MGMT 3000 Guide Exam 2 With Verified
Solutions
Entrepreneurship (4) - answer1. 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? - answernone
5 type...
Entrepreneurship (4) - answer✔✔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? - answer✔✔none
5 types of small business owners - answer✔✔1. idealists
2. optimizers
3. hard workers
4. jugglers
5. sustainers
idealists - answer✔✔rewarded by chance to work on something new and creative
optimizers - answer✔✔get personal satisfaction from being business owners
hard workers - answer✔✔thrive on the challenge of building a larger, more profitable business
jugglers - answer✔✔high-energy people who enjoy handling every detail of their own business
sustainers - answer✔✔enjoy chance to balance work and personal life
as the ______ population of the US has grown, so has the number of ______-owned businesses -
answer✔✔minority
immigrants were almost ______ as likely as native-born americans to start new businesses -
answer✔✔twice
types of businesses launched by immigrant entrepreneurs are... - answer✔✔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 - answer✔✔13.7%, 21.7%
there has been a ______ increase in women-owned businesses since 2007 - answer✔✔58%
why do more men than women own businesses? - answer✔✔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... - answer✔✔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? - answer✔✔cost of
launching tech-related businesses falling
approximately _____ of small businesses fail within the first year - answer✔✔20%
by the end of the 2nd year, _____ of businesses will have failed - answer✔✔30%
8 traits of entrepreneurs - answer✔✔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 - answer✔✔ability to persevere after struggles or defeat
need to achieve - answer✔✔internally motivated
internal locus of control - answer✔✔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? -
answer✔✔most: self-confidence, need to achieve
starting an online or mobile app business (5) - answer✔✔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 - answer✔✔creating *social value* by providing
solutions to social problems
secondary purpose of social entrepreneurship - answer✔✔*generating profit* and returns
how to get the right to use the phrase "benefit/b corporation" in marketing materials -
answer✔✔apply to a nonprofit business called b lab
to obtain certification to be a benefit/b corporation, the business must pass an impact assessment,
which scores the org on what 3 things? - answer✔✔1. environmental sustainability
2. community impact
3. transparency
launching a start-up (4) - answer✔✔1. start with an idea
2. write a business plan
3. choose a legal structure
4. arrange financing
planning forces the entrepreneur to do what? - answer✔✔carefully think through the issues and
problems associated with starting and developing the business
8 characteristics of a business plan - answer✔✔1. clear, compelling vision
2. clear, realistic financial projections
3. profile of potential customers and target market
4. details about the industry and competitors
5. evidence of an effective management team
6. critical risks
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