1 ALL MID TERM PAPERS OF ENTREPRENUERSHIP 8 Mid Term

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ALL MID TERM PAPERS OF ENTREPRENUERSHIP

8 Mid Term Papers MGT602 http://www.vustudents.net

Question No: 1 ( Marks: 1 ) - Please choose one

Individuals who help the entrepreneur in business activities are called:

►

Role models

►

Moral support networks

►

Professional support networks

►

Business support networks


Following are the problems in developing the economies EXCEPT :

►

Gap of knowledge

►

Variable rate of return

►

Same communication style Page No. 27

►

Different accounting system


Which one the following is the best protection against product liability?

►

Avoid negligence

►

Warn consumers of any potential hazards Page No. 47

►

Give warranty

►

Avoid misrepresentation


Which one of the following reviews the trends and competitive strategies?

►

Environmental analysis Page No. 52

►

Product forecast

►

Contingency plan

►

Industry analysis


A utility patent has a term of:

►

10 years

►

40 years

►

20 years Page No. 40

►

80 years http://www.vustudents.net


Which of the following body issues patents?

►

GATT

►

NAFTA

►

FTA

►

PTO Page No. 40


Which of the following is a more structured method of problem solving, including principles and rules for concept formation, making observations and experiments, and finally validating the hypothesis?

►

Scientific method Page No. 38

►

Heuristics

►

Attribute listing

►

Value analysis


Which one of the following gives suggestions for new product and also help to market new products?

►

Existing products and services

►

Distribution channels Page No. 35

►

Federal government

►

Consumers


GATT is established in 1947, under:

►

German leadership

►

French leadership

►

U.S. leadership (Not Sure)

►

U.K. leadership


Factors contribute to the creation of new venture EXCEPT:

►

Government

►

Finance

►

High interest rates

►

Role models


A foundation company is formed through which of the following?

►

Fashion

►

Most popular business

►

A winding up company

►

Research and development Page No. 7

2 http://www.vustudents.net


Which one of the following is the primary cause of failure in small businesses?

►

Poor financial control

►

Poor location

►

Management mistakes

►

Improper inventory control

Ref: http://www.moyak.com/papers/small-business-failure.html think that fact speaks for itself," says Jonathan Goldhill, a small-business consultant and former director of an economic development center in California's San Fernando Valley. "I would say that the primary reason for failure of startups within three years is usually...management's failure to act, or management's failure to react, or management's failure to plan ."


Which of the following is a fourth step in the entrepreneurial process?

►

Developing successful business ideas

►

Deciding to become an entrepreneur

►

Growing the entrepreneurial firm

►

Moving from an idea to an entrepreneurial firm

Ref: http://wps.prenhall.com/bp_barringer_entrep_1/29/7476/1913875.cw/content/index.html


Which one of the following is NOT a phase of entrepreneurial process?

►

Identification and evaluation of opportunity

►

Development of business plan

►


►

Determination of required resources


Which

3 one of the following is not the intrapreneurial leadership characteristic?

►

Understands environment

►

Encourage the team work

►

Not flexible

►

Persistent

Question No: 16 ( Marks: 1 ) - Please choose one of the following system is necessary for expansion or elimination of intrapreneurial units?

►

Management (check plz)

Which http://www.vustudents.net

►

Evaluation

►

Reward

►

Training

Ref: http://www.rcktmom.com/njlworks/Spst541MgtANAL_NJL.html

This expansion is attained through the infusion of the intrapreneurial management strategy


Which of the following factor does not affect a person for being an entrepreneur?

►

Nationality

►

Education

►

Personal values

►

Work history


4

Professional support network includes all of the following EXCEPT :

►

Personal affiliations

►

Mentor

►

Trade associations

►

Friends Page No. 24


Following are the types of foreign direct investment EXCEPT :

►

Joint venture

►

Management contracts Page 29

►

Minority interest

►

Merger


Following are the types of non-equity arrangements EXCEPT:

►

Licensing

►

Management contracts

►

Direct export Page28

►

Turnkey projects


According to which of the following, an entrepreneur is the person who brings resources, labor, materials and other assets into combinations that increase their value?

►

Economist Page No. 4

►

Psychologist

►

Businessman

►

Sociologist http://www.vustudents.net

5


Which of the following abilities must be possessed by an entrepreneur?

►

Creative

►

Conceptualization

►

Understanding environment

►

All of the given options


Which of the following options can be very helpful to start-up new ventures?

►

Seed Capital

►

Infrastructure

►

Technology

►

Experience

Google Search: New ventures needing capital must depend on a well documented and frequently updated plan. The objectives are two fold.

First , to give prospective investors a realistic valuation of the feasibility and risks involved with a thorough analysis of capital needs and applications. Secondly , to provide the entrepreneurial team with a detailed operational guideline

WikiPedia: Venture capital (also known as VC or Venture ) is provided as seed funding to early-stage, high-potential, growth companies and more often after the seed funding round as growth funding round


According to Henning and Jardim, female executives tend to be the firstborn. Which of the following supports this research?

►

Because firstborn has to be more responsible

►

Because firstborn needs special care

►

Because firstborn tends to be more flexible

►

Because firstborn receives special attention (Not Sure)


In terms of personality, there are strong similarities between men and women entrepreneurs. Which of the following does not refer to this statement?

►

Both are energetic

►

Both are goal oriented (Not Sure)

►

They want to be independent

►

Males are more confident than women


Which of the following businesses women entrepreneurs prefer to start?

►

Manufacturing

►

Construction

►

Educational services

►

High-technology fields


“Paying for goods indirectly through another source” refers to: http://www.vustudents.net

6

►

Barter

►

Trading

►

Third-party arrangement Page No. 33

►

Balance of payment


Which of the following best defines “diversified activity merger”?

►

It refers to combining two firms with noncompeting products

►

It refers to forming a third company by combining two companies

►

It refers to combining at least two totally unrelated firms Page No. 29

►

It refers to combining at least two firms at different market levels

Question No: 29 ( Marks: 1 ) - Please choose one of the following statements best defines “brainstorming”?

►

It refers to groups of individuals providing in a structured format

►

It refers to a group method for obtaining new ideas and solutions Page 37

►

It refers to a method for obtaining new ideas and solutions by focusing on problems

►

It refers to a method for obtaining new ideas focusing on the parameters

Which


Identify the statement which refers to “licensing”.

►

It grants holder protection from others making, using or selling similar idea

►

It may be a word, symbol, design or some combination that identifies the source of certain goods

►

It protects original works of authorship

►

It is a contractual agreement giving rights to others to use intellectual property in return for a royalty or fee Page No. 49


Which of the following denote no relationship between the mark and the goods or services?

►

Coined marks Page No.45

►

Arbitrary marks

►

Suggestive marks

►

Descriptive marks


Which of the following trademarks is used to suggest certain features, qualities, ingredients or characteristics of a product or service?

►

Coined mark

►

Arbitrary mark

►

Suggestive mark Page No. 45

►

Descriptive mark


Data that support the opportunity for the venture should be briefly stated in the executive summary. If this venture is an internet business, all of the following facts should be stated by an entrepreneur

EXCEPT: http://www.vustudents.net

►

Growth in the number of internet users

►

Growth in the average amount of time spent on the internet

►

Growth in sales dollars generated on the internet

►

Growth rate of population


Which of the following make the business plan difficult to control and implement?

►

Too general goals and objectives

►

Too specific goals and objectives

►

Realistic goals and objectives

►

None of the given options (Not Sure)

Question No: 35 ( Marks: 3 )

Describe any three issues that should be addressed in executive summary.

Executive Summary

This is prepared after the total plan is written. It should be three to four pages in length and should highlight the key points in the business plan. The summary should highlight in a concise manner the key points in the business plan. Issues that should be addressed include:

1. Brief description of the business concept

2. Any data that support the opportunity for the venture.

3. Statement of you this opportunity will be pursued.

4. Highlight some key financial results that can be achieved Because of the limited scope of the summary, the entrepreneur should ascertain what is important to the audience to whom the plan is directed


Briefly discuss the status of entrepreneurship in Europe.

