MGMT 310 La Tech Haynie Exam 2 || with 100% Correct Answers.
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Course
MGMT 310 La Tech
Institution
MGMT 310 La Tech
Entrepreneurship correct answers process by which individuals pursue opportunities without regard to resources they currently control
Corporate Entrepreneurship correct answers conceptualization of entrepreneurship at the firm level
-organizations need innovators so having individuals with entr...
MGMT 310 La Tech Haynie Exam 2 || with 100% Correct
Answers.
Entrepreneurship correct answers process by which individuals pursue opportunities without
regard to resources they currently control
Corporate Entrepreneurship correct answers conceptualization of entrepreneurship at the firm
level
-organizations need innovators so having individuals with entrepreneurial spirt is important
Creative Destruction correct answers removal of a previous product/service due to the superiority
of the new product/service
Opportunity correct answers favorable set of circumstances that creates a need for a new product,
service, or business
4 Essential Qualities of an Opportunity correct answers 1. attractive
2. timely
3. durable
4. anchored in a product, service, or business that creates/adds value for its buyer or end user
Management Prowess correct answers proposed business should *evaluate the ability of its mgmt
team*
Two most important factors of management prowess correct answers passion & understanding of
the potential market
Resource Sufficiency correct answers pertains to the *assessment* of whether an entrepreneur
*has sufficient resources to launch a proposed venture*
Resource sufficiency should consist of... correct answers both financial & non-financial
resources
Financial Resources correct answers funds used to acquire the natural and human resources
needed to provide products; also called capital
Non-financial resources correct answers -legitimacy
-networks/social capital
-management teams
-advisory boards
-partners
Skunkworks correct answers project team designated to produce a *new, innovative product*
, Bootlegging correct answers *informal* work on projects (other than those officially assigned)
of *employees' own choosing & initiative*
Entrepreneurial Orientation correct answers tendency of an organization to identify & capitalize
successfully on opportunities to launch new ventures by entering new or established markets
with new or existing goods or services
Characteristics of Successful Entrepreneurs correct answers 1) *Passion* for the business
2) Product/customer *focus*
3) *Tenacity* despite failure
4) *Execution intelligence*
Personal Characteristics for Recognizing Business Opportunities correct answers 1) Prior
experience in the industry
2) Cognitive factors
3) Social networks
4) Creativity
Organization Chart correct answers reporting *structure and division of labor* in an organization
Mechanistic Organization correct answers form of organization that seeks to *maximize internal
efficiency*
Organic Structure correct answers organizational form that *emphasizes flexibility*
Differentiation correct answers aspect of the organization's internal environment created by *job
specialization & the division of labor*
Integration correct answers degree to which *differentiated units are put back together* so that
work is coordinated into an *overall product*
Building Block of Organizational Structure correct answers -centralization
-formalization
-hierarchical levels
-departmentalization
Centralization correct answers
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