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CHAPTER 13
STRATEGIC ISSUES IN ENTREPRENEURIAL VENTURES AND SMALL BUSINESSES
True/False
1.
Over 95 percent of all businesses in the United States are small businesses.
Answer: T

(p.301)

2.
The small-business firm is not independently owned and operated.
Answer: F

(p.303)

3.
Strategic planning is strongly related to small-business financial performance.
Answer: T

(p.304)

4.
The strategic planning process is more formal than it is in large corporations.
Answer: F

(p.304)

5.

For entrepreneurial ventures, the first step in the strategic decision-making process is to scan and
assess the internal factors.
Answer: F
For entrepreneurial ventures, the last step in the strategic decision-making process is to evaluate
the implemented business plan.
Answer: T

(p.305)

6.

An advisory board is a group of external business people who voluntarily meet periodically with
the owner/managers of the firm to discuss strategic and other issues.
Answer: T

(p.307)

7.

Environmental scanning is more sophisticated in small businesses than it is with large

corporations.
Answer: F

(p.308)

8.

Basic S.W.O.T. analysis is just as relevant to small entrepreneurial businesses as it is to

established large ones.
Answer: T

(p.309)

9.

A business is ready for an innovative product, service, or approach to the business when the
underlying foundation of the industry or market shifts.
Answer: T

(p.309)

10.

A new venture is more likely to be successful when it enters an industry with homogeneous
products than when it enters one with heterogeneous products.
Answer: F

(p.310)

11.

Successful entrepreneurs have the ability to identify potential venture opportunities better than
most people.
Answer: T

(p.311)

12.

Successful entrepreneurs tend to have an external locus of control that leads them to believe that
the environment may determine their fate.
Answer: F

(p.312)

13.

14.

(p.312)

One guideline for new venture success is to seek industries that are in early, high-growth stages of
evolution.
(p.313)
Answer: T

271

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15.
Stage B of small business development is existence.
Answer: F
16.
The five substages of small business development were developed by Churchill and Lewis.
Answer: T

(p.314)

17.
Over 97 percent of small private companies are viewed as lifestyle companies.
Answer: F

(p.314)

It is estimated that over a third of the U.S. Fortune 500 companies are either family owned or
dominated.
Answer: T

(p.314)

18.

(p.315)

19.
Only 20 percent of family firms in the U.S. make it to the third generation.
Answer: F

(p.315)

20.
Small companies often use short-term debt to finance fixed assets.
Answer: T

(p.317)

Multiple Choice
21.
Strategic management has typically dealt with
a.
b.
c.
d.
e.
22.

23.

25.

(p.301)

15%
25%
45%
65%
85%

From 1992 to 1996, what percentage of new jobs in the U.S. were created by the fastest growing
entrepreneurial firms?
a.
b.
c.
d.
e.

(p.301)

less than 10%.

25%.
approximately 50%.
75%
over 95%.

From 1992 to 1996, what percentage of new jobs in the U.S. were created by small firms?
a.
b.
c.
d.
e.

24.

the large established business corporation.

entrepreneurial ventures and small business.
not-for-profit organizations.
United States firms only.
military and governmental organizations.

Small businesses are what percentage of all businesses in the U.S.?

a.
b.
c.
d.
e.

(p.301)

(p.302)

55%
60%
65%
70%
75%

New small firms produce _____ times more innovation per research dollar than do the much
larger Fortune 500 firms.

272

(p.302)

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26.

a.
8
b.
16
c.
24
d.
32
e.
40
According to the U.S. Small Business Administration, the probability that a small business firm
will go out of business in its first five years of existence is
a.
b.
c.
d.
e.

27.

28.

b.
c.
d.
e.

30.

31.

(p.303)

independently owned
owner operated
primary goal is profitability and growth
not dominant in its field
does not engage in innovation

What is the basic difference between the small business firm and the entrepreneurial venture?
a.
b.
c.
d.
e.

