ent 1,2

People are a result of all the experiences of their life- philosophy

Enneagram

Who is associated not only with the success of the industrial base but also with the great abuses in business? Robber barons Angel investors Venture capitalists Industrial revolutionaries

Robber Barons

Identify the guidelines that should be ideally followed by entrepreneurs to create business plans for new entrepreneurial businesses. (Check all that apply.) Multiple select question. An entrepreneur should create an attractive, one-page pitch about the business while developing the business plan. An entrepreneur should understand that a business plan should be created in pieces with each piece fitting into a whole picture. An entrepreneur should hire paid consultants to create a business plan rather than creating it himself or herself. An entrepreneur should use a popular program on the Internet that easily creates business plans using available templates.

An entrepreneur should create an attractive, one-page pitch about the business while developing the business plan. An entrepreneur should understand that a business plan should be created in pieces with each piece fitting into a whole picture.

Managers are considered agents agents can often maximize their own benefit Owners always act to maximize the value of the business

Characteristics of agency theory

small business advantages

- owned and run by same person - can respond quickly to opportunities/threats - fill niches large firms simply cannot

Which of the following are characteristics of venture capital-backed firms? (Check all that apply.) Multiple select question. 1. They either start or grow quickly to employ a relatively large number of employees. 2.They tend to restrict themselves to a single location after the initial investment. 3.They are formed with a harvest plan in place. 4.They are generally free of any debts. 5. They have a developed organizational structure. 6. they are inherently risky operations whose growht is dependent on the ecploitation of unknowns in the market

1,3,5

What are the critical elements that an entrepreneur must solve for success? (Check all that apply.) Multiple select question. 1. Develop an ability to generate consistent and growing sales 2. Sustainable operating profit margin 3. Develop economies of scale that lower production costs 4. Sufficient resources to get the business to a point where it is self-funding

1. Develop an ability to generate consistent and growing sales 2. Sustainable operating profit margin 4.Sufficient resources to get the business to a point where it is self-funding

small bussines pages ______ Venture cap pages_______

15-25 25-45

Risk Tolerance Personality Orientation Prior Experience

Components of entrepreneurial orientation concept

Which of the following descriptions are characteristics of entrepreneurial firms? (Check all that apply.) Multiple select question. The development plan is oriented around negative cash flow. The number of employees will not be expected to grow beyond 100. The start-up is self-funded or closely funded. The operation is designed in the image of the founder.

Correct Answer The number of employees will not be expected to grow beyond 100. The start-up is self-funded or closely funded. The operation is designed in the image of the founder.

Identify a characteristic of venture capital start-ups. Multiple choice question. They are usually organized to grow slowly and take time to achieve positive net cash flow. They are inherently risky operations whose growth is dependent on the exploitation of unknowns in the market. They are self-funded or closely funded. They are formed without a harvest plan in place.

Correct Answer They are inherently risky operations whose growth is dependent on the exploitation of unknowns in the market.

Which of the following statements regarding entrepreneurial businesses are correct? (Check all that apply.) Multiple select question. No one person is crucial to the survival of the business, even the president of the company. They have limited flexibility in responding to emergency issues such as the need to hire replacements if the company loses key individuals. They are generally dependent on a single person or a few individuals. They have strong structures such as extensive written procedures and clear lines of responsibility.

Correct Answer They have limited flexibility in responding to emergency issues such as the need to hire replacements if the company loses key individuals. They are generally dependent on a single person or a few individuals.

Which of the following are reasons why entrepreneurial businesses are successful? (Check all that apply.) Multiple select question. Fewer layers of management Free to place energy into satisfying the needs of customers Increased use of policies and procedures Tend to be more focused than large corporations

Fewer layers of management Free to place energy into satisfying the needs of customers Tend to be more focused than large corporations

Which of the following are advantages that small, new businesses have? (Check all that apply.) Multiple select question. Small businesses fill niches that large firms simply cannot afford to fill. Small businesses have more resources available to them. Small businesses can respond quickly to opportunities or threats as they arise. Small businesses are owned and run by the same person(s).

Small businesses fill niches that large firms simply cannot afford to fill. Small businesses can respond quickly to opportunities or threats as they arise. Small businesses are owned and run by the same person(s).

Which act officially organized the United States Small Business Administration (SBA)?

Small bussiness act

Which of the following descriptions are characteristics of entrepreneurial firms? (Check all that apply.) Multiple select question. The start-up is self-funded or closely funded. The development plan is oriented around negative cash flow. The number of employees will not be expected to grow beyond 100. The operation is designed in the image of the founder. Correct Answer The start-up is self-funded or closely funded. The number of employees will not be expected to grow beyond 100. The operation is designed in the image of the founder.

The start-up is self-funded or closely funded. The number of employees will not be expected to grow beyond 100. The operation is designed in the image of the founder.

Which of the following statements regarding entrepreneurial businesses are correct? (Check all that apply.) Multiple select question. No one person is crucial to the survival of the business, even the president of the company. They are generally dependent on a single person or a few individuals. They have strong structures such as extensive written procedures and clear lines of responsibility. They have limited flexibility in responding to emergency issues such as the need to hire replacements if the company loses key individuals.

They are generally dependent on a single person or a few indivduals They have limited flexibility in respong to emergency issues such as the need to hire replacements if the company loses key individuals

Which of the following statements are true regarding robber barons? (Check all that apply.) Multiple select question. They put small operations out of business. They took advantage of the economies of scale. They dominated the industrial sectors. They were responsible for some of the great abuses in business.

They took advantage of the economies of scale. They dominated the industrial sectors. They were responsible for some of the great abuses in business.

Which of the following are goals of the business plan for a new entrepreneurial business? (Check all that apply.) Multiple select question. To provide self-evaluation To be a guide to managing the business To provide investors with necessary information To guarantee the success of the business

To provide self-evaluation To be a guide to managing the business To provide investors with necessary information

Large businesses often have _____. Multiple choice question. limited flexibility to respond to emergencies concentrated knowledge held by the management team extensive written procedures few written procedures

extensive written procedures

Agency theory

managerial theory; every1 act to maximize their own benefit

Excess resources in an organization that allow for redundancy and the quick deployment of personnel in crisis are referred to as

organizational slack

There are successful business people in all BLANK categories

personality

Silicon Valley and Boston's 128 corridor are well known for: (Check all that apply.) Multiple select question. providing a basis to the area's economic vitality. providing a growing tax revenue base. generating new employment with entrepreneurial ventures. providing economies of scale to the region.

providing a basis to the area's economic vitality. providing a growing tax revenue base. generating new employment with entrepreneurial ventures.

Entrepreneur's prior experience plays a role through ________

their view of the world

The first category of start-up businesses are those formed as high-growth, often high-tech, ventures and are referred to as ______. Multiple choice question. venture capital-backed firms growth-based enterprises small- to medium-sized enterprises entrepreneurial firms

Correct Answer venture capital-backed firms

Large firms can sometimes do things more efficiently because of their ability to operate on a larger scale than can a small firm. This implies that large firms obtain ______ in some industries. comparative advantages pooled interdependence economies of scale absolute advantages

Economies of Scale