3507 Final Exam Questions

According to the BSAP, a person who likes to chat before getting to point of convo is a ___?

"I" Influencer

When preparing your org for the unexpected, your plan should include?

- "Doomsday" scenarios - Changes in the market ----Have a strategy to address these things - A succession plan for a smooth transition ----Dealing with that will take strategic thought, a clear understanding of your mission, the realization of what you'll need in a replacement, and the pulling together of your existing resources.

The parent company is?

- A company that has a controlling interest in another company, giving it control of its operations. Parent companies can be either hands-on or hands-off owners of its subsidiaries, depending on the amount of managerial control given to subsidiary managers, but will always maintain a certain level of active control. - Parent companies are formed when they spin-off or carve out subsidiaries, or through an acquisition or merger. - Parent companies must account for their subsidiaries appropriately on their financial statements and for tax purposes.

According to the book, a conflict is?

- A conflict is more like a problem wrapped in problems. - If the problem creates a conflict, the intrapreneur will become faced with a more complicated situation. Problems have more straightforward solutions than conflicts. - You can defuse conflicts like this when you start your intraprise by having a clear and concise promotion policy that also adheres to your parent company's policy, or if different, has the approval of the parent company. - You may also want someone from the HR department help you compile the manual. That way, any conflicts between the parent company and your intraprise can be eliminated at the beginning of your venture, thus relieving you of countless "headaches" down the road.

A mind map is?

- A diagram used to visually organize information. - It is a diagram for representing tasks, words, concepts, or items linked to and arranged around a central concept or subject using a non-linear thought process

An entrepreneur is?

- A person with needs/wants in/from the marketplace, develops innovative ideas around those needs/wants, and the organizes a new entraprise to meet those desired needs/wants. - May help the corporation develop a new division within the organization - Bears all risk (even though investors may bear some too) for losing all the money

What is an intrapreneur?

- An employee within an organization who sees needs and/or wants in the marketplace or the organization itself, and develops innovative ideas or projects to address those needs/wants - The person is already working within the organization - As opposed to entrepreneur, the organization takes the risk, and can cause loss of money to the company

Axiom # 1 in the book states?

- By helping others you build a cadre of people who can support your efforts - Your strategy should always be collaborative; help others so that they can help you

Effective business communication should be___?

- Clear, concise, correct, and complete - People should know what the correct protocol is, I.e. how should the communication be structured and what is the "chain of command" for communication.

In the video a true intrapreneurial story, Dr. G:

- Covered Learning Objectives ==> ---- To recognize and categorize what untapped markets and opportunities and challenges exist in order to maximize the success of your intrapreneurship; and to identify areas of opportunities within the organization that enable or inhibit the initiative. - Covered a story about how and why an intrapreneurial idea was rejected and then became a multi-million-dollar business ---- He worked for an optical company, boss was accountant ---- He suggested to his boss a different way of selling eyewear - This was selling eyewear at one low price and not charging extra for all the bells and whistles like frames, wire, etc. ----Boss rejected idea - The boss said it will never work, margins aren't there, structure of existing business wasn't there, he didn't think it would generate profit ----Dr. G decided to try the idea out on his own and found a location, demographic, and market segment, did some advertising, and grew a super large company - This shows that if you present the right idea and the person is receptive, it could be a very successful intraprise, or it could be an entrepreneurial success as well.

According to the book, one example of an intrapreneurial failure is?

- Edsel - Google Glass

According to the book, in businesses like sports, to win you must?

- Have a clear strategy, vision, mission, be able to perform under pressure, and have a committed team behind you. - Understanding the landscape of the market, the opposition, and the opportunities, will help you keep moving forward on your road to success.

For a smooth transition in a fam owned business, should owner pass away or be incapacitated___? Business owners should:

- Identify who your next generation leader is ----Look at several different people and consider position requirements to see who the right fit is - Create a transition plan ----As CEO think about how you will pass the baton, what coaching is needed, the handoff of relationships, expectations of the employees of the new leader ----This plan takes 12-18 months that is implemented slowly as a process - Implement a family constitution ----Says how the family business is supposed to work ----Allows people to honor family values while still holding true to what the company needs by providing governance

To make sure any reward system is fair you should?