(p.303)

a firm that employs less than 100 people and generates sales of less than $100,000
annually.
a firm that employs less than 200 people and generates sales of less than $200,000
annually.
a firm that employs less than 300 people and generates sales of less than $500,000
annually.
a firm that employs less than 400 people and generates sales of less than $10 million
annually.
a firm that employs less than 500 people and generates sales of less than $20 million
annually.

Which one of the following is NOT a characteristic of a small business firm?

a.
b.
c.
d.
e.

(p.303)

lack of capital
inadequate accounting systems
inability to cope with growth
lack of experience
lack of strategic management

What is the commonly accepted definition of a U.S. small business firm?

a.

29.

less than 10%.

33%.
50%.
87%.
over 90%.

What is the primary underlying problem why so many small business firms fail?
a.
b.
c.
d.
e.

(p.302)

(p.303)

The type of operation.

The amount of owner involvement in the business.
The amount of market share controlled by the business.
The fundamental views on growth and innovation.
The types of goods or services provided by the business.

According to the World Economic Forums Global Competitiveness Report, the most difficult
country in which to start an entrepreneurial venture is

273

(p.302)

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a.
b.
c.
d.
e.
32.

According to the World Economic Forums Global Competitiveness Report, the easiest country in
which to start an entrepreneurial venture is
(p.302)
a.
b.
c.
d.
e.

33.

36.

37.

(p.302)

AMEX.
NYSE.
EASDAQ.
S.W.O.T..
PASDAQ.

From 1984 to 1991, the OECD estimates that the U.S. established new businesses at _____ times
the rate of France.
a.
b.
c.

(p.302)

$5 billion
$10 billion
$13 billion
$18 billion
$23 billion

Europes version of the NASDAQ is known as

a.
b.
c.
d.
e.

(p.302)

Columbia
Israel
Hong Kong
Germany
Finland

In 1997, how much did European venture capital firms account for in new venture capital?
a.
b.
c.
d.
e.

(p.302)

Venezuela
United States
Russia
Peru
China

According to the World Economic Forums Economic Creativity Index, which country has the
lowest marks for the level of technology and the conditions favoring new business startups?
a.
b.
c.
d.
e.

35.

the United States.

Japan.
Italy.
Spain.
Belgium.

According to the World Economic Forums Economic Creativity Index, which country has the
highest marks for the level of technology and the conditions favoring new business startups?
a.
b.
c.
d.
e.

34.

New Zealand.
Canada.
Iceland.
Britain.
Austria.

2
3
4

274

(p.302)

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d.
e.
38.

According to the text, which entrepreneur was told that his or her idea for a business was a stupid
idea?
(p.303)
a.
b.
c.
d.
e.

39.

42.

(p.304)

Lack of trust and openness.

Unfamiliarity with strategic management.
Not enough available consultants in the area.
Not enough time.
Lack of skills.

According to a survey of small business firms, which one of the following is NOT one of the
reasons given for an ineffective strategic plan?
a.
b.
c.
d.
e.

(p.304)

46%
56%
66%
76%
86%

Which of the following is NOT one of the reasons for a lack of strategic management in many
small business firms?
a.
b.
c.
d.
e.

(p.303)

risk taker.
manipulator.
entrepreneur.
monitor.
manager.

Of the high growth Inc. 500 firms, firms revealed that _____ performed strategic planning.
a.
b.
c.
d.
e.

41.

Will Parish
Debbie Fields
Steve Jobs
Bill Gates
Laura Ashley

A person who organizes and manages a business undertaking and who assumes risk for the sake
of a profit is known as a(n)
a.
b.
c.
d.
e.

40.

5
6

lacked a time frame for goals

did not identify goals
strategic plan too vague
lack of staff input
implementation problems

275

(p.304)

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43.

When the boards of directors of small-business firms are composed primarily of close friends of
the owner/manager, with what issue of strategic planning is the owner/manager concerned?
a.
b.
c.
d.
e.

44.

b.
c.
d.
e.

45.

47.

48.

(p.305)

ignore internal scanning.

no change is necessary in the model.
drop corporate governance since the owner is the manager.
skip the first step in the model.
S.W.O.T. should be de-emphasized.

A key change in the decision-making process for new ventures as contrasted with the
decision-making process for established companies is the addition of
a.
b.
c.

