MGMT 3000 Guhde Exam 2 Study Questions and Answers Graded A 2024
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Course
MGMT 3000
Institution
MGMT 3000
entrepreneurship (4) - 1. process of *initiating* a business venture
2. organizing the necessary *resources*
3. assuming the associated *risks*
4. enjoying the *rewards*
how many employees do most small businesses have? - none
5 types of small business owners - 1. idealists
2. optimizers
...
MGMT 3000 Guhde Exam 2 Study Questions and
Answers Graded A 2024
entrepreneurship (4) - 1. process of *initiating* a business venture
2. organizing the necessary *resources*
3. assuming the associated *risks*
4. enjoying the *rewards*
how many employees do most small businesses have? - none
5 types of small business owners - 1. idealists
2. optimizers
3. hard workers
4. jugglers
5. sustainers
idealists - rewarded by chance to work on something new and creative
optimizers - get personal satisfaction from being business owners
hard workers - thrive on the challenge of building a larger, more profitable business
jugglers - high-energy people who enjoy handling every detail of their own business
sustainers - enjoy chance to balance work and personal life
MGMT 3000 Guhde Exam 2
, MGMT 3000 Guhde Exam 2
as the ______ population of the US has grown, so has the number of ______-owned
businesses - minority
immigrants were almost ______ as likely as native-born americans to start new
businesses - twice
types of businesses launched by immigrant entrepreneurs are... - increasingly
sophisticated; traditional minority-owned retail stores/restaurants are being
complemented by firms in financial services, software, insurance, and online businesses
______ of US population was comprised of immigrants, but they make up ______ of all
business owners - 13.7%, 21.7%
there has been a ______ increase in women-owned businesses since 2007 - 58%
why do more men than women own businesses? - there's a suggestion that women
tend to be more cautious than men about borrowing money, which limits growth
opportunities, particularly in high-tech fields questioned
sociologists argue that women has less access to capital because... - they have to work
harder to convince others that they have what it takes to be successful
what is causing women to take a gamble in this competitive market? - cost of launching
tech-related businesses falling
approximately _____ of small businesses fail within the first year - 20%
by the end of the 2nd year, _____ of businesses will have failed - 30%
MGMT 3000 Guhde Exam 2
, MGMT 3000 Guhde Exam 2
8 traits of entrepreneurs - 1. autonomy
2. entrepreneurial sacrifice
3. high energy
4. need to achieve
5. self-confidence
6. internal locus of control
7. awareness of passing time
8. tolerance for ambiguity
entrepreneurial sacrifice - ability to persevere after struggles or defeat
need to achieve - internally motivated
internal locus of control - believe that you have control over what happens to you
which two traits of entrepreneurs are most/least like those of managers in large
corporations? - most: self-confidence, need to achieve
least: tolerance for ambiguity, high energy
starting an online or mobile app business (5) - 1. find a market niche
2. create a professional website
3. choose a domain name
4. know when to pivot (change strategic directions)
5. use social media
primary focus of social entrepreneurship - creating *social value* by providing solutions
to social problems
secondary purpose of social entrepreneurship - *generating profit* and returns
MGMT 3000 Guhde Exam 2
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