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