Entrepreneurial Strategy and Management Quiz

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Questions and Answers

Who first introduced the concept of entrepreneurial strategy making?

Schendel & Hofer

Mintzberg (correct)

Burgelman

Covin & Slevin

Which author investigated the relationship between strategic management and entrepreneurship within large corporations?

Barringer & Bluedorn

Covin & Slevin

Day

Burgelman (correct)

What concept did Covin & Slevin propose in 1989?

Entrepreneurial leadership

Strategic management practices

Entrepreneurial intensity

Entrepreneurial strategy posture (correct)

According to Chittipeddi & Wallett, what will be a defining feature of successful businesses in the future?

Entrepreneurial thinking (B) Signup and view all the answers

Which author examined the interrelationships between entrepreneurship, strategy management, and general management?

Day (B) Signup and view all the answers

Which of the following areas did Sandberg highlight as opportunities for cross-fertilization between strategy management and entrepreneurship?

Innovation (D) Signup and view all the answers

What did Barringer & Bluedorn's research find a statistically significant relationship between?

Entrepreneurial intensity and five strategic management practices (D) Signup and view all the answers

Which of the following authors primarily focused on the concept of entrepreneurial intensity?

Barringer & Bluedorn (A) Signup and view all the answers

Which of the following is NOT a perspective on the relationship between strategic management and entrepreneurship?

Strategic management and entrepreneurship are distinct and unrelated. (B) Signup and view all the answers

Who is credited with coining the term 'Strategic Entrepreneurship'?

Herbert & Brazeal (C) Signup and view all the answers

What is the primary focus of research in the field of Strategic Entrepreneurship?

Understanding the roles of boards of directors, firm resources, and financial implications. (B) Signup and view all the answers

Which of the following is NOT a core element of Strategic Entrepreneurship?

Mergers and Acquisitions (A) Signup and view all the answers

What is a potential outcome of strategic entrepreneurship on a company's workforce?

Improved employee morale. (A) Signup and view all the answers

What is a benefit of strategic entrepreneurship for a company's finances?

Improved financial performance. (A) Signup and view all the answers

How does strategic entrepreneurship impact a company's competitive positioning?

Improves the company's competitive position. (C) Signup and view all the answers

Which of the following is NOT a benefit of strategic entrepreneurship?

Slowed decision-making process. (B) Signup and view all the answers

How does strategic entrepreneurship affect a company's resource allocation?

It promotes a more efficient allocation of company resources. (D) Signup and view all the answers

Which of the following characteristics is NOT associated with an Implicit Strategy Model for achieving sustainable competitive advantage?

Activities tailored to strategy, avoiding benchmarking and best practices (D) Signup and view all the answers

According to the provided content, what is a crucial aspect of the Implicit Strategy Model that contributes to sustainable competitive advantage?

Clear trade-offs and choices made in relation to competitors (A) Signup and view all the answers

In the context of the provided information, what is the primary source of sustainability in the Implicit Strategy Model?

The overall activity system, rather than individual parts (C) Signup and view all the answers

Which of these is NOT considered a crucial aspect of the relationship between Strategic Management and Strategic Entrepreneurship, as presented in the content?

Internalization (B) Signup and view all the answers

Which factor is emphasized as a core element for achieving wealth creation in the connection between Strategic Management and Strategic Entrepreneurship?

Strong leadership and team collaboration (D) Signup and view all the answers

Which concept, related to strategic management and entrepreneurial actions, focuses on the importance of a company's ability to learn and adapt to changing circumstances?

Organizational Learning (C) Signup and view all the answers

What is NOT a direct consequence of utilizing the Implicit Strategy Model for achieving sustainable competitive advantage?

Increased marketing expenditures and brand awareness (A) Signup and view all the answers

Which of the following best describes the Implicit Strategy Model as presented in the content?

An approach emphasizing a tailored competitive position and activity alignment (A) Signup and view all the answers

Which of the following concepts is NOT explicitly mentioned as a key component of strategic entrepreneurship in the provided content?

Market Segmentation (B) Signup and view all the answers

According to the provided content, what is the relationship between risk and entrepreneurship?

Entrepreneurs tend to perceive risky situations as less risky than they actually are. (D) Signup and view all the answers

Which of the following is NOT a component of strategic entrepreneurship as described in the content?

Financial Leverage (C) Signup and view all the answers

What makes opportunity identification significant in the context of strategic entrepreneurship, according to the content?

