ENTSP 320 exam #2 Flashcards
1
Q
GE is one of the largest and most established diversified US firms. We discussed in class how GE used a minimum viable product (MVP) to obtain early feedback from “visionary” customers in one of their innovative projects to produce a powerful multi-purpose engine. What is a (are) potential advantage(s) that large firms have compared to start-up firms with regard to obtaining such feedback?
A
Established customer relationships to identify and recruit customers willing to purchase and try their MVP.
2
Q
o Agile product development is an iterative approach to software development that emphasizes flexibility, collaboration, and customer feedback. It focuses on delivering small, incremental improvements to products in short time frames.
A
agile organizations (five trademarks)
3
Q
A
agile product development
4
Q
A
5
Q
o emphasizes genuine, self-aware, and transparent leadership behavior. It involves leaders being true to themselves, their values, and their beliefs while fostering trust and openness within their teams.
A
authentic leadership
6
Q
o refers to large volumes of structured and unstructured data that can be analyzed to reveal patterns, trends, and associations, especially relating to human behavior and interactions.
A
big data
7
Q
A
blue ocean strategies examples (Yellow Tail, Cirque du Soleil, Curves)
8
Q
o markets are characterized by low competition, high demand, and the creation of new market space through innovation and differentiation.
A
blue ocean market characteristics
9
Q
o a business approach that seeks to create uncontested market space by making competition irrelevant through innovation, value creation, and differentiation.
A
- Blue-ocean (market characteristics)
10
Q
o a business approach that seeks to create uncontested market space by making competition irrelevant through innovation, value creation, and differentiation.
A
- Blue-ocean strategy (definition)
11
Q
o a creative technique used to generate ideas through group discussion. Rules for effective brainstorming include deferring judgment, encouraging wild ideas, building on the ideas of others, and aiming for quantity over quality.
o Four steps:
1. (Re) Framing1. (Re) Framing
2. Warming up
3. Brainstorming (five individuals, facilitator; defer judgement and other rules)
4. Grouping and selecting
A
- Brainstorming and brainstorming rules
12
Q
o refer to the systems put in place to encourage and recognize entrepreneurial behavior within organizations. This can include financial incentives, recognition programs, and opportunities for advancement.
A
- CE incentive/reward structure (example, challenges)
13
Q
o Components to
Visionary, strategic thinker & learner
Good communicator with strong interpersonal skills
Motivator and confidence builder
Network and relationship builder
Builder of entrepreneurial ecosystems that empower others
A
- CE leadership (multiple tasks/elements
14
Q
o refer to the ability of an organization to leverage its resources, knowledge, and skills to foster entrepreneurial activities and to continuously learn and adapt in response to changing market conditions.
A
- CE organization-capabilities (leveraging, learning)
15
Q
o involves evaluating the effectiveness of entrepreneurial initiatives within an organization. This includes setting objectives related to innovation, growth, and profitability, identifying key performance characteristics such as speed to market and resource utilization, addressing challenges such as risk management and resource constraints, and leveraging advanced information technology for data analysis and decision-making.
A
- CE performance assessment (objectives, characteristics, challenges, advanced IT)
16
Q
o a framework that outlines different approaches to corporate entrepreneurship in the context of developing new products or improving existing ones. It may involve strategies such as incremental innovation, breakthrough innovation, and open innovation.
A
product development
17
Q
o New market creation
o Creating a new product
o strategies often represent the tallest challenges for companies and are not easy to execute successfully.
