The purpose of this study guide is to help narrow down what you need to study for the exam, but it is never intended to replace the chapters and understanding all of the concepts. This Study
Guide will cover most, but not all, of the concepts that are on the exam. All of the questions are from the text and/or come from discussion in the classroom.
The exam will be challenging; neither impossible nor easy. There will be a number of questions from each chapter. There will be a mix between true-false questions, multiple-choice questions, and short-answer/essay questions.
Sample multiple-choice question:
Ben Smith is a very capable computer programmer. Recently, he noticed a problem that many programmers have, and thought of a solution to the problem that might represent an opportunity for a new software product. Ben’s idea for a new software product is an example of a __________ discovery.
A. serendipitous
B. knowable
C. traditional
D. conventional
E. predictable
Sample short answer/essay question:
You may be asked to read a short case and then to answer a number of questions related to the case. For example, you might be asked to read a case that presents a business opportunity and then be asked to evaluate the business opportunity based on the criteria of an opportunity.
Additionally, you could be asked to evaluate the case and the opportunity based on different concepts learned in class (e.g., forces in the broad environment, Porter’s Five Forces, network relationships, etc.). You could also be asked to write an elevator pitch corresponding to the opportunity present within the case.
Other potential short answer/essay questions might come in the form of listing some concepts learned in class (e.g., myths of entrepreneurs and their related school of thought, Porter’s Five
Forces components, characteristics of successful entrepreneurs, etc.) and then you might be asked to describe something related to these concepts.

Chapter 1

Characteristics of Successful
Entrepreneurs

Schools of thought from which misconceptions about entrepreneurs have emerged

Myths about Entrepreneurs

Types of Start-ups

Creative Destruction

Impact of Entrepreneurship on the Economy, Society, and
Larger Firms

The Entrepreneurial Process

Key Terms
Chapter 4

Industry-Specific and Firm-
Specific Factors.
 Porter’s Five Forces Model

Barriers to Entry

Industry Types

Sources of Competitive
Intelligence

Types of Competitors

Key Terms
Chapter 2

Opportunities and Ideas

Sources of Opportunities

Environmental Forces

Characteristics of
Entrepreneurs

Techniques to Generate Ideas

Evolutionary View of
Creativity

Key Terms

Chapter 5
Components of a business model

Purposes of a business model
 Porter’s Value Chain

Types of strategies

Types of business partnerships

Key terms
Chapter 3

Benefits of Conducting a
Feasibility Study

Concept Statement

Concept vs. Usability Test

Primary vs. Secondary
Research

Four Feasibility Tests

Key Terms
Other Material

Elevator pitch

How to write one

Components of the pitch

Common problems associated with

Applying Marketing Research
Tools to Venture Creation

The IDEO Video