MANA 3325-003 Spring 2022 - Exam 1 Study Guide
Chapter 1: Foundations of Entrepreneurship
-Types of entrepreneurs
-Characteristics of entrepreneurs
-Pitfalls and drawbacks of entrepreneurship
Chapter 2: Ethics and Social Responsibility
-Stakeholders
-Causes of ethical lapses
-Code of ethics
-Company credo
Chapter 3: Creativity and Innovation
-Creativity vs innovation
-Ways of protecting intellectual property
Chapter 4: Feasibility Analysis & Designing a Business Model
-Four elements of a feasibility analysis
-Porter’s Five Forces Model
Chapter 5: Crafting Business Plan & Strategic Plan
-Two major functions of a business plan
-Key elements of a business plan
Chapter 6: Forms of Business Ownership
-Advantages and disadvantages of each form of business ownership
-Liability and tax implications of different business forms
Chapter 7: Buying an Existing Business
-Questions to ask before buying an existing business
-Advantages and disadvantages of buying an existing business
Chapter 8: Franchising
-Types of franchising
-Benefits and drawbacks of franchising
-Prominently franchised industries
Chapter 10: E-Commerce
-Attracting and retaining online customers
-Designing websites
-Search engine optimization
-Web analytics
-Web security
ESSAY SAMPLE QUESTIONS
Short Answer Questions: Answer in three to four sentences. (10 points each)
Example: Discuss what copyrights are and what is covered under them.
A copyright is a form of tangible intellectual property protection that grants to the owner
of a work of authorship the legal right to determine how the work is used and to obtain
the economic benefits from the work. This includes literary and musical work. The
length of protection is the life of the creator plus 70 years.
Scoring Rubric
-Appropriately explains copyright - 5 Points
-Provides appropriate discussion of what materials copyright covers - 5 Points
Essay Question: Answer in one to two paragraphs (10 points).
Example: Explain the primary purposes of a business plan and why every firm needs
one. Give examples of an existing business model.
A business plan shows the recipe for how a firm intends to create its product or service,
deliver it to customers, and capture value for its stakeholders. It describes how the core
aspects of what it does fit together and complement one another. A firm's business plan
also is important in attracting funds from potential lenders and investors. Business
models are fundamental to a firm's ability to succeed both in the short and long term.
Dropbox, for example, has what's referred to as a freemium business model. It offers
customers a free account with a set amount of storage space, and makes money by
selling premium accounts with more capacity. Dropbox could charge all of its users a
monthly fee based on the amount of storage that they use, but that's not its business
model. Its business model is based on the belief that by introducing users to its service
through a free account, it will ultimately sign up more paid users.
Scoring Rubric
-Provides appropriate explanation of a business model - 5 Points
-Provides appropriate explanation why a firm needs to have a business - 5 Points
Test Format
A. 15 multiple choice (8 points each)
B. 2 short answers (10 points each)
C. 1 essay (10 points)
D. Time limit: 3 hours