- Individual performance expectations should be aligned with organizational goals - Making rewards equitable ==> ---- A reward system should be fair for everyone ---- A reward matrix should be clear and concise for all to understand how the rewards are achieved

Josh mitro lavra (video) states that the reason for intrapreneurship in large orgs is to?

- Innovate and grow from an organizational perspective - i.e. making all departments be cultural contributors that work together to foster new ideas - Intrapreneurship encourages everyone to innovate even though they are part of something larger than themselves

According to the book, your internal advocate and mentor will help in?

- Internal advocate: Someone you can trust within the organization that will publicly advocate for your idea, chiefly, within the organization, but also in general. Can help you craft a value proposition statement to present. - Mentor: Someone with experience within the organization who you deem to be a trusted advisor. They will help guide you along that path. Can be within or outside of the industry. They can also help you craft your value proposition statement but also bounce ideas off of and give you constructive feedback.

According to Tiets and Parker's article, a N.I is a?

- Intrapreneurs form an important source of entrepreneurial activity. This group faces the choice to act upon their entrepreneurial ambitions or to continue regular employment. If they decide to start a new venture, and become a nascent venturer (NV), they stay with their employers as nascent intrapreneurs (NI) - NIs enjoy greater external visibility and higher social status; Social recognition could be an important compensating differential to attract workers into NI - The same venturing motives that stimulate general venturing have the reversed effect on becoming NI - The same financial motivation that would make self-selection into NV less likely, potentially makes organizational selection into NI more likely

Which of these could be classified as an intraprise?

- Intraprise = intrapreneurial enterprise - An idea/solution created within an existing organization

To mitigate a family-owned businesses risk, the org should have?

- Knowledge of how much money you need, how much money you have, how you can make more money, how to protect the money you have. That includes things that can be transferred into money, like inventory, like buildings, real estate, and so forth; - Have dialogue with your family - Always plan for the future (especially death) - Get the proper insurance - Leave nothing to chance by filling out legal documents spelling out who succeeds whom, if there is key person insurance in the event of an emergency, to make sure risk is mitigated at the beginning and everyone knows

A person with a dominant behavior:

- Likes challenges and produces activity in an antagonistic environment. - Extraverted, task-oriented, direct, impatient, geared towards results and efficiency, short fuse/can get angry

To understand your company's assets, you should?

- Make sure everyone knows where everything is and why - Do a SWOT analysis of the family members in your enterprise to make sure the individuals know that as far as money/company secrets go, they can't speak about it publicly - Set up mentoring/coaching sessions so everyone knows each other's skills

For Josh Mitro Lavra's video, Kodak and blockbuster lost track of time when the market went from?

- Moving from physical to digital and ended up losing a lot of their business - Mediocre and slow lose market share over time

An example of an org pivoting bc of covid pandemic is?

- Online learning - No-touch thermometers - No-touch delivery - Outside bars

When dealing with a reward system, one must realize that___?

- People are motivated/incentivized by different things - Employees want their input and feedback to be valuable - Individual performance expectations should be aligned with organizational goals - Making rewards equitable ==> should be fair for everyone

An intraprise may do a soft launch to?

- Provide NewCo with time to validate its disruptive new product or service, build momentum with early users, and achieve some successes prior to being given broader market exposure. - Give CoreCo time to make a thorough assessment of what is required to succeed and what the risks are, and hopefully this will lead to reasonable expectations.

One of the easier ways to find intrapreneurial activities is to?

- Schedule time to brainstorm - Be non-judgmental - Be honest about strengths and weaknesses - Keep information flowing - Be social and share ideas (collaborate) - Study the market - Pay close attention to problems within the organization and continuously think about solutions to improve/solve them

Jade Armstrong in her ted x video states that intrapreneurs should be (5 things):

- Solution driven - consciously think about the problems that you see and drive change - Collaborative - work with colleagues to achieve ideas faster in the time frame, and further develop existing ideas - Create a sharing culture - will stop profit making ideas from being lost in beurocracy - Present your idea clearly - Articulate business rationale to get the support of higher levels and love your idea - Embrace Failure - Fail fast, succeed sooner; adapt and overcome Share your ideas ?