THE FUTURE OF ENTREPRENE URSHIP

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In spite of the differences in definition of entrepreneurship, there are common aspects such as risk taking, creativity, independence, and rewards. Entrepreneurship is currently being embraced by educational institutions, governments, societies, and corporations. Schools are increasing their emphasis on entrepreneurship in terms of courses and academic research. In Europe many universities have started programs in entrepreneurship.

There has also been an increase in academic research, endowed chairs and centers of entrepreneurial activity. Governments have also promoted the growth of entrepreneurship. Individuals are encouraged to form new businesses and provided tax incentives, roads, and a communications system to facilitate this creative process. Some state governments are developing strategies for fostering entrepreneurial activity.

The venture capital industry has benefited from lowering of capital gains tax rates and more relaxed rules regarding pension fund investment.

Society’s support of entrepreneurship is critical in providing motivation and public support. The media has played a powerful role in developing public support. Media coverage uplifts the image of the entrepreneur and growth companies. Articles have appeared in newspapers such as New

York Times, The Wall Street Journal, and the Washington Post. Business magazines such as

Barrons, Business Week, Forbes, and Fortune have provided coverage. Magazines such as Black

Enterprise, Entrepreneur, Inc., and Venture focus on issues of the entrepreneurial process.

Television on both a national and local level has highlighted entrepreneurship. http://www.vustudents.net

8

Large companies will continue to have a special interest in Entrepreneurship in the future. The largest 15 companies account for over 20 percent of the total U.S. research and development. Other companies will create more new businesses through Entrepreneurship.


Discuss what kind of information should be mentioned in “description of venture” section of a business plan.

Description of the Venture

The description of the venture should be detailed in this section. This should begin with the mission statement or company mission , which describes the nature of the business and what the entrepreneur hopes to accomplish. The new venture should be described in detail, including the product, location, personnel, background of entrepreneur, and history of the venture. The emphasis placed on location is a function of the type of business. Maps that locate customers, competitors, and alternative locations can be helpful. If the building or site decision involves legal issues, the entrepreneur should hire a lawyer. http://www.vustudents.net

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MIDTERM EXAMINATION

Spring 2010

MGT602- Entrepreneurship (Session - 2)

Time: 60 min

Marks: 47


The level at which an individual is viewed by society is called:

►

Financial status

►

Qualification

►

Social status

►

Achievement


Which one of the following is the next stage to the Concept Stage of Product Planning and Development

Process?

►

Idea Stage

►

Product Planning Stage

►

Product Development Stage

►

Test Marketing Stage


Which one of the following is NOT included in four C’s evaluation by lender?

►

Character

►

Cost

►

Continuity

►

Contribution


Which of the following is NOT essential part of the contract?

►

All the parties involved should be named

►

Transaction should be described in detail

►

Obtain signatures of the persons involved

►

Place where contract takes place


Which one of the following is the way by which an entrepreneur can enter into international business?

►

Export

►

Non equity arrangements

►

Direct foreign investment

►

All of the given options http://www.vustudents.net

10


The entrepreneur was distinguished from capital provider in:

►

Middle ages

►

18 th century

►

17 th century

►

19 th

and 20 th

century


Andrew

Carnegie is an example of entrepreneur of which century:

►

Earliest period

►

19 th and 20 th century

►

Middle ages

►

17 th

century

Question No: 8 ( Marks: 1 ) - Please choose one of the following two work environments should be good for spawning the new enterprises?

Which

►

Finance and marketing

►

Finance and R&D

►

Marketing and R&D

►

Marketing and IT


Most of the finance for the new firm comes from following resources EXCEPT :

►

Friends

►

Foreign aid

►

Relatives

►

Personal savings


What is the process by which individuals pursue opportunities without regard to resources they currently control?

►

Startup management

►

Entrepreneurship

►

Financial analysis

►

Feasibility planning


Which one of the following is a firm that achieves modest growth?

►

High potential growth firm

►

Foundation firm

►

Life style http://www.vustudents.net

11

►

Public company


Which of the following factors is the most important in forcing U.S companies to focus on new product development and increased productivity?

►

Entrepreneurship

►

Hyper competition

►

Governmental laws

►

Organizational culture


Which of the following typical culture has a climate and reward system that favors conservative decision making?

►

Entrepreneurial

►

Intrapreneurial

►

Corporate Page 16

►

None of the given options


What takes place during the product-evolution process?

►

Innovation is developed and commercialized through entrepreneurial activity Page8

►

The product/service is evaluated and any scope of further development is charted

►

The business branches into separate units of development and marketing

►

The product/service is evaluated to identify its global marketability


All the following qualities are requisites for an entrepreneur Except:

►

Driven by perception of opportunity

►

Learning from business failure

►

Cognitive adaptability

►

Effectuation


Which one of the following factor does not differ in motivating male and female entrepreneurs?

►

Independence page22

►

Money

►

Job satisfaction

►

Opportunity


Female entrepreneurs differ from male entrepreneurs in terms of all of the following EXCEPT : http://www.vustudents.net

12

►

Motivation Page22

►

Business skills

►

Departure point

►

Goal orientation


Which one of the following may need the business plan?

►

Employees

►

Investors page50 – (need to check)

►

Advisors

►

All of the given options


Which of the following refers to new products with some technological change?

►

Ordinary innovation

►

Technological innovation

►

Breakthrough innovation Page5

►

Technical innovation


Which of the following is/are known as barriers to new product creation and development?

►

Trial and error

►

Opportunity parameters page13

►

Opportunity cost

►

Intrapreneurial culture


According to research, when do the female entrepreneurs tend to start their first significant venture?

►

In their mid 20s

►

In their mid 30s

►

In their mid 40s

►

In their mid 50s


Which of the following statements describes “International entrepreneurship”?

►

It is the process of an entrepreneur conducting business activities across national boundaries page27

►

It is the process of an entrepreneur conducting business activities within the national boundaries

►

It is an innovative corporate management style that encourages employees within an organization to create new product ideas

►

It is a business structure in which an individual and his company are considered a single entity for tax and liability purposes

Question No: 23 ( Marks: 1 ) - Please choose one http://www.vustudents.net

13

Which of the following best describes the term “indirect exporting”?

►

It refers to selling goods made in one country to another country

►

It refers to buying and selling of commodities

►

It refers to a commercial activity of buying and bringing in goods from a foreign country

► It refers to selling goods to another country through a person in the entrepreneur’s home country


Identify the term which best describes the term “management contracts”?

►


►

It refers to buying and selling of commodities

►

It is a commercial activity of buying and bringing in goods from a foreign country

►

It is method of doing specific international task Page33


Which of the following best defines “minority interest”?

►

It refers to having less than 50 percent ownership position Page33

►

It refers to forming a third company by combining two companies

►

It refers to having more than 50 percent ownership position

►



In which of the following centuries the people of Malaysia peninsula were converted from Islam?

►

14 th

century

►

15 th century

►

16 th

century

►

17 th

century

Ref Wiki: By the end of the 14th century, Islam controlled isolated pockets, particularly ports eg Sumatra, north coast of Java but had little penetration to the interior. King

Parameswara of Srivijaya who became the ruler of Malacca (Malaysia) in 1410 , apparently converted to Islam leading to

Islam’s spread via conquest over a century while Malacca became the centre of Islam in SE Asia (Khan p 139).


Identify the statement which best defines “reverse brainstorming”.

►

It refers to groups of individuals providing in a structured format

►

It refers to a group method for obtaining new ideas focusing on the negative (Not Sure-

I select due criticism is allowed)

►

It refers to a method for individuals to solve problems through one of four mechanisms

►

It refers to a method for developing new ideas when the individuals are unaware of the problem


Identify the statement which best defines “checklist method”

►

It refers to developing a new idea through a list of related issues

►

It refers to a group method for obtaining new ideas focusing on the negative

►

It refers to a method for individuals to solve problems through one of four mechanisms http://www.vustudents.net

14

►

It refers to a method for developing new ideas when the individuals are unaware of the problem


Which one of the following is a method for obtaining new ideas and solutions by focusing on problems?