(p.304)

an entrepreneurial mode.
a conservative mode.
a planning mode.
an intuitive mode.
an adaptive mode.

In order to apply the strategic management model to entrepreneurial ventures,

a.
b.
c.
d.
e.

(p.304)

the commitment of top management.

the commitment of rank and file employees.
the plan, not the process.
the process, not the plan.
the amount of time the company has been engaging in strategic planning.

When a small business entrepreneur chooses to follow a long-term stability strategy, he/she is
probably (in Mintzberg's terms) reflecting
a.
b.
c.
d.
e.

(p.304)

A well-developed structured strategic plan is always beneficial to the small business

because it formalizes the goals and objectives of the firm.
The process should be more informal in small companies than in large corporations.
The strategic planning activity was more short-run oriented than that conducted by large
corporations.
Too much formalization of the strategic planning process may result in reduced
performance.
If the strategic planning process is too structured, it detracts from the flexibility of the
small business firm.

Research concludes that in terms of strategic management in small companies the key to success
is
a.
b.
c.
d.
e.

46.

time constraints
familiarity with strategic planning
trust and openness
skill set
resource allocation

According to recent research, which of the following is NOT true of the amount of formality
towards strategic planning in a small business?
a.

(p.304)

the development of the basic business idea.

the scanning of the external environment.
the analysis of strategic factors.

276

(p.305)

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d.
e.
49.

When an owner/manager of an entrepreneurial venture considers factors such as market potential

and resource accessibility, what step in the strategic decision-making process is being conducted?
a.
b.
c.
d.
e.

50.

(p.307)

35%
45%
55%
65%
75%
(p.308)

there is no need for a board of directors.

there is no need for a strategic plan.
there is no need for additional resources.
there is no need for additional employees.
there is no need for capital allocated to plants.

What is the term used to describe a group of external business people who voluntarily meet
periodically with the owner/managers of the firm to discuss strategic and other issues?
a.
b.
c.
d.
e.

(p.307)

40%
50%
60%
70%
80%

When the entrepreneurial venture is not incorporated,

a.
b.
c.
d.
e.

54.

develop the basic business idea

scan and assess the external environment
scan and assess the internal factors
analyze the strategic factors
generate a business plan

One study of clothing retailers found that _____ of failed businesses had not written a business
plan.
a.
b.
c.
d.
e.

53.

develop the basic business idea

scan and assess the external environment
scan and assess the internal factors
analyze the strategic factors
generate a business plan

One study of clothing retailers found that _____ of the successful stores had written a business
plan.
a.
b.
c.
d.
e.

52.

(p.306)

When an owner/manager of an entrepreneurial venture conducts a S.W.O.T. analysis, what step in

the strategic decision-making process is being implemented?
(p.306)
a.
b.
c.
d.
e.

51.

the scanning of the internal environment.

the implementation step.

innovative task force

advisory board
advisory task force
strategic board
entrepreneurial board

277

(p.308)

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278

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55.

Which of the following concepts and techniques in strategic management is probably NOT very
useful to most small companies?
a.
b.
c.
d.
e.

56.

57.

59.

60.

(p.309)

Michael Porter.
Bill Gates.
Peter Drucker.
Henry Mintzberg.
Alfred Chandler.

According to Drucker's definitions, which one of the following is NOT one of the industry
sources of innovation?
a.
b.
c.
d.
e.

(p.309)

26%
45%
66%
85%
96%

The book Innovation and Entrepreneurship was written by

a.
b.
c.
d.
e.

(p.309)

the needs of the family.

firm size.
venture capital acquired.
government regulations.
whims of the employees.

A study of 220 clothing retailers revealed that _____ of the failed stores had no prior retailing
experience.
a.
b.
c.
d.
e.

(p.309)

5%
10%
15%
20%
25%

According to the text, the selection of an appropriate corporate strategy is based on

a.
b.
c.
d.
e.

58.

S.W.O.T.
portfolio analysis
environmental scanning
strategy formulation
forecasting

According to a study of 220 small rapid-growth companies, what percentage of survey

respondents used a planning officer or formed a planning group to assist in the planning process?
a.
b.
c.
d.
e.

