Corporate Entrepreneurship Quiz
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How about an amazing corporate entrepreneurship quiz to test your knowledge? Opportunities are all around us, and there are those among us who are not afraid to take them. These said people could fill a gap in the market and fill it. Have you heard about corporate entrepreneurship? If so, then take up the quiz below and see just how much you know about it and what it entails, and what more there is to learn. All the best!
- 1.
What is from the list below address to business model basic questions? (more than one answer is possible):
- A.
A. What transport documentation templates we use?
- B.
B. What is the market for product?
- C.
C. What transport we use to deliver our product?
Correct Answer
B. B. What is the market for product?Explanation
This question is asking which option from the list addresses basic questions about the business model. Option b, "What is the market for product?", is the correct answer because it pertains to understanding the target market and the demand for the product. The other options, a and c, are more focused on operational aspects such as transport documentation templates and delivery methods, which are not directly related to the business model.Rate this question:
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- 2.
Which definitions among presented below you may refer to Strategic Entrepreneurship? (more than one answer is possible):
- A.
A. For sure includes creation of a new business
- B.
B. High degree of entrepreneurial intensity, which is adapted to pursuit completive advantage
- C.
C. More refers to behavior and mindset, that to guidelines
Correct Answer(s)
B. B. High degree of entrepreneurial intensity, which is adapted to pursuit completive advantage
C. C. More refers to behavior and mindset, that to guidelinesExplanation
Strategic entrepreneurship refers to the combination of entrepreneurial actions and strategic management in order to create and sustain competitive advantage. This involves a high degree of entrepreneurial intensity, where individuals are willing to take risks and innovate in order to gain a competitive edge. It also emphasizes the importance of behavior and mindset, as strategic entrepreneurs need to think and act in an entrepreneurial manner to identify and exploit opportunities. This approach is more focused on individual behavior and mindset rather than following strict guidelines or rules.Rate this question:
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- 3.
Emergent investments can be described as:
- A.
A. Investments in markets which are not important these days, but may become in a future
- B.
B. Re-invention
- C.
C. Regular and continuous introducing of new products and services or entering new markets
Correct Answer
C. C. Regular and continuous introducing of new products and services or entering new marketsExplanation
Emergent investments refer to the ongoing process of introducing new products and services or entering new markets on a regular and continuous basis. This means that companies are constantly innovating and expanding their offerings to stay competitive and capture new opportunities. It is different from investments in markets that are not currently important but may become significant in the future. Re-invention, on the other hand, refers to the process of completely transforming or changing something, which is not the same as the concept of emergent investments.Rate this question:
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- 4.
What are the main indicators that a project got a venture status (Burgelman, 1983):
- A.
A. Technical and marketing development has started
- B.
B. The product has been fully commercialized
- C.
C. The project has got general manager and its own budget
- D.
D. The project is fully incorporated into corporation’s concept of strategy
Correct Answer
C. C. The project has got general manager and its own budgetExplanation
The main indicators that a project has achieved venture status, according to Burgelman (1983), are the presence of a general manager dedicated to the project and the allocation of a separate budget for the project. These indicators suggest that the project has gained sufficient importance and resources within the organization to be considered a venture. The other options, such as technical and marketing development or full commercialization of the product, may be important milestones in the project's progress but do not necessarily indicate venture status.Rate this question:
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- 5.
What is the worst problem which might occur if the product is commercialized to not fully finished during Strategic forcing phase ((Burgelman, 1983)?
- A.
A. The product doesn’t sell well
- B.
B. Venture manager might get fired
- C.
C. Company might lose a lot of money while fixing not properly working products
- D.
D. The product might be not compatible with other company’s products
Correct Answer
C. C. Company might lose a lot of money while fixing not properly working productsExplanation
During the Strategic forcing phase, if a product is commercialized without being fully finished, the worst problem that might occur is that the company might lose a lot of money while fixing the not properly working products. This is because the product's flaws and issues will likely surface once it is in the market, and the company will have to invest significant resources in fixing and improving it. This can lead to financial losses for the company.Rate this question:
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- 6.
Which of the following is NOT part of the Resource orchestration process:
- A.
A. Structuring
- B.
B. Bundling
- C.
C. Exploitation
- D.
D. Value creation and appropriation
Correct Answer
C. C. ExploitationExplanation
The resource orchestration process involves various activities such as structuring, bundling, value creation, and appropriation. Exploitation, on the other hand, does not fit into this process. Exploitation typically has negative connotations and refers to the unethical or unfair use of resources. In the context of resource orchestration, the focus is on effectively and efficiently managing and utilizing resources to create value and achieve organizational goals. Therefore, exploitation is not a part of this process.Rate this question:
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- 7.
Which one of the following is NOT main output of the Strategic entrepreneurship process:
- A.
A. Individual benefits
- B.
