2500 entrepreneurship smartbook chp 2 questions
A study found that new ventures started within a corporation performed worse than those started independently by entrepreneurs. What were the reasons cited? (Check all that apply.) A constrained environment Distribution of responsibilities to existing employees A lack of venture capital A lack of freedom to make autonomous decisions
A constrained environment A lack of freedom to make autonomous decisions
What are the characteristics of high corporate entrepreneurial environments? (Check all that apply.) Trial-and-error learning methods are not encouraged. The spirit of corporate entrepreneurship must be forced upon individuals. Creativity, risk taking, boldness, and even failure is appropriately rewarded. Firms must have a patient approach to the investment of money in the environment.
Creativity, risk taking, boldness, and even failure is appropriately rewarded. Firms must have a patient approach to the investment of money in the environment.
Identify the features of corporate entrepreneurship. (Check all that apply.) It is the only method of stimulating individuals in a company who think that something can be done differently. It is not strongly reflected in top management orientations in organizations. Hypercompetition has led to an increased amount of corporate entrepreneurship. It is most strongly reflected in entrepreneurial activities in organizations.
Hypercompetition has led to an increased amount of corporate entrepreneurship. It is most strongly reflected in entrepreneurial activities in organizations.
Which of the following statements are true about corporate entrepreneurship? (Check all that apply.) Independent, venture-capital-based start-ups by entrepreneurs tend to outperform corporate startups significantly. New corporate ventures started within a corporation make more profits than do those started independently by entrepreneurs. Implementing corporate entrepreneurship can lead to the development of an entirely new corporate environment and culture. New corporate ventures have more freedom to make autonomous decisions than do those started independently by entrepreneurs.
Independent, venture-capital-based start-ups by entrepreneurs tend to outperform corporate startups significantly. Implementing corporate entrepreneurship can lead to the development of an entirely new corporate environment and culture.
Identify the attributes of a successful corporate entrepreneurship. (Check all that apply.) Leaders must have frank and open conversations with employees to foster teamwork and creativity. Leaders must be able to develop a strong base of supporters and motivators. Firms must create a reward system that rewards routinized performance over risk taking and ingenuity. Criticism and feedback must only be accepted from selected or favored team members.
Leaders must have frank and open conversations with employees to foster teamwork and creativity. Leaders must be able to develop a strong base of supporters and motivators.
Identify a characteristic of a high entrepreneurial environment. Trial-and-error learning is discouraged. The latest technology is utilized to help develop a firm's ideas and products. Opportunity parameters are set. The spirit of corporate entrepreneurship is forced upon individuals.
The latest technology is utilized to help develop a firm's ideas and products.
Identify a true statement about firms with an entrepreneurial orientation. They are mostly interested in ideas that revolve around currently controlled assets. They actively encourage employees to produce ideas and be as creative as they can be. They are primarily concerned about the resources that may be required to pursue opportunities. They typically have structures well suited for the internal efficiencies of allocating controlled resources.
They actively encourage employees to produce ideas and be as creative as they can be.
Identify a feature of entrepreneurially managed firms. They are capable of withdrawing their resources from a particular opportunity rapidly. They believe that if they control their own resources then they are self-contained. They typically have a larger initial investment in a business opportunity than do traditionally managed firms. They typically place more emphasis on information than do traditionally managed firms.
They are capable of withdrawing their resources from a particular opportunity rapidly.
Which of the following is true of traditionally managed firms? They are more likely to pursue a given opportunity with a much larger initial investment than entrepreneurially managed firms. The strategy of tradition management is driven by the presence of any opportunity for new entry. They are unlikely to place considerable emphasis on information. Resources do not constrain the strategic thinking of a traditionally managed firm.
They are more likely to pursue a given opportunity with a much larger initial investment than entrepreneurially managed firms.
Identify an accurate statement about entrepreneurial firms. They typically do not encourage trial-and-error learning. They develop and foster the spirit of teamwork between multidisciplinary teams. They create a reward system that only encourages creativity. They must force the spirit of corporate entrepreneurship upon individuals.
They develop and foster the spirit of teamwork between multidisciplinary teams.
Identify a characteristic of traditionally managed firms. They are unlikely to be concerned about the ownership of resources required for an opportunity. They are more structured than entrepreneurially managed firms to make use of both their internal networks. They are unlikely to have a high amount of initial investment in a potential opportunity. They have frameworks that are typically focused on efficiency rather than on responding to changes in the external environment.
