Deck 12: Scaling Ventures: The Future

Question 1

New ventures face several disadvantages due to their small size.

Answer 1

True

Question 2

New ventures have several advantages due to their small size.

Answer 2

True

Question 3

It is important for the owner of a growing venture to maintain all decision-making authority

Answer 3

False

Question 4

Owners of smaller growing ventures should learn to use time as a resource and not allow time to use them.

Question 5

Entrepreneurs should strive to continue educating themselves on industry changes and managerial best practices.

Question 6

The level of failure the entrepreneur experienced and learned from at the start of the venture can be regarded as less than the level expected, tolerated, and learned from in the growth stage.

Question 7

During the growth stage, an entrepreneur must transition into a more managerial style that focuses on the planning and organizational ability needed to run a business

Question 8

Managerial assistance from outside of the organization is dangerous and should be avoided.

Question 9

Before entering a foreign market, it is important to study the unique culture of the potential customers.

Question 10

Growth of the venture can often raise many ethical challenges, necessitating the formation of as strong ethical code within the firm.

Question 11

EBay pulled its operations out of China just two years after entering the country in 2006

Question 12

Hiring local talent who understand the market and empowering them with real decision-making authority is important while expanding to other countries

Question 13

Which of the following is NOT an advantage commonly enjoyed by small ventures?

A) Greater flexibility
B) Immediate implementation of decisions
C) Better market knowledge
D) Ability to offer truly personal service

Question 14

Which of the following is NOT one of the critical steps involved in Time Management?

A) Creation of Procedures
B) Delegation
C) Assessment
D) Prioritization
E) Organization

Question 15

Which of the following are common expectations that communities have for small business owners? (Select all that apply)

A) Participation
B) Donations
C) Professional Distance
D) Leadership

Question 16

Though challenging during the growth stage, _______________ (through conferences, publications, and college courses) is an important way for growing entrepreneurs to stay abreast of industry changes and maintain a competitive edge.

A) Continuing management education
B) Regular vacation
C) Careful bookkeeping
D) Networking

Question 17

Venture-backed private companies (founded after 2003) that have grown in value to at least $1 billion are commonly referred to as ______________.

A) Superstars
B) Rockstars
C) Unicorns
D) Unsustainable

Question 18

Using a sharp _______________ on what they set out to do, top management teams in high growth firms stay clearly directed on the specific strategic challenges in their industry.

A) Market Focus
B) VC Backing
C) Financial focus
D) Operations plan

Question 19

During the growth stage, managers can assess whether they have a good blend of control and participation by asking which of the following questions?

A) Does the control system imply trust be?tween managers and employees?
B) Does the resource allocation system imply trust?
C) Is it easier for an employee to ask for permission than to ask for forgiveness?
D) All of the above

Question 20

During the growth stage, it is essential that an entrepreneur practice _______________ in order to free up his or her time to focus on planning and the challenges of business growth.

A) Tolerance of failure
B) Effective delegation
C) Responsibility
D) Working late

Question 21

_______________ is an important method of building relationships often enable entrepreneurs to use external resources that their smaller venture does not own

A) Networking
B) Delegation
C) Management
D) Outsourcing

Question 22

The level of failure the entrepreneur experienced and learned from at the start of the venture should be regarded as _________ the level expected, tolerated, and learned from in the growth stage.

A) Less than
B) The same as
C) Greater than

Question 23

___________________ is caused by external factors and is usually the most difficult to prepare for. Top management must carefully analyze the context of this form of failure and work to prevent its recurrence

A) Moral failure
B) Personal failure
C) Uncontrollable failure
D) Equipment failure

Question 24

Entrepreneurial style relates to the creativity, innovation, and risk-taking ability needed to start up a venture, whereas managerial style emphasizes the ________________ability needed to operate the business

A) planning and organizational
B) financial accounting
C) marketing
D) personnel management
E) All of the above

Question 25

Which of the following enterprise characteristics can pose a threat to a firm's development during the growth stage?

A) A highly centralized decision-making system
B) An overde?pendence on one or two key individuals
C) An inadequate repertoire of managerial skills and training
D) Paternalistic atmosphere
E) All of the above

Question 26

During the growth stage a "Quasi-board" or "board of advisors" can be a helpful source of:

A) Outside managerial assistance
B) Process discipline
C) Innovative ideas
D) Flexibility

Question 27

Countries vary with respect to the quantity and proportion of resources they possess, which forms the basis for ___________________ of nations

A) Lasting partnerships
B) The short term success
C) A sustainable competitive advantage

Question 28

Before entering a foreign market, an entrepreneur should consider their own:

A) Knowledge of foreign language
B) Experience with foreign cultures
C) International orientation
D) All of the above

Question 29

When considering the risks of international growth, _______________ include unstable governments, disruptions caused by territorial conflicts, wars, regionalism, illegal occupation, and political ideological differences.

A) Economic risks
B) Political risks
C) Financial risks
D) Social risks

Question 30

When considering the risks of international growth, _______________ include changes in tax laws, rapid rises in costs, strikes, sudden increases in raw materials, and cyclical/dramatic shifts in GNP.

A) Economic risks
B) Political risks
C) Financial risks
D) Social risks

Question 31

When considering the risks of international growth, _______________ incorporate fluctuating exchange rates, repatriation of profits and capital, and seasonal cash flows.

A) Economic risks
B) Political risks
C) Financial risks
D) Social risks

Question 32

_____________ represent(s) a set of principles prescribing a behavioral code that explains what is good and right or bad and wrong, possibly even providing an outline of moral duties and obligations.

A) Laws
B) Ethics
C) Leadership
D) Employee Handbooks

Question 33

Rapidly developing countries such as China, Sri Lanka, India etc. fall under which category

A) Labor-rich countries
B) Resource-rich countries
C) Market-rich countries
D) Capital-rich countries

Question 34

What is the one-person-band syndrome and how might entrepreneurs work to escape it?

Question 35

What is a code of conduct, and how can it assist a business?

Question 36

Describe some of the threats and risks associated with entry into foreign markets.

Question 37

Describe at least two advantages and two disadvantages that are associated with operating as a small firm.

Question 38

What are some of the important parameters that can be identified by conducting global market research?