►

Problem inventory analysis Page37

►

Gordon method

►

Checklist method

►

Scientific method


Which of the following statements best defines “forced relationship”?

►

It refers to developing a new idea through a chain of word associations

►

It refers to developing a new idea by looking at product combinations Page38

►

It refers to developing a new idea through inquiry and testing

►

It refers to developing a new idea by evaluating the worth of aspects of ideas


How many major stages of “product planning and development process” are there?

►

Four

►

Five Page41

►

Six

►

Seven


Which of the following denote no relationship between the mark and the goods or services?

►

Coined marks Page45

►

Arbitrary marks

►

Suggestive marks

►

Descriptive marks


A design patent has a term of:

►

20 years

►

14 years Page43

►

10 years

►

40 years


Lenders focus on four Cs of credit. Identify which of the following is NOT included in those four Cs.

►

Character

►

Cash flow

►

Collateral

►

Code of ethics http://www.vustudents.net

15


Briefly discuss licensing and its benefits.

LICENSING:- Licensing is an arrangement between two parties, where one party has proprietary rights protected by a patent, trademark, or copyright. This requires the licensee to pay a royalty to the holder of the proprietary rights in return for permission to copy the patent. Licensing has significant value as a marketing strategy to holders of patents.

Benefits

Licensing can increase revenues, without the risk and costly start-up investment. Licensing can also be a way to start a new venture when the idea may infringe.


What is a business plan and what purpose does it serve?

Phase 2: Develop a Business Plan

A good business plan must be developed in order to exploit the opportunity defined. A good business plan is important in developing the opportunity and in determining the resources required, obtaining those resources and successfully managing the venture.

The business plan is valuable to the entrepreneur and investors because:

1. It helps determine the viability of the venture in a designated market.

2. It gives guidance in organizing planning activities.

3. It serves as an important tool in obtaining financing. Potential investors are very particular


Discuss the role of “export management firm” in indirect exporting.

Exporting

As a general rule, an entrepreneur starts doing international business through exporting.

Indirect exporting involves a foreign purchaser in the local market or using an export management firm. For certain commodities, foreign buyers seek out sources of supply. Export management firms, another indirect method, are located in many commercial centers.

Direct exporting through independent distributors or through one’s own overseas sales office is another entry method. An independent foreign distributor directly contacts foreign customers and takes care of all technicalities.

Entrepreneurs who do not wish to give up control over marketing can open overseas sales offices and hire their own salespeople. http://www.vustudents.net

16


Spring 2010


Time: 60 min

Marks:

Question No: 1 (Marks: 1) - Please choose one A typical inventor is usually ________________________.

► Highly creative & in love with the invention

► Does not encourage change

► Willing to modify the invention in order to augment commercial benefit

► None of the given options


Being one’s own boss is a need of:

► Independence

► Achievement

► Affiliation

► Authority


The difference between the value of a country’s imports and exports over time is called:

► Deficit exports

► Deficit imports

► Balance of payment

► Balance of debt http://www.vustudents.net


A/an

______ is an online connection between the company and its customers.

► Internet advertising

► Website

► E-Commerce

► World Wide Web


Which of the following grants protection to owner from anyone else making, using and selling the identified innovation?

► Utility patent

► Design patent

► Plant patent

► International patent


All of the following are essentials to maintain secrecy, EXCEPT:

► Train employees to refer sensitive questions to one person

► Discuss business in public places

► Provide escorts for all office visitors http://www.vustudents.net

► Use simple security such as locked file cabinets


17

Who should prepare the business plan?

► Entrepreneurs

► Consultants

► Engineers

► Small business administration services http://www.vustudents.net



► GATT

► NAFTA

► FTA

► PTO


The product life cycle starts with which stage of product planning and development process?

► Test marketing stage

►

Product development stage

► Commercialization stage

► Product planning and development process is a part of product life cycle


Developing a new idea through inquiry and testing is called:

► Heuristics

► Forced relationship

► Scientific method

► Value analysis



► Existing products and services

► Distribution channels

► Federal government

► Consumers


Trade barriers cause:

► Increase in cost

► Decrease in cost

► Increase in profit



A person who managed large project was termed as the entrepreneur in the _________. http://www.vustudents.net

18

► Earliest period

► Middle ages

► 17 th century

► 19 th

and 20 th

century http://www.vustudents.net


Which of the following is NOT a potential cost of becoming an entrepreneur?

► Financial reward

► Long hours

► Financial insecurity

► Loneliness


Factors contribute to the creation of new venture EXCEPT:

► Government

► Finance

► High interest rates

► Role models



► Friends

► Foreign aid

► Relatives

► Personal savings



► Startup management

► Entrepreneurship

► Financial analysis

► Feasibility planning


Which of the following is NOT included in the opportunity evaluation process?

► Length of the opportunity

► Real and perceived value of opportunity

► Goals and objectives of customers

► Risks and rewards of opportunity


The difference of the entrepreneurial and managerial domains has contributed towards an increase interest in which of the following?

► Forming new firms

► Partnership

► Intrapreneurship

► Private firms


19

Which is the most common cause of business failure?

► Insufficient capital

► Unstable market

► Insufficient experience http://www.vustudents.net

► Poor entrepreneurship


In which one of the following countries the entrepreneurial success has been significant because of the culture, the political and economic systems?

► European countries

► Asian countries

► Far East countries

► Middle East countries


Moral support network includes all of the following EXCEPT :

► Spouses

► Friends

► Business associates

► Relatives


Professional support network includes all of the following EXCEPT :

► Personal affiliations

► Mentor

► Trade associations

► Friends

Question No: 24 (Marks: 1) - Please choose one

The former USSR received technology and syrup from Pepsi and provided it with Soviet vodka and rights to distribute it in the US. This is an example of:

► Economic development

► Barter system

► Balance of payment

► International trade


__________ is prepared on the bases of levels of the internal structure of the business.

► Organizational Plan

► Production Plan

► Marketing Plan

► Financial Plan



► Creative

► Conceptualization

► Understanding environment

► All of the given options http://www.vustudents.net

20


Which of the following is NOT a guiding principle in a traditional corporate culture?

► Follow given instructions

► Take responsibility and ownership

► Do not take initiative

► Do not make mistakes

Question No: 28 ( Marks: 1 ) - Please choose one to minimize the negative effect of any disruption in an organization, which of the following

In order characteristics an intrapreneur must possess? http://www.vustudents.net

► He should be diplomatic

► He should be conservative

► He should be autocratic

► He should be authoritative


According to research, when do the female entrepreneurs tend to start their first significant venture?

► In their mid 20s

► In their mid 30s




Which of the following best defines “horizontal merger”?

► It refers to combining at least two firms doing similar businesses at the same market level

► It refers to forming a third company by combining two companies

► It refers to having more than 50 percent ownership position

► It refers to combining at least two firms at different market levels


Which of the following is an example of rising number of women entrepreneurs in China?

► Guau Guarymei

► Wataru Ohashi

► Kazuhiko Nishi

► Li Ka-Shing


Identify the statement which best defines “checklist method”

► It refers to developing a new idea through a list of related issues

► It refers to a group method for obtaining new ideas focusing on the negative

► It refers to a method for individuals to solve problems through one of four mechanisms

► It refers to a method for developing new ideas when the individuals are unaware of the problem


Which of the following best describes “contract”?

► It refers to a legally binding agreement between two parties

► It grants holder protection from others making, using or selling similar idea

► It may be a word, symbol, design or some combination that identifies the source of certain goods

► It refers to a legal document giving official permission to do something http://www.vustudents.net

21


Which of the following is the title or cover page that provides a brief summary of the business plan’s content?

► Introductory page

► Executive summary

► Environmental and industry analysis

► Description of venture


How the business plan is presented to potential investors?

