Exam 17: The Family As Entrepreneur

The idiosyncratic bundle of resources and capabilities that can give an enterprising family an advantage in the entrepreneurial process is referred to as its _____.

What is transgenerational entrepreneurship?

Family enterprising is the combination of a _____ ownership mind-set and entrepreneurial strategic methods.

Most often formal family investment funds are created after a family has liquidated all or part of their family group.

Families are often,and quite naturally,_____ who build numerous businesses under a family umbrella.

Families often have a vague notion of "working together," and they assume that they will figure the details out over time.

The goal of dialogue is to find solutions that are not constrained by the boundaries of either of the original positions.

The mind-set continuum is primarily a measure of the _____ profile of the family owners-shareholders.

Identify a characteristic of the financial mind-set for enterprising.

Families have the natural potential to build relationship capital better than other social groups.

Identify a characteristic of the entrepreneurial methods for enterprising.

Family leaders who strive to turn their families into a team based on the _____ philosophy overcome many of the negative caricatures often associated with family business leadership and empower the family and organization to be enterprising.

Enterprising organizations pursue managerial methods that focus on maintaining the existing structure and on implementing incremental change.

The Timmons Model shows us that at the heart of the entrepreneurial process is the _____.

Family influenced startups are new businesses where the family ownership vision and leadership influence impacts the strategic intent,decision making,and financial goals of the company.

Organizational formalization has been shown to constrain entrepreneurial behavior in family enterprises.

The _____ assumes that enterprising organizations are taking bold,innovative,market-leading actions to seek a competitive advantage and generate new streams of value.

The job of families who desire to be enterprising is to determine how to generate and exploit their _____ familiness and to minimize or shed their _____ familiness.

Which of the following is the first thing needed to build a successful enterprising family?

Business families who are interested in transgenerational entrepreneurship and wealth creation should ideally cultivate the more formal approach to entrepreneurship.