B. Organizational benefits
- C.
C. Societal benefits
- D.
D. Governmental benefits
Correct Answer
D. D. Governmental benefitsExplanation
The main outputs of the strategic entrepreneurship process are individual benefits, organizational benefits, and societal benefits. Governmental benefits are not considered a main output of this process. This suggests that the strategic entrepreneurship process primarily focuses on creating value for individuals, organizations, and society as a whole, rather than directly benefiting the government.Rate this question:
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- 8.
What kind of purpose does a NPO has?
- A.
A. Social
- B.
B. Charity
- C.
C. Power
- D.
D. Money
Correct Answer
A. A. SocialExplanation
A NPO, or non-profit organization, typically has a social purpose. These organizations are established to address and serve the needs of a particular community or cause, rather than seeking to generate profit or accumulate wealth. They often work towards promoting social welfare, advocating for social justice, providing assistance to disadvantaged groups, or addressing specific social issues. The focus of a NPO is on making a positive impact on society and improving the well-being of individuals and communities.Rate this question:
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- 9.
Which one of these characteristics in a NPO is similar to a profit oriented organization?
- A.
A. Purpose
- B.
B. Competition
- C.
C. Life Time cycle
- D.
D. Measuring Performance
Correct Answer
B. B. CompetitionExplanation
The characteristic of competition is similar between a non-profit organization (NPO) and a profit-oriented organization. Both types of organizations face competition in the market or industry they operate in. While profit-oriented organizations compete for market share and profitability, NPOs compete for resources, funding, and support from donors and stakeholders. Competition drives both types of organizations to strive for excellence, innovation, and efficiency in order to achieve their goals and fulfill their mission effectively.Rate this question:
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- 10.
Which is NOT a tip for entrepreneurship in the government?
- A.
A. See opportunities instead of challenges
- B.
B. Be proactive
- C.
C. Leaders should encourage innovation
- D.
D. Setting up guidelines
Correct Answer
D. D. Setting up guidelinesExplanation
The correct answer is d. Setting up guidelines. This is not a tip for entrepreneurship in the government because setting up guidelines is typically seen as a bureaucratic and restrictive process, which can hinder entrepreneurship and innovation. Instead, entrepreneurs in the government should focus on seeing opportunities instead of challenges, being proactive, and encouraging innovation to foster a more entrepreneurial environment.Rate this question:
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- 11.
Which form of the strategic entrepreneurship has the highest frequency of the entrepreneurial event in general
- A.
A. Strategic renewal
- B.
B. Sustained regeneration
- C.
C. Domain redefinition
- D.
D. Organizational rejuvenation
- E.
E. Business model reconstruction
Correct Answer
B. B. Sustained regenerationExplanation
Sustained regeneration is the form of strategic entrepreneurship that has the highest frequency of the entrepreneurial event in general. This means that sustained regeneration, compared to the other forms listed, is more commonly associated with entrepreneurial activities. It suggests that businesses or organizations that focus on sustained regeneration are more likely to engage in entrepreneurial endeavors, such as continuous innovation, adaptation, and growth, in order to stay competitive and thrive in the market.Rate this question:
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- 12.
Dell Inc. is moving forward with plans to begin selling PCs through solution providers, channel partners and retail partners, instead of sticking with the pure direct sales model championed by company founder Michael Dell. Which form of strategic entrepreneurship does Dell adapt?
- A.
A. Strategic renewal
- B.
B. Sustained regeneration
- C.
C. Domain redefinition
- D.
D. Organizational rejuvenation
- E.
E. Business model reconstruction
Correct Answer
E. E. Business model reconstructionExplanation
Dell Inc. is adapting the form of strategic entrepreneurship known as business model reconstruction. This is evident from the fact that the company is shifting away from its traditional direct sales model and embracing a new approach of selling PCs through solution providers, channel partners, and retail partners. This change in the business model reflects Dell's strategic decision to explore new avenues and adapt to the evolving market dynamics. By reconstructing its business model, Dell aims to enhance its competitiveness and expand its customer reach.Rate this question:
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- 13.
Which is the corporate venture capital investment extending the corporation’s presence in product market or technological arenas regarded as strategic to corporation?
- A.
Enabling investment
- B.
Driving investment
- C.
Emergent
- D.
Passive
Correct Answer
B. Driving investmentExplanation
Driving investment refers to the corporate venture capital investment that extends the corporation's presence in product market or technological arenas that are considered strategic to the corporation. This means that the investment is actively pursued and aimed at driving the corporation's growth and competitiveness in specific areas that are important to its overall strategy. It involves proactive decision-making and investment in areas that align with the corporation's long-term goals and objectives.Rate this question:
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- 14.
Which parts of departments are involved in a new corporate venturing, according to Burgelman (1983):
- A.
A. R&D
- B.
B. Marketing
- C.
