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Terms in this set [60]
As the organization grows, managerial skills emerge out of entrepreneurial skills.
False
Essentially customer needs do not change, therefore you need to identify them and maintain focus.
False
Managers should constantly develop the firm's entrepreneurial capability.
True
The opportunity domain is one of the four driving forces in the growth stages of any firm.
True
A typical acquisition gives the owner 50% in cash and 50% in the acquiring company's stock
False
It is always best to appoint a CEO from the employees who were with the company from the very beginning
False
Businesses with less risk and less complexity are the most wanted candidates for acquisitions.
False
At the core of the growth model lays execution.
True
Stockholders have the largest impact on a firm's growth potential
False
During the early growth, the entrepreneur needs to focus on the company's strategy
True
Execution has the most direct link to profits
True
The most critical first task in transitioning a business beyond the startup stage is to sustain an entrepreneurial organization.
False
Managing cash is one of the key objectives of a control system
True
You should try to implement a complex system of control from the early stages of growth
False
Rapidly growing administrative and selling expenditures are often appropriate
True
Performance measures in an early-stage company are designed more for helping in entrepreneurial decision-making than for evaluating current performance
True
Performance measures for a growing firm should be simple and inexpensive to track
True
The Cash Cycle shows the relationship between three key metrics: days in payables, assets turnover, and days sales are outstanding
False
It is possible to have a negative cash conversion period
True
Diversifying opportunities in early stages of the company generates better results than crafting only one
False
The company should be driven only by opportunities that leverage current capabilities
False
Bootstrapping policy should not be discontinued once the company is successful
True
Key people in the organization are hired professional managers
False
The best management team consists of both internally promoted and externally hired people
True
As the company grows, bureaucracy has to be increasingly instilled to help coordinate different departments
False
Well run companies that manage cash well are likely to be offered more favorable types and terms of funding.
True
Tracking performance is necessary to support quality decision making.
True
It will often be acceptable for an entrepreneur to find him/herself routinely doing portions of other people's jobs during growth.
False
The majority of your performance tracking efforts should be focused on your competition during your initial growth stages.
False
Tracked items and metrics should be focused on supporting specifically anticipated decisions to the greatest extent possible.
True
What does entrepreneurship begin with?
U] Leadership.
V] A loan.
W] Venture capital.
X] Opportunity.
Y] A management team
Opportunity
What is the least likely to lead to a failure in growth management?
A] Having limited time and resources to spend on organization building
B] Spending too much
time on day-to-day operations
C] Chasing many opportunities
D] Spending time on planning
E] Not having a strong management team
Spending time on planning
What skills become increasingly important at later stages of development for a company?
Z] Marketing
AA] Managerial
BB] Technical
CC] Entrepreneurial
DD] Opportunity identification
Managerial
Which of the following is not a part of the driving forces in the growth stages?
Z] Leadership
AA] The opportunity domain
BB] Resources and capabilities
CC] Execution
DD] The entrepreneur
The entrepreneur
What is NOT an option an entrepreneur must consider beyond startup?
Z] Leaving the venture
AA] Selling the venture
BB] Maintaining the venture
CC]
Growing the venture
DD] All of them are options
Leaving the venture
According to the chapter, 50% of businesses started today will not exist in how many years?
Z] 2
AA] 3
BB] 5
CC] 6
DD] 8
8
What fraction of firms started today, according to the chapter, will still be growing and profitable in eight
years?
U] 1/5
V] 1/6
W] 1/7
X] 1/8
Y] 1/9
1/7
In a typical acquisition deal, what portion of the selling price does the entrepreneur receive in cash?
U] 1/2 of the price.
V] 1/3 of the price.
W] 1/4 of the price.
X] 1/5 of the price.
Y] 1/6 of the price.
1/3 of the price
What option does the
entrepreneur have if he or she decides to maintain a business?
U] Become an entrepreneurial leader
V] Take alternate position in the firm
W] Become a manager
X] Seek other employment
Y] None of the above
Become a manager
What is the core of the growth model?
Z] Leadership
AA] Resources and capabilities
BB] The opportunity domain
CC] The entrepreneur
DD] Execution
Execution
Who or what has the largest impact on a firm's growth potential?
Z] Stakeholders
AA] Uncertainty
BB] Environmental conditions
CC] Technology changes
DD] Competitors
Stakeholders
What should an entrepreneur focus on during early growth?
U] Expansion
V] Strategy
W] Operations
X] Accounting
Y]
Networking
Strategy
The chapter warns that which of the following can lead to poor coordination between different activities within the company?
Z] Overdue collections
AA] Inventory outages
BB] Uncontrolled growth
CC] Diminishing cash flows
DD] None of the above
Uncontrolled growth
Which of the following is not
mentioned in the chapter as a key objective for a control system?
