Question 1

The "best" strategic plan will be influenced by the abilities of the entrepreneur, the complexity of the venture, and the nature of the industry.

Accepted Answer

A) True 
 B)False  True

Question 2

High- and low-performing firms have many similarities and differences in their long-range planning efforts.

Accepted Answer

A) True 
 B)False  True

Question 3

Formal planning can be divided into strategic and nonstrategic.

Accepted Answer

A) True 
 B)False  False

Question 4

Misunderstanding industry attractiveness can be a fatal flaw in strategic planning.

Accepted Answer

A) True 
 B)False

Question 5

Small firm owners/managers are usually very open and trusting about their businesses and the decisions that affect them.

Accepted Answer

A) True 
 B)False

Question 6

A growth-oriented mind-set values

Accepted Answer

A) growth. 
B) internal political problems. 
C) environmental uncertainty. 
D) flexibility. 
A) growth. 
B) internal political problems. 
C) environmental uncertainty. 
D) flexibility.

Question 7

Which of the following management principles emanated from Steve Jobs?

Accepted Answer

A) Sell products, not dreams. 
B) Put a dent in the universe 
C) Say yes to 1,000 things. 
D) Strive to reach practical milestones. 
A) Sell products, not dreams. 
B) Put a dent in the universe 
C) Say yes to 1,000 things. 
D) Strive to reach practical milestones.

Question 8

Unique managerial concerns of growing ventures encompass all of the following except

Accepted Answer

A) the one-man-band syndrome. 
B) community pressures. 
C) time-management issues. 
D) agency problems. 
A) the one-man-band syndrome. 
B) community pressures. 
C) time-management issues. 
D) agency problems.

Question 9

In the entrepreneurial strategy matrix, the probability of a major financial loss is categorized as a(n)

Accepted Answer

A) innovation. 
B) risk. 
C) time lag. 
D) psychological commitment. 
A) innovation. 
B) risk. 
C) time lag. 
D) psychological commitment.

Question 10

The one-person-band syndrome is

Accepted Answer

A) an invention. 
B) following a competitor's lead. 
C) failure to delegate. 
D) effective time management. 
A) an invention. 
B) following a competitor's lead. 
C) failure to delegate. 
D) effective time management.

Question 11

All of the following are characteristics of entrepreneurial cultures except

Accepted Answer

A) flat. 
B) hierarchy. 
C) episodic use of required resources. 
D) many stages. 
A) flat. 
B) hierarchy. 
C) episodic use of required resources. 
D) many stages.

Question 12

A new venture's lack of strategic planning can be the result of

Accepted Answer

A) lack of preference. 
B) time sharing. 
C) lack of expertise. 
D) lack of dominance. 
A) lack of preference. 
B) time sharing. 
C) lack of expertise. 
D) lack of dominance.

Question 13

The reason many small business managers lack expertise is that they are

Accepted Answer

A) optimists. 
B) specialists. 
C) subordinates. 
D) generalists. 
A) optimists. 
B) specialists. 
C) subordinates. 
D) generalists.

Question 14

In principle, incumbents and entrepreneurs face the same challenges in finding new strategic positions, whereas in practice, incumbents often have an edge.

Accepted Answer

A) True 
 B)False

Question 15

Wealth creation occurs at the intersection of entrepreneurial and strategic actions.

Accepted Answer

A) True 
 B)False

Question 16

In a management structure, there is a need for clearly defined authority and responsibility.

Accepted Answer

A) True 
 B)False

Question 17

Many new ventures find strategic planning difficult because entrepreneurs are typically specialists.

Accepted Answer

A) True 
 B)False

Question 18

The second stage of venture development is

Accepted Answer

A) growth. 
B) start-up activities. 
C) realize cost savings, accurate forecasting, and increased sales. 
D) stabilization. 
A) growth. 
B) start-up activities. 
C) realize cost savings, accurate forecasting, and increased sales. 
D) stabilization.

Question 19

Analysis of a firm's external and internal environments provides the firm with the information to develop

Accepted Answer

A) a degree of uncertainty. 
B) administrative experience. 
C) competitive strengths. 
D) strategic intent and strategic mission. 
A) a degree of uncertainty. 
B) administrative experience. 
C) competitive strengths. 
D) strategic intent and strategic mission.

Question 20

Which of the following would be considered a fatal mistake in strategic planning, according to researcher Michael E. Porter?

