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MGT 409 take 2 > Exam number three > Flashcards

Exam number three Flashcards

1
Q

entrepreneurship

A

creating new value by an existing organization or new venture
-involves assumption of risks

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2
Q

what contexts can new value be created in

A
  • Start ups
  • companies of any age
  • private or public equity
  • non profits
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3
Q

entrepreneurial opportunities require

A

opportunity recognition

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4
Q

two phases of opportunity recognition

A

discovery

evaluation

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5
Q

discovery phase

A

becoming aware of a new business concept

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6
Q

evaluation phase

A

analyzing the opportunity to determine whether it is viable or feasible to develop further

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7
Q

qualities of viable opportunities

A

attractive
achievable
durable
value-adding

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8
Q

Resources essential to entrepreneurial success

A

financial resources
human capital
social capital
government resources

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9
Q

entrepreneurial financial resources

A
  • initial start up financing
  • early stage financing (angel investors)
  • later stage financing (venture capitalists)
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10
Q

entrepreneurial human capital resources

A

-strong skilled management needed

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11
Q

entrepreneurial social capital

A

-extensive social contacts and strategic alliances

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12
Q

federal state and local government resources

A
  • government contracting
  • loan guarantee programs
  • training, counseling, and support services
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13
Q

entrepreneurial leadership

tenants

A
  • vision
  • drive and dedication
  • commitment to excellence
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14
Q

vision

A

being able to see the future and communicate/inspire that vision to others

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15
Q

entrepreneurial leadership insights

A
  • social networks provide good background information

- but nothing replaces strong personal relationships with suppliers and partners

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16
Q

lessons from young entrepreneur

A
  • engage audience w/ presentation
  • solve a problem that really exists
  • have integrity
  • have a solid vision
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17
Q

entrepreneurial strategies

A
  • entry strategies
  • generic strategies
  • combination strategies
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18
Q

entry strategies

A
  • pioneering
  • imitative
  • adaptive
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19
Q

pioneering new entry strategy

A

-creating new ways to solve old problems

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20
Q

initiative new entry strategy

A
  • introducing the same basic product or service as a competitor
  • can we do it better than existing competitor
  • can someone imitate us?
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21
Q

adaptive new entry

A
  • offers a produce or service that is somewhat new and sufficiently different
  • does a superior job at meeting customer needs
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22
Q

generic strategies for new ventures

A

overall cost leadership
differentiation
focus

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23
Q

overall cost leadership advantages

A
  • simpler structure/smaller size

- quicker decision making

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24
Q

differentiation strategy an compete by

A
  • unique value through innovation and superior tech

- deploying resources in radical new way

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25
Q

focus strategy gives ability to

A

-use niche strategies that fit the small business model

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26
Q

combination strategies for new ventures

A

combine the best of different generic strategies

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27
Q

examples of combination strategies

A
  • holding down expenses with a simple structure
  • creating high value products by being flexible and innovative
  • offering specialized products or superior customer service to niche market
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28
Q

typical pattern of growth for corporations

A

simple > functional > divisional > matrix

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29
Q

simple structure

A

-owner/manager makes most of the decisions

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30
Q

functional structure

A
  • grouped by major functions of the firm

- (ie marketing, finance, operations)

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31
Q

divisional structure

A

grouped by products, projects, or markets

-each division typically has it’s own functional structure

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32
Q

matrix structure

A

functional departments are combined with product groups on a project basis
-x axis is function and y axis is project and they intersect

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33
Q

strategic business unit (SBU) structure

A

grouped by similar products or markets into units to achieve synergy

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34
Q

holding company structure

A

business in a corporations portfolio are result of unrelated diversification

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35
Q

what considerations to firms with international operations need to consider when choosing a structure

A
  • type of strategy that drives their foreign operations
  • degree of product diversity
  • extent to which firm is dependent on foreign sales
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36
Q

firms with global strategies should use those structures

A

-worldwide functional structure
worldwide divisional structure
-worldwide company holding structure

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37
Q

firms with multi-domestic strategies should use

A
  • international division structure
  • geographic area division structure
  • worldwide matrix structure
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38
Q

global startup

A
  • used inputs from around the world
  • sells products/services around the world
  • has coordination challenges
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39
Q

what structure do global startups frequently choose

A

boundaryless organizational design

40
Q

boundaryless organizational design definition

A
  • boundaries are more permeable than in traditional designs

- both within company structure and with external partners

41
Q

different types of boundaryless designs

A
  • barrier free
  • modular
  • virtual organizations
42
Q

barrier free

A

has permeable internal and external boundaries

43
Q

barrier free requirements

A
  • higher level of trust
  • philosophy of organization development
  • greater use of teams
  • open communication flows with external
44
Q

modular organization

A
  • outsources non-core activities to outsiders,
  • activates knowledge of suppliers but retains strategic control
  • focus scarce resources on key areas
45
Q

virtual organization

A
  • forming alliance with multiple organizational partners
  • may not be permeant
  • needs a lot of cooperative efforts
  • McGraw Hill example
46
Q

ambidextrous organizations key design attribute

A
  • aligned and efficient while they pursue incremental innovations
  • are flexible enough to adapt to changes in the external environment and create dramatic breakthrough innovations
47
Q

why is ambidextrous design more effective structure

A

it addresses the contradictory challenges of being adaptive while also achieving alignment

