Question 1

As the entrepreneurial venture grows and the entrepreneur finds it increasingly difficult to go it alone,the next step is usually to ________.

Accepted Answer

As the business grows, the entrepreneur may not be able to handle all the functions alone, and thus hiring employees to handle certain aspects becomes necessary. This allows the entrepreneur to focus on their strengths and delegate responsibilities to those with the appropriate skills, leading to increased efficiency and growth. Preparing a new business plan or looking for opportunities to merge may also be necessary, but hiring employees is often the first step in scaling up the business. Expanding the business may not always be feasible or necessary at this stage.

Question 2

Research supports entrepreneurial innovation,but not all types of research are the same.Research that focuses on investigative activities that lead to discoveries which will fuel new products or procedures is known as ________.

Accepted Answer

The term "R&D" stands for research and development, which implies activities aimed at discovering new products or procedures. The distinction between R&D and applied research is context-specific, but R&D typically applies to those activities that are more exploratory and not tied to a particular application. Curiosity-driven research refers to activities that are carried out because researchers are interested in answering questions that may not have immediate practical implications. Competitor intelligence refers to the process of gathering information about rival companies in order to make strategic decisions.

Question 3

You are the entrepreneur behind a two-year-old firm whose main business is engineering and servicing road salting equipment.You entered the field via an innovation in salt distribution technology that reduces the need for environmentally damaging road salt by 25 percent and yet provides effective coverage in icy conditions.You are continually engaging in ________ via worldwide sources to seek other,complementary innovations and developments so you can enhance your services to clients.

Accepted Answer

The answer of You are the entrepreneur behind a two-year-old...

Question 4

To help retain talented employees,entrepreneurs encourage them to stay with the venture by offering ________.

Accepted Answer

Offering personal development funds is a way to show that the entrepreneur is invested in the employee's growth and development, which can lead to increased job satisfaction and loyalty. The other options, such as reduced work hours, uniforms, and expense accounts, may not have as much of an impact on retaining talented employees.

Question 5

As an entrepreneur,you need to be able to retain the good employees you have hired.The main reason is that when talented employees leave a new venture,________ can be negatively affected.

Accepted Answer

When talented employees leave a new venture, customer service can be negatively affected. Good employees often have established relationships with customers and understand the company's products or services. When they leave, it can lead to a breakdown in customer service, which can ultimately hurt the company's reputation and bottom line. Retaining good employees is important for maintaining consistency and quality in customer service.

Question 6

Entrepreneurs resist implementing a more deliberate organizational structure due to ________.

Accepted Answer

Entrepreneurs often resist implementing a more deliberate organizational structure because they fear giving up control and sharing decision making and operating responsibilities with others. They may also believe that a more formal structure will stifle creativity and flexibility, which are important traits for entrepreneurial success.

Question 7

When entrepreneurs start hiring employees for their young ventures,they typically look for people who ________.

Accepted Answer

When entrepreneurs start hiring employees for their young ventures, they typically look for people who are self-motivated and multi-skilled. These qualities are important for employees who need to adapt quickly to the changing needs of a start-up business. Family ties or having the same personality as the entrepreneur may not be as important as having the necessary skills and drive to contribute to the business's success. While industry experience may be helpful, it is not always necessary if the employee can quickly learn and adapt to the unique challenges of the start-up environment.

Question 8

When hiring,entrepreneurial leaders are primarily concerned with matching the ________ of the potential employee to the ________ the organization.

Accepted Answer

Entrepreneurial leaders prioritize aligning a potential employee's characteristics with the values and culture of the organization. This ensures a good fit not just in terms of skills, but also in terms of shared beliefs and work ethic, fostering a cohesive and productive work environment.

Question 9

Which of the following is NOT an organizing issue for an entrepreneur when creating a new venture?

Accepted Answer

Sales management is an essential aspect of any business, including a new venture. However, it is not considered an organizing issue as it falls under the broader category of marketing and sales. The three other options, organization design and structure, human resource management, and encouraging innovation, are all key organizing issues that entrepreneurs must address when creating a new venture.

Question 10

Innovative organizations use divergent thinking and brainstorming to ________.