The description of the venture should be comprehensive. This should begin with the mission statement or company mission , which describes the nature of the business and what the entrepreneur hopes to accomplish. The new venture should be described in detail, including the product, location, personnel, background of entrepreneur, and history of the venture. The emphasis placed on location is a function of the type of business. Maps that locate customers, competitors, and alternative locations can be helpful. Then the marketing plan describes how the products will be distributed, priced, and promoted. Potential investors regard the marketing plan as critical to the venture’s success.


Which factors should be studied by entrepreneur to conduct environmental analysis while preparing a business plan? Explain the factors. http://www.vustudents.net

The entrepreneur should first conduct an environmental analysis to identify trends and changes occurring on a national and international level that may impact the new venture. Examples of environmental factors are:

· Economy

· Culture

· Technology

· Legal concerns

Economy: The entrepreneur first wants to know the economic situation of country where he wants to start the business because this has great impact on its success. If economical situation is not stabilizes then investors will not willing to invest with us, which is the first step for every beginning of business.

Culture: It has too much influence on our products which we made. If we produce such thing which is not familiar to people where the business operate there should be loss for. For example; if Bonanza will start to produce Shalwar & Kameez suits in Arab countries who will buy, because in Arab countries there culture is different from us. So, entrepreneur must first look about the culture trends.

Technology: Now a day’s technology changes day to day. Every day or week new inventions is there in market, which help us to make business easy for us. We should keep update ourselves in technology perspective to save more money and produce more.

Legal Concerns: These are important issue for every entrepreneur. As every country have its own and different laws there. Therefore, he/she must be having knowledge about the limitations and permissions from government of that country where he/she want to do business.


While entering into the international market the companies usually have strategic planning process.

What should be considered in the strategic planning?

Strategic Planning offers ideas on how to match the organization’s design to its products and capabilities, goals and resources. This process is much easier to execute once you have obtained a basic knowledge of exporting value-added food products, understand the marketing research process, and analyzed the elements of the marketing mix. Proper organization, both internally and externally, allow the firm to become more efficient in its operations and expansion.

After the information the first step in building a successful export strategy is determining the firm’s readiness to export. The following are guidelines on preparing an export business plan, developing http://www.vustudents.net

22 export marketing skills, designing a template for an export marketing plan and considering marketing tools prior to engaging directly in promotional activities. http://www.vustudents.net

23


Spring 2010

MGT602- Entrepreneurship

Time: 60 min

Marks: 47


Which of the following has not yet been empirically established as a distinguishing characteristic of entrepreneurs?

► Locus of control

► Feeling about independence

► Need for achievement

► Risk taking


A typical inventor is usually ________________________.

► Highly creative & in love with the invention

►

Does not encourage change

►

Willing to modify the invention in order to augment commercial benefit




► Financial status

► Qualification

► Social status

► Achievement


An individual’s need to be recognized is called:

► Need for independence

► Need for affiliation

► Need of fame

► Need for achievement


Which one of the following is an important source of idea generation due to their familiarity with the needs of market?




► Consumers


The concept of World Wide Web pages was developed in:

► 1960s

► 1970s

► 1980s

► 1990s


Which one of the following can serve entrepreneur as a consultant of the business plan? http://www.vustudents.net

► Lawyers

► Accountants

► Marketers

► All of the given options


How many perspectives should be considered while preparing business plan?

► One

► Three

► Four

► Not specific


Which of the following is a powerful marketing tool for expansion of business in new market?

► Licensing

► Product safety

► Insurance

► Copy rights


Which one of the following can be registered under design patent?

► New product

► Original product

► Ornamental

► All of the given options


Which of the following is a characteristic of a good partner?

► Help to achieve goals

► Share entrepreneur’s vision

► Do not exploit the partnership

► All of the given options


Which of the following is a method of selling goods to another country by taking care of transactions?

► Indirect exporting

► Direct exporting

► Importing

► Management contract


Which one of the following is the way by which an entrepreneur can enter into international business?

► Export

► Non equity arrangements

► Direct foreign investment



24

25


► Friends

► Foreign aid

► Relatives



Which one of the following receives highest investment?

► Public company

► Life style

► High potential venture

► Foundation firm


Which of the following is a second step in the entrepreneurial process?

► Developing successful business ideas

► Deciding to become an entrepreneur

► Growing the entrepreneurial firm

► Moving from an idea to an entrepreneurial firm



► Length of the opportunity

► Real and perceived value of opportunity

► Goals and objectives of customers

► Risks and rewards of opportunity


Which one of the following is true regarding female entrepreneurs?

► Currently the number of companies owned by female entrepreneurs exceeds those owned by their male counterparts

► Women-owned businesses grow thrice that national rate for all private companies

► 53 percent of all private companies are women-owned businesses

► One-third of women-owned businesses are connected with health care and social services


All of the following are true regarding male entrepreneurs EXCEPT:

► Typically most male entrepreneurs are first-borns

► Dissatisfaction with present job is a departure point for a male entrepreneur

► Male entrepreneurs mostly have a occupational background of middle-management or administrative-experience in the field

► Male entrepreneurs tend to be opinionated and persuasive in their approach


In terms of chronological age, most entrepreneurs initiate their entrepreneurial carrier between ages of:

► 15 and 22

► 22 and 45

► 45 and 57

► 57 and 63 http://www.vustudents.net

26


It has been observed that usually the entire country is organized under single:

► Economic system

► Culture

► Living standard

► Legal environment


Following are the types of non-equity arrangements EXCEPT:

► Licensing

► Management contracts

► Direct export

► Turnkey projects



► Creative

► Conceptualization

► Understanding environment



An individual’s desirability to form a new venture depends upon all of the following Except:

► Culture

► Family

► Teachers

► Personal savings


Identify the type of innovation which refers to new products with significant technological advancement.

► Ordinary innovation

► Technological innovation

► Breakthrough innovation

► Technical innovation


“Management of enterprise” is an important aspect of entrepreneurial process. Which involves all of the following EXCEPT:

► Implementation of a management style

► Determination of key variables for success

► Implementation of control system

► Creation of opportunity


Which of the following is NOT a goal of an intrapreneurial culture?

► To take responsibility and ownership

► To be rewarded for actions taken http://www.vustudents.net

► To develop visions, goals, and action plans

► To follow given instructions

27


Which of the following best defines “minority interest”?

► It refers to having less than 50 percent ownership position

► It refers to forming a third company by combining two companies

► It refers to having more than 50 percent ownership position

► It refers to selling goods made in one country to another country


Which of the following techniques is an excellent method for initial screening of ideas and concepts?

► Focus group

► Problem inventory analysis

► Brain storming

► Reverse brainstorming


Which of the following is an idea generation method that focuses on parameters?

► Brainstorming


► Creative problem solving

► Synectics


Which of the following best describes “contract”?

► It refers to a legally binding agreement between two parties

► It grants holder protection from others making, using or selling similar idea

► It may be a word, symbol, design or some combination that identifies the source of certain goods

► It refers to a legal document giving official permission to do something


There are three perspectives that should be considered when preparing the plan. Which of the following does NOT refer to the plan?

► Entrepreneurial perspective

► Marketing perspective

► Investor’s perspective

► Religious perspective


Business plan should be prepared by an entrepreneur. All of the following should be consulted while preparing this plan EXCEPT:

► Lawyers

► Accountants

► Marketing consultants

► General public http://www.vustudents.net

28


Data that support the opportunity for the venture should be briefly stated in the executive summary.

If this venture is an internet business, all of the following facts should be stated by an entrepreneur

EXCEPT:

► Growth in the number of internet users

► Growth in the average amount of time spent on the internet

► Growth in sales dollars generated on the internet

► Growth rate of population


What is copyright? What are its limitations.

COPYRIGHT

A copyright protects original works of authorship. The protection does not protect the idea itself. It allows someone else to use the idea in a different manner. In 1980 the Computer Software Copyright

Act was added to provide explanation of the nature of software protection under copyright law.

