which general business model:
- A.
Capitalizing on strengths
- B.
Market-First Method
- C.
Problem and Solution Method
- 6.The product and services provided by the Manpack.com entrepreneurial team integrate which of the following models:
- A.
Market-first method
- B.
Problem and solution method
- C.
The personal strength method
- D.
Both A and B
- E.
All of the above
- 7.To be successful, entrepreneurs need to have a DREAM. However, a dream is more than a fleeting wonderful idea. Each of the letters of this acronym take on a specific meaning which is...
- A.
Diversification, Revenue Stream, Effort, Attitude and Marketing
- B.
Differentiation, Realistic, Entrepreneurial, Awareness and Mindshare
- C.
Design, Release, Educate, Analyze and Market
- 8.The F3 in capital refers to angel investors who are willing to provide between $750,000 and $1 million in funding.
- A.
True
- B.
False
- 9.This group of investors is looking to receive a return of 5 times their capital infusion within a 7 year period:
- A.
Seed investors
- B.
Venture capitalists
- C.
Angel investors
- 10.What is the purpose of mezzanine financing:
- A.
To provide gap funding for a company that may not be ready or willing to go public
- B.
To provide a middle tier of funding between seed and angel
- C.
To help a company fund an initial public offering
- 11.The concept of connectivity as it relates to an entrepreneurial venture is critical because it ensures your network systems are integrating properly.
- A.
True
- B.
False
- 12.Omar Soliman's classroom behavior was, from his perspective, misunderstood. Not surprising, his parents received a note stating, "Omar spends all of his class time speaking with the people next him...and he doesn't own the proper calculator or appear to have a book." In retrospect, Omar's behavior to could be reframed to illustrate his demonstration of which of the following entrepreneurial knowledge, skills and/or abilities.
- A.
Connectivity and credibility
- B.
Connectivity and leveraging resources
- C.
Confidence and commitment
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