Z] To create culture
AA] To institute control
BB] To manage cash
CC] To track performance
DD] All of the above are mentioned
To create culture
An effective control system includes all of following except:
Z] Account payables policies
AA] Accounts receivables and collections policies
BB] Assessment of performance and
expenditures
CC] An inventory management system
DD] A risk-assessment ratios tracking
A risk-assessment ratios tracking
After tracking key metrics in your company's performance, what should alert you that it may be time to consider making adjustments in your policies?
Z] If your metrics are below your expectations.
AA] If the changes in your company are not the result of changes in your
policies.
BB] If the marketing expenditures are hard to predict.
CC] If your metrics require in-depth analysis.
DD] If receivables collection period is more than 30 days.
If the changes in your company are not the result of changes in your policies
What does cash cycle ratio show?
Z] Number of dollars available to pay your short-term liabilities.
AA] How quickly you get your receivables
paid.
BB] Time between purchase of supplies and collection of accounts receivable generated in the sale of a product.
CC] How quickly you sell and replace your inventory over a period.
DD] Degree to which a company is using borrowed money.
Time between purchase of supplies and collection of accounts receivable generated in the sale of a product
A positive cash conversion period means that:
Z] You
have an inefficient receivables control system
AA] You are getting cash in before you deliver products/services
BB] You have a very efficient receivables control system
CC] You are receiving cash after you deliver products/services
DD] Customers pay you before you provide them products/services
You are receiving cash after you deliver products/services
A series of steps showing the activities and
entities that we need to coordinate in order for the company to execute its product or service is called:
Z] Customer value delivery
AA] Value chain
BB] STEP
CC] Customer value proposition
DD] Attributes model
Value chain
What do customers usually want the company to do with its products?
Z] To improve the products they know best.
AA] To introduce new products.
BB] To change brand names
of existing products.
CC] To produce products inside the country.
DD] None of the above.
To improve the products they know best
Which of the following is not a source of financing for early growth?
Z] Angel investors
AA] Founder loans
BB] Investment from key management
CC] Equipment leases
DD] All of them are sources
All of them are sources
What could identification of your firm's range of value chain activities help you to detect?
Z] New markets.
AA] Legal liabilities.
BB] Ways to shift your core business.
CC] Resource draining side projects.
DD] All of the above.
Resources draining side projects
What best characterizes an entrepreneur?
Z] Resource driven
AA] Maintains consistency and
predictability
BB] Implements the business
CC] Opportunity driven
DD] Enhances efficiency of organization
Opportunity driven
What purpose should the board of directors serve as a company professionalizes?
Z] Mentorship.
AA] Strategic.
BB] Operating.
CC] Credit lending.
DD] To represent suppliers.
Strategic
According
to the Driving Forces of Growth Model, opportunity domain interacts with which of the following?
U] Stakeholders
V] Environmental conditions
W] Profitability
X] Coordination
Y] Organizational capabilities
Organizational capabilities
Which of the following is NOT characteristic of an effective performance tracking system?
A] Determines where, when, and how to measure a key item, and who is
responsible for measuring it.
B] Metrics tied to a decision [should be nearly all metrics] are assigned the latest time before which the measure will be relevant to making the decision.
C] The system is exhaustive of all possible metrics for a given questions.
D] All of the above.
The system is exhaustive of all possible metrics for a given questions
Which of the following are signs that your venture
may be growing too fast?
A] The percentage of your cash flows from operations is declining against your cash flows from financing.
B] Profit margins are shrinking as sales are rising.
C] Customer complaints are declining while sales are rising.
D] A & B only
E] B & C only
A & B only, The percentage of your cash flows from operations is declining against your cash flows from financing, Profit margins are shrinking as sales are rising
Which of the following may be a common error when an entrepreneur tries to transition to an entrepreneurial leader [pick one].
A] Leads the venture through changes in both the organization and the competitive environment.
B] Sets a vision and empowers others to carry it out.
C] Avoids hiring managers whose domain experience exceeds their own.
D] Leverages the core business to grow in-line with critical capabilities.
E] All of
the above
Avoids hiring managers whose domain experience exceeds their own
Which of the following is NOT an important factor is recruiting a board of directors?
A] Mitigating the risk of personal biases in decision making.
B] Whether or not the board member is a stakeholder with the ability to exert control over the firm.
C] A board members experience as an entrepreneur
D] The board members likely
willingness to join the company as a senior manager in the future.
The board members likely willingness to join the company as a senior manager in the future
Which of the following is a sign that an entrepreneur is delegating well.
A] You are making more decisions, but accomplishing less
B] People are working hard, but critical mistakes are increasing
C] Action isn't taken without the entrepreneurs'
involvement
D] Cross talk commonly solves problems before they are brought to the attention of the entrepreneur.
Cross talk commonly solves problems before they are brought to the attention of the entrepreneur
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