MGMT 3000 Chapter 6

According to the 2018-2019 GEM report, in Thailand this demographic segment showed an increasing number of ___________ becoming entrepreneurs.

women

Under a business plan, what section would "How much interest do owners expect to pay on the money they borrow to start the business?" be under?

funding request

In Jeff Bezos' early days at Amazon, he worked 12-hour days every day of the week to get books shipped. Jeff would fit into the _____________ category of entrepreneurs.

hard worker

Under a business plan, what section would "How many levels of management will this business have?" be under?

organization and management

According to the Bureau of Labor Statistics, ______ percent of businesses do not survive their first year

20

Lucia graduated from college three years ago and has been working at a large accounting firm. She recently confided in you that she is unhappy at her job and dreams of starting her own business. Lucia has an idea for a new business and she thinks she has enough money saved up to go out on her own. She knows that you took an entrepreneurship class in college and asks to meet for coffee so she can get your advice on her possible new venture. You know from your entrepreneurship class that typical entrepreneurs have certain personality characteristics. You want to see Lucia succeed, so you come up with a list of questions to ask her to determine whether she has "what it takes" to be an entrepreneur. Which of the following questions should Lucia answer "yes" to? Check all that apply.

(YES) Are you willing to risk losing your savings to start the business? (NO) Do you think you will need luck in order for the business to be successful? (NO) Is your motivation for starting your own business to make as much money as possible? (YES) If you fail at something, are you able to pick yourself up and try again?

Your company, Allegret, is a leading provider of disposable diapers, wipes, and other childcare products. Your CEO would like to begin a program that encourages stay-at-home mothers to become entrepreneurs and business owners. The program would provide information and support to women who have innovative product or business ideas, but who don't know how to start their own business or market their products. The Human Resources Director has asked you to serve on the committee. Using your knowledge of minority and women-owned businesses, which of the following suggestions would be effective in helping your intended audience? Check all that apply.

(YES) Offer classes on leadership and management to program participants. (YES) Partner with minority-owned small businesses that can offer advice and mentor program participants. (NO) Focus on start-up planning with classes offered on personal budgeting and marketing a new business. (YES) Partner with female small business owners that can mentor program participants.

Last winter, your hiking club volunteered at an elementary school in a lower income neighborhood in your city. You noticed that many of the children did not have hats or mittens to wear in the cold weather. You decided to start a business that will provide hats and mittens to children in need. You quickly realize that you will need help in this venture and set out to find a co-founder. Use your knowledge of social entrepreneurship to answer the following questions. Which of the following characteristics and traits would you like to see in a co-founder? Check all that apply.

(YES) hard working (YES) creative (YES) persistent economically motivated

Which of the following statements is an accurate representation of Ding and Hursey's results?

Entrepreneurs who complete a business plan are more likely to be successful than entrepreneurs who do not.

Which of the following is a benefit to buying a franchise over starting your own business?

Management help is provided by the owner

You decide that the best way to get hats and mittens to children is to start a business that sells hats and mittens. For every hat or pair of mittens you sell, you will give away a hat or pair of mittens to an elementary school child. Why would you choose to set up this business as a benefit corporation?

To prevent lawsuits designed to return profits to shareholders

Norah makes personalized baby blankets. Online shoppers love the simple navigation and can easily order a personalized blanket and are able to choose from over 50 fabrics and 10 monogram styles. This is an example of:

creating a professional website

_______________ is an arrangement by which the owner of a product or service allows others to purchase the right to distribute the product or service with help from the owner.

franchising

Historically, women have started ______ businesses than men, but that is changing now.

fewer

Under a business plan, what section would "What will the business's expenses be in the third year of operation?" be under?

financials

Sandy is considering beginning an online business. Her idea is to be an assistant for hire. Busy professionals can schedule her to run errands in two hour time slots. This is an example of:

finding a market niche

Under a business plan, what section would "How many customers is this business likely to have?" be under?

market analysis