(p.309)

the unexpected
incongruity
process need
changes in industry or market structure
technological discontinuity

279

(p.309)

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61.

According to Drucker, which kind of innovative opportunity arises from a discrepancy between
reality and what everyone assumes it to be?
a.
b.
c.
d.
e.

62.

63.

65.

66.

(p.310)

the unexpected.
changes in industry or market structure.
innovation based on process need.
new knowledge.
the incongruity.

Which source of innovation is based on the concept that opportunities for innovation can develop
when a society's general assumptions, attitudes, and beliefs change?
a.
b.
c.
d.
e.

(p.310)

incongruity
new knowledge
demographics
changes in industry or market structure
changes in perception, mood, and meaning

As mentioned in the text, the discovery of a specific enzyme by Alcon Laboratories which
allowed doctors to avoid cutting a particular ligament when performing eye surgery was an
innovation developing out of
a.
b.
c.
d.
e.

(p.310)

incongruity
innovation based on process need
changes in industry or market structure
demographics
changes in perception, mood, and meaning

According to Druckers seven types of innovation, what framework precipitated the release of the
product NiteBite?
a.
b.
c.
d.
e.

(p.310)

incongruity
innovation based on process need
changes in industry or market structure
demographics
changes in perception, mood, and meaning

According to Druckers seven types of innovation, what framework precipitated the start of Kids
Kab?
a.
b.
c.
d.
e.

64.

changes in industry or market structure

the unexpected
changes in perception, mood, and meaning
new knowledge
the incongruity

According to Druckers seven types of innovation, what precipitated Robert Johnsons venture of
Black Entertainment Television?
a.
b.
c.
d.
e.

(p.310)

changes in industry or market structure

demographics
changes in perception, mood, and meaning
new knowledge
the incongruity

280

(p.310)

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67.

Which of the following sources of innovation lies within the societal environment rather than
within the industry itself?
a.
b.
c.
d.
e.

68.

69.

d.
e.

(p.311)

are greater in a rapidly changing industry rather than a stable one.

are greater in a stable, constant industry rather than an erratic, changing industry.
are extremely low because of the speculative nature of the typical entrepreneurial
venture.
are greater in a large, competitive industry rather than a small, niche market.
are greater in a slow growth market which allows new ventures to make some mistakes
without serious penalty.

Research reveals that a new venture is most likely to be successful if it enters an industry in which
the largest competitor
(p.311)
a.
b.
c.
d.
e.

71.

(p.311)

The behavioral characteristics of the entrepreneur.

The development of a workable business plan.
The new venture's business strategy.
The structure of the industry entered.
The quality of the strategic factor analysis.

Research shows that the chances for success for an entrepreneurial venture
a.
b.
c.

70.

the incongruity
changes in industry or market structure
innovation based on process need
new knowledge
the unexpected

According to Hofer and Sandberg, which one of the following is the most important factor
affecting a new venture's performance?
a.
b.
c.
d.
e.

(p.310)

has a market share of 25% or less.

has a market share of 50% or more.
is following a differentiation strategy.
is following a focus strategy.
is diversifying out of the industry.

Research reveals that a new venture is not likely to be successful if it enters an industry in which
the largest competitor
a.
b.
c.
d.
e.

has a market share of 25% or less.

has a market share of 50% or more.
is following a differentiation strategy.
is following a focus strategy.
is diversifying out of the industry.

281

(p.311)

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72.

A new venture is most likely to be successful if it enters an industry

a.
b.
c.
d.
e.

73.

74.

d.
e.

76.

d.
e.

(p.312)

They tend to trust others implicitly.

They have a high need for achievement.
They tend to have an internal locus of control.
They believe they can determine their own fate through their own behavior.
They are able to tolerate ambiguity.

Which one of the following is NOT an element of the guidelines for new-venture success
according to Hofer and Sandberg?
a.
b.
c.

(p.312)

Entrepreneurs are able to identify potential venture opportunities.

