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?

<p>Entrepreneurial thinking (B)</p> Signup and view all the answers

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

<p>Day (B)</p> Signup and view all the answers

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

<p>Innovation (D)</p> Signup and view all the answers

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

<p>Entrepreneurial intensity and five strategic management practices (D)</p> Signup and view all the answers

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

<p>Barringer &amp; Bluedorn (A)</p> Signup and view all the answers

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

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

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

<p>Herbert &amp; Brazeal (C)</p> Signup and view all the answers

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

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

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

<p>Mergers and Acquisitions (A)</p> Signup and view all the answers

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

<p>Improved employee morale. (A)</p> Signup and view all the answers

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

<p>Improved financial performance. (A)</p> Signup and view all the answers

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

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

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

<p>Slowed decision-making process. (B)</p> Signup and view all the answers

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

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

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

<p>Activities tailored to strategy, avoiding benchmarking and best practices (D)</p> 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?

<p>Clear trade-offs and choices made in relation to competitors (A)</p> 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?

<p>The overall activity system, rather than individual parts (C)</p> 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?

<p>Internalization (B)</p> 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?

<p>Strong leadership and team collaboration (D)</p> 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?

<p>Organizational Learning (C)</p> Signup and view all the answers

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

<p>Increased marketing expenditures and brand awareness (A)</p> Signup and view all the answers

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

<p>An approach emphasizing a tailored competitive position and activity alignment (A)</p> 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?

<p>Market Segmentation (B)</p> Signup and view all the answers

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

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

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

<p>Financial Leverage (C)</p> Signup and view all the answers

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

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

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

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

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

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

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

<p>Innovation (A)</p> Signup and view all the answers

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

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

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

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

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

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

Growth is dependent on which of the following factors?

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

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

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

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

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

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

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

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

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

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

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

Flashcards

Strategic Entrepreneurship

The integration of strategic management and entrepreneurship to drive wealth creation.

Meyer & Heppard (2000)

Edited a seminal book on entrepreneurship and strategy's interface, exploring 'dominant logic'.

Three Perspectives on Strategic Entrepreneurship

  1. Strategic management is dominant; 2. A subset of entrepreneurship; 3. An intersection of the two fields.

Opportunities Seeking Behavior

A focus on exploring new opportunities within strategic entrepreneurship.

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Advantages Seeking Behavior

The aim to exploit existing advantages to create wealth in strategic entrepreneurship.

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Entrepreneurial Strategy Making

Introduced by Mintzberg in 1973, it emphasizes strategic planning in entrepreneurship.

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Entrepreneurial Choice

A core concept by Schendel & Hofer in 1979; it highlights the importance of choices in strategic entrepreneurship.

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Corporate Entrepreneurship

Burgelman (1983) studied the link between strategic management and entrepreneurship in corporations.

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Entrepreneurial Strategy Posture

Covin & Slevin (1989) described a firm's orientation from conservative to entrepreneurial.

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Future Organizational Archetype

Chittipeddi & Wallett (1991) posited that future firms will embrace entrepreneurial traits like flexibility.

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Linkages Between Management Disciplines

Day (1992) examined the relationships among entrepreneurship, strategy, and general management.

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Cross-Fertilization Opportunities

Sandberg (1992) suggested synergy between strategy management and entrepreneurship in six areas.

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Entrepreneurial Intensity

Barringer & Bluedorn (1999) studied its effect on strategic management practices.

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Unique Competitive Position

A distinctive market position that sets a company apart from competitors.

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Tailored Activities

Adjusting company operations to align with strategic goals.

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Key Success Factors

Essential elements crucial for achieving competitive advantage.

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Flexibility in Strategy

The ability to adapt to market changes and competitive pressures.

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Activity System

The interconnected network of a company’s activities that fosters sustainability.

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Operational Effectiveness

Performing similar activities better than rivals.

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Top Management Teams

Groups of senior executives driving organizational strategy and governance.

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Financial Performance

Strategic entrepreneurs achieve better financial results compared to traditional approaches.

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Resource Allocation

More efficient distribution of resources leads to optimal outcomes in strategic entrepreneurship.

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Competitive Position

Improved positioning in the market gives strategic entrepreneurs an edge over competitors.

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Employee Morale

Higher morale among employees results from effective strategic entrepreneurial practices.

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Decision Making Speed

Strategic entrepreneurs benefit from more rapid decision-making processes.

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Opportunity Identification

The process of recognizing new potential markets or needs.

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Innovation

The ability to develop new ideas and create novel products or services.

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Risk Perception

The entrepreneurs' view of risks involved in opportunities.

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Flexibility

The ability of a firm to adapt quickly to changes.

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Dynamic Capability

A firm's ability to integrate, build, and reconfigure internal and external competencies.

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Growth in Strategic Entrepreneurship

The expansion of a business through innovative strategies and opportunity exploitation.

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Strategic Entrepreneurs

Individuals who navigate and leverage opportunities to create new ventures while managing resources.

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Acceptance of Risk

An entrepreneur’s willingness to engage in ventures with uncertain outcomes.

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Vision in Strategic Entrepreneurship

A clear focus for identifying opportunities and developing strategy.

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Growth Factors

Combining innovative ideas with a structured strategy for profitability.

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Definition of Strategic Entrepreneurship

Using entrepreneurial activity to achieve strategic goals.

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Inputs in Strategic Entrepreneurship

Includes organizational resources, individual skills, and environmental factors.

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Strategic Renewal vs. Strategic Entrepreneurship

Strategic entrepreneurship encompasses strategic renewal as a sub-strategy.

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Entrepreneurial Behavior

Can arise from deliberate or emergent strategies in organizations.

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Barriers to Strategic Planning

Time scarcity, knowledge gap, lack of expertise, and trust issues hinder planning.

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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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Strategic Entrepreneurship - Introduction - PDF

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