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Exam 13: Entrepreneurial Implications for Strategy

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Question 71

Multiple Choice

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A large, but declining, city in the Midwest is trying to lure businesses to relocate there and to encourage local entrepreneurs to start new businesses. In order to do this, the city has changed its tax laws and regulations concerning business creation and operations. This is an example of

A) institutional entrepreneurship.
B) autonomous strategic behavior.
C) induced strategic behavior.
D) corporate entrepreneurship.

E) A) and B)
F) A) and C)

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Question 72

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Autonomous strategic behavior is a(an) ____ process in which product champions pursue new ideas.

A) top-down
B) horizontal
C) integrated
D) bottom-up

E) B) and D)
F) All of the above

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Question 73

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Cross-functional work teams are best supported by vertical organizational structures.

The fastest-growing group of entrepreneurs in the U.S. is women.

To be successful, an autonomous process for developing new products relies on

For firms to be entrepreneurial, they must stress individualism in their employees above all other characteristics.

PracticalSolutions is a small firm providing employee assistance programs for companies with troubled employees. PracticalSolutions frequently partners with other consulting firms to provide creative solutions for companies with personnel problems. This history of partnering has developed ____ capital for PracticalSolutions.

Most innovations are incremental, not radical.

A innovation developed through autonomous strategic behavior will probably take the firm into new markets not addressed by its current strategy.

According to the Chapter 13 Strategic Focus, research labs play an important role in 3M's innovation process; each of its six businesses has its own research lab which is product-focused.

Describe the three strategic approaches used to produce and manage innovation: internal corporate venturing, cooperative strategies, and acquisitions.

An organization engaging in strategic entrepreneurship focuses on identifying opportunities that it can exploit through innovations.

Pet Care Companion Connection (PCCC) is an organization that trains persons with mild to moderate mental disabilities to care for pets in a pet boarding facility. This organization has been successful in providing a quality service for pet owners and a supportive training environment for their trainees. The tuition charged to trainees is only somewhat higher than the fee which day-care providers would charge for these individuals. Graduates of the program are qualified for employment by commercial kennels. PCCC is an example of

As a process, entrepreneurship results in the "creative destruction" of existing products (goods or services) or methods of producing them and replaces them with new products and production methods.

The number of patents held by an organization is a rough guide to the

Case Scenario 1: Fear Not. Wim Vijkland was trained as an engineer in the Netherlands and, after college, worked several years in the Chinese operations of Philips Electronics and then Unilever. Between employers he returned home for several years to complete an MBA from Tiburg University in the southern Netherlands. His work gave him hands-on experience with overseas production, and rich sets of contacts in Mainland China and distribution channels in Europe and the U.S. Wim has noted that many small and mid-sized European and U.S. manufacturers are interested in and would benefit from the low-cost Chinese production environment. Contrary to external stereotypes, he also believes that a Chinese factory can produce products that meet the most demanding technical and quality specifications met by manufacturers in more developed economies. At the same time, Vijkland understands that "foreigners" are generally reluctant to manufacture precision products in China for fear that the underlying proprietary technologies will be bootlegged and sold to competitors or outright copied. In an attempt to capitalize on this opportunity, Wim quit his job with Unilever and entered into a partnership with Sulin "Cathy" Liu, a local Beijing entrepreneur with whom Wim has worked extensively in the past. Cathy has a Ph.D. in physics from CalTech in California and an MBA from Hong Kong University of Science and Technology. They have dubbed their partnership FearNot, and organized it as a limited liability corporation (LLC). Their plan is to set up duty-free manufacturing zones in which they develop mini-factories that operate under their ownership and production guidance, while at the same time creating a firewall between the clients' proprietary production processes and the open Chinese market. It is the partners' hope that this combination of intellectual property protection and low-cost overseas production will provide U.S. and European firms an incentive to enlist FearNot's services. -(Refer to Case Scenario 1) What resources do Wim and Cathy bring to their venture?

When used effectively, cross-functional teams will often bring about

Entrepreneurship is the economic engine driving national economic growth in many nations.

Products developed through ____ are often offered at lower prices without as many features than products developed through ____.

The risks of international entrepreneurship include all the following EXCEPT