Authors of software are protected in a manner similar to authors of artistic works. The idea is not eligible for protection, but the actual software program is eligible. The PTO issues registration for software source codes and object codes programs. Protection of material on the Internet has become an important issue. The New York Time recently claimed that Amazon.com couldn’t use its bestseller list without its permission. Ownership of stock quotes, judicial decision, and real estate postings is also being questioned. Copyrights are registered with the

Library of Congress. All that is needed is the form, two copies of the work, and the appropriate fee sent to the Register of Copyrights. The term of the copyright is the life of the author plus 50 years. In some instances, several forms of protection may be available: trademark, patent, and copyright.


While using brain storming for new idea creation what measures should be taken to acquire a good idea?

Brainstorming

A group method of obtaining new ideas and solutions is called brainstorming. The brainstorming method for generating new ideas is based on the fact that people can be stimulated to greater creativity by meeting with others an d participating with organized group experiences. Although most of the ideas generated from the group have no basis for further development, often a good idea emerges.

CREATIVE PROBLEM SOLVING

Creative problem solving is a method for obtaining new ideas focusing on the parameters.

Brainstorming

The first technique, brainstorming, is probably the most well known and widely used for both creative problem solving and idea generation. It is an unstructured process for generating all possible ideas about a problem within a limited time frame through the spontaneous contribution of participants. All ideas, no matter how illogical, must be recorded, with participants prohibited from criticizing or evaluating during the brainstorming session.

Reverse brainstorming

Similar to brainstorming, but criticism is allowed and encouraged as a way to bring out possible problems with the ideas.

Question No: 37 ( Marks: 5 ) http://www.vustudents.net

29

While developing the web site what characteristics should be kept in mind?

USING THE INTERNET AS A RESOURCE TOOL

Thanks to technology, entrepreneurs are able to access information efficiently, expediently, and at very little cost. The Internet can serve as an important source of information in preparing the business plan. Information on industry analysis, competitor analysis, and measurement of market potential can be located. In addition, the Internet also provides opportunities for actually marketing the new venture’s products. A web site, or home page, typically describes a firm’s history, existing products, background of the founders, and other information to create a favorable image. The web site can be a vehicle for advertising or for direct marketing. Many new ventures use web pages to increase sales contacts and reach potential customers. An entrepreneur can also access competitors’ web sites to gain knowledge of their strategy in the marketplace. To gather information anonymously the entrepreneur can also investigate newsgroups. All that is needed to use these sources is a small investment in hardware and software. http://www.vustudents.net

30


Fall 2009

MGT602- Entrepreneurship

Question No: 1 (Marks: 1) - Please choose one


► Independence

► Achievement

► Affiliation

► Authority


With a commercial history of only 300 years, which country was a new comer to the international arena?

► Japan

► U.S

► China

► U.K


Which of the following is a obstacle to going in international business?

► Mergers

► Trade barriers

► Rivalry

► Protectionist attitudes






► Consumers


Which of the followings is NOT followed in brainstorming?

► Criticism is done by the group members

► The wilder idea is better

► Quantity of ideas is required

► The session should be fun, with no on dominating the discussion


A/an ______ is an online connection between the company and its customers. http://www.vustudents.net

31

► Internet advertising

► Website

► E-Commerce

► World Wide Web


Which one of the following is the next stage to the Concept Stage of Product Planning and

Development Process?

► Idea Stage

► Product Planning Stage

► Product Development Stage

► Test Marketing Stage


All of the following are essentials to maintain secrecy, EXCEPT:

► Train employees to refer sensitive questions to one person

► Discuss business in public places

► Provide escorts for all office visitors

► Use simple security such as locked file cabinets


Licensing is a significant marketing strategy to:

► Use intellectual property of others

► Pirate others’ patents

► Grow the business in new markets

► Control the costs


Which one of the following is the main problem for the entrepreneur in the beginning stages of creating a new venture?

► Lack of experience

► Limited resources

► Lack of education



How many perspectives should be considered while preparing business plan?

► One

► Three

► Four

► Not specific


SBA stands for: http://www.vustudents.net

► Small business accountants

► Small business administration

► Small business adequacy

► Small business advisors


Which one of the following is NOT an environmental factor?

► Economy

► Culture

► Technology

► Competition


Which one of the following guide the firm through the long term decision making?

► Mission statement

► Product forecast

► Industry analysis




► Character

► Cost

► Continuity

► Contribution


For which of the following copy right acquisition is desirable?

► Songs

► Poems

► Models



A utility patent has a term of:

► 10 years

► 40 years

► 20 years

► 80 years



► GATT

► NAFTA

► FTA

► PTO


32

33

Which of the following is a idea generation method that focuses on parameters?

► Brainstorming


► Creative problem solving

► Synectics



► Heuristics

► Forced relationship

► Scientific method

► Value analysis

Question No: 21 ( Marks: 1 ) - Please choose one

Which one o f the following is NOT included in four C’s evaluation by lender?

► Character

► Cost

► Continuity

► Contribution



► Help to achieve goals

► Share entrepreneur’s vision

► Do not exploit the partnership



Having more than 50% ownership position that provides the entrepreneur with managerial control is called:

► Joint venture

►

Majority interest

► Horizontal merger

► Diversified activity merger


Which one of the following is a sound strategic option for an entrepreneur when synergy is present?

► Merger

► Joint venture

► Minority interest

► Majority interest


Which of the following is a method of selling goods to another country by taking care of transactions?

► Indirect exporting http://www.vustudents.net

►

Direct exporting

► Importing

► Management contract

.


Following are the types of non-equity arrangements EXCEPT:

► Licensing

► Management contracts

► Direct export

► Turnkey projects


Andrew Carnegie is an example of entrepreneur of which century:

► Earliest period

► 19th and 20th century

► Middle ages

► 17th century


A person who managed large project was termed as the entrepreneur in the _________.

► Earliest period

►

Middle ages

► 17th century

► 19th and 20th century


In some countries, point of purchase displays are not allowed in retail stores. Such differences are studied by international entrepreneurs under __________.

► Economic Environment

► Political Environment

► Cultural Environment

► Technological Environment


Which of the following factor is most important in forming a new business?

► Finance

► Marketing

► Government support

► Family support


Most of the finance for the new firm comes from following resources EXCEPT:

► Friends

► Foreign aid

► Relatives



Which one of the following is the process of entrepreneurs developing new products that over time make current products obsolete?

► New business model


35

► Anatomization

► Creative destruction



The intersection of knowledge and a recognized social need to start a product development process is called which of the following?

►

Iterative synthesis

► Product-evolution process

► Ordinary innovation

► Situation analysis



► Fashion

► Most popular business

► A winding up company

►

Research and development




► Hyper competition

► Governmental laws

► Organizational culture


Which of the following is required for a company that wants to be more flexible in adopting changes?

► Management commitment

► Contact with customers

► Technology

► More productivity


Which of the following areas are preferred by women entrepreneurs?

► Administration

► Utilities

► Manufacturing

► None of the above


Individuals influencing an entrepreneur’s career choice and style are known as which of the following?

► Role model

► Moral-support network

► Professional support network

► Support system


An entrepreneur is also successful in international business as well if he understands: http://www.vustudents.net

► Difference of domestic and international business

► Domestic business

► International business



Which of the following is NOT an important aspect of international success?

► Planning

► Diversification

► Reporting

► Control


37


Spring 2009


Time: 60 min

Marks: 50


Which of the following has not yet been empirically established as a distinguishing characteristic of entrepreneurs?

► Locus of control

► Feeling about independence

► Need for achievement

► Risk taking



► Financial status

► Qualification

► Social status

► Achievement


Which one of the following is a business arrangement in which someone else is allowed to use something of the company?

► Patent

► Trade mark

► Copy right

► Licensing


Which of the following method entrepreneur can use to do international business with least risk?

