Question 1

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.E) A) and B)
F) All of the above

Question 2

Formal planning can be divided into strategic and nonstrategic.

Accepted Answer

A) True 
 B)False  False

Question 3

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.E) B) and D)
F) A) and B)

Question 4

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.E) C) and D)
F) B) and D)

Question 5

A growth-oriented mind-set values

Accepted Answer

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

Question 6

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.E) None of the above
F) A) and B)

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

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.E) A) and D)
F) B) and C)

Question 10

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.E) A) and B)
F) A) and C)

Question 11

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

Accepted Answer

A)  optimists.
B)  specialists.
C)  subordinates.
D)  generalists.E) B) and C)
F) C) and D)

Question 12

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 objectivesE) A) and D)
F) B) and C)

Question 13

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

Accepted Answer

A) True 
 B)False

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

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.E) A) and B)
F) B) and C)

Question 16

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

Accepted Answer

A) True 
 B)False  True

Question 17

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 18

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 19

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

Accepted Answer

A) True 
 B)False

Question 20

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.E) A) and B)
F) A) and C)

Exam 13: Strategic Entrepreneurial Growth

All of the following are characteristics of entrepreneurial cultures except

Correct AnswerverifiedShow Answer

Formal planning can be divided into strategic and nonstrategic.

Correct AnswerverifiedFalse

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

Correct AnswerverifiedShow Answer

Which of the following management principles emanated from Steve Jobs?

Correct AnswerverifiedShow Answer

A growth-oriented mind-set values

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The second stage of venture development is

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedTrue

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedTrue

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

Correct AnswerverifiedShow Answer

The one-person-band syndrome is

Correct AnswerverifiedShow Answer

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False

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True

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True

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