A
- CE strategies grid: diversification
18
Q
o Focus on organization’s entrepreneurial or innovative abilities
o Current product, new market creation/new market entry
A
market development
19
Q
o Market extension/existing market
o Current product/product extension
A
market penetration
20
Q
o Business model and culture of the firm
o Design of a new or redesign of an existing business model
o Frequency: extremely low
A
- CE strategies: business model reconstruction
21
Q
o New competitive space
o Creation of new or reconfiguration of existing product categories or market space
o Frequency: moderate
A
domain redefinition
22
Q
o Fundamental organization structure, processes, and/or capabilities of the firm
o Enactment of a major, internally-focused innovation aimed at improving strategy implementation
o Frequency: low
A
organizational rejuvenation
23
Q
o Strategy of the firm
o Adoption of a new strategy
o Frequency: moderate-to-low
A
strategic renewal
24
Q
o Products offered by the firm or markets served by the firm
o Introduction of a new product into a pre-existing product category or introduction of an existing product into a new (to the firm) but pre-existing market
o Frequency: high
A
sustained regeneration
25
o Separate business unit for Research & Development (R&D Dept/Division)
o Corporate venture group/unit/division to manage the resulting new business venture that do not fit to existing divisions
o Challenges:
o Less input into R&D from current businesses or customers
o If new businesses successful potential later conflicts between new and existing divisions
o Integration of new into existing businesses often becomes major challenge (“not invented here syndrome
* Centralized CE strategies (e.g., Xerox Pablo Alto Research Center)
26
o Each division is assigned task to create new businesses (or products)
o Challenges:
o Innovation only one of many objectives
o Existing business needs may dominates innovation needs
o If strong pressures to innovate are applied (e.g., incentive structure, performance evaluation), managers may ignore existing business to the firm’s detriment
o Innovations may not fit divisions capabilities and positioning
* Challenges of CE (decentralize authority; integrate with autonomy)
27
o Hybrid/balanced strategies (resulting in ambidextrous firms)
o Flexible “customized” innovation strategies (flexible, pivoting)
o Flexible and agile organizational structures/processes
o Often using temporary projects and taskforces
o Create and support new innovative businesses
o Identify and exploit synergies with existing businesses
o Staff new venture also with “mature turks”
o Change veterans’ thinking to get existing divisions onboard
o Share decision responsibilities for critical decisions across divisions
o Integrate with autonomy
o Oscillate between more autonomy and more integration over time
* Challenges of CE (staff with "mature turks"; change veteran thinking)
28
o Matured existing businesses
o Organizational structures, processes and systems
o focused on stability, efficiency, incremental improvement/growth
o New ventures/businesses
o Organizational structures, processes and systems
o focused on change/flexibility, innovation/effectiveness, radical improvements/growth
* Challenges of CE (two-cultures problem; balancing issues)
29
o relying primarily on internal research and development efforts to generate new ideas and innovations, with limited external collaboration or openness to external ideas and technologies.
* Closed-innovation strategies
30
o propose that the effectiveness of leadership styles depends on various situational factors, including the characteristics of the leader, the group or team being led, the nature of the task or project, and the broader organizational or environmental context.
* Contingency theories of leadership (leader, group, task, setting)
31
o Each division is assigned task to create new businesses (or products)
o Challenges:
o Innovation only one of many objectives
o Existing business needs may dominates innovation needs
o If strong pressures to innovate are applied (e.g., incentive structure, performance evaluation), managers may ignore existing business to the firm’s detriment
o Innovations may not fit divisions capabilities and positioning
* Decentralized CE strategies (e.g., 3M)
32
o a structured, time-constrained process used to solve complex problems and develop innovative solutions. Characteristics include a focus on collaboration, rapid prototyping, and user feedback. Potential benefits include accelerated innovation, reduced risk, and increased team alignment.
* Design sprint (characteristics, potential benefits)
33
o involves defining the problem or challenge to be addressed, assembling a cross-functional team, setting goals and objectives, and scheduling the activities and timeline for the sprint.
* Design sprint (planning)
34
o involves a five-stage process:
o Empathize (understanding the needs and experiences of users),
o Define (identifying the problem to be solved),
o Ideate (generating creative solutions),
o Prototype (building prototypes to test ideas), and
o Test (gathering feedback and refining solutions).
* Design thinking IDEO stages (empathize, define, ideate, prototype, test)
35
o it may be less appropriate for highly technical or specialized challenges where domain expertise is required. Limitations include the potential for superficial solutions and the need for time and resources to conduct the process effectively.
* Design thinking (when less appropriate, limitations)
36
o the rapid technological advancements in computing and communication technologies, such as the internet, smartphones, and artificial intelligence, and their transformative effects on various industries and society as a whole. Disruptive effects include the creation of new business models, the disruption of traditional industries, and changes in consumer behavior.
