Exam2: Ch5,Ch7, and Mini ch2

Used to attract investors or obtain loans, strategic business partners, addition to the management team, or high-quality employees.

Communication

________ and organizing are two of a manager's most important responsibilities.

Planning

Which of the following is NOT one of the basic resources of a company?

design resources

There are 3 purposes to writing a business plan

development, management, communication

A ________ business is one that has at least 20 percent sales growth per year for five years, starting with a base of at least $100,000.

gazelle

Short-term targets a company implements that are designed to help realize the plans that have been made are called ________.

goals

James lives near a university and observes that almost every student uses a cell phone. He decides to open a small shop offering repair services for cell phones. His shop is an instant success. James has satisfied an area of need called ________.

An opportunity niche

Before Fred started a new business venture, he weighed the factors that could help him succeed as well as the difficulties or setbacks he might face. Which characteristic of a successful entrepreneur is Fred demonstrating?

Calculated risk taking

Provides details regarding how the business works and why it has a unique chance to impact the industry.

Company profile

Summarizes the company's plans for growth and profits.

Company strategy

Which of the following is an example of the role that small businesses can play in fostering innovation?

Dell Computer's sale of computers directly to consumers

think through many aspects of business that might otherwise be overlooked, identify roadblocks, and obstacles, and determine ways to resolve or avoid them.

Development

A(n) ________ is someone who takes the risk of creating, organizing and operating a business, usually to satisfy an unmet need in the marketplace.

Entrepreneur

Which statement BEST describes why a successful entrepreneur needs to be flexible?

Entrepreneurial ventures involve risky situations and unexpected events.

a clear and concise form of the entire business plan, generally no more than two to three pages long.

Executive summary

Describes the context in which the business will operate.

Industry profile

Which of the following is the BEST example of entrepreneurial innovation?

Launching the first Starbucks

Amy is the founder of a small IT firm that specializes in social networking applications. She meets weekly with the members of her development team to solicit their ideas, address any problems they are having, and provide motivation and encouragement. Amy is demonstrating which characteristic of a successful entrepreneur?

Leadership and communication skills

________ is the process of working with people and resources to accomplish the goals of an organization.

Management

to modified as the business changes. and reaches certain milestones. Also, used to track and monitor the progress of the company.

Management

Identifies who your customers are, explains how you will reach them, and explains the benefits of your product.

Market analysis

A(n) ________ is a type of entrepreneur who prefers to keep his or her business small.

Micropreneur

Which of the following is LEAST likely to be a characteristic of successful entrepreneurs?

Prefers not to work around other people

Kyle is an entrepreneur who runs his own advertising agency. He can see the whole picture of what is involved in growing his company, and he has developed a solid plan for every aspect of the business, including production, financing, and marketing. This approach to his business indicates that Kyle is a ________.

System thinker

Mission statements reflect the personality of ________.

a company

An entrepreneurial team is ________.

a group of individuals with varied experiences and skills that come together to form a new venture

In business planning, what is the main course of action created by top-level managers?

a strategic plan

Diane Pollock was recently promoted to middle management based on her excellent interpersonal skills. These skills help her because one of the primary roles of a middle manager is to ________.

act as a liaison among different groups in the company

The mission statement for a company MOST often appears on ________.

advertising materials

Which of the following processes best describes how managers identify unseen problems?

analyzing data and searching for trends

There are several steps that are crucial to effective time management. One of the following steps will NOT improve the productivity of a business.

answering all emails as soon as they arrive

Lower-level managers must use interpersonal skills for a variety of reasons in the workplace, however, they do not need to ________.

communicate with investors

To make good decisions, a successful manager must be able to think abstractly in order to picture the organization as a whole and to understand its relationship to the rest of the business community. In other words, the manager must have ________.

conceptual skills

The vision of a company is directed toward ________.

employees

Goals are broad accomplishments that an organization wants to achieve within a certain time frame in most companies, this is about ________.

five years

Which of the following is NOT a key management skill?

having the ability to accomplish goals without the participation of others

Sally Hodges manages the housekeeping staff at a luxury resort. Most of the workers she interacts with are originally from Guatemala. Sally has decided to take a course in Spanish in order to communicate better with her staff. She is developing her ________ skills.

interpersonal

Which of the following types of entrepreneurs does NOT become involved in starting his or her own business?

intrapreneur

Maggie wants to start a fine dining restaurant in her town and dreams someday of having a chain of restaurants all over the country. She can be considered a growth entrepreneur because she ________.

plans to have her business expand beyond her local area

Marge designs an innovative and fashionable laptop bag, but feels she lacks experience to turn her creation into a viable business. Marge's BEST option is to ________.

put together an entrepreneurial team to market the bag

Tasty Pastry Bakery Shop, sticky buns' bottoms are burning and the customers are complaining. They have identified the problem and they are looking into possible alternative solutions. They could change the recipe and reduce the sugar, which burns quickly. They could change the type of pan they are using. They could lower the heat of the oven. They have tried changing the type of pan from steel cookie sheets to glass pans; however, the buns are still burning. What must they do now?

revisit the process of identifying the problem

A(n) ________ is defined as a business that is independently owned and operated and is not dominant in its field of operations.

small business

Technical skills may include ________.

the ability to operate a printing press

The BEST way to describe the conceptual skills that a good manager must develop is to state that these skills must include understanding the relationships between ________.

the different parts of the organization

Small businesses are important to the economy because ________.

they employ approximately 50 percent of the private workforce in the United States

Lifestyle entrepreneurs ________.

want flexibility and freedom in the way they balance their personal and work lives

At what stage in the decision-making process would managers be most likely to seek customer or market opinion?

when choosing the best plan of action