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The Entrepreneurial Mind (Coverage-based) > (M) Chapter 3: The Entrepreneurial Mind-Set in Organizations > Flashcards

(M) Chapter 3: The Entrepreneurial Mind-Set in Organizations Flashcards

1
Q

An Enterprise/Organization/Business/Company is:

A _____________ working together towards an agreed ________, utilising diferent resources ( nancial, physical, suppliers, etc.) to _______, and then ____ or ________ either a _______ or ________ for the local (or global) population (i.e. customers) to consume.

A

group of people, purpose, produce, sell, provide, service, product

A group of people working together towards an agreed purpose, utilising different resources ( nancial, 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.

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2
Q

TYPE OF BUSINESSES

A business that provides intangible products, i.e. talent, skills, (expert) knowledge of the service provider.

A

Service Business

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3
Q

TYPE OF BUSINESSES

A business that buys (at cost) and sells (at a markup) physical products.

A

Merchandising Business

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4
Q

TYPE OF BUSINESSES

A business that buys raw materials to manufacture a physical product (finished goods) and sells it

A

Manufacturing Business

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5
Q

TYPE OF BUSINESSES

Professionals, doctors, consultants | Law firms, accounting firms, BPOs

A

Service Business

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6
Q

TYPE OF BUSINESSES

Retailers, supermarkets, groceries | Car Dealers, resellers, distributors

A

Merchandising Business

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7
Q

TYPE OF BUSINESSES

Companies that manufacture food, personal care products, gadgets, automobiles, housekeeping products, etc.

A

Manufacturing Business

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8
Q

Management is:

The _____ and _______ of performing _______ and _______ the following functions or processes:

  1. Planning
  2. Organizing
  3. Leading
  4. Controlling
A

art, science, effectively, efficiently

The art and science of performing effectively and efficiently

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9
Q

Management function referring to:

Creating the vision, defining the mission, setting goals

A

Planning

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10
Q

Management function referring to:

Developing the specific actions or action plans to meet defined goals

A

Planning

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11
Q

Management function referring to:

Determining needed resources

A

Planning

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12
Q
A
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13
Q

Management function referring to:

Creating the functional structure of the firm

A

Organizing

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14
Q

What are the four functional processes of Management?

A

`Planning, Organizing, Leading, and Controlling

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15
Q

Management function referring to:

Creating teams, departments, business units

A

Organizing

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16
Q

Management function referring to:

Designing the most effective processes and procedures

A

Organizing

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17
Q

Management function referring to:

Designing the most effective specific work functions.

A

Organizing

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18
Q

Management function referring to:

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

A

Leading

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19
Q

Management function referring to:

Monitoring activities and personnel.

A

Controlling

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20
Q

Management function referring to:

Auditing whether processes, activities and personnel are performing according to set standards

A

Controlling

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21
Q

Management function referring to:

Correcting mistakes

A

Controlling

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22
Q

Strategic Management is:

The effective ________ of all functional areas that ______ the _______ and ________ of an enterprise.

A

synthesis, sustains, stabiity, growth

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

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23
Q

What are the core functional areas of management?

A

Human Resources Management
Marketing Management
Operations Management
Financial Management

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24
Q

Management Functional Area referring to:

  • Recruitment
    * Hiring and keeping the best talent (i.e.
    manpower)
    * Credentials management — inventory of
    required and available skills and knowledge
A

Human Resources Management

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25
Q

Management Functional Area referring to:

Compensation, benefits and rewards

A

Human Resources Management

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26
Q

Management Functional Area referring to:

Performance measurement
* Rewards & Promotions

A

Human Resources Management

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27
Q

Management Functional Area referring to:

  • Career development
    * Providing needed training
    * Continuous education and development
A

Human Resources Management

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27
Q

Management Functional Area referring to:

Capital Sourcing and Funding

A

Financial Management

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28
Q

Management Functional Area referring to:

Revenue and Profit Generation

A

Financial Management

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29
Q

Management Functional Area referring to:

Managing Operating Costs

A

Financial Management

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30
Q

Management Functional Area referring to:

Investments, IPOs, Leveraging (i.e. loans)

A

Financial Management

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31
Q

Management Functional Area referring to:

Employee compensation and benefits

A

Financial Management

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32
Q

Management Functional Area referring to:

Financial Statements — Assets, Cash, Liabilities, ROE, ROI

A

Financial Management

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33
Q

Management Functional Area referring to:

Production

A

Operations Management

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34
Q

Management Functional Area referring to:

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

A

Operations Management

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35
Q

Management Functional Area referring to:

Maximizing production at minimum costs

A

Operations Management

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36
Q

Management Functional Area referring to:

Specific work activities and tasks for every position

A

Operations Management

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37
Q

Management Functional Area referring to:

Working hours

A

Operations Management

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38
Q

Management Functional Area referring to:

Organizational Structure
* Departments and Divisions
* Positions — rank and file to different levels of management

A

Operations Management

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39
Q

Management Functional Area referring to/involving the:

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

A

Marketing Management

40
Q

Management Functional Area referring to:

  • Finding and attracting customers
    * Market Penetration
    * Market Development
    * Market Share & Domination
A

Marketing Management

41
Q

Management Functional Area referring to:

Customer Relations Management

A

Marketing Management

42
Q

Management Functional Area referring to:

Sales Management and Strategies

A

Marketing Management

42
Q

Management Functional Area referring to:

Advertising and Promotions

A

Marketing Management

42
Q

Management Functional Area referring to:

Public Relations

A

Marketing Management

43
Q

Enumerate the 5 Critical Steps of a Corporate Entrepreneurship Strategy

A
  1. Developing the Vision
  2. Encouraging Innovation
  3. Structuring for an Entrepreneurial Climate
  4. Preparing Managers for Corporate Innovation
  5. Developing Innovation Teams
44
Q

5 Critical Steps of a Corporate Entrepreneurship Strategy:

Define and share the vision — the vision must be articulated by top management to all employees.

A

(1) Developing the Vision

45
Q

5 Critical Steps of a Corporate Entrepreneurship Strategy:

Facilitate managers and employees to define specific objectives for their teams or departments that will be consistent with the articulated vision

A

(1) Developing the Vision

46
Q

What are the three specific objectives mentioned in Developing the Vision step of Critical Management?

A

Strategic Goals
Tactical Goals
Operational Goals

47
Q

Who formulates Strategic Goals?

A

Top Management

48
Q

Who develops the Tactical Goals?

A

Middle Management

49
Q

Who formulates the Operational Goals?

A

First Level Management

50
Q

5 Critical Steps of a Corporate Entrepreneurship Strategy:

Radical Innovation and Incremental Innovation

A

(2) Encouraging Innovation

51
Q

Important Practices for Establishing Innovation-Driven Organizations

  1. Set ________ innovation goals
A

explicit

52
Q

Enumerate the Important Practices for Establishing Innovation-Driven Organizations

A
  • Set explicit innovation goals.
  • Create an effective feedback and positive reinforcement system.
  • Emphasize individual responsibility.
  • Reward innovative ideas.
  • Do not punish failures

Mnemonic: SCERD (oh no i’m scerd to fail the exam hahaha kainis!)

53
Q

Important Practices for Establishing Innovation-Driven Organizations

  1. Create an _____________ and _____________
A

effective feedback, positive reinforcement system

54
Q

Important Practices for Establishing Innovation-Driven Organizations

  1. Emphasize __________ responsibility
A

individual

55
Q

Important Practices for Establishing Innovation-Driven Organizations

  1. __________ _________ ideas
A

Reward innovative

56
Q

Important Practices for Establishing Innovation-Driven Organizations

Do not _______ ________

A

punish failures

57
Q

The team is like a small business operating within a larger business, with its own budget

A

Innovation Teams (mentioned in the “Developing Innovation Teams” step of Corporate Entrepreneurship)

58
Q

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

A

Innovation Teams (mentioned in the “Developing Innovation Teams” step of Corporate Entrepreneurship)

59
Q

They are self-directing, self-managing and high performing. Its focus is on design issues (i.e. structure and process) for innovative activities

A

Innovation Teams (mentioned in the “Developing Innovation Teams” step of Corporate Entrepreneurship)

60
Q

Composed of two or more people, led by an Innovation Champion or Corporate Entrepreneur

A

Innovation Teams (mentioned in the “Developing Innovation Teams” step of Corporate Entrepreneurship)

61
Q

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

This refers to which kind of entrepreneurship?

A

Collective Entrepreneurship

62
Q

Innovation Teams are lead by who?

