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

Question 1

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.

Answer 1

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.

Question 2

TYPE OF BUSINESSES

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

Answer 2

Service Business

Question 3

TYPE OF BUSINESSES

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

Answer 3

Merchandising Business

Question 4

TYPE OF BUSINESSES

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

Answer 4

Manufacturing Business

Question 5

TYPE OF BUSINESSES

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

Answer 5

Service Business

Question 6

TYPE OF BUSINESSES

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

Answer 6

Merchandising Business

Question 7

TYPE OF BUSINESSES

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

Answer 7

Manufacturing Business

Question 8

Management is:

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

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

Answer 8

art, science, effectively, efficiently

The art and science of performing effectively and efficiently

Question 9

Management function referring to:

Creating the vision, defining the mission, setting goals

Answer 9

Planning

Question 10

Management function referring to:

Developing the specific actions or action plans to meet defined goals

Answer 10

Planning

Question 11

Management function referring to:

Determining needed resources

Answer 11

Planning

Question 13

Management function referring to:

Creating the functional structure of the firm

Answer 13

Organizing

Question 14

What are the four functional processes of Management?

Answer 14

`Planning, Organizing, Leading, and Controlling

Question 15

Management function referring to:

Creating teams, departments, business units

Answer 15

Organizing

Question 16

Management function referring to:

Designing the most effective processes and procedures

Answer 16

Organizing

Question 17

Management function referring to:

Designing the most effective specific work functions.

Answer 17

Organizing

Question 18

Management function referring to:

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

Answer 18

Leading

Question 19

Management function referring to:

Monitoring activities and personnel.

Answer 19

Controlling

Question 20

Management function referring to:

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

Answer 20

Controlling

Question 21

Management function referring to:

Correcting mistakes

Answer 21

Controlling

Question 22

Strategic Management is:

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

Answer 22

synthesis, sustains, stabiity, growth

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

Question 23

What are the core functional areas of management?

Answer 23

Human Resources Management
Marketing Management
Operations Management
Financial Management

Question 24

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

Answer 24

Human Resources Management

Question 25

Management Functional Area referring to: Compensation, benefits and rewards

Answer 25

Human Resources Management

Question 26

Management Functional Area referring to: Performance measurement * Rewards & Promotions

Answer 26

Human Resources Management

Question 27

Management Functional Area referring to: * Career development * Providing needed training * Continuous education and development

Answer 27

Human Resources Management

Question 27

Management Functional Area referring to: Capital Sourcing and Funding

Answer 27

Financial Management

Question 28

Management Functional Area referring to: Revenue and Profit Generation

Answer 28

Financial Management

Question 29

Management Functional Area referring to: Managing Operating Costs

Answer 29

Financial Management

Question 30

Management Functional Area referring to: Investments, IPOs, Leveraging (i.e. loans)

Answer 30

Financial Management

Question 31

Management Functional Area referring to: Employee compensation and benefits

Answer 31

Financial Management

Question 32

Management Functional Area referring to: Financial Statements — Assets, Cash, Liabilities, ROE, ROI

Answer 32

Financial Management

Question 33

Management Functional Area referring to: Production

Answer 33

Operations Management

Question 34

Management Functional Area referring to: Processes and procedures that produce outputs which bring revenue to the company

Answer 34

Operations Management

Question 35

Management Functional Area referring to: Maximizing production at minimum costs

Answer 35

Operations Management

Question 36

Management Functional Area referring to: Specific work activities and tasks for every position

Answer 36

Operations Management

Question 37

Management Functional Area referring to: Working hours

Answer 37

Operations Management

Question 38

Management Functional Area referring to: Organizational Structure * Departments and Divisions * Positions — rank and file to different levels of management

Answer 38

Operations Management

Question 39

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

Answer 39

Marketing Management

Question 40

Management Functional Area referring to: * Finding and attracting customers * Market Penetration * Market Development * Market Share & Domination

Answer 40

Marketing Management

Question 41

Management Functional Area referring to: Customer Relations Management

Answer 41

Marketing Management

Question 42

Management Functional Area referring to: Sales Management and Strategies

Answer 42

Marketing Management

Question 42

Management Functional Area referring to: Advertising and Promotions

Answer 42

Marketing Management

Question 42

Management Functional Area referring to: Public Relations

Answer 42

Marketing Management

Question 43

Enumerate the 5 Critical Steps of a Corporate Entrepreneurship Strategy

Answer 43

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

Question 44

5 Critical Steps of a Corporate Entrepreneurship Strategy: Define and share the vision — the vision must be articulated by top management to all employees.

Answer 44

(1) Developing the Vision

Question 45

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

Answer 45

(1) Developing the Vision

Question 46

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

Answer 46

Strategic Goals Tactical Goals Operational Goals

Question 47

Who formulates Strategic Goals?

Answer 47

Top Management

Question 48

Who develops the Tactical Goals?

Answer 48

Middle Management

Question 49

Who formulates the Operational Goals?

Answer 49

First Level Management

Question 50

5 Critical Steps of a Corporate Entrepreneurship Strategy: Radical Innovation and Incremental Innovation

Answer 50

(2) Encouraging Innovation

Question 51

Important Practices for Establishing Innovation-Driven Organizations 1. Set ________ innovation goals

Answer 51

explicit

Question 52

Enumerate the Important Practices for Establishing Innovation-Driven Organizations

Answer 52

* 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!)