►

Turnkey projects

► Joint venture

► Merger

► Synergy


A company dealing in beer has a merger with cigarettes manufacturing firm. This merger is called:

► Horizontal merger

► Product extension merger

► Market extension merger

► Vertical merger






► Consumers http://www.vustudents.net

38


Members of distribution channels are excellent sources for new ideas because:

► They are familiar with the needs of the market

► They earn a handsome profit from new business

► They do not bother if entrepreneur bears a loss

► They have well-developed sales force


Which one of the following is the most important characteristic of a successful business websit?

► Speed

► Innovation

► Graphics

► Products


Which one of the following is the next stage to the Concept Stage of Product Planning and

Development Process?

► Idea Stage

► Product Planning Stage

► Product Development Stage

► Test Marketing Stage


According to the governing bodies of common laws, the life of trade secret is:

► 12 years

► 17 years

► 20 years

► As long as it remains confidential


SBA stands for:

► Small business accountants

► Small business administration

► Small business adequacy

► Small business advisors


Why should an entrepreneur do a feasibility study for starting a new venture?

► To see if there are possible barriers to success

► To identify possible sources of funds

► To estimate the expected sales

► To explore potential customers http://www.vustudents.net


Information regarding all of the following is related to operations, EXCEPT:

► Location

► Promotion

► Raw materials

► Labor skills


Which one of the following guide the firm through the long term decision making?

► Mission statement

► Product forecast

► Industry analysis



Which of the following is included in the description of the business?

► Location

► Products offered

► History



For which of the following copy right acquisition is desirable?

► Songs

► Poems

► Models



Which of the following is TRUE for Disclosure Document?

► It gives recognition that he was the inventor of the idea in past

► It gives recognition that he is the first the inventor of the idea

► It gives recognition that he will be the invent an idea in future

► It gives recognition that he wants to copy the idea


Which of the following is aidea generation method that focuses on parameters?

► Brainstorming


► Creative problem solving

► Synectics


The transitional disturbance and lack of reform has led to a booming black market in:

► China

► Hungary http://www.vustudents.net

39

40

► Singapore

► Poland


Which of the following geographical area is of least interest to U.S entrepreneurs?

► Europe

► The Far East

► Central Asia

► Transition economies






► Consumers


Which of the following is used by entrepreneurs to acquire experience in an international market before making a major commitment?

► Merger

► Joint venture

► Minority interest

► Majority interest


GATT is established in 1947, under:

► German leadership

► French leadership

► U.S. leadership

► U.K. leadership


The entrepreneur was distinguished from capital provider in:

► Middle ages

► 18 th century

► 17 th century

► 19 th and 20 th century


A person who managed large project was termed as the entrepreneur in the _________.

► Earliest period

► Middle ages

► 17 th century

► 19 th and 20 th century


Which of the following factor is most important in forming a new business?

► Finance

► Marketing http://www.vustudents.net

41

► Government support

► Family support



► Startup management


► Financial analysis

► Feasibility planning


Which one of the following is the process of entrepreneurs developing new products that over time make current products obsolete?

► New business model

► Anatomization

► Creative destruction



Which of the following shows the process of creating something new?

► Business model

► Modeling

► Innovation

► Creative flexibility




► Hyper competition

► Governmental laws

► Organizational culture


In the administrative domain, the commitment of resources is for which of the following?

► Periodic intervals

► Total amount needed

► For certain tasks

► For long time


Which of the following is alternatively called corporate venturing?

► Entrepreneurship

► Intrapreneurship

► Act of stating a new venture

► Offering new products by an existing company


Which is the most common cause of business failure?

► Insufficient capital http://www.vustudents.net

42

► Unstable market

► Insufficient experience

► Poor entrepreneurship



► Administration

► Utilities

► Manufacturing

► None of the above


Degree of influence and control on other people is called:

► Locus of control

► Locomotion of control

► Locust of control

► Loss of control



► Role model

► Moral-support network

► Professional support network

► Support system


The activity which occurs when the new venture is started is called:

► Motivation

► Business skills

► Departure point

► Goal orientation http://www.vustudents.net


Spring 2009


Question No: 1 __ ( Marks: 1 ) - Please choose one

A typical inventor is usually ________________________ .

Highly creative & in love with the invention (Pg 28)

Does not encourage change

Willing to modify the invention in order to augment commercial benefit


Question No: 2___( Marks: 1 ) - Please choose one


Independence (Pg 25)

Achievement

Affiliation

Authority


There is an evidence that an entrepreneur usually has________________ parents.

Self employed (Pg 22)

Discouraged

Non supportive

Strict


In which of the following business arrangements two companies form a third company?

Merger

Joint ventures (Pg 33)


Synergy


Which of the following method entrepreneur can use to do international business with least risk?

Turnkey projects (Ref web)

They are less risky in countries where the political and economic environment is such that a longerterm investment might expose the firm to unacceptable political and/or economic risk

Joint venture

Merger

Synergy


The combining of two or more independent bodies into a single body is known as:

Joint venture (Pg 33)


44

Merger Rivalry

Protectionist attitudes

Synergy


Members of distribution channels are excellent sources for new ideas because:

They are familiar with the needs of the market (Pg 39)

They earn a handsome profit from new business

They do not bother if entrepreneur bears a loss

They have well-developed sales force http://books.google.com.pk/books?id=s01P0agnLPUC&pg=PA138&dq=Which+one+of+the+follow ing+is+a+method+for+obtaining+new+ideas+and+solutions+by+focusing+on+problems?&hl=en&ei

=uAzwTLCMAYemcIHtqasK&sa=X&oi=book_result&ct=result&resnum=1&ved=0CCQQ6AEwA

A#v=onepage&q=Members%20of%20distribution%20channels%20&f=false



Lack of experience

Limited resources (Pg 15)

Lack of education



Which one of the following protects continuity of the business(specially in partnership)?

Property insurance

Casualty insurance

Life insurance

Bonding (Repeated)



Avoid negligence

Warn consumers of any potential hazards (Pg 52)

Give warranty


Question No: 11 __ ( Marks: 1 ) - Please choose

One Which one of the following is NOT an internal factor?

New technology

Manufacturing

Marketing

Personnel


Which one of the following can serve entrepreneur as a consultant of the business plan?

Lawyers http://www.vustudents.net

45

Accountants

Marketers (Pg 54)



Why should an entrepreneur do a feasibility study for starting a new venture?

To see if there are possible barriers to success (Pg 56)

To identify possible sources of funds

To estimate the expected sales

To explore potential customers


The marketing perspective of business plan considers the venture through the eyes of:

Investor

Customer (Pg 54)

Entrepreneur

Marketing manager


Which one of the following contracts should be in written form?

Real estates

Lease

Rentals

All of the given options (page 53)

Any deal involving real estate must be in writing to be valid. Leases, rentals, and purchases all need written agreements

Question No: 16 ( Marks: 1 ) - Please choose

One Which of the following body issues patents?

PTO (Pg 47)

GATT

NAFTA

FTA


Which of the following is a idea generation method that focuses on parameters?

Brainstorming

Reverse brainstorming

Creative problem solving (Pg 40)

Synectics


Which of the following is a more structured method of problem solving, including principles and rules for concept formation, making observations and experiments, and finally validating the hypothesis? http://www.vustudents.net

46

Scientific method (Pg 41)

Heuristics

Attribute listing

Value analysis


Which of the following techniques is an excellent method for initially screening ideas and concepts in addition to generating new ideas?

Focus group

Problem inventory analysis

Brain storming

Reverse brainstorming

Soiled reference http://books.google.com.pk/books?id=s01P0agnLPUC&pg=PA138&dq=Which+one+of+the+follow ing+is+a+method+for+obtaining+new+ideas+and+solutions+by+focusing+on+problems?&hl=en&ei


A#v=onepage&q=Focus%20group&f=false



Heuristics

Forced relationship

Scientific method (Repeated)

Value analysis


Which of the following two work environments should be good for spawning the new enterprises?

Finance and marketing

Finance and R&D

Marketing and R&D ( Repeated)

Marketing and IT



Fashion

Most popular business

A winding up company

Research and development (Pg 08)


Which of the following is a fourth step in the entrepreneurial process?

