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MST 215 Exam 1 (Chapters 1-7) Comprehensive Questions And Answers Correct Detailed Answers. $14.49
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MST 215 Exam 1 (Chapters 1-7) Comprehensive Questions And Answers Correct Detailed Answers.
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microbusiness - correct answer a small firm that provides minimal profits to its owner. Bootstrapping - correct answer doing more with less in terms of resources invested in a bus. and where possible, controlling the resou...

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  • October 31, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mst 215 exam 1 chapters 1 7

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MST 215 Exam 1 (Chapters 1-7)

microbusiness - correct answer a small firm that provides minimal profits to its
owner.



Bootstrapping - correct answer doing more with less in terms of resources invested
in a bus. and where possible, controlling the resources without owning them.



6 Reasons Entrepreneurs Fail. - correct answer 1)Overestimate what you can do.

2)Lack and understanding of the market.

3)Hire mediocre people.

4)Fail to be a team player (taking oneself to seriously).

5)Be a domineering manager.

6)Fail to share ownership in the bus.



Discuss the 4 motivations for starting a bus. - correct answer 1)Personal Fulfillment-
creating a product that improves the lives of others and you will gain the sense you are doing something
meaningful.

2)Personal Satisfaction- gaining respect and recognition over a product idea you came up with or
providing a service you are good at.

3)Independence-the more control you have over your decisions and choices the happier you are. Taking
own risks.

4)Financial Rewards-finding happiness in making money even though its slow going.



4 times more likely - correct answer Thomas Stanely and William Danko not that
self-employed people are____________ to be millionaires than are those who work for others.



1st goal - correct answer Your __________ should be to create a product or service
that improves life for others.

, Discuss the word Integrity: - correct answer refers to the general sense of honesty
and reliability that is expressed in a strong commitment to doing the right thing, regardless of the
circumstances.



Examples of stakeholders: - correct answer customers, employees, the government



excellent product/excellent service - correct answer When a company delivers an
(Blank) with (blank), customer satisfaction and healthy sales are likely to follow.



unethical behavior - correct answer Loafing on the job and taking unjustified sick
leave are examples of (blank).



extent - correct answer The (blank) to which an employer may monitor an
employee's internet activity is also hotly debated.



Better Business Bureau (BBB) - correct answer a group of privately owned
companies that promote ethical conduct on the part of all bus. in a region.



New Market Idea - correct answer startup ideas centered around providing
customers with an existing product or service not available in their market. (prepaid laundry service)



New Technology Idea - correct answer startup ideas involving new or relatively new
tech. centered around providing customers with a new product or service. (App development)



Startups - correct answer new bus. ventures created "from scratch."



Discussion ?- ID 6 Common Sources of Startup Ideas: - correct answer 1)prior work
experience

2)personal interest/hobby

3)chance happening

4)suggestion

5)education/family bus.

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