A

Innovation Champion or Corporate Entrepreneur

63
Q

Radical Innovation or Incremental Innovation

Stimulate through challenges and puzzles

A

Radical

64
Q

Radical Innovation or Incremental Innovation

Remove technical education and exposure to customers

A

Radical

65
Q

Radical Innovation or Incremental Innovation

Allow technical sharing and brainstorming sessions

A

Radical

66
Q

Radical Innovation or Incremental Innovation

Give personal attention – develop relationship of trust

A

Radical

67
Q

Radical Innovation or Incremental Innovation

Encourage praise from outside parties

A

Radical

68
Q

Radical Innovation or Incremental Innovation

Have fleible funds for opportunities that arise

A

Radical

69
Q

Radical Innovation or Incremental Innovation

Reward with freedom and capital for new projects

A

Radical

70
Q

Radical Innovation or Incremental Innovation

Set systematic goals and deadlines

A

Incremental

71
Q

Radical Innovation or Incremental Innovation

Stimulate through competitive pressures

A

Incremental

72
Q

Radical Innovation or Incremental Innovation

Encourage technical education and exposure to customers

A

Incremental

73
Q

Radical Innovation or Incremental Innovation

Hold weekly meetings that include key management and marketing staff

A

Incremental

74
Q

Radical Innovation or Incremental Innovation

Delegate more responsibility

A

Incremental

75
Q

Radical Innovation or Incremental Innovation

Set clear financial rewards for meeting goals and deadlines

A

Incremental

76
Q

5 Critical Steps of a Corporate Entrepreneurship Strategy:

  • The Entrepreneurial Experience
A

(4) Preparing Managers for Corporate Innovation

77
Q

5 Critical Steps of a Corporate Entrepreneurship Strategy:

  • Innovative Thinking
A

(4) Preparing Managers or Corporate Innovation

78
Q

5 Critical Steps of a Corporate Entrepreneurship Strategy:

  • Idea Acceleration Process
A

(4) Preparing Managers or Corporate Innovation

79
Q

5 Critical Steps of a Corporate Entrepreneurship Strategy:

  • Sustaining Innovation Teams
A

(4) Preparing Managers or Corporate Innovation

80
Q

5 Critical Steps of a Corporate Entrepreneurship Strategy:

  • The Innovation Action Plan
A

(4) Preparing Managers or Corporate Innovation

81
Q

5 Critical Steps of a Corporate Entrepreneurship Strategy:

  • Management Support
A

(3) Structuring the Work Environment

82
Q

5 Critical Steps of a Corporate Entrepreneurship Strategy:

  • Autonomy & Work Discretion
A

(3) Structuring the Work Environment

83
Q

5 Critical Steps of a Corporate Entrepreneurship Strategy:

  • Rewards & Reinforcement
A

(3) Structuring the Work Environment

84
Q

5 Critical Steps of a Corporate Entrepreneurship Strategy:

  • Time Availability
A

(3) Structuring the Work Environment

85
Q

5 Critical Steps of a Corporate Entrepreneurship Strategy:

  • Organizational Boundaries
A

(3) Structuring the Work Environment

86
Q

Structuring the Work Environment

Workers have discretion to the extent that they are able to make decisions about performing their own work in the way they believe is most efficient.

A

Autonomy/Work Discretion

87
Q

Structuring the Work Environment

This is the extent to which the management structure itself encourages employees to believe that innovation is, in fact, part of the role set for all organization members

A

Management Support

88
Q

Structuring the Work Environment

These enhance the motivation of individuals to engage in innovative behavior

A

Rewards/Reinforcement

89
Q

Structuring the Work Environment

The fostering of new and innovative ideas requires that individuals have time to incubate ideas

A

Time Availability

90
Q

Structuring the Work Environment

These boundaries, real and imagined, prevent people from looking at problems outside their own jobs

A

Organizational Boundaries

91
Q

Preparing Managers for Corporate Innovation

Participants are introduced to the entrepreneurial revolution that has taken place throughout the world over the last three decades

A

The Entrepreneurial Experience

92
Q

Preparing Managers for Corporate Innovation

This is foreign to most traditional organizations. After completing an innovation inventory, managers engage in several exercises designed to facilitate their own innovative thinking

A

Innovative Thinking

93
Q

Preparing Managers for Corporate Innovation

Managers generate a set of specific ideas on which they would like to work. Includes examining a number of aspects of the corporation, including structural barriers and facilitators

A

Idea Acceleration Process

94
Q

Preparing Managers for Corporate Innovation

The most common barriers to innovative behavior are reviewed and discussed. Managers complete several exercises that will help them deal with barriers in the workplace

A

Barriers and Facilitators to Innovative Thinking

95
Q

Preparing Managers for Corporate Innovation

The concept of forming I-Teams to focus innovations is examined

A

Sustaining Innovation Teams (I-Teams)

96
Q

Preparing Managers for Corporate Innovation

Teams are asked to begin the process of completing an action plan. Plan includes setting goals, establishing an I-Team, assessing current conditions, etc.

A

The Innovation Action Plan

The Entrepreneurial Mind (Coverage-based) (14 decks)

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