* Digital revolution (disruptive effects)
37
o involve tasks such as setting a vision for the organization, developing strategies to achieve goals, and communicating expectations and objectives to team members.
* Direct leadership activities (vision, strategy, communication)
38
o refers to the degree to which an organization engages in entrepreneurial activities. It has implications for firm performance, including innovation, growth, and competitive advantage.
* ENT intensity (firm performance implications)
39
o refer to ongoing efforts within an organization to improve existing products, processes, or services through small, incremental changes or innovations.
continuous/incremental entrepreneurial events
40
o refer to more significant, transformative initiatives within an organization, such as entering new markets, developing breakthrough innovations, or restructuring the business model.
dynamic entrepreneurial events
41
o refer to episodic bursts of entrepreneurial activity within an organization, such as strategic acquisitions, divestitures, or major product launches.
periodic/discontinuous entrepreneurial events
42
o refer to radical transformations or disruptions within an organization, such as the introduction of entirely new products or the creation of new business units.
revolutionary entrepreneurial events
43
o regularly occurring small-scale innovations or improvements within an organization, aimed at maintaining competitiveness and relevance in the market.
periodic/incremental entrepreneurial events
44
o a tool used in design thinking to visualize and understand the thoughts, feelings, and experiences of users or customers. It typically includes sections for what users see, hear, say, do, think, and feel.
* Empathy map
45
o environments that support and nurture entrepreneurship, innovation, and economic growth. Examples include Silicon Valley, known for its concentration of tech startups, venture capital, and supportive infrastructure.
Entrepreneurial Ecosystems (e.g., Silicon Valley)
46
o Frequency of entrepreneurship vs degree of entrepreneurship
Innovativeness
Risk taking
Proactiveness
Reactiveness
o Periodic/incremental
o Continuous/ incremental
o Revolutionary
o Dynamic
o Periodic/discontinuous
* Entrepreneurial grid #1 (frequency vs. degree of entrepreneurship)
47
o strategic tool used to identify new market opportunities by creating, raising, reducing, or eliminating certain factors in the industry value chain. It aims to break industry norms and create value for customers in innovative ways.
* Four-actions framework (create, raise, reduce, eliminate)
48
o increased emphasis on digital transformation, the rise of open innovation ecosystems, the integration of sustainability and social responsibility into entrepreneurial strategies, and the leveraging of advanced technologies such as AI and blockchain.
* Future trends in corporate entrepreneurship
49
o labor market characterized by short-term, freelance, or temporary work arrangements rather than traditional full-time employment. Workers in the gig economy are often independent contractors or freelancers who work on a project basis.
* Gig economy
50
o a program that allows website owners to monetize their content by displaying targeted ads, while Google AdWords is an advertising platform that enables businesses to create and run online advertisements on Google's network.
* Google AdSense and AdWords software
51
o involves small, cross-functional teams with a high degree of autonomy and responsibility for specific projects or initiatives. This structure promotes collaboration, innovation, and rapid decision-making.
* Google project-team structure
52
o policy allows employees to spend up to 20% of their working hours pursuing projects of their own choosing, often leading to innovative ideas and products outside of their primary job responsibilities.
* Google twenty-percent time/projects
53
o increasing interconnectedness and cross-border flow of entrepreneurial activities, ideas, and innovations. It involves leveraging global markets, talent, and resources to create and grow businesses.
* Globalization of entrepreneurship
54
* Hybrid/balanced CE strategies (e.g., IBM)
55
o by enabling faster communication, collaboration, and data analysis, as well as facilitating the development of innovative products and services.
* Impact of advanced IT on CE strategy implementation
56
o Motivator and confidence builder
o Network and relationship builder
o Builder of entrepreneurial ecosystems that empower others
* Indirect leadership (motivate, network building, empowering others)
57
o employees within an organization who exhibit entrepreneurial behavior, such as taking initiative, innovating, and driving change. Success stories and lessons learned from intrapreneurs can provide valuable insights into fostering a culture of innovation and entrepreneurship within organizations.