C. Business Development
- D.
D. All of the above
Correct Answer
D. D. All of the aboveExplanation
According to Burgelman (1983), all departments, including R&D, Marketing, and Business Development, are involved in a new corporate venturing. This implies that the process of corporate venturing requires the collaboration and participation of various departments within the organization. Each department brings its unique expertise and perspective to support the successful implementation of the new venture. By involving all departments, the organization can leverage its resources, capabilities, and knowledge from different functional areas to maximize the chances of success for the new venture.Rate this question:
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- 15.
According to Burgelman, on which level is the main and most important motor for corporate entrepreneurship:
- A.
A. Top executives – CEO level
- B.
B. Senior executives – CFO and COO
- C.
C. Operational managers – group leader level
- D.
D. None of the above
Correct Answer
C. C. Operational managers – group leader levelExplanation
According to Burgelman, the main and most important motor for corporate entrepreneurship is at the operational managers - group leader level. This means that it is the managers who are directly involved in the day-to-day operations and decision-making within the organization who have the greatest impact on fostering and driving corporate entrepreneurship. This makes sense as they are the ones who are closest to the front lines and have the most knowledge and understanding of the organization's resources and capabilities.Rate this question:
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- 16.
What are the three types of corporate venturing? 1. Internal 2. External 3. Uncongested 4. Cooperative
- A.
A. 1, 2 & 3
- B.
B. 1,2 & 4
- C.
C. 2,3 & 4
- D.
D. 1,3 & 4
Correct Answer
B. B. 1,2 & 4Explanation
The correct answer is b. 1,2 & 4. The three types of corporate venturing are internal, external, and cooperative. Internal corporate venturing involves the development of new ventures within the existing organization. External corporate venturing involves collaborating with external partners or acquiring existing ventures. Cooperative corporate venturing involves collaborating with other companies to develop new ventures. Therefore, options 1, 2, and 4 are the correct types of corporate venturing.Rate this question:
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- 17.
Why can the government be named “strategic entrepreneur”, according to the definition in Chapter 5?
- A.
A. there are many government officials who want to raise the welfare level
- B.
B. it has enough resources, capabilities to redistributing them effectively and generate social benefits
- C.
C. strategic entrepreneurship in government organizations raises their current account
- D.
D. government policy provides good conditions to run business
Correct Answer
B. B. it has enough resources, capabilities to redistributing them effectively and generate social benefitsExplanation
According to the definition in Chapter 5, the government can be named a "strategic entrepreneur" because it has enough resources and capabilities to effectively redistribute them, which in turn generates social benefits. This suggests that the government is able to strategically allocate its resources in a way that benefits society as a whole.Rate this question:
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- 18.
Name the main mission (purposes) of the entrepreneurial government?
- A.
A. to create conditions for collective solving the society’s problems and meeting society’s needs
- B.
B. to raise the welfare
- C.
C. to develop partnership with business
- D.
D. to enhance competitiveness
Correct Answer
A. A. to create conditions for collective solving the society’s problems and meeting society’s needsExplanation
The main mission of an entrepreneurial government is to create conditions for collective solving the society's problems and meeting society's needs. This means that the government aims to create an environment where individuals and organizations can come together to address the challenges faced by society and fulfill its needs. This can be achieved through various means such as implementing policies and regulations, providing resources and support, fostering collaboration and innovation, and promoting social and economic development. By doing so, the government plays an active role in shaping the society and ensuring its well-being.Rate this question:
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- 19.
Choose the main motivation of the government to run a public entrepreneurship projects?
- A.
A. to increase the level of public revenue
- B.
B. to make competitive advantages with the private companies
- C.
C. improving the welfare of the population in the country
- D.
D. improving the government position among the population in the country
Correct Answer
C. C. improving the welfare of the population in the countryExplanation
The main motivation of the government to run public entrepreneurship projects is to improve the welfare of the population in the country. These projects aim to create opportunities for economic growth, job creation, and overall development, which ultimately benefits the people by improving their standard of living, providing access to essential services, and promoting social and economic inclusion. By investing in public entrepreneurship projects, the government seeks to address societal needs and enhance the well-being of its citizens.Rate this question:
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- 20.
Which one does NOT belongs to the specific reasons of Leveraging motives
- A.
A. to exploit underutilized resources
- B.
B. to extract further value from existing resources
- C.
C. to develop new competencies
- D.
D. to divest noncore activities
Correct Answer
C. C. to develop new competenciesExplanation
The specific reasons for leveraging motives are to exploit underutilized resources, to extract further value from existing resources, and to divest noncore activities. Developing new competencies is not a reason for leveraging motives.Rate this question:
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- 21.
Choose the examples of the public entrepreneurship?
- The organization which give free food for poor people
- Madonna is looking to adopt a child from 3rd world country
- Australian Red Cross
- Free parking places for people who are under 65 years old
- A.
