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Table of Contents

Preface vii

List of Cases and Profiles xv


Chapter 1 The Entrepreneurial Process 3

Introduction 4

Profile: Wayne McVicker—A Typical Entrepreneur 4

An Entrepreneurial Perspective 5

Commonly Shared Entrepreneurial Characteristics 5

Types of Entrepreneurs 6

The Need to Control 8

The Spiderweb Model 10

Finding Early Mentors 10

Managing Stress 12

The Five-Stage Entrepreneurial Process 13

The Growth of Entrepreneurial Companies 16

The Growth Period 17

Entrepreneurship Roller Coaster 17

So Why Become an Entrepreneur? 18

Use the Master-Case to Develop Management Skills 18

Summary 19

Study Questions 19

Exercises 19

Interactive Learning on the Web 21

Additional Resources 21

Additional Cases for Reading 22

Endnotes 22

Chapter 2 The Art of Innovation 25

Introduction 25

Profile: Becky Minard and Paal Gisholt—Finding a Point of Pain 26

Why Innovation is Important 27

Definition and Types of Innovation 31

Frameworks for Learning Innovation Skills 34

Finding and Assessing Ideas 38

Converting an Idea into an Opportunity 40

Opportunity: Five Phases to Success 40

Summary 49

Study Questions 50

Exercises 50

Interactive Learning on the Web 51

Additional Resources 51

Endnotes 51

Chapter 3 Designing Business Models 55

Introduction 55

Profile: Neal Deangelo—Using Data Collection1 56

Definition of Business Models 57

Frameworks for Constructing Business Models 58

Capturing Value in the Supply Chain 60

Using Databases to Create Value 60

Locking- In Customers 62

Example: General Fasteners 62

Licensing and Franchising 63

Outsourcing Resources 68

Models Built around Social Networks 70

Corporate Partnering 71

Summary 72

Study Questions 72

Exercises 73

Interactive Learning on the Web 74

Additional Resources 74

Endnotes 74

Chapter 4 Analyzing the Market, Customers, and Competition 77

Introduction 78

Profile: Donn Rappaport—Marketing Visionary1 78

Conducting Marketing Research to Start the Venture 79

Mini-Case: BreatheSimple “Smokescreen” Market Research2 79

Formulating a Successful Marketing Plan 83

Defining the Market Segmentation 87

Conducting a Competitive Analysis 89

Positioning the Product or Service 90

Preparing the Pricing and Sales Strategy 91

Penetrating the Market and Setting Up Sales Channels 94

Summary 96

Study Questions 97

Exercises 98

Interactive Learning on the Web 99

Case Study: Smart Card LLC Marketing Plan 99

Appendix: Marketing Research Techniques 102

Additional Resources 104

Endnotes 104

Chapter 5 Writing the Winning Business Plan 107

Introduction 107

Profile: Nikolay Shkolnik—Business Plan Turns a Dream into Reality1 108

The Value of a Business Plan 109

Setting Goals and Objectives 110

Starting the Process to Write the Plan: Five Steps 111

Determining What Type of Business Plan Is Best 113

A Typical Business Plan Format and Content 114

Understanding Why Business Plans Fail 120

Summary 121

Study Questions 122

Exercises 122

Case Study: Surfparks LLC (Online) 123

Appendix: The Roadmap Guide for Writing A Business Plan 124

Interactive Learning on the Web 128

Additional Resources 128

Endnotes 128

Chapter 6 Setting Up the Company 131

Introduction 131

Profile: Ethan Wendle and Matt Chverchko—When to Convert from an S- to a C-Corporation 132

