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Ent. Chapter 1
Terms in this set (27)
What is the fundamental purpose of this book
The book provides a framework for learning and understanding the critical elements driving the entrepreneurial revolution inside companies
What is the purpose of the course?
to teach students to identify, create, recognize and evaluate aspects of entrepreneurship.
What, then, is the fundamental choice that established companies are being faced with?
Companies cannot be static, they must continually adjust, adapt, and redefine themselves
What are the two key environments that must be considered in order to understand modern corporations- as well as to construct effective strategies for these corporations?
competitive, customer, technological, economic, regulatory, social labor and supplier environments
the structures, systems, processes, and culture that make up the climate within which people do the work of a company.
What is the ultimate objective that managers seek as they sift through the various theories, concepts, technologies, and tools available to them?
a sustainable competitive advantage.
What five key company capabilities is the elusive goal believed to derive from?
ability to adapt to change and adjust. also means you cannot lose focus or cause damage to the main operations
being able to design company strategies, processes, and operational approaches that can simultaneously meet the diverse and evolving requirements of customers, distributors, suppliers, financiers, regulators, and other key stakeholders
acting quickly when there are new opportunities or ideas to develop
involves eliminating competitors. an intense focused and proactive approach.
prioritizing developing and launching new ideas
process of creating value by bringing together unique combinations of resources in order to exploit an opportunity.
sum of a company's innovation, renewal and venturing effort
manifested within an established company
process of setting objectives and coordinating resources, including people, in order to attain those objectives
What are the stages of Greiner's (1972) organizational life cycle?
-startup and early growth
-growth and direction
-growth and delegation
-growth through coordination
-growth through collaboration
startup and early growth
very beginning portions of a company when it is first firmed. involved innovative products and services
growth and direction
owners and shareholders decide on who the top management will be and which direction the company will go in its efforts of conducting business
growth through delegation
semi-autonomous product divisions and strategic business units
growth through coordination
involves the centralization of operations across all divisions and consistency and synergy are prioritized
growth through collaboration
companies must transform a machine bureaucracy into an innovation factory
What is the Primary lesson of this life cycle?
in order to continue to grow, companies must not only adjust their managerial focus, company structure, style of management, controls, and rewards to solve the current crisis, they must also prepare to handle the next crisis that will inevitably occur.
What is the "entrepreneurial imperative"?
the absolute sense of urgency for managers and entrepreneurs
What is it that established companies need to do?
need to know when to drop traditional management practices that don't provide "sufficient solutions for new challenges" and they need to encourage management to become more "flexible and creative."
What, then, does corporate entrepreneurship represent?
he mindset and culture "for facilitating ongoing change and innovation" that was established and developed by the original owners and managers of the firm.
THIS SET IS OFTEN IN FOLDERS WITH...
Ent. Chapter 2
Ent. Chapter 6
Ent. Chapter 8
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