* Intrapreneurs (success stories/lessons learned)
58
o extent to which a leader's actions, values, and behaviors align with their true self. Authentic leaders are genuine, self-aware, and consistentLeader-follower models of leadership
* Leader authenticity
59
o Most (all) individuals have leadership potential
o Leadership skills benefit systematic development (= develop your personal tool box)
o Personal advice: Start now! How?
* Leaders (born or made?)
60
o Part of the execution phase of motivating and confidence building
* Leadership and "ability to listen"
61
o Execution of good communicator and strong interpersonal skills
* Leadership by example
62
o Teams can combine individuals with complementary leaderships skills and have potential accomplish more than individuals
* Leadership teams vs. individuals
63
o simplest version of a product that allows a team to collect the maximum amount of validated learning about customers with the least effort. It is often used in startup environments to quickly test hypotheses and gather feedback before investing significant resources into product development. The GE Series X example refers to General Electric's approach of developing minimal viable offerings to test the market before committing to full-scale production.
* *Minimum Viable Product (MVP; GE Series X example)
64
o Spin-in” innovations at other firms by
acquiring these ideas acquiring these ideas (can reduce cost and risks)(can reduce cost and risks)
“Spin-out” own innovations that do not fit the
firm’s capabilities by selling them to other firms (can benefit profits and network building)
Joint and collaborative innovative project with external entities (both temporary and/or more permanent)
* Open innovation (spin-in vs. spin-off ventures)
65
o Procter & Gamble, which collaborates with external partners to develop new products, and NASA, which engages the public and private sector through challenges and competitions to solve complex technical problems.
* Open innovation (success examples)
66
o involves actively seeking and integrating external ideas, technologies, and expertise into the innovation process, recognizing that valuable knowledge and insights exist outside the boundaries of the organization. This may involve collaborating with external partners, participating in industry networks, and leveraging platforms for idea exchange and co-creation.
* Open innovation and absorbing ideas
67
o involve actively engaging with external stakeholders to source, develop, and commercialize innovations, while closed innovation strategies rely primarily on internal R&D and intellectual property. Hybrid or partial open innovation strategies combine elements of both approaches, depending on the nature of the innovation and the strategic goals of the organization.
* Open, closed, and hybrid/partial open innovation strategies
68
o offer opportunities for accessing external expertise, accelerating time-to-market, and reducing R&D costs. However, they also pose challenges such as protecting intellectual property, managing collaborations effectively, and integrating external innovations with internal processes and culture.
* Open-innovation strategies (opportunities, challenges)
69
o characterized by its flat hierarchy, open communication channels, and collaborative work environment. Employees are encouraged to share ideas freely, experiment with new initiatives, and collaborate across teams to drive innovation and solve complex problems.
* Organizational culture at Google (flat, open, collaborative)
70
o involves guiding and directing a team to achieve project objectives, overseeing planning and execution, managing resources and stakeholders, and ensuring alignment with organizational goals. The dynamics of project leadership include managing team dynamics, navigating conflicts, adapting to changing circumstances, and maintaining motivation and morale
* Project leadership (dynamics)
71
o outlines the objectives, scope, schedule, resources, and deliverables of a project, providing a roadmap for execution and monitoring. Components may include a project charter, work breakdown structure, Gantt chart, and risk management plan. Pros of a project plan include clarity, accountability, and alignment, while cons may include rigidity, complexity, and the need for regular updates.
Project plan (components, pros and cons)
72
o identifying, assessing, and mitigating potential risks that could impact project objectives, timelines, and budgets. This may include conducting risk assessments, developing risk registers, implementing risk mitigation strategies, and monitoring risk throughout the project lifecycle.
* Project risk evaluations
73
o defining the boundaries, deliverables, and objectives of a project to ensure alignment with stakeholder expectations and project success criteria. Importance includes setting clear expectations, managing project resources, and controlling project scope. Pros include clarity, focus, and alignment, while cons may include inflexibility, scope creep, and project delays.
* Project scope definition (importance, pros and cons)
74
o individuals or groups who have an interest or influence in the project and its outcomes. Stakeholder management involves identifying stakeholders, understanding their needs and expectations, engaging with them throughout the project lifecycle, and addressing their concerns to ensure project success and stakeholder satisfaction.