A. 1&3
- B.
B. 1&4
- C.
C. 2&3
- D.
D. 1,2 & 3
Correct Answer
C. C. 2&3Explanation
The examples of public entrepreneurship in this case are the Australian Red Cross and Madonna looking to adopt a child from a 3rd world country. The Australian Red Cross is a well-known organization that provides various services to the public, such as disaster relief, blood donation, and community support. Madonna's intention to adopt a child from a 3rd world country can be seen as a form of public entrepreneurship as it involves using her resources and influence to make a positive impact on the lives of others.Rate this question:
- 22.
There are many conflicting findings about characteristics associated with an entrepreneurial individual. However, consensus has been achieved on 6 characteristics. What are they?
- A.
A. Motivated by achievement, internal locus of control, calculated risk takers, a high tolerance of ambiguity, prefer a degree of autonomy, tenacious and perseverant
- B.
B. Motivated by wealth, power and money, internal locus of control, high risk takers, a high tolerance of ambiguity, prefer a degree of autonomy, tenacious and perseverant
- C.
C. Team players, opportunity oriented, self-confident and optimistic, lack moral or ethics due to their strong desire to succeed, prefer a degree of autonomy, tenacious and perseverant
Correct Answer
A. A. Motivated by achievement, internal locus of control, calculated risk takers, a high tolerance of ambiguity, prefer a degree of autonomy, tenacious and perseverantExplanation
The correct answer is a. This is because these characteristics have been widely agreed upon as being associated with entrepreneurial individuals. They are motivated by achievement, meaning they are driven to succeed. They have an internal locus of control, meaning they believe they have control over their own actions and outcomes. They are calculated risk takers, meaning they carefully assess and evaluate risks before taking action. They have a high tolerance of ambiguity, meaning they can handle uncertainty and adapt to changing situations. They prefer a degree of autonomy, meaning they enjoy having control and independence in their work. Finally, they are tenacious and perseverant, meaning they are determined and resilient in the face of challenges.Rate this question:
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- 23.
In the creative process people often face with the “creative blocks” that restrict people to be creative. What are the main sources of employee’s “creative blocks” in the organization?
- A.
A. Employer, fellow employees, other people
- B.
B. Individual itself, government, competitors
- C.
C. Individual itself, fellow employees, workplace
Correct Answer
C. C. Individual itself, fellow employees, workplaceExplanation
The correct answer is c. Individual itself, fellow employees, workplace. In the creative process, individuals can experience creative blocks that hinder their ability to be creative. These blocks can stem from the individual themselves, such as self-doubt or lack of motivation. Fellow employees can also contribute to creative blocks through negative attitudes or lack of support. The workplace environment can also play a role, with factors such as strict rules or lack of resources inhibiting creativity. Overall, these three sources can significantly impact an employee's ability to be creative in the organization.Rate this question:
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- 24.
What are the key elements of the HRM (Human Resource Management) system to create an entrepreneurial environment?
- A.
A. Recruitment/selection, job planning/design, compensation/rewards
- B.
B. Recruitment/selection, job planning/design, performance appraisals, training/development, compensation/rewards
- C.
C. Job planning/design, training/development
Correct Answer
B. B. Recruitment/selection, job planning/design, performance appraisals, training/development, compensation/rewardsExplanation
The key elements of the HRM system to create an entrepreneurial environment include recruitment/selection, job planning/design, performance appraisals, training/development, and compensation/rewards. These elements are essential in fostering an environment that encourages entrepreneurship within an organization. Recruitment and selection ensure that individuals with the right skills and mindset are hired. Job planning/design helps in creating roles and responsibilities that align with the entrepreneurial culture. Performance appraisals allow for feedback and recognition of entrepreneurial behavior. Training and development provide employees with the necessary skills and knowledge to be entrepreneurial. Finally, compensation and rewards motivate and incentivize entrepreneurial behavior.Rate this question:
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- 25.
Which HRM (Human Resource Management) practices are more associated with entrepreneurial orientation (Based on Morris & Jones (1995))?
- A.
A. Performance appraisal and training/development
- B.
B. Job planning/design and performance appraisal
- C.
C. Performance appraisal and compensation/rewards
- D.
D. Compensation/rewards and recruitment/selection
Correct Answer
A. A. Performance appraisal and training/developmentExplanation
The HRM practices of performance appraisal and training/development are more associated with entrepreneurial orientation. This means that in an entrepreneurial organization, there is a focus on evaluating and providing feedback on employee performance, as well as investing in their training and development to enhance their skills and capabilities. This aligns with the entrepreneurial mindset of continuously improving and adapting to the changing business environment.Rate this question:
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- 26.
Which option below is not relevant to HRM (Human Resource Management) entrepreneurial practice of job planning/design?