There should be a sense of urgency that makes entrepreneurs action-oriented.
Successful entrepreneurs have a detailed knowledge of the key industry factors and have
the physical stamina for demanding work.
Successful entrepreneurs are detail-oriented, assuming all the responsibility for
operations of the company.
Successful entrepreneurs seek outside help to supplement their skills, knowledge, and
abilities.

Hofer and Sandberg's behavioral factor requiring a sense of urgency has all but one of the
following characteristics:
a.
b.
c.
d.
e.

(p.311)

make sure the business plan is adequately capitalized.

effectively implement and evaluate the strategic plan.
differentiate the product and focus the product on customer needs.
adequately address their strategic planning process.
make sure all employees are aware of the organizational goals and objectives that the
company is working towards.

Which one of the following is NOT one of Hofer and Sandberg's four behavioral factors which
are the key to a new venture's success?
a.
b.
c.

75.

having homogeneous products relatively important to a customer's total purchasing

needs.
which has homogeneous products which are relatively unimportant to a customer's total
purchasing needs.
which has heterogeneous products which are relatively important to a customer's total
purchasing needs.
which has heterogeneous products which are relatively unimportant to a customer's
total purchasing needs.
which is in its mature stage.

According to Hofer and Sandberg, the key to success in new-venture strategy is to

a.
b.
c.
d.
e.

(p.311)

Seeks industries that are in early, high-growth stages of evolution.

Seeks to dominate the market segment in which they compete.
Seeks to differentiate their product from those of their competitors to meet customer
needs.
Stresses innovation that is built on existing organizational capabilities.
Seeks industries whose larger firms have a relatively weak competitive position.

282

(p.313)

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77.

According to a National Federation of Independent Business study, more than half of all
entrepreneurs work at least _____ hours a week in the start-up year.
a.
b.
c.
d.
e.

78.

79.

81.

82.

(p.314)

existence
survival
take-off
success
resource maturity

Which stage of Churchill and Lewis' small business development phases is characterized by
concern by the entrepreneur to generate cash flow needed to repair and replace capital assets as
they wear out, and to finance growth to satisfy the newly developed market share?
a.
b.
c.
d.
e.

(p.314)

existence
survival
take-off
occasional failure
resource maturity

Which stage of Churchill and Lewis' small business development phases is characterized by a
simple organizational structure having the entrepreneur doing everything?
a.
b.
c.
d.
e.

(p.313)

Microsoft
Nortel
eBay
3M
Corning

Which one of the following is NOT one of the stages of small business development as proposed
by Churchill and Lewis?
a.
b.
c.
d.
e.

(p.313)

40%
50%
60%
70%
80%

According to the text, Meg Whitman was brought in to head _____ because of the managerial
skills Whitman possessed.
a.
b.
c.
d.
e.

80.

40
50
60
70
80

According to the text, _____ of new high-tech ventures are started by more than one founder.
a.
b.
c.
d.
e.

(p.313)

existence
survival
take-off
success
resource maturity

283

(p.314)

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83.

Which stage of Churchill and Lewis' small business development phases finds the company's sales
have reached a level where the firm is not only profitable, but has sufficient cash flow to reinvest
in itself?
(p.314)
a.
b.
c.
d.
e.

84.

What type of venture exists as purely an extension of the owners lifestyle?

a.
b.
c.
d.
e.

85.

87.

88.

(p.315)

existence
survival
take-off
success
resource maturity

DPO stands for

a.
b.
c.
d.
e.

(p.314)

horizontal growth strategy or vertical growth strategy

disengagement or growth
stability or retrenchment
liquidation or divestment
concentration or acquisition

Which stage of Churchill and Lewis' small business development phases is concerned with
managing the transition from a small business to a large company and learning how to delegate
responsibility to specialized professional managers?
a.
b.
c.
d.
e.

(p.314)

54%
64%
74%
84%
94%

What are the two options that an entrepreneur can take once the venture reaches the success stage
with sufficient cash flow and profitability?
a.
b.
c.
d.
e.

(p.314)

innovative start-up
lifestyle company
strategic alliance
joint venture
monopoly

According to the text, over _____ of small private companies are considered to be lifestyle
companies.
a.
b.
c.
d.
e.

