Entrepreneurial Mind-Set in Organizations

Question 1

A group of people working together towards an agreed purpose, utilising different resources (financial, physical, suppliers, etc.) to produce, and then sell or provide either a service or product for the local (or global) population (i.e. customers) to consume

Answer 1

Enterprise/organization/business/company

Question 2

• A business that provides intangible products, i.e. talent, skills, (expert) knowledge of the service provider.
• Professionals, doctors, consultants | Law firms, accounting firms, BPOs

Answer 2

Service business

Question 3

• A business that buys (at cost) and sells (at a markup) physical products.
• Retailers, supermarkets, groceries | Car Dealers, resellers, distributors

Answer 3

Merchandising business

Question 4

• A business that buys raw materials to manufacture a physical product (finished goods) and sells it.
• Companies that manufacture food, personal care products, gadgets, automobiles, housekeeping products, etc.

Answer 4

Manufacturing business

Question 5

A ______ describes the flow of goods (or commodities) and services from its source to the end-users (i.e., consumers); and involve the processes that transform raw materials into final products or services.

Answer 5

supply chain

Question 6

The ______ affects the different aspects of a business and determines the requirements (i.e., management and resources) that will successfully sustain the flow

Answer 6

supply chain

Question 7

The flow of commodities, i.e., the specific supply chain, will depend on the type of business.

Answer 7

supply chain

Question 8

A business owned by an individual who also manages its operations.

Answer 8

Sole Proprietorship

Question 9

• A business owned by two or more individuals who share both liabilities for and the management of the company.
• Limited Liability P (LLP)
• Limited P (LP)
• Limited Liability Limited P (LLLP)

Answer 9

Partnership

Question 10

• The true or original owners of the company share ownership of the entire enterprise with various stockholders and may or may not be involved in the management of the company.
• Limited Liability C (LLC)
• S Corporations
• B Corporations

Answer 10

corporations

Question 11

The art and science of performing effectively and efficiently the following functions or processes

Answer 11

management

Question 12

Involves
* Creating the vision, defining the mission, setting goals
* Developing the specific actions or action plans to meet defined goals
* Determining needed resources

Answer 12

planning

Question 13

Involves
* Creating the functional structure of the firm
* Creating teams, departments, business units
* Designing the most effective processes and procedures.
* Designing the most effective specific work functions.

Answer 13

organizing

Question 14

Involves
* Motivating the people of the organisation to work towards the vision, mission and specific departmental goals of the company.

Answer 14

leading

Question 15

Involves
* Monitoring activities and personnel.
* Auditing whether processes, activities and personnel are performing according to set standards.
* Correcting mistakes…

Answer 15

Controlling

Question 16

4 core functional areas of management (EXAM)

Answer 16

• human resources management
• marketing management
• financial management
• operations management

Question 17

The effective synthesis of all functional areas that sustains the stability and growth of an enterprise

Answer 17

strategic management

Question 18

inventory of required and available skills and knowledge

Answer 18

credential management

Question 19

What functional area of management is this?
* Recruitment
* Hiring and keeping the best talent (i.e. manpower)
* Credentials management — inventory of required and available skills and knowledge
* Compensation, benefits and rewards
* Performance measurement
* Rewards & Promotions
* Career development
* Providing needed training
* Continuous education and development

Answer 19

HR management

Question 20

What functional area of management:
*Capital Sourcing and Funding
*Revenue and Profit Generation
*Managing Operating Costs
* Investments, IPOs, Leveraging (i.e. loans)
*Employee compensation and benefits
*Financial Statements — Assets, Cash, Liabilities, ROE, ROI

Answer 20

financial management

Question 21

What functional area of management:
* Production
* Processes and procedures that produce outputs which bring revenue to the company
* Maximizing production at minimum costs
* Specific work activities and tasks for every position
* Working hours
* Organizational Structure
* Departments and Divisions
* Positions — rank and file to different levels of management

Answer 21

operations management

Question 22

Processes and procedures that produce outputs which bring revenue to the company

Answer 22

production

Question 23

portion of a population (local or global) that buys a firm’s products and/or services, a.k.a. customer base

Answer 23

market

Question 24

What functional area of management:
* Market — portion of a population (local or global) that buys a firm’s products and/or services, a.k.a. customer base
* Finding and attracting customers
* Market Penetration
* Market Development
* Market Share & Domination
* Customer Relations Management
* Sales Management and Strategies
* Advertising and Promotions
* Public Relations

Answer 24

Marketing management

Question 25

What level of organizational structure: * Board of Trustees or Directors * President, General Manager * CEO, COO, CFO, EVP, SVP, VP * Managing, Executive Director

Answer 25

Top management

Question 26

What level of organizational structure: * SBU (VP, AVP, Assoc. Director, Sr. Manager)

Answer 26

Middle management

Question 27

What level of organizational structure: * Department (Manager, supervisor, coordinator, team leader)

Answer 27

First level management

Question 28

Infusion of entrepreneurial thinking into large bureaucratic structures (i.e., corporations, organizations).

Answer 28

Corporate entrepreneurship

Question 29

2 other terms for corporate entrepreneurship

Answer 29

* Corporate Innovation or * Intrapreneurship.

Question 30

In corporate entrepreneurship, _______is achieved by tapping and supporting the innovative talents of an organization’s own workers and managers.