Accepted Answer

Innovative organizations use divergent thinking and brainstorming to gain a competitive edge by fostering creativity and innovation, which can lead to unique products, services, or business models that set them apart from competitors.

Question 11

Because organizational change of any type can be disruptive and scary,an entrepreneur must support the change efforts by ________.

Accepted Answer

Motivating employees to put forth their best efforts can help them embrace the changes and feel more comfortable with them. It can also help to ensure that the change effort is successful. The other options may be helpful in some situations, but they are not necessarily the best way to support change efforts.

Question 12

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.

Accepted Answer

The answer of Dwayne is 24 years old and has...

Question 13

Research is a key contributor to the vital process of innovation.The type of research that is generating new knowledge in its purest form rather than focusing on a specific,practical objective is known as ________.

Accepted Answer

The type of research that is generating new knowledge in its purest form and is not directed towards any specific practical objective is called curiosity-driven research. Therefore, option B, curiosity-driven research is the correct answer. Option A, applied research, focuses on practical objectives, option C, competitor intelligence, involves researching the activities of competitors, and option D, value-added research, is a type of research that adds value to an existing product or service.

Question 14

For successful companies ________ matter more than R & D in enabling innovation.

Accepted Answer

While all of the options listed can contribute to enabling innovation, employee talent and knowledge are the most important factors for successful companies. Having a team with diverse skills and expertise can bring fresh perspectives and ideas to the table, and allow for quick adjustments and adaptability in a rapidly changing market. R&D is certainly important, but without a talented and creative team to execute on those ideas, they may not be as effective.

Question 15

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

Accepted Answer

As an entrepreneur, one of the most important roles to perform is that of a change agent. Entrepreneurs need to be adaptive and innovative to keep their businesses relevant and competitive. Being a change agent means embracing new opportunities, challenging the status quo, and making sure that the business is always moving forward. Stability provider, employee counsellor, and financial controller are also important roles for entrepreneurs, but they are not as critical as being a change agent.

Question 16

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.

Accepted Answer

Good organizational structure achieves a balance between fluidity and flexibility. While some structure is necessary for efficiency and consistency, it is also important to allow for adaptability and creativity. It may take some adjustments to find the right balance, but it is important to strive for both aspects in order to succeed. Option A (fluidity and rigidity) suggests that rigidity is necessary, which may not be conducive to a successful gelato shop. Option C (mechanistic and organic) introduces a new concept that may be unfamiliar to some individuals and not directly related to the balance between structure and fluidity. Option D (creativity and fluidity) is redundant and does not address the need for some level of structure in a business.

Question 17

Along with organization design and structure,human resource management becomes more important as employees are brought in.The two key elements that go hand in hand and that are particularly important are ________ and ________ of employees.

Accepted Answer

Recruitment is important to bring in the right candidates for the job, and retention is important to ensure that the organization can retain the skilled employees. Together, they ensure that the organization has the right people for the job and can continue to grow and succeed. Hiring and promotion (B) are subsets of recruitment and retention, respectively. Employee scheduling and benefits (C) are important aspects of human resource management, but they are not the two key elements that are being referred to in the question. Wage considerations (D) are important, but they are only one aspect of retention and do not encompass the full scope of human resource management.

Question 18

In many small firms the organizational structure tends to evolve ________.

Accepted Answer

In small firms, the organizational structure tends to evolve with very little intentional and deliberate planning, as there may not be a dedicated HR or management team to plan and implement a formal structure. It may also depend on the business owner's preferences and the nature of the business. The structure may change as the business grows or undergoes changes, but it is unlikely to be a result of deliberate planning.

Question 19

Three months after launching your bike shop,business is stabilizing at a level a bit higher than you anticipated.This is good for the bottom line but is creating stress due to the extra hours you have been working to ensure the business runs properly.It is clear you need people to help you.The first thing you need to do is ________.

Accepted Answer

Before hiring additional staff or making other significant changes, it's crucial to clarify the structural arrangement of your business. This involves understanding the roles and responsibilities needed to ensure efficient operation, which will inform your hiring decisions and other management actions.

Question 20

In face of change,an entrepreneur must take into consideration how the change impacts the company and ________.

Accepted Answer

The answer of In face of change,an entrepreneur must take...

Quiz 5: Managing Entrepreneurially