Deck 13: Strategic Entrepreneurial Growth

Question 1

A reason for lack of strategic planning has been found to be

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

Answer 1

C

Question 2

Small business owners are often guarded about their businesses,which leads to

A)distrust of others when formulating a strategic plan
B)a myopic viewpoint
C)misunderstanding of the economic environment
D)lack of attention to the competition

Answer 2

A

Question 3

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

A)no real competitive advantage
B)pursuing a solid competitive position
C)compromising strategy for growth
D)a and c only

Answer 3

D

Question 4

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

Question 5

Many research studies suggest that strategic planning influences a venture's survival.

Question 6

During the growth stage of a venture,entrepreneurs shift into a managerial style.

Question 7

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

Question 8

Participation by subordinates in a strategic plan is never appropriate.

Question 9

In administrative cultures,there is a need for clearly defined authority and responsibility.

Question 10

Which of the following is not a reason for the lack of planning in new ventures?

A)time scarcity
B)lack of trust
C)lack of dominance
D)lack of knowledge

Question 11

Research has shown a distinct lack of planning on the part of new ventures.

Question 12

Which of the following factors would not be considered a key dimension that shapes the strategic management activities of a growing firm?

A)speed of decision making
B)internal political problems
C)environmental uncertainty
D)lack of knowledge

Question 13

A reason new venture managers lack knowledge in the strategic planning process is because

A)they refuse to learn new things.
B)they have minimal exposure to the planning process.
C)they attempt to implement actions too quickly.
D)they are overconfident.

Question 14

Lack of expertise has never been considered a reason for the lack of strategic planning in new ventures.

Question 15

Emerging ventures that are rapidly expanding with constantly increasing personnel size and market operations will need

A)less formal planning because of constant changes.
B)to formalize planning because there is a great deal of complexity.
C)to establish a pattern of subordinate participation.
D)to evaluate company strengths and weaknesses.

Question 16

Formation of long-range plans for effective management in light of a venture's strengths and weaknesses is referred to as

A)dimensional planning.
B)tactical planning.
C)strategic planning.
D)operational planning.

Question 17

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

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

Question 18

A "SWOT" analysis refers to analyzing strengths,weaknesses,opportunities,and threats.

Question 19

The entrepreneurial strategy matrix measures risk and innovation.

Question 20

A "SWOT" analysis refers to

A)strength, weaknesses, opportunities, threats
B)small, weak, ordinary, tact
C)sound warnings of takeovers
D)none of the above

Question 21

The entrepreneurial strategy matrix measures:

A)risk and security.
B)commitment and time.
C)risk and innovation.
D)opportunity and time.

Question 22

Describe what typically takes place during the new-venture development life-cycle stage.

Question 23

Does strategic planning pay off?

Question 24

Research has shown that there is a distinct lack of strategic planning in new ventures. Relate some of the reasons for this lack of planning.

Question 25

What are important questions to ask,from an entrepreneurial and administrative point of view,when managing entrepreneurial growth?

Question 26

All of the following are characteristic of entrepreneurial cultures except:

A)action orientation
B)hierarchy
C)episodic use of required resources
D)multiple informal networks

Question 27

What is the one-person-band syndrome?

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

Question 28

In the strategy matrix model,innovation is defined as

A)an invention.
B)something new and different.
C)copying and improving on competitor's products.
D)using practical milestones.

Question 29

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

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

Question 30

Define strategic planning and describe the five basic steps that must be followed in establishing a strategic plan.