Entrepreneurship Study Set 1

Robert Mondavi Winery was the first Californian to produce and market premium wines that were expected to compete with European wines.

Entrepreneurial endeavors consist of new business venturing,innovativeness,self-renewal,and reactiveness.

Corporate entrepreneurship is most strongly reflected in entrepreneurial activities as well as in top management orientations in organizations.

Self-renewal includes the re-definition of the business concept,reorganization,and the introduction of systemwide changes to increase innovation.

Corporate venturing consists of creating something new of value either by redefining the company's current products or services,developing new markets,or forming more formally autonomous or semiautonomous units or firms.

Traditionally managed firms commitment to opportunity is revolutionary with a long duration.

Entrepreneurially managed firm structure is usually flat with multiple informal networks.

Entrepreneurially run firms are driven by controlled resources whereas traditionally managed firms are driven by perception of opportunity.

Entrepreneurs focus on how to minimize resources needed whereas traditional firms focus on accumulating resources.

Traditionally managed firms typically punish failure.

The typical corporate culture has a climate and a reward system that favors activist decision making.

In encouraging a culture for corporate entrepreneurship,using older,proven,technology is recommended in order to increase stability in the organization.

In creating a culture for corporate entrepreneurship leadership is important.

Most managers in a corporation are capable of being successful corporate entrepreneurs with the correct training.

In an encouraging climate for corporate entrepreneurship,rewards should be based on the attainment of established performance goals.

In corporate entrepreneurship,trial and error are encouraged.

It is important for an entrepreneur to understand all aspects of the environment.Part of this ability is reflected in the individual's level of creativity,which generally increases with age and education in most individuals.

The corporate entrepreneur to have the ability to encourage teamwork and use a multidisciplined approach,which violates organizational practices and structures taught in most business schools.

For an organization with a traditional environment,it is best to facilitate an external process to establish an entrepreneurial environment.

An organization that wants to become more entrepreneurial must learn to be more productive with fewer resources.