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entrepreneurship theory process practice

Questions and Answers of Entrepreneurship Theory Process Practice

5. Why are many owner managers not interested in growing their businesses?
4. What advantages and disadvantages do periods of consolidation have for the entrepreneur and the entrepreneurial organization?
3. A significant number of organizations achieve fast growth for short periods especially after start up but many of them fail to maintain growth rates. Why do you think this is?
2. What do you consider to be the characteristics of a fast-growth organization? What prevents many large organizations achieving above average performance?
1. Define the stages of entrepreneurial organization development and explain the key skills that are required to successfully manage each stage.
■ understand how competitive advantage is developed in entrepreneurial organizations through market positioning and building core competencies.
■ develop a niche strategy to achieve fast growth;
■ evaluate the strategies that are used by entrepreneurial organizations at start up, and during periods of growth, consolidation and underperformance;
■ identify the barriers to growth and compare the appropriateness of strategies to overcome them;
■ appreciate the need for a strategy in an entrepreneurial organization and the need for a different strategy at key stages in the development of a business;
5. Which is most important in achieving the break-even point –managing costs or generating sales?
4. What reasons can you suggest could be the cause of a business achieving technical success and yet failing to emerge from‘death valley’?
3. What are the advantages and disadvantages of using a business angel to fund a growth strategy for a small business?
2. Many business angels choose to ‘back the jockey not the horse’, i.e. they are more interested in the qualities, characteristics and capability of the entrepreneur or entrepreneurial team than
1. It is often said that when setting up a business the three most important things are location, location and location. Explain whether you agree and why, in the context of setting up an organic
■ appreciate the potential pitfalls in new business starts and how they might be overcome.
■ understand the marketing and sales that are needed to win over customers and maintain their satisfaction with the organization’s offerings;determine the critical steps and decisions needed to
■ develop a team of staff that will contribute to achieving a sustainable operation;
■ define the various sources of finance and the criteria that will affect the suitability of a particular source for the organization;
■ understand the requirements of forming an organization, including deciding on ownership, obtaining premises at a suitable location and legal protection for the organization and its activities;
■ identify the resources that are needed and the decisions that are required for a new venture;
5. What assistance is provided in your area for new start up businesses?Do you consider it to bea. appropriate?b. sufficient, and why?
4. Why can timing be crucial to the decision to set up a business?
3. Explain to a sceptical entrepreneur the benefits of creating a business plan.
2. Explain the difference in purpose and contents of a feasibility study, business plan for investors and internal plan to manage the new organization.
1. What are the benefits of carrying out a feasibility study for a bakery that the two owners thereof propose to start in a market town in the North of England? What risks do they face and what
■ explain the purpose of a business plan, its preparation, framework and key components.
■ assess the feasibility of commercial success for the new product or service; and
■ evaluate the risks associated with the pursuit of new opportunities;
■ assess the factors that will influence the choice of business model;
■ appreciate the stages in developing a business from initial idea to a sustainable business;
5. How might environments that encourage networking (e.g.business incubators) support small firms in exploiting opportunities?
4. The process of exploiting an opportunity from the initial idea to commercialization can be expensive and time-consuming.How can a new or smaller organization reduce the time and costs involved?
3. What advantages do small firms have over large ones in exploiting market opportunities?
2. If you were establishing a new product and service development process in an organization what methods would you suggest to encourage staff to identify new ideas?
1. As a specialist consultant to the industry write a report identifying some potential sources of business opportunity for a major investor in the home entertainment industry.
■ recognize the alternative commercial approaches to exploiting an opportunity.
■ appreciate the nature of the solutions that might be created in terms of products, services, processes and ideas; and
■ understand the stages in the new product development process and be able to apply them to new ideas and opportunities;
■ appreciate the importance of challenging assumptions that determine how the sector operates;
■ compare the thinking and analytical techniques that can be used to identify market opportunities;
■ understand the sources of opportunity;
■ use research and analytical skills to construct a balanced argument and form conclusions, grounded in theory
■ reflect on the extent to which entrepreneurial attributes are transferable between contexts;
■ apply and evaluate a concept in different contexts;
5. How might international aid, charitable donations and ethical business principles, such as Fairtrade, be used to support entrepreneurship in a less developed country?
4. Through the use of examples show how entrepreneurs can be highly innovative in less developed countries. What do you think an entrepreneur from a developed country might learn (in knowledge,
3. You are an experienced adviser to small businesses in a developed country and have been invited to speak at a conference to discuss entrepreneurship in developing countries. You have been asked to
2. Explain how the country context affects the nature, role and economic contribution of entrepreneurship.