86.

existence
survival
take-off
success
resource maturity

(p.315)

direct public offering.

distinct private offering.
direct private offering.
direct process offering.
direct product offering.

284

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89.

According to the text, it is estimated that over _____ of the U.S. Fortune 500 companies are either
family owned or dominated.
(p.315)
a.
b.
c.
d.
e.

90.

Which one of the following is NOT one of the phases of how to transfer power within a family
business?
a.
b.
c.
d.
e.

91.

d.
e.

existence
survival
take-off
success
resource maturity

retaining control and stability in operations

maintaining adequate cash flow and control of operating expenses
controlling the financial gain from rapid growth and retaining its flexibility and
entrepreneurial spirit
directing growth and maintaining an influential position in the company
ensuring that customer needs are being met and influencing the direction of the industry

The percentage of family firms in the U.S. which survive to the second generation is
approximately
a.
b.
c.
d.
e.

94.

(p.314)

What are the two greatest concerns of a company reaching Churchill and Lewis' resource maturity
stage of small business development?
(p.314)
a.
b.
c.

93.

(p.316)

owner-managed businesses
training and development of new generation
motivation of new generation
partnership between generations
transfer of power

Which stage of Churchill and Lewis' small business development phases finds the small company
has adopted most of the characteristics of an established, large company and is a recognized force
in the industry?
a.
b.
c.
d.
e.

92.

one-eighth
one-sixth
one-fourth
one-third
one-half

(p.315)

10%.
30%.
50%.
70%.
90%.

According to Churchill and Hatten, which of the following is NOT one of the sequential phases of
the transfer of power from the entrepreneur to the entrepreneur's family members?
(p.316)
a.
b.
c.
d.
e.

Training and development of new generation.

Owner-managed business.
Transfer of power to next generation.
Publicly-owned corporation.
Partnership between generations.

285

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286

To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com

95.

Which stage in a family business is the point at which the business begins at start-up and
continues until the entrance of another family member into the business on a full-time basis?
(p.316)
a.
b.
c.
d.
e.

96.

Which stage of the transfer of power in a family business is the point at which children begin to
learn the business at the dining room table during early childhood and then through part-time and
vacation employment?
a.
b.
c.
d.
e.

97.

99.

100.

(p.317)

banks separate personal from business wealth.

lifestyle is a part of financial statements.
there is a clear distinction between debt and equity.
creditors determine financial policies.
none of these.

Which reason given by Levin and Travis of why standard financial methods do not usually
indicate the true health of a small, privately-owned company stems from the fact that against
standard financial recommendations, small companies will often use short-term debt to finance
fixed assets?
a.
b.

(p.316)

Training and development of new generations.

Owner-managed business.
Transfer of power.
Publicly-owned corporation.
Partnership between generations.

One of the reasons given by Levin and Travis why standard financial methods do NOT usually
indicate the true health of a small, privately-owned company is that
a.
b.
c.
d.
e.

(p.316)

Training and development of new generations.

Owner-managed business.
Transfer of power.
Publicly-owned corporation.
Partnership between generations.

Which stage of the transfer of power in a family business is the point at which the founder can
turn the family business over to the next generation as part of their inheritance rather than being
forced to sell the company?
a.
b.
c.
d.
e.

(p.316)

Training and development of new generations.

Owner-managed business.
Transfer of power.
Publicly-owned corporation.
Partnership between generations.

Which stage of the transfer of power in a family business is the point at which a son or daughter
of the founder has acquired sufficient business and managerial competence so that he or she can
be involved in key decisions for at least a part of the company?
a.
b.
c.
d.
e.

98.

Training and development of new generations.

Owner-managed business.
Transfer of power.
Publicly-owned corporation.
Partnership between generations.

The lines between debt and equity are blurred.

Lifestyle is a part of financial statements.

287

(p.317)

To download more slides, ebook, solutions and test bank, visit http://downloadslide.blogspot.com

c.
d.
e.

Standard financial formulas don't always apply.

Personal preference determines financial policies.
Banks combine personal and business wealth.

288