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Exam 12: Managing Innovation and Fostering Entrepreneurship

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Question 31

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Financial resources are the only kind of resource a new venture needs.

A) True
B) False

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Question 32

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The 3M Corporation, one of the most highly innovative companies, uses corporate venturing activities to promote innovation. An advantage of this approach is that

A) the ability to change is considered a core capability.
B) new ideas are not well received.
C) employees must be constantly reminded to think entrepreneurially.
D) employees are not willing to change.

E) A) and C)
F) None of the above

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Question 33

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A venture opportunity may be justified regardless of whether it is attractive in the marketplace.

The majority of new firms are low-budget start-ups financed through

Radical innovation often involves open-ended experimentation which can be very time consuming.

Pioneering involves creating new ways to solve old problems or meeting customers' needs in a unique new way.

_____ produce fundamental changes that can transform a company or even revolutionize an industry; _____ enhance existing practices and often represent evolutionary applications of fundamental breakthroughs.

New-entry strategies typically fall into one of three categories: pioneering new-entry; imitative new-entry; or adaptive new entry. Outline the key strategic intentions of each and provide an example of each.

WestJet, like more other airline companies, consistently runs a budget deficit because of this preferred long-term financing strategy.

WestJet was cited by the text as being able to develop a toehold in Western Canada through

In corporations with a strong entrepreneurial culture, the willingness and ability to change

Corporate venturing that is focused permeates all parts of the organization and involves every member of the organization.

The root of the word innovation is the Latin "novus," which means "sustainable."

Which of the following innovation dilemmas refers to the decisions companies must make concerning the timing and scale of new innovation projects?

According to the text, firms that want to enhance their entrepreneurial position by being competitively aggressive should

One of the key factors that makes it difficult for new ventures to be successful as differentiator is

As an industry matures, there are greater opportunities for change and so innovations tend to be more radical.

Explain what is meant by the term "entrepreneurial orientation" or EO.

The key attribute that firms need to develop in their managers to improve their innovative potential is

What is meant by the terms "radical" innovation and "incremental" innovation? Provide example of each.