Developing successful business ideas


Growing the entrepreneurial firm (Repeated) http://www.vustudents.net

47




Entrepreneurship

Hyper competition (Pg 16)

Governmental laws



In some countries, point of purchase displays are not allowed in retail stores. Such differences are studied by international entrepreneurs under which of the following type of environment?

Economic

Political

Cultural

Technological (Repeated)


In entrepreneurial domain the commitment to opportunity has short time span but in managerial domain it is:

For 1 month

For 6 months

For long time span (Pg 15,and Ref:online book)

For 1 year


The resources acquired from outsiders(creditors, banks etc) are usually:

Easily available

Difficult to obtain (sure )

Very useful

Very cheap


In an entrepreneurial domain,an entrepreneur is used to have resources for which of the following?

Periodic intervals

Whole project

For certain tasks

None of the given options http://books.google.com.pk/books?id=s01P0agnLPUC&pg=PA138&dq=Which+one+of+the+follow ing+is+a+method+for+obtaining+new+ideas+and+solutions+by+focusing+on+problems?&hl=en&ei


A#v=onepage&q=entrepreneurial%20domain&f=false


The difference of the entrepreneurial and managerial domains has contributed towards an increase interest in which of the following? http://www.vustudents.net

Forming new firms

Partnership

Intrapreneurship (Pg 16)

Private firms


Which of the following is alternatively called corporate venturing?

Entrepreneurship

Intrapreneurship (Pg 21)

Act of stating a new venture

Offering new products by an existing company


Which one of the following is not the intrapreneurial leadership characteristic?



Not flexible (Pg 20)

Persistent


Which of the following typical culture has a climate and reward system that favors conservative decision making?

Entrepreneurial

Partnership

Intrapreneurship

Private firms

Corporate culture (Pg 18)


Which of the following statement about the intrapreneurial climate is true?

Trial and error are discouraged

Resources of the firm need to be available and easily accessible (Pg 19)

A multidisciplinary approach is discouraged

Failures are not allowed


Which of the following is NOT true about corporate entrepreneurs?

They prefer direct involvement to delegation

They tend to be moderate risk takers

They usually attempt to hide risky projects from view until ready

They follow their dreams with decisions http://highered.mcgraw-hill.com/novella/MixQuizProcessingServlet


Which of the following factor does not affect a person for being an entrepreneur?

Nationality (Pg 22) http://www.vustudents.net

48

Education

Personal values

Work history



Administration (Pg 27)

Utilities

Manufacturing

None of the above


Which one of the following is NOT true about male entrepreneurs?

Males often have investors, bank loans, or personal loans in addition to personal funds

(Pg 27)

Males often have more experience in manufacturing, finance, or technical areas

Men are often more confident and less flexible and tolerant

Men usually list outside advisors as the least important supporters


An entrepreneur doing business within the national border is called:

International entrepreneurship (Pg 29)

Intrapreneurship

Domestic entrepreneurship



An entrepreneur is also successful in international business as well if he understands:

Difference of domestic and international business

Domestic business (Pg 29)

International business



Which one of the following may need the business plan?

Employees

Investors (Pg 54)

Advisors



In which classification the research on ‘business ethics’ can be broken down?

Research on business ethics can be broken down into four broad classifications:

1. Pedagogically-oriented inquiry

2. Theory-building without empirical testing

3. Empirical research, measuring the attitudes and ethical beliefs of students and academic faculty

4. Empirical research within business environments


50

Question No: 42 __ ( Marks: 5 )

ABC firm (a renowned company) wants to own foreign subsidiary in other country named Z.ABC firm wants to reduce the risk with a quick entry in the market of country Z. but the firm is not much familiar with the culture and market structure of the country Z. Which type of investment would you suggest the ABC firm should do.Support your answer with sound reasoning.

Question No: 41 ( Marks: 5 )

Discuss the ‘age’ factor as an important characteristic of entrepreneu rs.

Age

Entrepreneurial age is the age of the entrepreneur reflected in the experience.

Entrepreneurial experience is one of the best predictors of success. In chronological age, most entrepreneurs start their careers between ages 22 and 55. Earlier starts in an entrepreneurial career seem to be better than later ones. Generally, male entrepreneurs start their first venture in their early 30s, while women tend to do so in their middle 30s.


Elaborate the situation of entrepreneurship in the Far East.

The Far East

1. Entrepreneurial success in some Asian countries has been significant because of the culture and the political and economic systems.

2. The Malaysian government has established the Malaysian Industrial Development authority to promote efforts to eradicate poverty, but has not accomplished much.

3. In Singapore, entrepreneurial success is greatly esteemed.

4. Japan’s social structure discourages entrepreneurship.

5. Hong Kong is a major entrepreneurial center.

http://www.vustudents.net

51


Spring 2009


Question No: 1___( Marks: 1 ) - Please choose one

An individual’s need to be recognized is called:

Need for independence

Need for affiliation

Need of fame

Need for achievement(pg 25)

Question No: 2 __ ( Marks: 1 ) - Please choose one

Which one of the following is a process of selling goods to other countries?

Non equity arrangements


Exporting(page 32)

Direct foreign investment


The combining of two or more independent bodies into a single body is known as:

Joint venture(page31)

Merger Rivalry

Protectionist attitudes http://books.google.com.pk/books?id=s01P0agnLPUC&pg=PA93&dq=Which+of+the+following+m ethod+entrepreneur+can+use+to+do+international+business+with+least+risk%3F&hl=en&ei=0Bus

TOzGDoSavgOx3uTtBg&sa=X&oi=book_result&ct=bookthumbnail&resnum=1&ved=0CCoQ6wEwAA#v=snippet&q=Joint%20venture&f=false


An ice cream producing company merges with a cotton spinning company this merger is an example of:

Diversified activity merger (page 34)

Product extension merger

Market extension merger

Vertical merger


Combination of at least two firms at different market levels is called:

Joint venture

Synergy

Horizontal merger

Vertical merger(pg 36)


The concept of World Wide Web pages was developed in:

1960s

1970s

1980s http://www.vustudents.net

52

1990s(pg 44)

Question No: 7 __ ( Marks: 1 ) - Please choose on

Which of the following grants protection to owner from anyone else making, using and selling the identified innovation?

Utility patent(pg 47)

Design patent

Plant patent

International patent


Which one of the followings statements is NOT true about trademarks?

The entrepreneur can not file after the mark already been in use

A trademark could be a slogan or a particular sound

Some trademarks have no relationship with the product

The filing date for the trademark becomes the first date use of the mark http://books.google.com/books?id=s01P0agnLPUC&pg=PA167&lpg=PA167&dq=The+filing+date+ for+the+trademark+becomes+the+first+date+use+of+the+mark&source=bl&ots=rCOECu-

1w_&sig=pAMy-

Oy5UqZ1WuDzQUBH3d7zli4&hl=en&ei=WDndTIXBIsOecNeGnOUL&sa=X&oi=book_result&c t=result&resnum=8&ved=0CE4Q6AEwBw#v=onepage&q=The%20filing%20date%20for%20the%

20trademark%20becomes%20the%20first%20date%20use%20of%20the%20mark&f=false


According to the governing bodies of common laws, the life of trade secret is:

12 years

17 years

20 years

As long as it remains confidential http://books.google.com.pk/books?id=s01P0agnLPUC&pg=PA93&dq=Which+of+the+followin g+method+entrepreneur+can+use+to+do+international+business+with+least+risk%3F&hl=en

&ei=0BusTOzGDoSavgOx3uTtBg&sa=X&oi=book_result&ct=bookthumbnail&resnum=1&ved=0CCoQ6wEwAA#v=onepage&q=trade%20secret%20&f=false



Lack of experience

Limited resources(pg 10)

Lack of education



Which one of the following insurance is compulsory for companies according to law?

Life insurance

Property insurance

Disability and vehicle coverage(pg54)

Health care coverage

Question No: 12 _________________ ( Marks: 1 ) - Please choose http://www.vustudents.net

53

one Health insurance premium is less expensive if there is:

One insured participants

Ten participants

Large group of participants Very small group of participants


Which one of the following protects continuity of the business(specially in partnership)?

