Exam Questions
February 2nd, 2007The Exam is on Thursday March 1. You’re allowed THREE pages, front and back of cheat sheet material.
There are no multiple choice nor T/F questions. At most, there are brief answers. Most questions are concept questions and you will also have to analyze a business case involving a startup.
The following is a study guide for the exam. It incorporates material from the book, lectures, and the handout.
First Lecture
How does Guy Kawasaki define entrepreneurs? (It’s even on the syllabus!)
What does Alan mean by the “entrepreneurial minded”? Does it mean just the entrepreneurs? If not, then who?
It’s alright to dream, but in this course how do we delineate real vs. fake?
Finance Concepts (Saturday Lecture or Book by John Tracy or Critique
What things should be included in a financial section? What questions need to be answered?
What financial metric most concerns the startup? For what reason? Why isn’t it simply just profitability?
What are the three items wanted for Entrepreneurial Finance?
How do you plan your profit?
What do the instructors mean by “financial drivers”.
The Mottoes of Eric Mattson
Why doesn’t Eric Mattson state that “cash flow is king”?
More TBA
Corporate Law & Trademarks (Jen Jolley)
1. Contrast the advantages bestowed by C-corps vs. S-corps vs. LLCs
2. How do you lose pierce the (liability) veil? How do you help maintain the veil?
3. Does a limited partnership confer liability protection?
4. What is a trademark? Why does “Kodak” provide a stronger mark vs. “shoes”?
Patents (Adam Philipp)
1. What is a patent?
2. Why does Adam suggest that a small company not be involved in patent litigation?
3. What is a provisional patent? What advantages does it provide?
4. What’s the difference between establishing an American patent vs. European patent?
5. Why is Adam not a big advocate of patent searches?
Introduction Handout
1. After you’ve read the preface and the first page, then you should be able to answer this question: “Why do many current bplan reviewers and professionals eschew the long detailed plan?”
2. Why are the instructors against “blindly following a template”? Does this mean that you shouldn’t read other business plans or look at templates?
3. What are the 5 sacred elements?
4. What should be contained in an elevator pitch? How do you create an “advanced pitch”? Why pitch?
5. What is the magic number? What is wisdom? Why does Alan say that Wisdom is the goal, not just tons of info?
6. Why does Alan barf when he hears: “I have no competitors” or “All we need is 1% of the market”
7. Why do the instructors say that “Cash flow is king?” Isn’t it about making profits?
8. What are “financial drivers”?
9. Can you review a small case and apply the checklists?
Marketing (Jen Hall)
1. How do you know “you haven’t done your marketing”? Why does this apply?
2. How do you facilitate “word of mouth”? What is it? Can you describe it?
3. Why does Jen caution us about the “initial customers”?
4. Understand the marketing notes
Michael O’Donnell
1. Can you describe Mike’s startup phases and objectives?
2. Can you provide key tips associated with each phase?
Sales for Entrepreneurs (Bill Abbott)
1. What does Bill mean by this: “Your job isn’t to sell, but to create buying pressure“?
2. Why does Bill feel it’s so essential to get a laundry list of things wanted by your customer? Why must it be done almost at the first meeting?
3. What tips for hiring good sales people? What separates them from other personnel?
4. How do you recruit good sales folks?
5. What are some marks of a good sales compensation plan? What are the three types? How might you contrast them?
6. What are Bill’s two secrets for networking?
7. What are some of his tips for starting a business?
Lessons from a BioEntrepreneur (Rob Hershberg)
1. Regarding how to staff a startup: What do Rob Hershberg and Michael O’Donnell share in common?
2. Which of Rob’s tips seem more suited to biotech and which are suited to most startups?
3. TBA
Lessons from a BioEntrepreneur (Martin Simonetti)
1. Marty gave his version of “Cash is King” How does it contrast with Alan vs. Eric Mattson?
2. Marty talked about “People people people”. In biotech, big names are seen as important. How does Marty address this issue?
3. When Marty and Rob once had to give 30 presentations in 11 days, how did they amuse themselves?
Community & Entrepreneurship (Dave Williams)
1. What does Dave mean by generative knowledge and generative leadership?
2. What does Dave view as the problems with Northwest towns? How does his bank try to be a solution? (this is a multi-part answer)
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