Entrepreneurship Final Chapter 13

Entrepreneurial strategy matrix measures

Risk and innovation

A "SWOT" analysis refers to

Strength, weaknesses, opportunities, threats

Pst is the best predictor of the future, according to which mind-set

Managerial mind-set

Strategy matrix model, innovation is defined as

Something new and different

Analysis of a firm's external and internal environments provides the firms with the info to develop

Strategic intent and strategic mission

Formation of long-range plans for effective management in light of a venture's strengths and weaknesses is referred to as

Strategic planning

Management principles does NOT emanate from Steve Jobs

Strive to reach practical milestones

Characteristic of administrative cultures except

Need to reduce risk

Considered fatal mistakes in strategic planning, according to researcher Michael E. Porter

No real competitive advantage and compromising strategy for growth

Reason many small business managers lack expertise is that they are

Generalists

Characteristic of entrepreneurial cultures

Hierarchy

3 types of leadership of consequences to new ventures

Visionary, strategic, and managerial

Entrepreneurial strategy matrix, the probability of a major financial loss is categorized as

A risk

Unique managerial concerns of growing ventures encompass all of the following except

Agency problems

Entrepreneurial strategy matrix, the creation of something new and different is categorized as

An innovation

Is NOT perceived as a difficulty in long-range planning

Arranging vacation time

Small business owners are often guarded about their businesses, which leads to

Distrust of others when formulating a strategic plan

One-person-band syndrome

Failure to delegate

New ventures are important to the economy in terms of

Innovation and Employment

NOT a distinct form of tolerance for failure

Innovation failure

Reason new venture managers lack knowledge in the strategic planning process is because

They have minimal exposure to the planning process

Emerging ventures that are rapidly expanding with constantly increasing personnel size and market operations will need

To formalize planning because there is a great deal of complexity

Is NOT a reason for the lack of planning in new ventures

Lack of dominance

A reason for lack of strategic planning has been found to be

Lack of expertise

Factors would NOT be considered a key dimension that shapes the strategic management activities of a growing firm

Lack of knowledge

In many new small ventures planning is often

Lacking

When it comes to strategic planning, most small firms

Really do not engage in true strategic planning