They have frameworks that are typically focused on efficiency rather than on responding to changes in the external environment.
Identify a true statement about the ways in which traditionally managed firms commit resources to a business opportunity. They typically use required resources episodically or rent them. They "test the waters" by committing small amounts of resources in a multistep manner. They refrain from initially committing any resources to a viable opportunity. They initially commit a great deal of required resources on a large scale.
They initially commit a great deal of required resources on a large scale.
Which of the following is true of entrepreneurial firms? They typically have a large initial investment in a potential opportunity. They are primarily concerned about the ownership of resources that are required to pursue an opportunity. They strive to eliminate factors that negatively influence employee creativity. They do not utilize the trial-and-error method of learning.
They strive to eliminate factors that negatively influence employee creativity.
Identify the steps involved in the process of establishing corporate entrepreneurship in an organization. (Check all that apply.) Utilizing the latest technology to make the organization more flexible than before Setting a long time horizon to evaluate the success of the overall process Forcing the spirit of corporate entrepreneurship upon the organization's employees Creating a system that discourages risk taking and failure
Utilizing the latest technology to make the organization more flexible than before Setting a long time horizon to evaluate the success of the overall process
Traditionally managed firms are most likely to _____. be designed in a manner that favors the internal efficiencies of allocating controlled resources focus on minimizing resources required to pursue an opportunity be concerned about having access to others' resources compensate employees based on their contribution toward the generation and exploitation of opportunity
be designed in a manner that favors the internal efficiencies of allocating controlled resources
A true statement about corporate entrepreneurship is that _____. new ventures do not need to use the industry's latest cutting-edge technology a corporate environment need not establish a long time horizon for evaluating the success of the overall program companies should not force the spirit of corporate entrepreneurship on people there is no difference between corporate thinking and entrepreneurial thinking
companies should not force the spirit of corporate entrepreneurship on people
Entrepreneurial action within an established organization is known as
corporate entrepreneurship
Traditionally managed firms are more likely than entrepreneurially managed firms to _____. be less concerned about the ownership of resources minimize the resources required to pursue an opportunity make small initial investments in a potential opportunity desire to grow at a pace that is stable and manageable
desire to grow at a pace that is stable and manageable
Traditionally managed firms are more likely than entrepreneurially managed firms to _____. minimize the resources required to pursue an opportunity desire to grow at a pace that is stable and manageable make small initial investments in a potential opportunity be less concerned about the ownership of resources
desire to grow at a pace that is stable and manageable
A difference between entrepreneurially managed firms and traditionally managed firms is that _____. traditionally managed firms are more structured to make use of both their external networks and internal networks entrepreneurially managed firms are able to change direction rapidly as new information about an opportunity or an environment is revealed entrepreneurially managed firms are more likely to have a structure well suited for the internal efficiencies of allocating controlled resources traditionally managed firms are more concerned about minimizing the resources required to pursue an opportunity
entrepreneurially managed firms are able to change direction rapidly as new information about an opportunity or an environment is revealed
While pursuing a potential opportunity, entrepreneurially managed firms are most likely to _____. create structures that are typically inwardly focused on efficiency be concerned about the ownership of their resources commit resources to the opportunity on a large scale focus on how they can minimize the resources they require to pursue the opportunity
focus on how they can minimize the resources they require to pursue the opportunity
A successful corporate entrepreneur is most likely to _____. not favor the use of a multidisciplined approach have a comprehensive understanding of the work environment be primarily concerned about the ownership of resources required create a reward system that does not encourage risk taking
have a comprehensive understanding of the work environment
Entrepreneurially managed firms are most likely to _____. have few layers of bureaucracy between top management and customers focus on the ownership of resources and having access to others' resources encourage the resources to constrain the firms' strategic thinking pursue an available opportunity based on the amount of resources they own
have few layers of bureaucracy between top management and customers
An attribute of restoration orientation is that _____. it provides a far greater opportunity to learn than loss orientation it primarily involves an individual working through a loss experience it allows an individual to decrease the short-term level of negative feelings it primarily involves an individual processing a loss experience
it allows an individual to decrease the short-term level of negative feelings
An accurate statement about successful corporate entrepreneurship is that _____. leaders only need to have a clear understanding of a firm's internal environment the trial-and-error method of learning should not be used by corporate entrepreneurs leaders must be able to inspire employees to work well in teams and utilize a multidisciplined approach resolving relationship conflict will always be more important than resolving task conflict
leaders must be able to inspire employees to work well in teams and utilize a multidisciplined approach
An approach to negative emotions that involves working through, and processing, some aspect of the loss experience and, as a result of this process, breaking emotional bonds to the object lost is the approach of
loss orientation
Firms that are said to have high entrepreneurial environments are most likely to _____. develop only product champions and not sponsors worry about the ownership status of resources required to pursue an opportunity discourage multidisciplinary teams from working on new ventures make easily accessible resources for experimentation
make easily accessible resources for experimentation
refers to product and service innovation, with an emphasis on development and innovation in technology.