1. Using appropriate examples show how different cultures have developed different attitudes and approaches to encouraging and supporting entrepreneurship.
■ identify the different specific skills, attitudes and techniques prevalent in multicultural entrepreneurship.
■ recognize the different patterns of international entrepreneurship and strategies adopted to develop international business;
■ appreciate the size and impact of the informal economy;
■ compare the nature and strategies of entrepreneurship in different cultures;
■ understand the nature, challenges and impact of entrepreneurship in market economies at different stages of development;
5. In creating an enterprise culture, to what extent should public sector support be focused on social enterprise as opposed to economic entrepreneurship?
4. How might an economic entrepreneur apply the lessons of best practice from the not-for-profit sector?
3. If you were the manager of a voluntary sector organization what would you see as the advantages and disadvantages in securing a public sector contract?
2. Are the economic needs of an entrepreneurial organization always opposed to those of the broader community?
1. Compare and contrast the characteristics and actions of social and economic entrepreneurs. Draw on practical examples to illustrate your analysis.
■ analyse the similarities and differences between social and economic entrepreneurs.
■ understand the nature of innovation and enterprise in the public sector;
■ identify the strengths of the not-for-profit organizations and the lessons that could be learned from the way they operate;
■ assess the opportunities and threats facing voluntary and community organizations;
■ evaluate the impact of social and community enterprise in social and economic regeneration;
■ understand the policy context for the social and not-forprofit sectors, and the role of government in supporting their development;
5. Explain the advantages and disadvantages of the alternative market approaches discussed, in responding to different types of environmental changes.
4. A small engineering company based in the north of England has appointed a new chief executive officer (CEO), who has asked you, a personal business adviser, to offer some comments about the
3. Explain the key environmental challenges faced by a small not-for-profit organization and how they might respond.
2. Using examples to illustrate the points you make, explain the difference between how entrepreneurial organizations and more bureaucratic organizations respond to environmental changes.
1. As the entrepreneurial owner of a small hotel in London that relies on tourists principally from outside the UK, you are keen to expand and diversify your business and you have the requisite
■ understand the alternative market approaches of organizations from different sectors.
■ identify the changes in approach of entrepreneurial organizations in highly competitive, dynamic and fast-changing markets;
■ compare the responses of entrepreneurial organizations with those of more predictable organizations;
■ understand the changing nature of the micro environment, customer attitudes and purchasing behaviour and competitor activity;
■ explore the nature of the macro environmental context for entrepreneurial activity and the challenges organizations face during a downturn in demand;
5. If you were to consider setting up in business, what social and business networks would you need to develop, and why?
4. Analyse your attitudes towards risk and consider how this might influence your career preferences.
3. What factors might account for the more positive attitudes to enterprise by younger people in the UK?
2. Is it valid to claim that women are more consultative owner–managers than men?
1. ‘The key to success in entrepreneurship is motivation’.Discuss this proposition with reference to (a) entrepreneurs from ethnic minorities, (b) entrepreneurs that are female and (c)
■ analyse how access to personal, public and private sector support can facilitate entrepreneurial activity.
■ analyse how culture can affect the rates of entrepreneurship;
■ identify the categories of personal risk involved in pursuing an entrepreneurial career;
■ understand how self-perceptions can influence the decision to engage in entrepreneurial activity;
■ identify the personal factors that influence entrepreneurial activity in a range of different contexts;
■ develop an action plan to address areas that may limit their ability to achieve their potential.
■ reflect on how their personal knowledge, skills and attitudes may impact upon their ability to achieve their personal, career or academic aspirations;
5. Argue for and against the view that entrepreneurs are more capable leaders than ‘ordinary’ managers.■ assess their own knowledge, attitudes and skills against those of a ‘typical’
4. Are entrepreneurial decisions made by the heart or the head?Analyse the role of intuition and gut-feel in entrepreneurial decision-making.
3. To what extent do you agree with De Bono that schools need to teach thinking skills if we are to encourage the development of an enterprise culture?
2. Analyse the extent to which learning capability is a prerequisite for the development and implementation of effective entrepreneurial strategies.
1. What is your preferred learning style? What implications does this have for your personal capability to be an effective manager of an entrepreneurial organization?
■ evaluate the role that the development of a robust learning capability has in the successful identification and implementation of entrepreneurial strategies.
■ identify the characteristics of successful learning organizations;
■ understand how entrepreneurial organizations manage the tensions and ambiguity in maintaining core business whilst investing in innovation;
■ understand how organizations can harness individual learning capabilities for competitive advantage;
■ explain how thought processes affect individual learning and decision-making;
5. As a newly appointed town centre manager in a run-down region of the country explain the steps you would take to begin the process of regeneration.
4. As a speaker at a conference of managers of small- and medium sized organizations from both public and private sectors, you have been asked to give a talk entitled ‘Innovation in the small

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