When creating a plan for an intraprise you must?

- The plan is your vision - Your plan must ==> ---- Be realistic ---- Give an overview of the market and understand the value system of the company ---- Know about the competition, can be done with a SWOT analysis ---- Include research the industry (Porter's 5 forces)

An intraprise's vision statement should be?

- These show how you see the organization from now to 1-3 yrs. from now - The vision is how you see the future of the company, and this is attainable with a mission statement ==> Which is a step-by-step roadmap to achieve the vision

According to the book, jumping over a chain of command level can?

- This is like speaking with the plant manager before speaking with your direct supervisor - It can create unnecessary drama for the jumper - Once you have your internal advocate and/or mentor, they should help you understand the hierarchy within the organization at a deeper and more "political" level.

According to one of the assessments taken during this course, an individualistic person___?

- Will advance to the highest position in life and gain the greatest power. - They are motivated by leading and make order out of chaos. GOAL: To lead and direct others

According to book, using spreadsheets will help the CFO and CEO of your parent company understand?

- Will help the CEO and CFO have a clearer picture of what your innovation will cost and how much it can potentially make. - Even these financial spreadsheets are a form of marketing because you're marketing the financial viability to the CEO and CFO, and whoever else is part of the decision process. You will have to substantiate the cost through your projected sales on your spreadsheets.

An individual who is considered a utilitarian according to one of the PIAV assessment assignments is?

- Will strive to have every investment bring a greater return in time and/or resources. They are motivated by getting the highest and best usage of their resources. GOAL: Utility and what is useful in life

Someone who has a utilitarian motivational outlook:

- Will strive to have every investment bring a greater return in time and/or resources. They are motivated by getting the highest and best usage of their resources. GOAL: Utility and what is useful in life

The posted note was an intrapreneurial venture at?

3M

To achieve an entraprise or orgs vision it needs a step-by-step roadmap. According to our ppts. That roadmap is?

A mission statement or mission

"Intrapreneurship is more precisely defined by referring to emergent behavioral intentions and behaviors that are related to departures from the customary ways of doing business in existing orgs." Is a definition attributed to?

Bostjan Antoncic and Robert D. Hisrich

What is the trait that Josh mitro lavra says we all possess and produce?

Creativity

What are the 12 techniques according to the book?

Enhance your critical thinking skills Understand the creative process Know how to craft a value proposition Identify and use the effective business communications skills Understand your own behavior style and those of others Recognize what motivates you and what motivates others Know the market to/in which you are addressing your intrapreneurial ideas Understand the hierarchical structure of your organization Recognize the culture of your organization Understand the risk factors involved with intrapreneurship Develop the strategies for unexpected change and/or problems Build a support structure around yourself

In her video, jade Armstrong notes that 2/3 of employees feel that their ideas are?

Lost entirely in business - lost in beaurocracy

According to the book, the first person you should contact to explain your innovative idea is?

Mentor

The assessment used to determine what motivates an individual is called?

PIAV (Personal Interests, Attitudes, and Values) Assessment

What does the EDSEL represent?

Represents a product, project, etc. that fails to gain public acceptance despite high expectations, costly promotional efforts, etc. It was coined after the Ford Motor Company failure.

To build a successful culture:

Step 1 - People may get to the same goal by different means, and for different reasons Even in the same culture people will feel it and the values behind it differently Step 2 - Keep your vision and mission in mind while also having flexibility Have a plan while also being able to adapt and overcome Step 3 - Treat everyone ethically and morally to foster a culture that reflects both Step 4 - Build consensus by dealing with individuals in ways that motivate them Step 5 - Know your and your org's SWOT analysis

What is not an ingredient of a swot analysis? Ingredients include:

Strengths; Weaknesses; Opportunities; Threats

An idiosyncrasy of a person who is a steady relator according to the BSAP assessment is that?

They are introverted but people-oriented

According to the book, the grapevine is one thing that can help you___?

Understand the vision and mission of your organization from the perspective of the employees

According to the book, what are VSC's?

Very Specific Colleagues that you trust to give you constructive feedback about your idea