ELE 3010 quiz 1

Entrepreneurially managed firm structure is usually flat with multiple informal networks. (T/F)

True

The question "What is this technology all about?" is a comprehension question. (t/f)

True

In regards to the differences between the entrepreneurial and administrative focuses which of the following is correct?

Entrepreneurs rent or sporadically use resources; managers like to own resources

Offering a small product range to a small number of customer groups is:

Narrow-scope strategy

Customers always embrace change in products and services. (t/f)

False

Entrepreneurially run firms are driven by controlled resources whereas traditionally managed firms are driven by perception of opportunity. (T/F)

False

In encouraging a culture for corporate entrepreneurship, using older, proven, technology is recommended in order to increase stability in the organization. (t/f)

False

Newness of a new entry is always an advantage. (t/f)

False

Entrepreneurial opportunities are those situations in which new goods, services, raw materials and organizing methods can be sold at greater than their production cost. (t/f)

True

Generally, independent, venture-capital-based start-ups by entrepreneurs tend to outperform corporate start-ups significantly. (t/f)

True

The effectuation process starts with what one has and selects among possible outcomes. (t/F)

True

A broad-scope strategy:

focuses the firm on producing customized products, localized business operations, and high levels of craftsmanship. offers a way of reducing some competition-related risks. is vulnerable to the risk that market demand does not materialize as expected and/or changes over time. **opens the firm up to many different "fronts" of competition.

All these are characteristics of an entrepreneurial environment except:

new ideas are encouraged. ** there are short term horizons. it uses a multidiscipline teamwork approach. the organization operates on frontiers of technology.

Entrepreneurial culture and growth orientation consists of all of the following except:

the desire to grow at a slow and controlled pace

Which is NOT a leadership characteristic of a corporate entrepreneur according to the text?

Encourages colleagues to follow hierarchy

Which of the following is true about corporate entrepreneurship?

A company must be willing to invest money without a guarantee of a return in the short term

The first step in establishing corporate entrepreneurship in an organization is:

finding mid level managers to champion ideas **securing commitment from top management learn to be more productive with fewer resources developing ways to get closer to customers

A new entry includes all of the following except:

Offering a new product to a new market Creating a new organization Offering an established product to an new market **Creating a new brand name for your company

_____ includes initiative and risk taking, as well as competitive aggressiveness and boldness.

Proactiveness

The basic building blocks to a firm, or the inputs into the production process, are:

Resources

_____ refers to the probability, and magnitude, of downside loss.

Risk

By delaying entry, late movers:

can learn from the actions of first movers without incurring the same costs.

Corporate entrepreneurship is best described as:

entrepreneurial action within an organization.

In regards to thinking structurally, superficial similarities:

exist when the basic (relatively easy to observe) elements of the technology resemble the basic elements of the market.

A reflection task would involve thinking about what strategies should be used to solve a problem. (t/f)

false

In order to be the basis for a firm's superior performance, a bundle of resources must be valuable, rare, and imitable. (t/f)

false

In the McMullen-Shepherd Model the first stage is the evaluation stage. (t/f)

false

The McMullen-Shepherd Model helps identify the common traits of successful entrepreneurs. (t/f)

false

Bricolage is entrepreneurs making do by applying combinations of the resources at hand to new problems and opportunities.(t/f)

true

The period of time when the environment is favorable for entrepreneurs to exploit a particular new entry is called the window of opportunity.

true