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Some examples from this set of practice questions
1.
How would you describe the external environment of an organization (Kuratko, Morris & Covin, 2011)?
Answer: Everything outside the company - including the competitive, customer, technological, economic, regulatory, social, labor, and supplier environments.
2.
What are the five key capabilities that help companies to gain a sustainable competitive advantage? Try to explain what each of the five entails as well (Kuratko, Morris & Covin, 2011).
Answer: 1. Adaptability: the ability to adjust to new technologies, customer needs, regulatory rules, etc. without losing focus or causing disruption of core operations. 2. Flexibility: the ability to design company strategies, processes, and operational approaches that can meet diverse & evolving requirements of key stakeholders. 3. Speed: the ability to act quickly on emerging opportunities. 4. Aggressiveness: an intense, focused and proactive approach. 5. Innovativeness: a continuous priority placed on developing and launching new products/services/processes/markets/technologies.
3.
Define \'Entrepreneurship\' (Kuratko, Morris & Covin, 2011) or (Hisrich, 1990).
Answer: Kuratko, Morris & Covin (2011): The process of creating value by bringing together a unique set of resources to exploit an opportunity. Hisrich (1990): \"Entrepreneurship is the process of creating something different with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction\"
4.
There are seven perspectives on the nature of entrepreneurship. It is about the creation of... (name all 7 perspectives): (Kuratko, Morris & Covin, 2011)
Answer: Change, Enterprise, Growth, Innovation, Jobs, Value & Wealth
5.
What are the six stages of the entrepreneurial process (Kuratko, Morris & Covin, 2011)?
Answer: 1. Identifying the Opportunity. 2. Defining the Business Concept. 3. Assessing the Resource Requirements. 4. Acquiring the Resource Requirements. 5. Implementing and Managing the Concept. 6. Harvesting the Venture.
6.
Name three major challenges for the corporate entrepreneur (Kuratko, Morris & Covin, 2011).
Answer: 1. Achieving credibility/legitimacy. 2. Obtaining resources. 3. Overcoming inertia/resistance.
7.
Name three reasons for corporate entrepreneurs to remain in the corporate environment (Kuratko, Morris & Covin, 2011).
Answer: 1. Size of the resource base they can tap into. 2. Potential to operate on a fairly significant scope and scale fairly quickly. 3. Security.
8.
Name the five stages of growth by Greiner (1998). Try to explain what is going on during each phase. No need to address the crises yet.
Answer: 1. Creation: emphasis on creating product and market. 2. Direction: Environment of more formal communications. Budgets and focus on separate activities (e.g., marketing/production). 3. Delegation: Mid-level managers are freed up to react faster to opportunities for new markets/products. Top-level managers focus on monitoring and dealing with bigger issues. 4. Coordination: Use of formal systems to achieve greater coordination. 5. Collaboration: Strong interpersonal collaboration.
9.
What is needed during a crisis of: a. \'Leadership\'? b. \'Autonomy\'? c. \'Control\'? d. \'Red Tape\'? (Greiner, 1998)
Answer: a. Professional management. b. Decentralized management with mid-level managers. c. More sophisticated organizational design. d. Need for new culture / structure.
10.
What is the main difference between the manager and the entrepreneur (Kuratko, Morris & Covin, 2011)?
Answer: The manager focuses more on optimalization of the current situation, whereas the entrepreneur focuses more on the future/what can be.
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