Answer 30

Infusion

Question 31

The _____ is profoundly changing compelling large established enterprises to reexamine their purpose

Answer 31

global economy

Question 32

Earlier research concluded that entrepreneurship and bureaucracies were __________. Today many researches are all about the presence of entrepreneurial ventures within the enterprise framework.

Answer 32

mutually exclusive

Question 33

" _____ come from people. ______ is the capability of many. That _____ is utilized when people give ______to the missions and life of the enterprise and are given the ___to do something about their capabilities. " - Steven Brandt

Answer 33

Ideas, Innovation, capability, commitment, power

Question 34

1. In contrast to previous decades, _____and ______, and _____ are now very common in the marketplace. Thus, corporations must either _____ or become ________.

Answer 34

changes, innovations, improvements, innovate, obsolete

Question 35

2. Losing the _____ to independent (or individual) entrepreneurship. This is due to the following developments: a) The _____ and _____ of being an independent entrepreneur — appealing to both young and seasoned employees. b) ________ has grown into a ________, along with healthy capital funding markets, enabling more new entrepreneurs to launch their ideas.

Answer 35

brightest people, status and image, Venture capital, large industry

Question 36

Advantages of corporate entrepreneurship: * It leads to the ______that will help the organization to ________ * It creates a _______ that helps the enterprise maintain its______. * It promotes a _____ to ______ which helps the enterprise motivate and keep its _____.

Answer 36

* development of new products and services, expand and grow. * workforce, competitive posture * climate conducive, high achievers, best people

Question 37

* At one end of the ______ is stability, or the ______; at the other end is chaos, or ______. * ______ will lead to chaos, loss of cultural glue, fatigue, and organizational breakdown. * Organizations that are chaotic may survive in the ______ but will collapse in the ______.

Answer 37

* innovation continuum, absence of innovation, overwhelming innovation * Too much change * short term, long term.

Question 38

5 critical steps of a corporate entrepreneurship strategy (***EXAM***)

Answer 38

1. Developing the Vision 2. Encouraging Innovation 3. Structuring for an Entrepreneurial Climate 4. Preparing Managers for Corporate Innovation 5. Developing Innovation Teams

Question 39

Goal for the top management

Answer 39

strategic goals

Question 40

goals for middle management

Answer 40

tactical goals

Question 41

goals for the first level management

Answer 41

operational goals

Question 42

5 critical steps of a corporate entrepreneurship strategy: * Define and share the vision — the vision must be articulated by top management to all employees. * Facilitate managers and employees to define specific objectives for their teams or departments that will be consistent with the articulated vision

Answer 42

Developing the vision

Question 43

5 critical steps of a corporate entrepreneurship strategy: * Radical innovation - chaotic innovation * incremental innovation - systematic innovation

Answer 43

encouraging innovation

Question 44

5 critical steps of a corporate entrepreneurship strategy: * Management support * autonomy & work discretion * rewards & reinforcement * time availability * organizational boundaries

Answer 44

Structuring the Work Environment

Question 45

5 critical steps of a corporate entrepreneurship strategy: * the entrepreneurial experience * innovative thinking * idea acceleration process * sustaining innovation teams * the innovation action plan

Answer 45

Preparing Managers for Corporate Innovation

Question 46

5 critical steps of a corporate entrepreneurship strategy: * They are self-directing, self-managing and high performing. Its focus is on design issues (i.e. structure and process) for innovative activities.

Answer 46

Developing innovation teams

Question 47

5 Important Practices for Establishing Innovation-Driven Organizations

Answer 47

1. Set explicit innovation goals (SMART) 2. Create an effective feedback and positive reinforcement system 3. Emphasize individual responsibility 4. Reward innovative ideas 5. Do not punish failures. Individuals must feel free to experiment without fear of punishment

Question 48

Rules for an innovative environment: * Encourage _____. * Use ______ whenever possible. * Tolerate ____, and use it as a ______. * Persist in getting an _____-. * Reward ____for innovation’s sake. * Plan the _____ of the enterprise to _______.

Answer 48

* action * informal meetings * failure, learning experience * idea to market * innovation * physical layout, encourage informal communications

Question 49

Rules for an innovative environment: * Expect clever ______ — secretly working on new ideas on company time as well as on ____. * Put people on _____ for future-oriented projects. * Identify and replace ____ and ______. *____ and _____ innovative personnel.

Answer 49

* bootlegging of ideas, personal time. * small teams * rigid procedures and bureaucratic red tape * Reward and promote

Question 50

Example Programs that support innovation and venture development * Reduce _____, and encourage ______ across departments and functions. * ______ “venture capital” and special project budgets (“intracapital”). Allow ______ for projects. * Encourage ______ and ventures among divisions, departments, and companies. Allow and encourage employees to discuss and brainstorm new ideas.

Answer 50

* unnecessary bureaucracy, communication * Use internal, discretionary time * joint projects

Question 51

An innovation teams are composed of two or more people, led by an _______ or ______

Answer 51

Innovation Champion or Corporate Entrepreneur

Question 52

They learn about and help each other perform better. The collective capacity of the team helps the company grow.

Answer 52

Collective Entrepreneurship

Question 53

* The team is like a small business operating within a larger business,with its own budget. * The team is separate from other parts of the firm in the sense that it does not engage in procedures that may stifle innovative activities.

Answer 53

innovation teams

Question 54

Management Processes/Functions (**EXAM**)

Answer 54

* Planning * Organizing * Leading * Controlling