organizational innovativeness
A high entrepreneurial environment is most likely to _____. permit employees to make mistakes in order to assist learning possess a formalized hierarchy with clear roles and responsibilities discourage multidisciplinary teams from working on new ventures reward employees based on their responsibilities rather than their creativity
permit employees to make mistakes in order to assist learning
Traditionally managed firms are more likely than entrepreneurially managed firms to _____. place a great deal of emphasis on acquiring information consider the acquisition of resources to be a secondary step be strategically driven by the presence of any exploitable opportunity have little to no initial investment in a potential opportunity
place a great deal of emphasis on acquiring information
Traditionally managed firms are more likely than entrepreneurially managed firms to _____. place a great deal of emphasis on acquiring information have little to no initial investment in a potential opportunity consider the acquisition of resources to be a secondary step be strategically driven by the presence of any exploitable opportunity
place a great deal of emphasis on acquiring information
An approach to negative emotions based on both avoidance and a proactiveness toward secondary sources of stress arising from a major loss is the approach of
restoration orientation
The transformation of an organization through the revitalization of the key ideas on which it is built is known as
self-renewal
The transformation of an organization through the revitalization of the key ideas on which it is built is known as _____. new business venturing strategic orientation self-renewal growth orientation
self-renewal
A focus on those factors that are inputs into the formulation of a firm's strategy is known as _____. management structure growth orientation control of resources strategic orientation
strategic orientation
An accurate statement about traditionally managed firms is that _____. they are less likely than entrepreneurially managed firms to invest in an opportunity on a large scale they are less likely than entrepreneurially managed firms to be concerned about the required resources to pursue an opportunity they do not place considerable emphasis on in-depth analysis of available information about an opportunity they are not able to easily reverse the investment of resources in a potential opportunity
they are not able to easily reverse the investment of resources in a potential opportunity
Firms that are said to have high entrepreneurial environments are most likely to _____. worry about the ownership status of resources required to pursue an opportunity discourage multidisciplinary teams from working on new ventures make easily accessible resources for experimentation develop only product champions and not sponsors
make easily accessible resources for experimentation
True or false: A firm is said to be high in entrepreneurial spirit if new ideas and creativity is encouraged. True False
true
When an organization seeks to establish corporate entrepreneurship, it should ensure that _____. it refrains from encouraging creativity, risk taking, and failure it learns to be more productive with a lot of resources rather than with fewer resources its leaders accept feedback and criticism exclusively from a few hand-picked employees it has a group of interested managers who will train employees and share their experiences
it has a group of interested managers who will train employees and share their experiences
Peter, a young entrepreneur, is depressed because his startup venture is in loss. However, he realizes that his feelings are normal and they are experienced by anyone in his position. Which of the following concepts is most likely exemplified in this scenario? An entrepreneurial orientation toward culture An entrepreneurial orientation toward management structure A narrow-scope strategy of risk reduction A dual process model of coping with negative emotions
A dual process model of coping with negative emotions
Which of the following statements are true about the dual process of learning from the failure of an entrepreneurial initiative? (Check all that apply.) There are psychological and physiological outcomes caused by the feelings of loss. Oscillation between loss and restoration orientations increases the time taken for the recovery and learning process. Knowledge that the reactions being experienced by the entrepreneur are normal for someone dealing with such a loss increases shame. There is a process of recovery from failure to learn, which comforts the entrepreneur that his or her current feelings will eventually reduce.
There are psychological and physiological outcomes caused by the feelings of loss. There is a process of recovery from failure to learn, which comforts the entrepreneur that his or her current feelings will eventually reduce.