- A.
A. Broadly defined, with more decision making direction
- B.
B. Long-term orientation in planning and job design
- C.
C. Detailed and overlapping policies and procedures
- D.
D. Less structured
Correct Answer
C. C. Detailed and overlapping policies and proceduresExplanation
HRM entrepreneurial practice of job planning/design typically involves a less structured approach and more decision-making direction. It also emphasizes a long-term orientation in planning and job design. However, detailed and overlapping policies and procedures are not relevant to this practice as it focuses on flexibility and adaptability rather than strict adherence to specific guidelines.Rate this question:
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- 27.
Which sentence below is not a principle to effective use of award program to encourage entrepreneurship?
- A.
A. Emphasize success rather than failure
- B.
B. Timing in rewarding an achievement is not crucial
- C.
C. Provide recognition in a personal and honest manner
- D.
D. Tailor the recognition and reward to the unique needs of the people involved
Correct Answer
B. B. Timing in rewarding an achievement is not crucialExplanation
The correct answer is b. Timing in rewarding an achievement is not crucial. This sentence goes against the principle of effective use of award programs to encourage entrepreneurship. Timing is crucial in rewarding an achievement because timely recognition and reward can reinforce positive behavior and motivate individuals to continue their entrepreneurial efforts. Delaying or neglecting to reward achievements may diminish the impact and effectiveness of the award program.Rate this question:
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- 28.
Organizational culture involves different components. What are the main components of the organizational culture?
- A.
A. Values, rules of conduct, vocabulary, methodology, ritual, myths, stories
- B.
B. Myths, stories, rituals, vocabulary, methodology
- C.
C. Rules of conduct, methodology
Correct Answer
A. A. Values, rules of conduct, vocabulary, methodology, ritual, myths, storiesExplanation
The correct answer is a. Values, rules of conduct, vocabulary, methodology, ritual, myths, stories. Organizational culture is made up of various components that shape the behavior and beliefs of individuals within an organization. Values represent the core principles and beliefs that guide decision-making and behavior. Rules of conduct establish the expected behavior and norms within the organization. Vocabulary refers to the specific language and terminology used within the organization. Methodology refers to the processes and approaches used to accomplish tasks. Rituals are the established routines and ceremonies within the organization. Myths and stories are the narratives and legends that convey the history and identity of the organization.Rate this question:
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- 29.
What do values in an organization mean?
- A.
A. The perception of how things actually get accomplished in the company
- B.
B. The things that employees think are worth having or doing, or are intrinsically desirable
- C.
C. Accepted norms and rules in the company
- D.
D. The things that are set in the company and must be accomplished by employees
Correct Answer
B. B. The things that employees think are worth having or doing, or are intrinsically desirableExplanation
Values in an organization refer to the things that employees think are worth having or doing, or are intrinsically desirable. These values are the guiding principles that shape the behavior and decision-making within the company. They reflect the beliefs and priorities of the employees and help create a positive work culture. Values provide a sense of purpose and direction, influencing how employees interact with each other, customers, and stakeholders. They serve as a foundation for decision-making, shaping the company's identity and reputation.Rate this question:
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- 30.
What are the characteristics of the organizational culture?
- A.
A. Emotional aspect, individualism, static
- B.
B. Clarity, dynamic, collectivism
- C.
C. Collectivism, emotional aspect, dynamic, inherently symbolic, fuzziness
- D.
D. Identity, individualism, ambiguity
Correct Answer
C. C. Collectivism, emotional aspect, dynamic, inherently symbolic, fuzzinessExplanation
The characteristics of organizational culture include collectivism, emotional aspect, dynamic nature, inherent symbolism, and fuzziness. Collectivism refers to the emphasis on group cohesion and teamwork. The emotional aspect highlights the importance of emotions and relationships within the organization. The culture is dynamic, meaning it evolves and changes over time. It is inherently symbolic, with shared symbols and meanings that represent the organization's values. Lastly, there is fuzziness, indicating that organizational culture is not always clear-cut and can be open to interpretation.Rate this question:
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- 31.
Entrepreneurial companies recognize the concept of failure that states:
- A.
A. Company can be successful only when there are no failures
- B.
B. Failure is integral part of entrepreneurship and it goes hand in hand with innovating and learning
- C.
C. Company should punish everybody who has made the mistake
Correct Answer
B. B. Failure is integral part of entrepreneurship and it goes hand in hand with innovating and learningExplanation
Entrepreneurial companies recognize that failure is an integral part of entrepreneurship and it goes hand in hand with innovating and learning. This means that in order to be successful, entrepreneurs must be willing to take risks and accept that not every venture will be successful. Failure is seen as an opportunity for growth and learning, allowing entrepreneurs to refine their strategies and improve their chances of success in future endeavors. Punishing individuals for their mistakes would discourage risk-taking and hinder the innovative spirit necessary for entrepreneurial success.Rate this question:
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- 32.
