Exam 5: Managing Entrepreneurially

A New Subsidiary (Scenario) Philip works for a large multinational corporation with offices in 23 countries, 64,000 employees worldwide, and $8 billion in annual sales. The company was involved in several different industries: automotive parts, rapid transit systems, and recreational vehicles. Philip is the executive vice-president of new technology ventures. Philip wants you to investigate and potentially launch a business focusing on alternative energy systems. The first area you are to explore is the potential business opportunity of ocean tidal energy. You are to explore what technology already exists that can be exploited, what additional technology development is needed, and figure out the viability of the tidal energy as an entrepreneurial venture. -One can see the three key facets of the Timmins Model of the Entrepreneurial Process.The corporation is providing the resources (financial,etc.),you are leading the team,and it is your job to uncover and clarify the ________.

At the heart of every successful entrepreneurial venture is the articulation of a strong and distinctive ________,an analysis of the benefits,costs,and other value to the target customer and other groups within and outside of the organization.

A New Subsidiary (Scenario) Philip works for a large multinational corporation with offices in 23 countries, 64,000 employees worldwide, and $8 billion in annual sales. The company was involved in several different industries: automotive parts, rapid transit systems, and recreational vehicles. Philip is the executive vice-president of new technology ventures. Philip wants you to investigate and potentially launch a business focusing on alternative energy systems. The first area you are to explore is the potential business opportunity of ocean tidal energy. You are to explore what technology already exists that can be exploited, what additional technology development is needed, and figure out the viability of the tidal energy as an entrepreneurial venture. -When Philip asks you to look at the potential viability of the business opportunity of tidal energy,he is really asking you to complete a ________.

You are having a discussion with a friend who opened a gelato shop about six months ago.She has shared that it is time for her to hire a manager and promote a couple of employees to supervisors.She is a little concerned that the added structure will affect the natural flow of operations.You reassure her that good organization structure is a balance between ________ and ________,and may require some finessing to achieve the right mix of the two.

The Timmons Model discounts the popular notion that extensive resources reduce the risk of starting a venture and instead ________.

Phil's new online dating company is growing faster than he anticipated.Just six weeks since launching,he is panicking because he is no longer capable of handling the increasing demands of his growing enterprise.Clearly,the first thing Phil should do is hire an operations manager to decide on what the organization structure should look like.

The final step in the entrepreneurial process is ________.

A New Subsidiary (Scenario) Philip works for a large multinational corporation with offices in 23 countries, 64,000 employees worldwide, and $8 billion in annual sales. The company was involved in several different industries: automotive parts, rapid transit systems, and recreational vehicles. Philip is the executive vice-president of new technology ventures. Philip wants you to investigate and potentially launch a business focusing on alternative energy systems. The first area you are to explore is the potential business opportunity of ocean tidal energy. You are to explore what technology already exists that can be exploited, what additional technology development is needed, and figure out the viability of the tidal energy as an entrepreneurial venture. -To develop tidal energy fully,you will likely need to conduct a wide range of research into what technology exists already,known as ________,and look for the gaps that would provide opportunities for further ________.

Along with business planning,it is imperative that an entrepreneur think ahead about what would happen if things do not go well.In order to know how to deal with a worst-case situation or crisis,he or she should create a(n)________ or plan B.

Social responsibility and ethics do not play an important role in an entrepreneurial startup.

Janice is the new CEO of a small Internet security company and is working with the founder to grow the business.Janice is the classic idea of an entrepreneur.

You are running a new raw-food café,and all evidence indicates the business is growing faster than anticipated.You bring in an accountant to discuss what you need to do next to keep the business stable.She mentions that you,as well as most entrepreneurs,face three unique control issues: managing growth,managing downturns,and ________.

Lily's feasibility study for her new web design company was loaded with extra details that most entrepreneurs don't seem to bother with.She was proud of the fact that it included a lot of supporting information that made the final document really thick-sure to impress her backers.This was an example of a good approach to doing a feasibility study.

Rob is the new bookkeeper at your one-year-old company.Your business provides travellers in North America with access to people's apartments for rent for short-term accommodation.Your biggest competition is Air BnB.You have noticed that your website traffic is going up exponentially as word is spreading,and there are starting to be occasional system crashes and lost reservations.You need to rebuild your servers and related infrastructure,but your cash flow is not keeping up with the reinvestment required.Because you had planned carefully for this event,you knew this time might come.It is time to call in a potential investor to provide a capital injection because your ________ is/are lagging behind increasing demand.

One of the most important roles an entrepreneur should perform is that of ________.

The ability of the entrepreneur to articulate a coherent and inspiring vision of the future is,in practice,not a very important part of his or her leadership.If recruiting is done well,the employees will begin to see the future of the organization on their own.

Dwayne is 24 years old and has a degree in horticulture.He loves plants and wants to specialize in what he calls Optimum-Eco landscape design for condominium developments and office complexes.Optimum-Eco focuses on implementing a landscape that relies solely on local weather conditions,with less than 10 percent watering on top of natural rainfall.It also means that the plants,shrubs,grasses,and flowers that are planted are easily managed using a silent-gardening approach (i.e.,no power tools),which supports living and working in a quieter environment. Dwayne smiles when people call him a plant geek! Where he is stuck is how to get the business off the ground.You are a friend of Dwayne's and understand what has to be done before a business gets launched.You tell him that he needs to articulate his idea clearly,on paper.He then needs to complete a feasibility study. In a short essay,describe what a feasibility study is.What are the key elements of a feasibility study? What are the six questions that can be asked and answered by the study? Using the mini case above,provide two examples of how a feasibility study can assist Dwayne.

Of the many hats an entrepreneur wears,being a change agent is the least important.This is because during the first two years of the venture,operational excellence rules and little should change in the enterprise during this time.

Once a new venture establishes good financial controls,the next step is to ________ them.

Janice was thrilled with the first two years of operations.Her new company-specializing in manufacturing and distributing yoga mats,props,and yoga wear-had been growing steadily and was on track to make a 14 percent profit at the end of this,her second year.Then she started to notice sales slipping in the 11th month of the year.This is a month that normally starts to see sales increases.She had just hired a key employee to work on business development,and she wondered if this downturn would trend into the 12th month and then into her third year of business.Thankfully Janice had some good advice when she launched her venture because she knew exactly how to handle the situation.Along with her business plan,she had created a(n)________.