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Entrepreneurship

Review Questions

EntrepreneurshipReview Questions

Review Questions

1.

A nondisclosure agreement protects the venture by ________.

  1. outlining confidential information or knowledge that the parties do not want to share with outside, or third, parties and is considered a legally binding contract
  2. sharing information that is not confidential
  3. identifying key people who can access confidential information
  4. identifying disclosed information for outsider use
2.

Which of the following documents should be discussed and agreed upon prior to the start of the venture?

  1. nondisclosure and noncompete agreements
  2. nondisclosure and founder’s agreements
  3. founder’s agreement and a code of conduct
  4. founder's, nondisclosure, noncompete agreements, and code of conduct
3.

The founder’s agreement includes which of the following content items?

  1. non-disclosure clause
  2. personnel plan
  3. buyback clause
  4. marketing plan
4.

According to some research on entrepreneurs, what is/are the most significant bias(es)?

  1. small numbers allow for niche markets
  2. entrepreneurs prefer taking action rather than planning
  3. entrepreneurs tend to be over confident and optimistic
  4. entrepreneurs fall for the planning fallacy
5.

The law of small numbers refers to:

  1. an inability to attract a large target market
  2. a target market that is too small to lead to success
  3. a target market that aligns with key stakeholders
  4. both a and b
6.

Why is it important to keep track of your assumptions?

  1. Knowing the assumptions provides background information related to the projected outcomes or numerical projections.
  2. Knowing the assumptions provides an opportunity support your biases.
  3. Assumptions are never accurate and are therefore discredited.
  4. Assumptions constantly change and therefore do not need to be tracked.
7.

The Nominal Group technique ________.

  1. is only used in complex decisions
  2. has multiple uses for gaining feedback from participants
  3. can be used with only one participant
  4. restricts participant participation
8.

The Delphi technique ________.

  1. requires participants to be in one location
  2. requires participants to come prepared to the activity by researching the problem
  3. requires time and commitment
  4. requires collaboration in answering the questionnaire
9.

Acting as a mentor provides ________.

  1. expert assistance to the venture startup team and self-growth for the mentor
  2. opportunities to diminish relationships
  3. the mentor with professional development
  4. the mentee with peer recognition
10.

A serial entrepreneur is someone who ________.

  1. wants to retire
  2. creates a pattern of starting multiple ventures
  3. plans for a low stress future
  4. plans to start the first venture
11.

Benefits of a reflection journal include which of the following?

  1. identifying patterns, biases, habits and discovering new insights
  2. assigning new work responsibilities
  3. identifying wasted time
  4. avoid reviewing decisions that can’t be changed
12.

Reflection journal is similar to ________.

  1. a post mortem
  2. a time log of your activities
  3. a scrapbook of pictures
  4. a record of assumptions
13.

According to Dr. Grant, creatives are people who ________.

  1. are procrastinators
  2. act on multiple ideas
  3. plan out each detail
  4. are highly confident with no doubts about their success
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