Which dimensions are critical to the Entrepreneurial Orientation concept according to Dess and Lumpkin (2005)?
- A.
A. Competitive aggressiveness and autonomy
- B.
B. Autonomy and risk-taking
- C.
C. Risk-taking and innovativeness
- D.
D. Innovativeness and competitive aggressiveness
Correct Answer
A. A. Competitive aggressiveness and autonomyExplanation
Dess and Lumpkin (2005) identified competitive aggressiveness and autonomy as the critical dimensions of the Entrepreneurial Orientation concept. Competitive aggressiveness refers to the willingness of an entrepreneur to take risks and compete aggressively in the market. Autonomy, on the other hand, refers to the degree of independence and freedom an entrepreneur has in making decisions and taking actions. These two dimensions are important for entrepreneurs as they enable them to be proactive, innovative, and take calculated risks in order to achieve competitive advantage and drive business growth.Rate this question:
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- 33.
What was Sony’s successful Corporate Entrepreneurship strategy, mentioned In the article of Dess & Lumpkin (2005)?
- A.
A. Competitive aggressiveness and autonomy
- B.
B. Autonomy and risk-taking
- C.
C. Risk-taking and innovativeness
- D.
D. Innovativeness and competitive aggressiveness
Correct Answer
C. C. Risk-taking and innovativenessExplanation
The correct answer is c. Risk-taking and innovativeness. The article by Dess & Lumpkin (2005) mentions that Sony's successful Corporate Entrepreneurship strategy involved taking risks and being innovative. This suggests that Sony was willing to explore new ideas and technologies, even if it involved some level of uncertainty or potential failure. By taking risks and being innovative, Sony was able to stay competitive and maintain its position in the market.Rate this question:
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- 34.
Morris, Kuratko and Covin (2011) describe in their book the entrepreneurial process. What is the first step in the entrepreneurial process?
- A.
A. Identifying the opportunity
- B.
B. Defining the business concept
- C.
C. Assessing the resource requirements
- D.
D. Acquiring the necessary resources
Correct Answer
A. A. Identifying the opportunityExplanation
The first step in the entrepreneurial process is identifying the opportunity. This involves recognizing a potential market need or problem that can be addressed through a new business venture. It requires entrepreneurs to be observant, creative, and able to spot gaps or opportunities in the market. Once an opportunity is identified, entrepreneurs can move on to defining the business concept, assessing resource requirements, and acquiring the necessary resources to pursue the opportunity. However, without identifying the opportunity in the first place, the entrepreneurial process cannot begin.Rate this question:
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- 35.
What is a difference between corporate entrepreneurship and start-up entrepreneurship according to Morris, Kuratko and Covin (2011)?
- A.
A. Corporate entrepreneurship is more about opportunity recognition and definition than start-up entrepreneurship
- B.
B. Start-up entrepreneurship requires a harvesting strategy and corporate entrepreneurship not
- C.
C. Start-up entrepreneurship is more vulnerable to outside influence then corporate entrepreneurship
- D.
D. Start-up entrepreneurship is often driven by an individual champion and corporate entrepreneurship not
Correct Answer
C. C. Start-up entrepreneurship is more vulnerable to outside influence then corporate entrepreneurshipExplanation
According to Morris, Kuratko and Covin (2011), start-up entrepreneurship is more vulnerable to outside influence compared to corporate entrepreneurship. This means that start-up entrepreneurs are more likely to be influenced or affected by external factors such as market conditions, competition, and economic trends. On the other hand, corporate entrepreneurship may have more resources, stability, and control over their operations, making them less susceptible to outside influences.Rate this question:
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- 36.
Morris, Kuratko and Covin (2011) explain three main reasons to start their own organization. What is not one of these three main reasons for corporate entrepreneurs to start their own organization?
- A.
A. The organizational politics in my company
- B.
B. The potential to operate on a fairly significant scope and scale fairly quickly
- C.
C. The security I enjoy when working operating in an existing company
- D.
D. The resource base I can tap into
Correct Answer
A. A. The organizational politics in my companyExplanation
The correct answer is a. The organizational politics in my company. The explanation for this is that Morris, Kuratko, and Covin (2011) state three main reasons for corporate entrepreneurs to start their own organization, which include the potential to operate on a significant scope and scale quickly, the security enjoyed when working in an existing company, and the resource base that can be tapped into. However, they do not mention organizational politics as one of the reasons.Rate this question:
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- 37.
What is not a characteristic of how organization performance is measured in the ‘Corporate Entrepreneurship’- model of Morris, Kuratko and Covin (2011)?
- A.
A. Efficiency
- B.
B. Rewards
- C.
C. Effectiveness
- D.