Question 53

Important Practices for Establishing Innovation-Driven Organizations 2. Create an _____________ and _____________

Answer 53

effective feedback, positive reinforcement system

Question 54

Important Practices for Establishing Innovation-Driven Organizations 3. Emphasize __________ responsibility

Answer 54

individual

Question 55

Important Practices for Establishing Innovation-Driven Organizations 4. __________ _________ ideas

Answer 55

Reward innovative

Question 56

Important Practices for Establishing Innovation-Driven Organizations Do not _______ ________

Answer 56

punish failures

Question 57

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

Answer 57

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

Question 58

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 58

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

Question 59

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

Answer 59

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

Question 60

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

Answer 60

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

Question 61

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?

Answer 61

Collective Entrepreneurship

Question 62

Innovation Teams are lead by who?

Answer 62

Innovation Champion or Corporate Entrepreneur

Question 63

Radical Innovation or Incremental Innovation Stimulate through challenges and puzzles

Answer 63

Radical

Question 64

Radical Innovation or Incremental Innovation Remove technical education and exposure to customers

Answer 64

Radical

Question 65

Radical Innovation or Incremental Innovation Allow technical sharing and brainstorming sessions

Answer 65

Radical

Question 66

Radical Innovation or Incremental Innovation Give personal attention -- develop relationship of trust

Answer 66

Radical

Question 67

Radical Innovation or Incremental Innovation Encourage praise from outside parties

Answer 67

Radical

Question 68

Radical Innovation or Incremental Innovation Have fleible funds for opportunities that arise

Answer 68

Radical

Question 69

Radical Innovation or Incremental Innovation Reward with freedom and capital for new projects

Answer 69

Radical

Question 70

Radical Innovation or Incremental Innovation Set systematic goals and deadlines

Answer 70

Incremental

Question 71

Radical Innovation or Incremental Innovation Stimulate through competitive pressures

Answer 71

Incremental

Question 72

Radical Innovation or Incremental Innovation Encourage technical education and exposure to customers

Answer 72

Incremental

Question 73

Radical Innovation or Incremental Innovation Hold weekly meetings that include key management and marketing staff

Answer 73

Incremental

Question 74

Radical Innovation or Incremental Innovation Delegate more responsibility

Answer 74

Incremental

Question 75

Radical Innovation or Incremental Innovation Set clear financial rewards for meeting goals and deadlines

Answer 75

Incremental

Question 76

5 Critical Steps of a Corporate Entrepreneurship Strategy: * The Entrepreneurial Experience

Answer 76

(4) Preparing Managers for Corporate Innovation

Question 77

5 Critical Steps of a Corporate Entrepreneurship Strategy: * Innovative Thinking

Answer 77

(4) Preparing Managers or Corporate Innovation

Question 78

5 Critical Steps of a Corporate Entrepreneurship Strategy: * Idea Acceleration Process

Answer 78

(4) Preparing Managers or Corporate Innovation

Question 79

5 Critical Steps of a Corporate Entrepreneurship Strategy: * Sustaining Innovation Teams

Answer 79

(4) Preparing Managers or Corporate Innovation

Question 80

5 Critical Steps of a Corporate Entrepreneurship Strategy: * The Innovation Action Plan

Answer 80

(4) Preparing Managers or Corporate Innovation

Question 81

5 Critical Steps of a Corporate Entrepreneurship Strategy: * Management Support

Answer 81

(3) Structuring the Work Environment

Question 82

5 Critical Steps of a Corporate Entrepreneurship Strategy: * Autonomy & Work Discretion

Answer 82

(3) Structuring the Work Environment

Question 83

5 Critical Steps of a Corporate Entrepreneurship Strategy: * Rewards & Reinforcement

Answer 83

(3) Structuring the Work Environment

Question 84

5 Critical Steps of a Corporate Entrepreneurship Strategy: * Time Availability

Answer 84

(3) Structuring the Work Environment

Question 85

5 Critical Steps of a Corporate Entrepreneurship Strategy: * Organizational Boundaries

Answer 85

(3) Structuring the Work Environment

Question 86

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.

Answer 86

Autonomy/Work Discretion

Question 87

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

Answer 87

Management Support

Question 88

Structuring the Work Environment These enhance the motivation of individuals to engage in innovative behavior

Answer 88

Rewards/Reinforcement

Question 89

Structuring the Work Environment The fostering of new and innovative ideas requires that individuals have time to incubate ideas

Answer 89

Time Availability

Question 90

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

Answer 90

Organizational Boundaries

Question 91

Preparing Managers for Corporate Innovation Participants are introduced to the entrepreneurial revolution that has taken place throughout the world over the last three decades

Answer 91

The Entrepreneurial Experience

Question 92

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

Answer 92

Innovative Thinking

Question 93

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

Answer 93

Idea Acceleration Process

Question 94

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

Answer 94

Barriers and Facilitators to Innovative Thinking

Question 95

Preparing Managers for Corporate Innovation The concept of forming I-Teams to focus innovations is examined

Answer 95

Sustaining Innovation Teams (I-Teams)

Question 96

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.

Answer 96

The Innovation Action Plan