A difference between entrepreneurial management and traditional management is that _____. the strategy of entrepreneurial management is to use the resources of a firm efficiently the strategy of traditional management is driven by the presence of opportunities for new entry resources are more likely to constrain the strategic thinking of an entrepreneurially managed firm traditionally managed firms are more likely to effectively pursue opportunities that require only available resources
traditionally managed firms are more likely to effectively pursue opportunities that require only available resources
A study found that new ventures started within a corporation performed worse than those started independently by entrepreneurs. What were the reasons cited? (Check all that apply.) A lack of venture capital A lack of freedom to make autonomous decisions Distribution of responsibilities to existing employees A constrained environment
A lack of freedom to make autonomous decisions A constrained environment
Traditionally managed firms are more likely than entrepreneurially managed firms to _____. be less concerned about the ownership of resources initially invest small amounts of money in a potential opportunity desire to expand the size of their firm at a rapid pace be interested in ideas that concern their current resources
be interested in ideas that concern their current resources
Entrepreneurially managed firms are more likely than traditionally managed firms to _____. place considerable emphasis on information focus on the ownership of resources take action on potential opportunities have a high initial investment in an opportunity
take action on potential opportunities
Entrepreneurially managed firms are more likely than traditionally managed firms to _____. place considerable emphasis on information have a high initial investment in an opportunity focus on the ownership of resources take action on potential opportunities
take action on potential opportunities
A feature of an entrepreneurially managed firm is that _____. the firm is likely to want to grow at a rapid pace the firm is most likely to have a very large initial investment in an opportunity the firm is more likely to be concerned about ownership of resources than a traditionally managed firm resources constrain the strategic thinking of an entrepreneurially managed firm
the firm is likely to want to grow at a rapid pace
The strategic orientation of entrepreneurial management is driven by _____. the nature of business opportunities for new entry the amount of resources that are available to a firm the opportunities that can only be pursued by using existing resources the nature of resources that are available to a firm
the nature of business opportunities for new entry
Which of the following is true of entrepreneurially managed firms? They gain and communicate more information from the external environment than do traditionally managed firms. They are more concerned about the ownership of resources than are traditionally managed firms. They have a structure well suited for the internal efficiencies of allocating controlled resources. They have a formalized hierarchy with clear roles and responsibilities and highly routinized work.
They gain and communicate more information from the external environment than do traditionally managed firms.
They must create a formalized hierarchy with clear roles and responsibilities and highly routinized work. They should not use open discussions to create something new. They should be able to adapt to different situations and develop management options. They must possess a visionary outlook.
They should be able to adapt to different situations and develop management options. They must possess a visionary outlook.
Which of the following is true of entrepreneurial firms? They typically have a large initial investment in a potential opportunity. They do not utilize the trial-and-error method of learning. They strive to eliminate factors that negatively influence employee creativity. They are primarily concerned about the ownership of resources that are required to pursue an opportunity.
They strive to eliminate factors that negatively influence employee creativity.
Which of the following is a difference between entrepreneurially managed firms and traditionally managed firms? Traditionally managed firms are more concerned about the ownership of resources than are entrepreneurially managed firms. Unlike entrepreneurially managed firms, traditionally managed firms focus on minimizing the resources needed to initially pursue an opportunity. Entrepreneurially managed firms are more likely than traditionally managed firms to invest in a potential opportunity on a large scale. Unlike the resources of traditionally managed firms, the resources of entrepreneurially managed firms constrain strategic thinking.
Traditionally managed firms are more concerned about the ownership of resources than are entrepreneurially managed firms.
Traditionally managed firms are more likely than entrepreneurially managed firms to _____. initially invest small amounts of money in a potential opportunity desire to expand the size of their firm at a rapid pace be interested in ideas that concern their current resources be less concerned about the ownership of resources
be interested in ideas that concern their current resources
A difference between entrepreneurially managed firms and traditionally managed firms is that _____. traditionally managed firms are more likely to "test the waters" by committing small amounts of resources to an opportunity traditionally managed firms are less likely to place considerable emphasis on in-depth analysis of available information about an opportunity entrepreneurially managed firms are more concerned about their accessibility to others' resources, such as financial capital and intellectual capital entrepreneurially managed firms are more likely to allow their resources to constrain the firms' strategic thinking
entrepreneurially managed firms are more concerned about their accessibility to others' resources, such as financial capital and intellectual capital
A difference between traditionally managed firms and entrepreneurially managed firms is that _____. traditionally managed firms are more likely to be driven by the presence or generation of opportunities for new entry entrepreneurially managed firms are more likely to focus on the ownership of the resources required for an opportunity traditionally managed firms are more likely to place less emphasis on information accumulation entrepreneurially managed firms are more likely to allow employees to experiment with viable business ideas
entrepreneurially managed firms are more likely to allow employees to experiment with viable business ideas