D. Stakeholder satisfaction
Correct Answer
B. B. RewardsExplanation
In the 'Corporate Entrepreneurship' model of Morris, Kuratko, and Covin (2011), rewards are not considered as a characteristic of how organization performance is measured. This model focuses on efficiency, effectiveness, and stakeholder satisfaction as the key factors in evaluating organizational performance. Rewards, although important in motivating employees, are not directly linked to measuring performance in this particular model.Rate this question:
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- 38.
Choose the right sentence:
- A.
A. External changes influence internal operation
- B.
B. Internal changes influence external turbulence
- C.
C. External environment is not causing internal turbulences
- D.
D. Internal operation cause external change
Correct Answer
A. A. External changes influence internal operationExplanation
The correct answer is a. External changes influence internal operation. This sentence suggests that external factors or changes have an impact on the internal functioning or operations of a system or organization. It implies that external influences can affect how things work internally and may lead to adjustments or adaptations in response to these changes.Rate this question:
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- 39.
Remaining competitive is very different from achieving sustainable competitive advantage:
- A.
A. Right
- B.
B. Wrong
Correct Answer
A. A. RightExplanation
This statement is correct because remaining competitive refers to the ability of a company to keep up with its competitors in the short term, while achieving sustainable competitive advantage means having a unique and long-lasting position in the market that is difficult for competitors to replicate. Simply staying competitive is not enough to ensure long-term success, as other competitors can catch up or surpass a company's performance. Sustainable competitive advantage requires a company to have unique resources, capabilities, or strategies that give it a lasting advantage in the market.Rate this question:
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- 40.
According to the ‘Entrepreneurial Grid’ explained in the book of Morris, Kuratko and Covin (2011), which of the following correspond to the Periodic/Discontinuous Entrepreneurial Intensity?
- A.
A. Virgin
- B.
B. Mc Donald’s
- C.
C. Apple
- D.
D. H&M
Correct Answer
C. C. AppleExplanation
The Entrepreneurial Grid categorizes entrepreneurial intensity into four quadrants: Routine, Periodic, Discontinuous, and Sporadic. In the context of this question, Periodic/Discontinuous Entrepreneurial Intensity refers to businesses that exhibit bursts of entrepreneurial activity followed by periods of stability. Apple fits this category as it has a history of introducing groundbreaking products and technologies (such as the iPhone and iPad) that disrupt the market and create significant growth opportunities. These periods of innovation and disruption are followed by periods of refining and stabilizing their product offerings.Rate this question:
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- 41.
According to Morris, Kuratko and Covin (2011), which of the following is not part of the 3 dimensions of Corporate Entrepreneurship?
- A.
A. Proactiveness
- B.
B. Internationalisation
- C.
C. Innovativeness
- D.
D. Risk-taking
Correct Answer
B. B. InternationalisationExplanation
The question asks for the dimension that is not part of the 3 dimensions of Corporate Entrepreneurship according to Morris, Kuratko, and Covin (2011). The correct answer is b. Internationalisation. This means that according to the authors, internationalisation is not considered one of the dimensions of Corporate Entrepreneurship.Rate this question:
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- 42.
Below are the powerful forces shaping the new landscape according to Hitt and Reed (2000), Bettis and Hitt (1995), except:
- A.
A. Change
- B.
B. Complexity
- C.
C. Competition
- D.
D. Chaos
- E.
E. Contradiction
Correct Answer
C. C. CompetitionExplanation
The correct answer is c. Competition. According to Hitt and Reed (2000) and Bettis and Hitt (1995), the powerful forces shaping the new landscape include change, complexity, chaos, and contradiction. Competition, however, is not mentioned as one of these forces.Rate this question:
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- 43.
There are two kinds of technologies distinguished by Christensen (1997):
- A.
A) Evolutionary and Revolutionary
- B.
B) Sustaining and Disruptive
- C.
C) Short-term and Long-term
- D.
D) Incremental and Radical
- E.
E) Improvement and Breakthrough
Correct Answer
B. B) Sustaining and DisruptiveExplanation
Christensen (1997) distinguishes between two kinds of technologies: sustaining and disruptive. Sustaining technologies are those that improve existing products or services, providing incremental improvements and meeting the needs of established customers. Disruptive technologies, on the other hand, are innovations that initially serve a niche market or lower-end customers, but eventually disrupt the existing market by offering a new solution that is more affordable, convenient, or accessible. This distinction helps in understanding how different technologies can impact industries and drive innovation.Rate this question:
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- 44.
“Entrepreneurship as the basis upon which the organization conceptualized and resources are allocated” is one way to create:
- A.
A) Adamant dominant logic
- B.
B) Rigid dominant logic
- C.
C) Organic dominant logic
- D.
