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BSM 200 Midterm Questions and Answers 100% Correct
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Exam of 6 pages for the course BSM at BSM (BSM 200 Midterm)
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Voorbeeld 2 van de 6 pagina's
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Voorbeeld van de inhoud
BSM 200 MidtermGrowing business - answer Number of opportunities
Customers are coming to them
Have retained earnings
Constraint of cash diminishes
Stressing existing processes/ people/systems
Issues In The Growth Stage - answer Must look at your mission(reason for
existence) to understand what opportunities to take
More competitors
Pace (Take on what you can handle)
People whether you need more people or not
Processes (how to?, signals)
Risks
Pitfalls - answer Need to understand role of: marketing, finance, team/structure, and
operations; usually playing catch up
A business can stay in this phase indefinitely (long time)... or would like to stay in this
phase
Growth is NOT Linear
Why entrepreneurs don't scale - answer Loyalty to comrades
Task Orientation
Single mindedness to ONE product/idea
Working in isolation
Loyalty to comrades - answer All for one and one for all is a survival technique but
not for growth
Task Orientation - answer Excessive attention to detail by entrepreneur in every
aspect of the business, cannot afford to make a mistake
Single mindedness to ONE product/idea - answer When to stop obsessing, start up
story
Working in isolation - answer who else can/should be face of company (lone inventor
in a garage)
Stage 1 (Inception or survival) to Stage 2 (Growth) - answer Key issues: move from
viability to getting more resources for growth
, Top Management: micro manage (directly) to direction or delegation
Management Style: Individualistic (personal) to Coordination
Organization Structure: unstructured to functional
Product or Marketing research: Instinct to mainly improving existing products, scaling
and some developing and researching new products
Systems: simple, day to day to systematic control reports, analysis, comparisons (own
and social)
Finance Source: owners and friends to banks, retained earnings , new partners
Profits: negative or barely to positive returns... retained earnings used to judge
performance
Major Investments: equipment financing working capital (current assets- current
liabilities, finding new locations
Product Market: single to broader
Stage 2 Growth - answer The acceptable level of growth is dependant on what is
operationally acceptable
Financially acceptable
Strategically acceptable
Operationally acceptable
Maslow's Hierarchy of Needs - answer physiological, safety, love/belonging, esteem,
self-actualization
Physiological - answer need for basic survival
(good pay)
Safety - answer Need to feel secure
(safety equipment, health care plans, retirement plans
Love and belonging - answer Need to feel connected to others
(Teamwork, Positive culture, company lunchroom)
Esteem - answer Need for self-respect and respect from others
(Acknowledgement, feedback, promotions, raises)
Self-actualization - answer the process by which people achieve their full potential
(Challenging, creative jobs, meaningful work)
Theory X and Theory Y - answer A motivation theory that suggests that management
attitudes toward workers fall into two opposing categories based on management
assumptions about worker capabilities and values.
Theory X - answer the assumption that employees dislike work, are lazy, dislike
responsibility, and must be coerced to perform
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