Ent 396 ch.13
Small business owners are often guarded about their business which leads to
A.distrust of others when formulating a strategic plan
In the entrepreneurial strategy matrix, the creation of something new and different is which of the following
A.innovation.
A "SWOT" analysis refers to
A.strength, weaknesses, opportunities, threats
A reason for lack of strategic planning has been found to be
C.lack of expertise.
The entrepreneurial strategy matrix measures:
C.risk and innovation.
Which is not perceived as a difficulty in long
range planning?-A.arranging vacation time
True
The entrepreneurial strategy matrix measures risk and innovation.
When it comes to strategic planning, most small firms
do not engage in true strategic planning at all.
True
The "best" strategic plan will be influenced by the abilities of the entrepreneur, the complexity of the venture, and the nature of the industry.
False
Participation by subordinates in a strategic plan is never appropriate.
TRUE
The actual need for systematic planning will vary with the nature, size, and structure of the business
True
Most entrepreneurs are unfamiliar with many planning information sources
Both high
performing and low-performing small ventures have problems with-A.long-range planning.
True
Research has shown a distinct lack of planning on the part of new ventures.
False
Small firm owner/managers are usually very open and trusting about their businesses and the decisions that affect them.
True
Many research studies suggest that strategic planning influences a venture's survival.
True
The actual need for systematic planning will vary with the nature, size, and structure of the business.
True
A "SWOT" analysis refers to analyzing the strengths, weaknesses, opportunities, and threats
Emerging ventures that are rapidly expanding with constantly increasing personnel size and market operations will need
B..to formalize planning because there is a great deal of complexity.
In the entrepreneurial strategy matrix, the probability of a major financial loss is which of the following
B.risk.
In the strategy matrix model, innovation is defined as
B.something new and different.
A reason new venture managers lack knowledge in the strategic planning process is because
B.they have minimal exposure to the planning process.
True
Both high- and low-performing firms have many similarities and differences in their long-range planning efforts.
New ventures are important to the economy in terms of
C.both a and b. (A.INNOVATION AND B.EMPLOYMENT)
Which of the following would be considered fatal mistakes in strategic planning, according to researcher Michael E. Porter?
D. a and c only (A. NO REAL COMPETITIVE ADVANTAGE & C.COMPROMISING STRATEGY FOR GROWTH)
The reason many small business managers lack expertise is that they are
D.generalists.
Which of the following factors would not be considered a key dimension that shapes the strategic management activities of a growing firm?
D.lack of knowledge
True
Strategic planning is not an easy task for new ventures.
True
Improved performance is often the result of better planning.
True
Misunderstanding the industry attractiveness can be a fatal flaw in strategic planning.
FALSE
Formal planning can be divided into strategic and non-strategic
Which of the following is not a reason for the lack of planning in new ventures?
C.lack of dominance
Formation of long range plans for effective management in light of a venture's strengths and weaknesses is referred to as
C.strategic planning.
In many new small ventures planning is too often
D.lacking.
Analysis of a firm's external and internal environments provide the firm with the information to develop
D.strategic intent and strategic mission
False
Formal planning can be divided into strategic and nonstrategic.
False
Lack of expertise has never been considered a reason for the lack of strategic planning in new ventures.