ENTR Exam 1 Review

Which of the following is an obstacle that restrains entrepreneurial efforts in social and government organizations?

-

Three characteristics of a good Blue Ocean Strategy are:

. Focus, divergence, and a compelling tagline

In the BOS text, "hot spots" refers to what?

Activities that have low resource input, but high potential gains.

What are the four organizational hurdles to Strategy Execution?

Cognitive, Political, Resource, Motivational

What is the cornerstone of Blue Ocean Strategy?

Create Value Innovation

What is the primary objective of Blue Ocean Strategy?

Create and capture new demand

Which of the dimensions below are Grenier's Five Stages of Growth?

Creativity Direction Delegation Coordination Collaboration

There are three things to consider when you want to choose an idea to promote if you were a corporate entrepreneur. Which of the following is NOT one of them:

Does the idea require a lot of time to implement?

A company's mission is to make a profit.

False

According to Jack Welch, former CEO of GE, only 60% of CEOs have visions statements for their companies.

False

Only the top-level managers provide leadership for corporate entrepreneurship.

False

What is the second principle of Blue Ocean Strategy?

Focus on the big picture, not the numbers

If you were a senior manager in a company and wanted to foster innovation, which idea below would NOT be a good idea to do:

a. Increase discomfort with the status quo b. Find out what is blocking innovation and remove it c. Create a stretch vision or intent d. Appoint volunteers to be corporate entrepreneurs D

If people love working at a company, and if that company selects people based on fit and reviews them with their peers, this is an example of a _______ company.

comittment

Which of the following was a block to Buyer Utility for automobiles facing consumers when Ford introduced the Model T?

convenience

When trying to get an idea going, there are three rules to follow. Which of the following is NOT one of the three rules:

corporate champion

Which of the following is NOT one of the Intrapreneur's Ten Commandments?

not sure come to work willing to be fired ask for resources before advice recruit a strong team under promise over deliver

When referring to the Five Forces, the Concentration Ratio (CR) is a measure of:

not sure rivalry among competitors buyer power supplier power

12. Barnes and Nobles noticed that their customers enjoy browsing through book s at the store. Thus, the company decided to add a coffee shop in their bookstores. Barnes and Nobles is focusing on which boundaries of competition?

expand product services

Entrepreneurs focus more on the current situation and less on what can be.

false

True or False: In Blue Ocean Strategy, "value innovation" is achievable only when a company's utility, price and inventory are properly aligned?

false

According to Blue Ocean Strategy, the 3 tiers of noncustomers are: Soon to be's, Refusing , Early Adopters?

false, soon to be, refusing, and unexplored

13. Starbucks launched the Starbucks Digital Network (SDN) as a strategy to enhance the stores' atmosphere. According to the BOS text, under which boundary of competition does this strategy fall?

formal to emotional orientation

When identifying the Price Corridor of the Masses, you should consider products and services that ___________?

idk

One way to tip the "cognitive" hurdle is to have managers do what?

meet with their disgruntled customers

Entrepreneurial Strategy is about WHAT in a firm?

not sure

The 6-Paths Framework looks across

a.Alternative industries and strategic groups within an industryb.Chain of buyers, complimentary product & service offeringsc.Functional or emotional appeal and time ALL

In order to foster a new environment of intrapreneurial service-providers, employees will need to

a.Be given an Intrapreneurial Bill of Rights b.Become responsible themselves for adding value and knowledge to projects c.Develop new capabilities to keep them valued and in demand d.All of the above e.None of the above C

Most companies need some kind of programs to encourage entrepreneurship. A typical program should include which of the following:

-Share the company vision, mission, and strategy -Create channels for volunteers -Offer seed money for worthy ideas .-Create an innovation fair

What award did Mohammad Yunus win?

. The Nobel Prize

In the BOS simulation, your production plan decision will depend on?

..

In Blue Ocean Strategy, which tier of your non-customers are aware of your product but don't use it because it's either unacceptable, or they can't afford it?

2nd tier

How many tiers of non-customers are there in Blue Ocean Strategy?

3

In the BOS simulation, how many "runs" (years) in the Red Round?

3

When Henry Ford introduced the Model T in 1908, how many automobile manufacturers were there in the US?

500

Enron is an example of a company that embraces the ______ ____Management Model as their business practice.

Ammoral

All of the innovations described in the Blue Ocean videos were introduced during economic downturns.

False

If your firm establishes a defensive plan to prevent the firm's weaknesses from making it highly susceptible to external threats, that would be an example of an S-T strategy

False

Mission statements should define the future direction of the company.

False

Three characteristics of a good Blue Ocean Strategy are:

Focus, divergence, and a compelling tagline

Jack Welch was Chairman of the Board and CEO of which company?

General Electric

If your company asks for innovation or ideas and doesn't get much response, it probably has:

Hasn't created sufficient channels for ideas to surface

Which dimension characterizes an entrepreneurial organization?

Innovative

NetJets is an example of a company that used which path?

Look Across Alternative Industries

Barnes & Noble is an example of a company that looked across what path?