* Project stakeholder and stakeholder management
75
o typically formed based on expertise, experience, and availability, with members selected from across the organization. Team size may vary depending on the project scope and complexity. Google often employs a concept of rotating leadership, where team members take turns leading different aspects of the project to foster collaboration, skill development, and innovation. Other characteristics may include diversity, autonomy, and a focus on results.
* Project teams at Google (selection, size, rotating leadership, other characteristics)
76
o involves leveraging the collective intelligence and creativity of a large group of individuals or communities to solve complex problems or generate new ideas. Examples include NASA's use of crowdsourcing platforms to engage the public in solving technical challenges and contributing to space exploration initiatives.
* Public crowdsourcing for innovations (e.g., NASA)
77
o existing market spaces characterized by intense competition, saturated demand, and limited growth opportunities. In red oceans, competition is fierce, and companies vie for market share through price competition and incremental innovations.
* Red oceans (market characteristics)
78
o collaborative economy or peer-to-peer economy, refers to economic models based on sharing, renting, or trading goods and services rather than owning them outright. Examples include platforms like Airbnb, Uber, and TaskRabbit, which enable individuals to monetize underutilized assets or skills through peer-to-peer transactions.
* Sharing economy
79
o a renowned entrepreneurial ecosystem located in California's Bay Area, known for its concentration of technology companies, venture capital firms, research institutions, and startup culture. It is characterized by a culture of innovation, risk-taking, and collaboration, making it a hub for entrepreneurship and innovation.
* Silicon Valley as an entrepreneurial ecosystem
80
o visual tool used in project planning and design to outline the sequence of events, interactions, or user experiences in a narrative format. It typically involves sketching or diagramming key scenes or milestones to visualize the flow and structure of a project or process.
* Storyboarding
81
o a visual tool used in strategic planning to illustrate a company's current strategic position relative to its competitors. It maps out the key factors that customers value in an industry and compares the company's performance on these factors against that of its competitors. By visually depicting these factors and their importance, a strategy canvas helps identify areas where the company can differentiate itself and create a unique value proposition.
* Strategy canvas
82
o methodology developed by Eric Ries, author of "The Lean Startup," which provides guidance for applying startup principles within large organizations to foster innovation and agility. The methodology emphasizes concepts such as Minimum Viable Product (MVP), which refers to the smallest version of a product that allows a team to test its hypotheses and gather feedback from users, and pivot, which involves making strategic changes to a product or business model based on the insights gained from testing the MVP.
* The Start-up Way (MVP, pivot)
83
o methodology, pivoting refers to the act of making a fundamental change to a product, strategy, or business model based on feedback and data gathered during the testing of a Minimum Viable Product (MVP). Pivoting allows startups and organizations to adapt to changing market conditions, customer needs, or internal constraints to improve their chances of success.
* The startup way (pivot and pivoting)
84
o manufacturing process that creates three-dimensional objects by layering materials based on a digital model. In the context of MVP (Minimum Viable Product), 3D printing can be used to rapidly prototype and iterate on product designs, allowing startups and organizations to quickly test and refine their ideas before investing in full-scale production.
* 3D printing and MVP
85
o involves adopting agile principles and practices to increase adaptability, responsiveness, and innovation. Best practices may include fostering a culture of experimentation and learning, empowering cross-functional teams, implementing iterative development processes, and embracing digital technologies. Examples of companies that have successfully transformed into agile organizations include Spotify, Amazon, and Zappos.
* Transform firms into agile organizations (best practices; examples)
86
o catalysts or triggers that disrupt the status quo within an organization and create a sense of urgency or need for change. These events may include shifts in market conditions, technological advancements, competitive threats, leadership changes, or financial crises. Unfreezing events often prompt organizations to reevaluate their strategies, processes, and behaviors and to consider adopting new approaches or initiatives to address emerging challenges.
* Unfreezing events
87
o depict the perceived value that a company's products or services deliver to customers relative to key competitors. They illustrate how a company differentiates itself in the market based on factors such as price, quality, features, and customer experience. By analyzing value curves, companies can identify opportunities to strengthen their value propositions and gain competitive advantage.
* Value curves or value profile
