exam briefing for final期末考試簡介

EXAMBRIEFING&SAMPLEQUESTIONSFinalExam2014InnovationandEntrepreneurship20105INSTRUCTIONSTOCANDIDATES:

Thisisaclosedbookexam.Durationis1hour.Thisexaminationisworth40%ofthetotalmarksforthissubject.Threecasestudiescoveredinyourtutorialswillbeexamined:Thereare6questionsintotalforthewholeexam.Somequestionsrequireshortanswerswhileothersrequireyoutoidentifytheoreticalconceptsandgivebriefexplanationonhowitrelatestotherelevantcasestudy.Youmustusethespacesprovidedinthisexampapertowriteyouranswers.Thesespacesareprovidedbeloweachquestion.Thereismorethanamplespaceprovidedintheexampaper.Caution:ifyouarerunningoutofspace,thenyouareprobablywritingirrelevantcontent.Donotwriteintroductions-Getstraighttothepointofansweringthequestion.Revisealltopicstaughtinthe2ndBlock:Pathwaystoentrepreneurialventures–chp.6.Measuringperformanceforentrepreneurialventures–chp.11.Developingasustainablebusinessplan-chp.12.Strategicentrepreneurialgrowth-chp.13.ExampleofCaseStudy:ThecomebackCorbans

ThewayCorbancousinsAlynandBrianseeit,thefamilyisback–withluckandsomethoughtfulsuccessionplanning,maybeforanother100years.Thatiscertainlythekindoflong-termviewtheytaketotheirenterprise,theHawke’sBay-basedwinecompany,Ngatarawa.Ngatarawaisafamilybusinessstorywithatwist.ThecousinsaredescendantsofAssidAbrahamCorbanwholeftLebanonin1891,bringing300yearsofwinemakingtraditionwithhim.AssidwasfollowedbyhiswifeNajibieandtwooldestsonsin1898,andtheirothersevenchildrenwereborninNewZealand.ThewholefamilyhelpedtoestablishtheCorbanfamilygrapegrowingandwinemakingenterprisethatunderpinnedmuchofNewZealand’swineindustrylastcentury.However,afteralmost70yearstheCorbanswereforcedoutofthefamilywinemakingbusiness.In1975,increasedcompetitionandtheneedtoraisemorecapitaltogrowthebusinessinthesuddenlyexpandingindustryleftRothmansIndustrieswith78percentoftheequityinA.A.CorbanandSons.Thecorewinemakingbusinesspassedoutoffamilyhands.TheNgatarawastorybegan23yearsagowhenAlwynmetHawke’sBaypastoralfarmerGarryGlazebrookandenteredintoa50/50partnershiptoestablishasmallvineyardandwineryonasliverofGlazebrooklandthathostedtheslowlydeterioratingstablesofapreviouslysuccessfulracingstud.In1988theyturnedthepartnershipintoacompanywiththeCorbanandtheGlazebrookfamilieseachholding50percentoftheequity.ThemoveintroducedBrianCorban,alawyerandprofessionaldirectorandhiscommercialandgovernanceskillstothebusinessasafoundingdirectorofthenewcompany.Aregraftedfamilybusinesswasstartingtotakeroot.In1999,theCorbansboughtouttheGlazebrooksandtheCorbanfamilywerebackinthewinemakingbusinesslock,stockandwinebarrels.Thetransitiontoafamilybusinessdidnot,however,endthedisciplinedapproachtogovernanceandmanagementintroducedbyBrian.Agenerationolderthanhiscousin,Brianhadcuthisteethontheindustryasanexecutiveintheoriginalfamilybusiness.HetookoverasNgatarawachairmanandbroughtbothindustryknowledgeandcommercialgovernanceskills,muchtothereliefofhisyoungerandmoreproduction-focusedrelative.Alwyncouldgetonwiththejobofbuildingandmanaginganoutstandingboutiquewinery,leavingmuchofthefinancialplanningandstrategydevelopmenttohischairmancousin.TheboardwasexpandedtoincludeBrian’swifeLindsay,aspecialistinhumanresourcemanagementandtheirsonBen,atalentedgraphicdesignerwithhisownsuccessfuldesignbusiness.Ngatarawa’snewSilkslabeldesignishiscreation.‘OncethecompanybecameanundilutedCorbanfamilyheritagethroughownershipthemessagebecamestrongerbecauseitisfoundedonour300yearsinthebusiness’,addsBrianCorban.‘Weusethefamilyheritageasastrongelementofmarketdifferentiationsupportedbythewinequalityandourwholemarketingstance’,agreesAlwyn.TheCorbansbelievetheirwholeapproachtodirectingandmanagingthebusinesshasliftedseveralnotchessincetheytookoverfullcontrol.Themanagementandleadershipstyleofthecontrollingcousinsisverydifferent.Itisalsomanifestinwhateachofthemidentifiesasthekeydriversofthebusiness.ForAlwyn,thedriversareachievingcriticalmass,margincontrolinthemanufactureofhiswinesandminimisingriskthroughaspreadofmarkets.Ngatarawastartedexportingin1998,mainlytotheUS,partlytospreadriskandpartlytodeliverAlwynhisgreatercriticalmass.And,ashepointsout,therehasn’tbeenmuchgrowthintheNewZealandwine-drinkingmarketoverthepast10years.ForNgatarawatogrowitmuststealmarketsharefromotherplayers.Brian,ontheotherhand,isdrivenbythedesiretosucceedfinancially,whichmeanshavingalong-termviewofthebusiness;buildingstrongbrandssupportedbyqualityandvalue;and,thirdly,ensuringfirst-classmarketinganddistribution.‘Itisbrandsthatarecriticaltosuccessintheconsumerindustry’,headds.Nowisacriticaltimeforthenewfamilybusinessandforthewineindustry,saysAlwyn.‘Forusitisaperiodforconsolidatingwhatwehave,differentiatingourselvesstronglyandsettingthebaseforthefuture.Particularlyinbrandbuildinganddistribution’,saysBrian.‘Ifyoulookatthelifeofthiswinery,thefirstsevento10yearswasaboutputtingastakeinthegroundandpioneeringvirginterritory(intheBridgePaareaofHawke’sBay)hereandsucceedinginproducingwinesfromit.Thesecond10yearswasspentdrivingmeaningfulgrowthtogetcriticalmasstoensuretheviabilityofthebusiness.Thethird10yearswillbelongtobrandbuilding,marketingandgettingthedistributionright(domesticallyandinternationally).Thefourth10yearswill,Ithink,relatetoincreasingcapitalexpendituretoextendthewineryandbuildandowntheportfolioofvineyardsthroughvariousmicro-climatesinthecountry.’Butalthoughtheyarecautiousaboutthefuture,theCorbancousinsarebothenthusiasticandoptimisticabouttheirnewenterpriseandtheNewZealandwineindustry.Theyareeventalkingaboutsuccessionplanningforthefuturebybringingothermembersoft