Look Across Complementary Product and Service Offerings

In the text, Curves is an example of which path?

Look Across Strategic Groups Within Industries

Novo Nordisk is an example of a company that looked across what path?

Look Across the Chain of Buyers

Blue Ocean strategies are

More about opportunity maximizing and risk minimizing

The entrepreneurial process involve(s):

Opportunity recognition and definition

In the lectures on non-profits, which of the following was the #1 obstacle to entrepreneurial activity?

Policies/procedures/red tape

Gallery Furniture is an example of a company that, among other things, has focused on improving the ________ frontier of innovation.

Service

A company that has successfully integrated innovation and creativity into their daily business practice is called a _________ firm.

Star

Which answer below is concerned with a firm's competitive initiatives and business approaches?

Strategy

In Blue Ocean Strategy, a _________ captures the current state of play in a known market

Strategy Canvas

In Porter's Five Forces, differentiation of inputs, switching costs of firms in the industry and the threat of forward integration are all part of:

Supplier Power

In the BOS text, the "electric sewer" refers to which of the following?

The New York City subway system

Developing a firm's strategy canvas focuses on

The big picture

Which of the following is NOT a myth about entrepreneurs?

There is not a standard profile or prototype for an entrepreneur.

For the chemical industry, the current discussion of cap and trade legislation is an example of:

Threat

A performance-driven government uses resources to accomplish results, while a function-driven government based its performance on spending allocated resources.

True

Government entrepreneurs have the ability to bring resources together to exploit social opportunities.

True

Mission statement conveys what you are now, while vision statement defines what you want to be.

True

Mission statements should define the current business activities of the company.

True

What is one of the main reason for corporate entrepreneurs to leave the company?

Unwarranted organization politics

The BOI Index is a way to measure what?

Utility Price Cost Adoption

The first step of Visualizing Strategy is?

Visual awakening

The value curve is a graphic depiction of what?

a company's performance across industry factors

In the IA text, General Doriot selected a team based on:

a team that had learned to work together

Sharing information is part of which way to overcome obstacles?

a. Resource acquisition b. Political tactics c. Building social networks d. Gaining legitimacy C

What responsibilities do top level managers have?

a. Set a compelling vision b. Implement the entrepreneurial vision c. have experimenting roles d. All of the above D?

Which of the following is a "people constraint?"

a. Too many hierarchical levels b. Extensive documentation requirements c. Turf protection d. Lack of accountability C

Which of the following statement is correct about top-level or middle-level managers?

a. Top-level and middle-level managers determine strategic actions of the company b. Middle-level managers determine strategic actions of the company c. Middle-level managers implement the strategic entrepreneurial activities of the company d. All of the above C

Government entrepreneurship involve(s) ___________________________.

a.Creating valueb.Gathering public and/or private resourcesc.Altering existing scarce public resourcesd.Innovative and proactive behavior ALL

Which of the following characteristic(s) is/are true about social entrepreneurs?

a.Innovativeb.Recognize opportunitiesc.Proactive ALL

If the desired output of the deliberate approach to corporate entrepreneurship is a new business relatively close to a business-unit core competence or process efficiency, then that company is probably using which approach of the four-models of corporate entrepreneurship?

advocate

According to the video, the first "home computer" was the ___________.

altair MITS

Developing a firm's strategy canvas focuses on

big picture

In a Blue Ocean strategy, a key method for reaching beyond existing demand is to:

build on powerful commonalities NOT concentrating on customers and focusing on customer differences

In which of the four corporate models of entrepreneurship does corporate entrepreneurship proceed based on the efforts of a "project champion?"

opportunist

The two main dimensions of the four-model approach to corporate entrepreneurship are:

organizational ownership and resource authority

Operational effectiveness is about doing WHAT better than your competitors?

performing similar activities better than competitiors

For Southwest Airlines, which of the following acted as a barrier to entry for other competitors?

politics

Arriving at a cost structure that is both profitable and hard for potential followers to match is called?

price minus

If a corporation has an entrepreneurship program that offers well-connected corporate leadership with a full-time staff and significant, independent funding, then it is said to be using which of the four corporate models of entrepreneurship?

producer

Companies that achieve Value Innovation

pursue differentiation or low cost

The person(s) who provides "air cover" and suggests strategies for winning allies rather than making enemies is referred to as:

sponsors

A Blue Ocean Strategy idea threatens the

status quo

In Blue Ocean Strategy, a _________ captures the current state of play in a known market

strategy Canvas

A "sponsor" is the person in the firm that:

support their people's ideas by protecting them from the "corporate immune system." They coach intrapreneurs, raising tough questions and then letting the intrapreneurs find their own answers.

In the text, Swatch was used as an example of what?

target costing

A value proposition is:

the benefits customers can expect from your product or service

In Porter's Five Forces, Barriers to Entry include all of the following EXCEPT

threat of backward integration

'Tipping Point Leadership' focuses on the people, acts and activities which exercise a disproportionate amount of influence and performance of the entire organization

true

In each of the examples in the videos—automobiles, computers, and movie theaters—what was the key to unlocking new markets?

value innovation