Accepted Answer

A) no real competitive advantage 
B) no real innovation 
C) no real financial forecasts for business 
D) no real objectives 
A) no real competitive advantage 
B) no real innovation 
C) no real financial forecasts for business 
D) no real objectives

The "best" strategic plan will be influenced by the abilities of the entrepreneur, the complexity of the venture, and the nature of the industry.

High- and low-performing firms have many similarities and differences in their long-range planning efforts.

Formal planning can be divided into strategic and nonstrategic.

Misunderstanding industry attractiveness can be a fatal flaw in strategic planning.

Small firm owners/managers are usually very open and trusting about their businesses and the decisions that affect them.

A growth-oriented mind-set values

Which of the following management principles emanated from Steve Jobs?

Unique managerial concerns of growing ventures encompass all of the following except

In the entrepreneurial strategy matrix, the probability of a major financial loss is categorized as a(n)

The one-person-band syndrome is

All of the following are characteristics of entrepreneurial cultures except

A new venture's lack of strategic planning can be the result of

The reason many small business managers lack expertise is that they are

In principle, incumbents and entrepreneurs face the same challenges in finding new strategic positions, whereas in practice, incumbents often have an edge.

Wealth creation occurs at the intersection of entrepreneurial and strategic actions.

In a management structure, there is a need for clearly defined authority and responsibility.

Many new ventures find strategic planning difficult because entrepreneurs are typically specialists.

The second stage of venture development is

Analysis of a firm's external and internal environments provides the firm with the information to develop

Which of the following would be considered a fatal mistake in strategic planning, according to researcher Michael E. Porter?

Entrepreneurship Evolutionary Development--Revolutionary Impact

The Entrepreneurial Mind-Set in Individuals: Cognition and Ethics

The Entrepreneurial Mind-Set in Organizations: Corporate Entrepreneurship

Social Entrepreneurship and the Global Environment for Entrepreneurship

Innovation: the Creative Pursuit of Ideas

Assessment of Entrepreneurial Opportunities

Pathways to Entrepreneurial Ventures

Sources of Capital for Entrepreneurial Ventures

Legal Challenges for Entrepreneurial Ventures

Marketing Research for Entrepreneurial Ventures

Financial Preparation for Entrepreneurial Ventures

Developing an Effective Business Plan

Valuation of Entrepreneurial Ventures

Harvesting Entrepreneurial Ventures

Filters

Exam 13: Strategic Entrepreneurial Growth

The "best" strategic plan will be influenced by the abilities of the entrepreneur, the complexity of the venture, and the nature of the industry.

High- and low-performing firms have many similarities and differences in their long-range planning efforts.

Formal planning can be divided into strategic and nonstrategic.

Misunderstanding industry attractiveness can be a fatal flaw in strategic planning.

Small firm owners/managers are usually very open and trusting about their businesses and the decisions that affect them.

A growth-oriented mind-set values

Which of the following management principles emanated from Steve Jobs?

Unique managerial concerns of growing ventures encompass all of the following except

In the entrepreneurial strategy matrix, the probability of a major financial loss is categorized as a(n)

The one-person-band syndrome is

All of the following are characteristics of entrepreneurial cultures except

A new venture's lack of strategic planning can be the result of

The reason many small business managers lack expertise is that they are

In principle, incumbents and entrepreneurs face the same challenges in finding new strategic positions, whereas in practice, incumbents often have an edge.

Wealth creation occurs at the intersection of entrepreneurial and strategic actions.

In a management structure, there is a need for clearly defined authority and responsibility.

Many new ventures find strategic planning difficult because entrepreneurs are typically specialists.

The second stage of venture development is

Analysis of a firm's external and internal environments provides the firm with the information to develop

Which of the following would be considered a fatal mistake in strategic planning, according to researcher Michael E. Porter?

Entrepreneurship Evolutionary Development--Revolutionary Impact

The Entrepreneurial Mind-Set in Individuals: Cognition and Ethics

The Entrepreneurial Mind-Set in Organizations: Corporate Entrepreneurship

Social Entrepreneurship and the Global Environment for Entrepreneurship

Innovation: the Creative Pursuit of Ideas

Assessment of Entrepreneurial Opportunities

Pathways to Entrepreneurial Ventures

Sources of Capital for Entrepreneurial Ventures

Legal Challenges for Entrepreneurial Ventures

Marketing Research for Entrepreneurial Ventures

Financial Preparation for Entrepreneurial Ventures

Developing an Effective Business Plan

Valuation of Entrepreneurial Ventures

Harvesting Entrepreneurial Ventures

Filters