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23 Cards in this Set
- Front
- Back
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What are the challenges of growth? (7) |
- the planning vacuum - muddled marketing - mismanaged change - the wrong objectives - meddling and misspent time - no financial strategy and poor control - no involvement of outsiders |
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What is an entrepreneur in this context? |
Owner and manager of the small firm |
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What is entrepreneurship? (repetition) |
The creation, discovery and exploitation of value-adding opportunities |
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What is a SME according to EU standards? (3) |
- <250 employees - < 50 million turnover - < 43 million balance sheet |
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What are the characteristics of small firms? (10) |
- no large scale - prominent role of the entrepreneur - focus on short term - regional/ local focus - complicated performance management - many family businesses - low degree of diversification - simple organizational structure - informal character - important role for umbrella organizations |
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What is the firm life cycle? |
Firms can find themselves in different stages of growth during their lifecycle. |
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What entails the firm life cycle of Greiner 1972? |
During their lifetime, firms find themselves in stages of growth. To get to the next stage, a firm has to go through a crisis. |
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What kind of growth stages does the model of greiner have? |
growth through: - creativity - leadership - delegation - coordination - collaboration |
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What kind of crises does the model of greiner have? |
crisis of: - leadership - autonomy - control - red tape - ..? |
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What is the fifth crisis? |
crisis of internal growth |
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What is the sixth stage? |
growth through extra-organizational solutions |
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What kind of crises do SME's encounter? (6) |
- location - changing customer needs - lack of finance - rapid early growth - weak general management skills - declining sales
OFTEN COMBINATIONS! |
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What kind of startups are there?(5) |
- marginal firm - lifestyle firm - foundation company - high potential venture - gazelle |
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What are the most important things that facilitate growth? (3) |
- role of the entrepreneur - diversification - work distribution |
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What are the five stages of business growth according to Churchill & Lewis? |
- existence - survival - success - take off - maturity of resources |
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What is the general life cycle pattern of growth? |
start -> growth -> maturity -> decline |
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What are the keywords of life cycle theory? (2) |
- Diversification - Performance |
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What were the three main findings of the Dutch architecture case? |
General: first increases, than decreases - diversification of sales first increases, than decreases - differentiation of labor for first increases, than decreases - labor productivity first increases, than decreases |
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What kind of roles does the entrepreneur have? (3) |
- professional - Leader - Manager |
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What are the main activities of a professional? (4) |
- production - quality of control - sales - keep up to date with developments |
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What are the main activities of a leader? (3) |
- give direction to the firm - making SWOTS - formulation of long term goals |
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What are the main activities of a manager? (4) |
- planning and control of daily activities - control and solving conflicts - make others do their work - creating platforms for decision making |
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How would you describe the role of the entrepreneur during the lifecycle? |
Entrepreneurs have to change during the life cycle of the firm in terms of their roles; professional, leader and manager. |