It enables entrepreneurs to identify and exploit potential opportunities for growth and competitive advantage. (D) Signup and view all the answers

What does the term 'Dynamic Capability' refer to in the context of strategic entrepreneurship?

The ability to adapt and change in response to market conditions and new opportunities. (C) Signup and view all the answers

What is the primary function of flexibility in the context of strategic entrepreneurship, according to the provided content?

To allow the organization to respond quickly and effectively to changes in the environment. (D) Signup and view all the answers

Which of the following is a component of strategic entrepreneurship highlighted as a skill that differentiates entrepreneurial firms?

Innovation (A) Signup and view all the answers

Based on the content, what is considered a defining characteristic of entrepreneurial firms?

Ability to identify and exploit new opportunities. (A) Signup and view all the answers

What is the key characteristic of flexibility, as defined in the provided text?

The ability to quickly adapt to changing market demands (A) Signup and view all the answers

Which of the following exemplifies the concept of vision as outlined in the text?

Developing a long-term strategy that prioritizes both opportunities and competitive advantages. (C) Signup and view all the answers

Growth is dependent on which of the following factors?

A blend of innovative ideas and the capacity to turn such ideas into profitable ventures. (D) Signup and view all the answers

What is the key aspect of strategic entrepreneurship according to Kuratko & Audretsch (2009)?

Leveraging entrepreneurial activity to achieve larger strategic goals (D) Signup and view all the answers

What is the relationship between strategic renewal and strategic entrepreneurship as described by Guth & Ginsberg (1990)?

Strategic renewal is a core component of strategic entrepreneurship. (D) Signup and view all the answers

What is the primary characteristic of entrepreneurial behavior in large firms?

It can emerge from either deliberate strategic decisions or organic, autonomous actions. (D) Signup and view all the answers

Which of the following is NOT mentioned as a reason why entrepreneurs often avoid strategic planning?

Fear of failure and lack of confidence in their abilities (A) Signup and view all the answers

Within the context of the provided text, what is the most significant contribution of strategic entrepreneurship?

It allows organisations to adapt and innovate in response to changes in the market. (D) Signup and view all the answers

Study Notes

Strategic Entrepreneurship

Strategic entrepreneurship is the use and/or stimulation of entrepreneurial activity to achieve strategic goals
It's a combination of strategy and entrepreneurship, encompassing a number of insights from both fields
Strategic entrepreneurship can be enacted in small to large enterprises
It's an input-process-output model, using organizational resources, individual skills, and environmental factors as inputs

Components of Strategic Entrepreneurship

Opportunity identification: Crucial for competitive advantage
Innovation: A key competency for entrepreneurial firms
Risk: Not necessarily deliberate high-risk taking, but rather a perceived moderate-risk environment.
Flexibility: Firms need to quickly respond to change
Vision: Establishing a clear vision guides strategies and highlights opportunities.
Growth: Drives innovation, profitable ventures, and dynamic capabilities

How Strategic Management Relates to Strategic Entrepreneurship

Innovation, networks, internalization, organizational learning, and top management teams are essential elements to wealth creation.

Strategic Entrepreneurship Theory

Learning (explorative): renewal through dynamic capability, entrepreneurial mindset, culture, and leadership
Learning (exploitative): renewal in internal environments, vision, cooperation, and contribution from top management
Applying creativity and innovation
Developing competitive advantage

Strategic Management and Entrepreneurship

The three perspectives on their marriage are: strategic management dominates entrepreneurship, strategic management is a subset of entrepreneurship, and strategic management has an intersection with entrepreneurship.
Entrepreneurs do not always use strategic planning due to scarcity of time, lack of knowledge, lack of expertise in planning processes, and a lack of trust in others.
Nonetheless, strategic planning benefits include better financial performance, efficient resource allocation, enhanced employee morale, and more rapid decision-making.

Definition of Strategic Entrepreneurship

Guth & Ginsberg (1990) proposed the concept of strategic entrepreneurship in place of strategic renewal
Its goal is to replace strategic renewal, focusing on the sub-strategy of strategic entrepreneurship rather
It can occur within small to large established corporations
This behavior could be a deliberate choice or an emerging response, or, as Burgelman described, a result of induced or autonomous strategies.

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Description

Test your knowledge on the key concepts of entrepreneurial strategy-making and its interrelationship with strategic management. Explore contributions from notable authors and examine the defining features of successful businesses in the future. This quiz covers crucial theories and findings in the field of entrepreneurship and business strategy.