Venture Growth - Ch 1
Def of Overall Growth Strategy: one of the 4 general ways to position a business based on the rate and level of growth entrepreneurs anticipate for their firm.
Which of the following describes the significance of an overall growth strategy?
Ex. His Company name, government registration, phone number or email, location of his business (even if its on the internet)
John owns a small business that does computer servicing. Which of the following would represent boundary as mentioned in the BRIE model in John's computer servicing business?
Def: Social Entrepreneurship - the form of entrepreneurship involving the creation of self-sustaining charitable and civic organization, or for profit organization that invest significant profits in charitable activities.
Social entrepreneurship primarily involves a person or group:
Def of Lifestyle or Part-time firm: a business primarily intended to provide partial or subsistence financial support for the existing lifestyle of the owner, most often through operations that fit the owner's schedule and way of working.
Which of the following is a characteristic of a lifestyle firm?
Myths about small business: · There's not enough financing. · You can't start a business during a recession. · To make profits, you need to make something. · If you fail, you can never try again. · Students (or moms or some other group) don't have the skills to start a business. · 90% of all new businesses fail within 2 years.
Which of the following is a myth about small businesses?
owner-managed firm
A business run by the individual who owns it is referred to as a(n)
Heir
A person who becomes an owner by inheriting or getting a stake in a family business is known as
self-efficacy
A person's belief in his or her ability to achieve a goal is called:
16
According to the U.S. Small Business Administration, small businesses generateBLANK times the number of patents per employee than do big businesses.
Small Business
According to the text, the definition of a BLANK is one that involves 1-56 people and has its owner managing the business on a day-to-day basis.
Crowdfunding
Financing a business online through the collective involvement of others who provide donations, loans, or investments is referred to as
Def of High-Growth Ventures: a firm started with the intent of eventually going public, following the pattern of growth and operations of a big business
High-growth ventures:
perseverance
If you don't succeed the first time, try, try again is also called the strategy of
Efficiency-driven economies - a nation where the major forces for jobs, revenues, and taxes come from farming or extractive industries like forestry, mining, or oil production.
In efficiency-driven economies:
A Boundary
In the BRIE model, a business name or government registration, a phone or e-mail address dedicated to the business, or a specific location for the firm in a home, commercial space, or on the Internet represents:
Innovation-driven economies - a nation where the major forces for jobs, revenues, and taxes come from high value added production based on new ideas and technologies and from professional services based on higher education.
Innovation-driven economies:
Main Street Businesses
Lifestyle firms, traditional small businesses, and high-performing small businesses are often called
Imitative in nature with most small firms doing what other firms do with slight variations.
Small businesses are usually:
Small Business Administration
The BLANK is a U.S. government agency that helps people start a business and also provides them support and advocacy.
Independent Entrepreneurship
The form of entrepreneurship in which a person or group own their own for-profit business is referred to as:
a person who owns or starts an organization, such as a business.
The text defines an entrepreneur as:
novelty in their products, services, or business models.
Truly entrepreneurial businesses are characterized by:
A process that uses the internet to quickly crate business with a worldwide reach.
Virtual instant global entrepreneurship refers to:
intentions
Which of the following elements of the BRIE model represents the desire to start a business?
A nation where industrialization is the major force providing jobs, revenues and taxes, and where minimizing costs while maximizing productivity is a major goal is a(n):
efficiency-driven economies
growth rewards, income rewards, and flexibility
is a reward universally mentioned by entrepreneurs.
Efficiency
is an aspect of entrepreneurship that refers to doing the most work with the fewest resources.
Innovation
is an aspect of entrepreneurship which looks at a new thing or a new way of doing things.
Def of traditional small business: Affirm intended to provide a living income to the owner, and operating in a manner and on a scheduled consistent with other firms in the industry and market
which of the following is true of a traditional small business
boundary
According to the BRIE model, BLANK sets up a business as a firm.
Boundaries - Creating a place for your business in location and in people's minds. It is something that sets it up as a firm, and sets it off from the buying or selling or bartering. It can be something as simple as a business name or government registration, a phone or email address dedicated to a business, or a specific location from the firm in a home, commercial space, or even on the internet.
According to the BRIE model, which of the following falls under the boundary category?
1. Boundaries - Creating a place for your business in location and in people's minds. 2. Resources - the money, product, knowledge, etc. that make up the business. 3. Intention - the desire to start a business. 4. Exchange - Moving resources/products services in exchange for money.
According to the BRIE model, which of the following is an element that is necessary to start a business?
Boundary
According to the BRIE model, which of the following sets a firm off from the buying or selling or bartering done casually by nonmerchants?
using low cost or free techniques to minimize your cost of doing business.
Bootstrapping refers to:
Which of the following is true of a part-time firm?
Def of Lifestyle or Part-time firm: a business primarily intended to provide partial or subsistence financial support for the existing lifestyle of the owner, most often through operations that fit the owner's schedule and way of working.
The following are rewards rarely mentioned by entrepreneurs: Recognition, Admiration, Power, Family
Which of the following is a reward that is rarely mentioned by entrepreneurs?
Nearly all entrepreneurs talk about three key rewards - Flexibility, a livable income and personal growth (i.e. growth rewards, income rewards, and flexibility rewards) these are the most universally mentioned rewards.
Which of the following is a reward universally mentioned by entrepreneurs?
intentions
Which of the following is the most frequently occurring element of the BRIE model?
Def of a Franchise: A pre-packaged business bought, rented, or leased from a company called a franchisor.
Which of the following is true of a franchise?
Def of High-Performing Small Business: A firm intended to provide the owner with a high income through sales or profits superior to those of traditional small businesses
Which of the following is true of a high-performing small business?
Include the product or service to be offered, informational resources o markets and running a business, financial resources, and human resources such as your own time to devote the business or that of others working with you or for you.
According to the BRIE model, which of the following is true of a resource?
The form of entrepreneurship that takes place in existing businesses around new products, services, or markets.
Which of the following is true of corporate entrepreneurship?
Def: Social Entrepreneurship - the form of entrepreneurship involving the creation of self-sustaining charitable and civic organization, or for profit organization that invest significant profits in charitable activities.
Which of the following is true of social entrepreneurship?