Identifying What Form of Ownership Is Best 133

Forms of Doing Business 133

Sole Proprietorship 133

C-Corporation 136

S-Corporation 142

Partnership 144

Limited Liability Company 146

Business Start-Up Checklist 147

Summary 151

Study Questions 152

Exercises 152

Interactive Learning on the Web 153

Endnotes 154


Chapter 7 Special Topic: Social Entrepreneurship 157

Introduction 158

Social Entrepreneurs and Green Initiatives 158

Profile: Khanjan Mehta—A Social Entrepreneur 159

To Profit or Not to Profit 159

Social Entrepreneurship and Tax Issues 160

Differences between Business and Social Entrepreneurs 161

Stakeholder Issues and Challenges 161

Growth and Management Challenges 162

Enhanced Revenue Opportunities 162

Social Entrepreneurship Business Models 163

Using the Inverse Commons to Build a Social Enterprise 169

Using Social Media to Grow 173

Appplying Other Chapters in this Book to Social Entrepreneurship 174

Summary 176

Study Questions 176

Exercises 177

Interactive Learning on the Web 177

Additional Resources 177

Endnotes 178

Chapter 8 Technology Entrepreneurship 181

Introduction 181

Profile: Ian Kibblewhite—An Integrated IP Strategy 183

Concepts Relevant to Technology-Based Companies 184

Intellectual Property Management 191

Summary 204

Internet IP Source Sites 205

Study Questions 206

Exercises 206

Interactive Learning on the Web 207

Additional Resources 207

Endnotes 208


Chapter 9 Early-Stage Funding 211

Introduction 212

Profile: James Dyson—Bootstrapping out of Necessity 213

The Virtual Company—Mini-Case, Halare Inc. 216

Securing Early-Stage Funding 217

Self-Funding—Example, BenchPrep Inc. 218

Moonlighting and Part-Time Consulting 218

Bootstrapping Methods—Example, Injection Research Specialists 220

Family and Friends 221

Angels 222

Micro-Equity and Micro-Loans—A Little Money, a Lot of Help 223

Bank Loans, Factoring, and Supplier Lines of Credit 224

Managing Your Personal Credit Rating 226

Government Sources of Funding 226

How to Qualify 227

Summary 228

Study Questions 229

Exercises 229

Interactive Learning on the Web 230

Appendix: Start-Up Entrepreneurs and Business Incubators 230

Web Sites of Leading For-Profit Incubators 233

Additional Resources 233

Using University Outreach Programs 234

Endnotes 236

Chapter 10 Equity Financing 239

Introduction 240

Profile: Jason Cong, AutoESL Inc.—Super Angels, VC, and Corporate Investors 241

The State of the Venture Capital Industry 242

Super-Angels 243

Equity Investment Fundamentals 243

Using Private Equity for Fundraising 245

Understanding the Venture Capital Process 253

Guide to Selecting a Venture Capitalist 257

Private Placements and Crowdfunding 258

Home Runs or Singles? 259

Corporate Debt 260

Strategic Partnerships and Corporate Investments 262

How to Value a Business at the Early Stage 264

Summary 266

Study Questions 267

Exercises 267

Case Study: Coretek, Inc. 268

Interactive Learning on the Web 270

Addition al Resources 270

Appendix 1: Due Diligence Checklist (Online) 271

Appendix 2: Model Venture Capital Term Sheet—Series A Preferred Stock (Online) 271

Endnotes 271


Chapter 11 Managing Resources—Money and People 275

Introduction 276

Profile: Paul Silvis—Conserving Cash While Building an Embracing Culture 276

Financial Statements 277

The Value of the Balance Sheet 277

The Value of an Income Statement 279

The Value of a Cash Flow Statement 280

Preparing Financial Projections 281

Preparing an Annual Budget 282

Preparing a Cash Flow Forecast 283

Preparing a Breakeven Analysis 285

Analyzing an Investment Decision 288

Taxes and Filing 289

The Stresses of Managing Money 290

Managing Human Resources—Introduction 290

Developing a Strong Corporate Culture 290

Finding and Hiring the Best People 292

Dealing with Firing an Employee 295

Dealing with a Resignation 296

Conflicts of Interest and Business Ethics 297

Legal Issues 299

Setting Up Stock-Option Agreements 300

Summary 301

Study Questions 301

Exercises 302

Interactive Learning on the Web 304

Additional Resources 304

Appendix: Legal Document Templates (Online) 304

Endnotes 304

Chapter 12 Communicating the Opportunity 307

Introduction 307

Profile: Craig Bandes—Matching Presentations to Investors 308

Locating Investors 309

Preparing a Teaser 311

The Elevator Pitch 315

Note on Confidentiality 316

After the Presentation 321

Summary 323

Study Questions 324

Exercises 324

Interactive Learning on the Web 324

Endnotes 324

Chapter 13 Exiting the Venture 327

Introduction 328

Profile: Alan Trefler—Private to Public Ownership 328

Why Create an Exit Strategy and Plan 329

Selling an Equity Stake to a Strategic Partner 329

Valuing a Later-Stage Company 330

Implementing the Plan of Action 333

Selling the Business 334

Preparing a Selling Memorandum 335

Merge with Another Business 341

Selling the Company to Its Managers, Employees, or Family Members 341

Using an Employee Stock Ownership Plan (ESOP) 341

Using a Management Buy-Out (MBO) 342

Passing on the Company to Family Members 343

Consider a Public Offering 345

Summary 351

Study Questions 352

Exercises 352

Interactive Learning on The Web 353

Additional Resources 353

Endnotes 354

Addendum: Three Case Studies Covering the Whole Book 355

Glossary of Terms 361

Index 367