Property insurance

Casualty insurance

Life insurance

Bonding (http://www.answers.com/topic/insurance) http://www.entrepreneur.com/encyclopedia/term/82222.html

6 Mar 2009 ... Thus, large life insurance companies began to enter the property and liability insurance field. ... The Fidelity and Casualty Company of New York issued the first contract to

.... Bonding , or fidelity insurance , is designed to protect an .... of underwriters working individually or in partnerships



Avoid negligence

Warn consumers of any potential hazards (page 52)

Give warranty



Which of the following is NOT studied in industry analysis?

Economic conditions

Technology advancements

Organizational culture (page 57)

Legal concerns


Which one of the following assesses the impact of external factors on business?

Environmental analysis(pg 57)

Product forecast

Industry analysis


Question No: 17 __ ( Marks: 1 ) - Please choose one Which one of the following is NOT an environmental factor?

Economy

Culture

Technology

Competition (page 57)



Character

Cost

Continuity(pg 55) http://www.vustudents.net

54

Contribution


Which of the following is NOT essential part of the contract?

All the parties involved should be named

Transaction should be described in detail

Obtain signatures of the persons involved

Place where contract takes place (page 53)


Which one of the following is NOT a condition of a contract?

An offer is made

An acceptance of offer

Counter offer

Consideration is given http://books.google.com.pk/books?id=s01P0agnLPUC&pg=PA93&dq=Which+of+the+following+m ethod+entrepreneur+can+use+to+do+international+business+with+least+risk%3F&hl=en&ei=0Bus

TOzGDoSavgOx3uTtBg&sa=X&oi=book_result&ct=bookthumbnail&resnum=1&ved=0CCoQ6wEwAA#v=snippet&q=a%20contract&f=false

Question No: 21 ( Marks: 1 ) - Please choose one Which one of the following is a section of patent application?

All of the given options (page 47)

Introduction

Description of business

Claims


Which of the following is a more structured method of problem solving, including principles and rules for concept formation, making observations and experiments, and finally validating the hypothesis?

Scientific method (page 41)

Heuristics

Attribute listing

Value analysis



Existing products and services

Distribution channels (repeated ) 100%

Federal government

Consumers



Help to achieve goals

Share entrepreneur’s vision

Donot exploit the partnership

Al of the given options (repeated)(100% sure )


Which of the following is a method of selling goods to another country through a person in the entrepreneur’s home country? http://www.vustudents.net

Trading

Direct export

Indirect export (pg 34)

Domestic sales


Andrew Carnegie is an example of entrepreneur of which century:

Earliest period

19th and 20th centuryPG (4)

Middle ages

17th century


In which of the following entrepreneur was known as an innovator?

Earliest period

Middle ages

17th century

20th century(pg3)


In which of the following era entrepreneur enters into a contract with government to perform a service?

Earliest period

Middle ages

17th century (pg3)

20th century


Which of the following two work environments should be good for spawning the new enterprises?

Finance and marketing

Finance and R&D

Marketing and R&D (repeated)

Marketing and IT


The intersection of knowledge and a recognized social need to start a product development process is called which of the following?

Iterative synthesis(PG 7)

Product-evolution process

Ordinary innovation

Situation analysis


Which of the following is a second step in the entrepreneurial process?

Developing successful business ideas(PG 13)


Growing the entrepreneurial firm





Length of the opportunity

Real and perceived value of opportunity

Goals and objectives of customers (page 13)

Risks and rewards of opportunity


The resistance of employees in an organization against flexibility, growth, and diversification can be overcome by developing which of the following?

Entrepreneurship

Intrapreneurship(PG 16)

Managerial domain

Administrative domain


In entrepreneurial domain the commitment to opportunity has short time span but in managerial domain it is:

For 1 month

For 6 months

For long time span (page 15)

For 1 year


Which one of the following is not the intrapreneurial leadership characteristic?



Not flexible (page 20)

Persistent


Which of the following is very important to develop a good team for creating something new?

Nepotism

Open discussion (page 20)

Non flexible behavior

Discouragement of team member’s ideas


The environment of an entrepreneurial oriented organization is called:

Corporate culture

Entrepreneurial culture(PG 14)

Intrapreneurial culture

Traditional culture


Which of the following are known as barriers to new product creation and development?

Trial and error

Opportunity parameters(PG 14)

Opportunity cost

Intrapreneurship culture http://www.vustudents.net

56

57



Role model (page 25)

Moral-support network

Professional support network

Support system


Which of the following is NOT an important aspect of International success?

Planning

Diversification (repeated )

Reporting

Control


Enlist any five characteristics in which male entrepreneurs are different from female entrepreneurs.

Education

Education appears important in the upbringing of the entrepreneur, in the level of education obtained and in playing a major role in coping with problems. Although formal education is not necessary for starting a new business, it does provide a good background. In education, female entrepreneurs previously experienced some disadvantage, with few having degrees in engineering, science, or math. The ability to deal with people and communicate clearly in written and spoken work is also important.

Personal Values

Studies have failed to indicate that entrepreneurs can be differentiated on personal valued from managers, unsuccessful entrepreneurs, or the general public. Leadership, support, aggression, benevolence, conformity, creativity, veracity, and resource seeking may also be important. A successful entrepreneur is frequently characterized as a winner; winning may be a prerequisite for his or her actually becoming one.

Age

Entrepreneurial age is the age of the entrepreneur reflected in the experience. Entrepreneurial experience is one of the best predictors of success. In chronological age, most entrepreneurs start their careers between ages 22 and 55. Earlier starts in an entrepreneurial career seem to be better than later ones. Generally, male entrepreneurs start their first venture in their early 30s, while women tend to do so in their middle 30s.

Work History

Dissatisfaction with one’s job often motivates the launching of a new venture. Previous technical and industry experience is also important once the decision to start a business is made. Experience in the following areas is particularly important: financing; product or service development; manufacturing; development of distribution channels; and preparation of a marketing plan. As the venture becomes established, managerial experience and skills become more important.

Entrepreneurial experience becomes increasingly important as the complexity of the venture increases.

MOTIVATION While motivations may vary, the reason cited most often for becoming an entrepreneur independence-not wants to work for anyone else. Other motivating factors differ between male and female entrepreneurs. Money is the second reason for men’s starting a venture. http://www.vustudents.net

58

Job satisfaction, achievement, opportunity, and money are the second order reasons for women.

Question No: 42 __ ( Marks: 5 )

X.Y.Z Company has launched a product in the market. And the customers are complaining about the quality of the product. Company is not taking any action against it. Customers want to sue the company. How many ways customers can claim regarding product liability? And also suggest the best which is suitable in this situation with sound reasons. http://www.vustudents.net

1 ALL MID TERM PAPERS OF ENTREPRENUERSHIP 8 Mid Term

ALL MID TERM PAPERS OF ENTREPRENUERSHIP

8 Mid Term Papers MGT602 http://www.vustudents.net

MIDTERM EXAMINATION

Spring 2010

MGT602- Entrepreneurship (Session - 3)

Time: 60 min

Marks:

MIDTERM EXAMINATION

Spring 2010

MGT602- Entrepreneurship

MIDTERM EXAMINATION

Fall 2009

MGT602- Entrepreneurship

Corporate culture (Pg 18)

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Support

1 ALL MID TERM PAPERS OF ENTREPRENUERSHIP 8 Mid Term

ALL MID TERM PAPERS OF ENTREPRENUERSHIP

8 Mid Term Papers MGT602 http://www.vustudents.net

MIDTERM EXAMINATION

Spring 2010

MGT602- Entrepreneurship (Session - 3)

Time: 60 min

Marks:

MIDTERM EXAMINATION

Spring 2010

MGT602- Entrepreneurship

MIDTERM EXAMINATION

Fall 2009

MGT602- Entrepreneurship

Corporate culture (Pg 18)

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