48
Q

innovation allows for

A
  • transformation of organizational processes

- creation of new and commercially viable products and services

49
Q

innovation requires knowledge from

A
  • latest technology
  • the result of experiments
  • creative insights
  • competitive information
50
Q

types of innovation

A 
product innovation 
process innovation 
radical innovation 
incremental innovation
sustaining innovation 
disruptive innovation
51
Q

product innovation

A
  • applies technology go develop new product designs

- common during early stages of industry life cycle

52
Q

process innovation

A

improves efficiency of organizations processes

-common during later stages of industry life cycle

53
Q

radical innovation

A

major departure from existing practices usually from technological change
-can transform whole industry

54
Q

incremental innovation

A

-make small improvements in products or processes to enhance existing products

55
Q

sustaining innovation

A
  • extends sales in existing market

- enables new products to be sold at a higher margin

56
Q

disruptive innovation

A
  • overturn markets with a new approach to meeting customer needs
  • technologically simpler and less sophisticated
57
Q

innovation spectrum

A

Radical (most) to incremental (least)

58
Q

innovation challenges/dilemas

A
  • seeds versus weeds
  • experience versus initiative
  • internal versus external staffing
  • building capabilities versus collaborating
  • incremental versus preemptive launch
59
Q

seeds versus weeds

A

what projects should we pursue

-seeds bear fruit while weds don’t and should be cast aside

60
Q

experience versus initiative

A

should an experienced upper manager lead a project or should a mid level manager with more enthusiasm and fresh ideas do it

61
Q

internal versus external staffing

A

-do we get good staff from insiders with social capital or from external people who are betting at thinking outside the box

62
Q

building capabilities versus collaborating

A

-do we find the skills that we need from internal departments or external collaborations with other companies

63
Q

incremental versus preemptive launch

A

do we do a less risky incremental launch that gives competitors time to catch up or do we do a big preemptive launch to stay ahead of them even though it’s more risky

64
Q

cultivating innovation skills

A
  • discovery skills

- creative intelligence

65
Q

discovery skills

A

allows leaders to see potential in innovations

66
Q

creative intelligence

A

allows individuals to develop more creative higher potential innovations

67
Q

defining scope of organization

A
  • defining strategic envelope

- evaluating result

68
Q

strategic envelope

A
  • focus on common technology?

- focus on market theme?

69
Q

evaluating results (defining scope)

A
  • how much will the innovation cost?
  • how likely is it to be commercially viable
  • how much value will it add if it works
  • can we learn something even if it fails
70
Q

managing pace of innovation

A
  • incremental innovations
  • radical innovations
  • time pacing allows for control of the innovation process
71
Q

incremental innovations

A
  • may take 6-12 months

- may use a milestone approach with goals and deadlines

72
Q

radical innovations

A
  • make take 10 years or more

- may involve open ended experimentation and time consuming mistakes

73
Q

staffing to capture value from innovation

A
  • use experienced people from diverse backgrounds
  • require employees to serve in the new venture as part of career development
  • once people have new venture experience transfer them to revitalize core business
  • separate individual perforce from innovation to avoid failure stigma
74
Q

value of unsuccessful innovation

A
  • experience and learning gained through failure

- don’t over commit or despair, pivot quickly and transfer knowledge

75
Q

corporate entrepreneurship

A
  • pursuit of new venture opportunities

- strategic renewal via intrapreneuring

76
Q

corporate entrepreneurship categories

A

focused approaches
dispersed approaches
measuring success

77
Q

focused approaches

A

new venture groups

business incubators

78
Q

new venture groups

A

semi autonomous units with informal structure used to innovate and coordinate with other divisions

79
Q

business incubator

A

hatch new businesses by providing funding, physical space, services, monitoring, networking

80
Q

dispersed approaches to corporate entrepreneurship

A
  • spread throughout form
  • ability to change is core capability
  • stakeholder can bring new ideas or venture opportunities to anyone in the organization
81
Q

dispersed approaches to corporate entrepreneurship aspects

A
  • entrepreneurial culture
  • resource allotment to support activities
  • product champions to promote from start to finish
82
Q

measuring success of corporate entrepreneurship

A
  • exit champions

- real options analysis

83
Q

exit champions

A

avoid costly defeats by questioning viability of new project, gathering hard evidence, risking loss of status while opposing popular projects, saving corporations finances and reputation

84
Q

real options analysis

A

investment tool that helps manage uncertainty associated with launching new ventures

85
Q

real options analysis limitations

A

agency theory
managerial conceit
escalation of commitment

86
Q

agency theory

A

managers have incentive to propose projects that might be successful so they game the system by back solving any formula

87
Q

managerial conceit

A

overconfidence and the illusion of control (hubris)

88
Q

escalation of commitment

A

keep investing and double down in a decision even though it seems likely to fill

89
Q

entrepreneurial orientation definition

A

involves strategy making pratices used to identify new ventures, a unique frame of mind, and a perspective toward entrepreneurship

90
Q

different entrepreneurial orientations

A 
autonomy
innovativeness
proactiveness
competitive aggressiveness
risk taking
91
Q

autonomy

A

independent action aimed at bringing fourth a new vision or opportunity

92
Q

innovativeness

A

willingness to find new innovations through experimentation and creative processes

93
Q

proactiveness

A

forward thinking perspective characteristics that allow the seizure of opportunities

94
Q

competitive aggressiveness

A

intense effort to outperform industry rivals

-too much is bad and can damage reputation

95
Q

risk taking

A

willingness to act boldly without knowing consequences

MGT 409 take 2 (1 decks)

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