D) Dynamic dominant logic
Correct Answer
D. D) Dynamic dominant logicExplanation
The concept of entrepreneurship as the foundation for the organization's conceptualization and resource allocation suggests a dynamic dominant logic. This means that the organization is focused on adapting and evolving in response to changing circumstances and market conditions. It emphasizes flexibility, innovation, and a willingness to take risks in order to stay competitive and achieve success.Rate this question:
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- 45.
There are two dominant approaches of innovation processes. Those are …
- A.
A) Supply side and demand side
- B.
B) Technology-push and market-pull
- C.
C) Innovation-led and invention-driven
- D.
D) Creativity-based and serendipity-based
Correct Answer
B. B) Technology-push and market-pullExplanation
The two dominant approaches of innovation processes are technology-push and market-pull. Technology-push refers to the approach where innovation is driven by advancements in technology, where new technologies are developed and then applied to create new products or services. Market-pull, on the other hand, refers to the approach where innovation is driven by market needs and demands. This approach involves identifying customer needs and preferences and then developing products or services to meet those needs.Rate this question:
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- 46.
Blue ocean strategy is achieved only when the whole system of a company’s... ...activities is properly aligned (Kim & Mauborgne, 2004).
- A.
Value
- B.
Price
- C.
Cost
- D.
Utility
Correct Answer(s)
B. Price
C. Cost
D. UtilityExplanation
The correct answer is Price, Cost, and Utility. In order to achieve a blue ocean strategy, a company's activities need to be properly aligned in terms of price, cost, and utility. This means that the company needs to offer a unique value proposition to customers at an attractive price, while also managing costs effectively to maintain profitability. Additionally, the company's products or services should provide utility or value to customers that sets them apart from competitors. By aligning these factors, a company can create a blue ocean strategy and differentiate itself in the market.Rate this question:
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- 47.
Kim and Mauborgne (2004) say that a ‘blue ocean’ is created when the company’s actions favorably affect both its cost structure and its value proposition to buyers. What are these actions?
- A.
A) Reduce
- B.
B) Raise
- C.
C) Eliminate
- D.
D) Structuring
- E.
E) Innovate
- F.
F) Create
Correct Answer(s)
A. A) Reduce
B. B) Raise
C. C) Eliminate
F. F) CreateExplanation
Kim and Mauborgne (2004) state that a 'blue ocean' is created when a company takes actions that positively impact its cost structure and value proposition to buyers. These actions include reducing costs, raising value, eliminating unnecessary elements, and creating innovative solutions. By reducing costs, the company can offer competitive prices to customers. By raising value, the company can provide unique and superior benefits to buyers. By eliminating unnecessary elements, the company can streamline its operations and focus on what truly matters. And by creating innovative solutions, the company can differentiate itself from competitors and attract more customers.Rate this question:
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- 48.
The ‘empowerment as entitlement’ is a core rigidity within one of the following four dimensions (Leonard-Barton, 1992). Which is that dimension?
- A.
A) Skills and knowledge dimension
- B.
B) Values dimension
- C.
C) Technical systems dimension
- D.
D) Management systems dimension
Correct Answer
B. B) Values dimensionExplanation
The 'empowerment as entitlement' refers to a belief or mindset that individuals have a right to be empowered and have control over their work and decisions. This belief is associated with the values dimension, as it reflects the underlying beliefs and principles that guide an organization's culture and behavior. In this dimension, organizations prioritize empowering their employees and promoting a sense of ownership and accountability.Rate this question:
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- 49.
Which organizational structure, according to Miller (1986, 1996), that is characterized by high level of informality, coordination of task accomplished by direct supervision, and all strategies determined at the top?
- A.
A) Simple structure
- B.
B) Organic
- C.
C) Divisional
- D.
D) Machine bureaucracy
Correct Answer
A. A) Simple structureExplanation
The correct answer is a) Simple structure. According to Miller (1986, 1996), a simple structure is characterized by a high level of informality, coordination of tasks accomplished by direct supervision, and all strategies determined at the top. This type of structure is typically found in small organizations where the owner or top management has direct control and makes all the decisions. It is a flexible and informal structure that allows for quick decision-making and adaptability to changing circumstances.Rate this question:
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- 50.
In a benign or controllable external environment, what kind of management style and organizational structure is appropriate and effective? (Slevin and Covin, 1990)
- A.
A) Entrepreneurial and organic
- B.
B) Entrepreneurial and mechanistic
- C.
C) Conservative and organic
- D.
D) Conservative and mechanistic
Correct Answer
D. D) Conservative and mechanisticExplanation
In a benign or controllable external environment, a conservative and mechanistic management style and organizational structure are appropriate and effective. This means that a more traditional and structured approach is suitable, with a focus on stability, control, and adherence to established processes. This style helps to minimize risks and ensure efficiency in a predictable environment.Rate this question:
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Aug 30, 2023Quiz Edited by
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May 25, 2012Quiz Created by
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