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MGT 320 > Chapter 1 - Small Business Entrepreneur > Flashcards

Chapter 1 - Small Business Entrepreneur Flashcards

1
Q

What is cognition?

A

A person’s way of perceiving and thinking about his or her experience.

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2
Q

What is action?

A

The visible behavior a person takes.

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3
Q

What are the five P’s of entrepreneurial behavior?

A

passion, perseverance, promotion/prevention focus, planning style, professionalization

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4
Q

What is passion?

A

an intense positive feeling an entrepreneur has towards the business or the idea behind the business.

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5
Q

What is perseverance?

A

The ability to stick with some activity even when it takes a long time and its outcome is not immediately known.

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6
Q

What is promotion focus?

A

an entrepreneur’s attention to maximizing gains and pursuing opportunities likely to lead to gains

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7
Q

What is prevention focous?

A

An entrepreneur’s attention to minimizing lossses with a bias toward inaction or protective action to prevent loss

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8
Q

What are five planning styles?

A

comprehensive planneers, critical point planners, opportunistic planners, reactive planners, habit-driven planners.

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9
Q

What are comprehensive planners?

A

Entrepreneurs who develop long-range plans for all aspects of the business.

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10
Q

What are critical-point planners?

A

Entrepreneurs who develop plans focused on the the most important aspect of the business first.

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11
Q

What are opportunistic planners?

A

Entrepreneurs who start with a goal instead of a plan and look for opportunities to achieve it.

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12
Q

What are reactive planners?

A

Entrepreneurs with a passive approach who wait for cues from the environment to determine what actions to take.

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13
Q

What are habit-driven planners

A

Entrepreneurs who do not plan, preferring to let all actions be dictated by their routines

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14
Q

What is professionalization?

A

The extent to which a firm meets or exceeds the standard business practices for its industry/

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15
Q

What is a standard business practice?

A

A business action that has been widely adopted within an industry or occupation.

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16
Q

What is expert business professionalization?

A

A situation that occurs when all the major functions of a firm are conducted according to the standard business practices of its industry.

17
Q

What is a specialized business professionalization?

A

A situation that occurs when businesses have founders or owners who are passionate about one or two of the key business functions, such as sales, operations, accounting, finance or human resources.

18
Q

What is minimalized business professionalization?

A

A situation that occurs when the entrepreneur does nearly everything in the simplest way possible.

19
Q

What is a competency?

A

Forms of business-related expertise.

20
Q

What are key business functions?

A

Activities common to all businesses such as sales, operations(production), accounting, finance, and human resources.

21
Q

What is industry specific knowledge?

A

Activities, knowledge, and skills specific to businesses in a particular industry.

22
Q

What are resource competencies?

A

The ability or skill of the entrepreneur at finding expendable components necessary to the operation of the business such as time, information, location, financing, raw materials, and expertise.

23
Q

What are determination competencies?

A

skills identified with the energy and focus needed to bring a business into existence.

24
Q

What are opportunity competencies?

A

skills necessary to identify and exploit elements of the business environment that can lead to a profitable and sustainable business.

25
Q

What is a family business?

A

A firm in which one family owns a majority stake and is involved in the daily management of the business.

26
Q

What is role conflict?

A

The kind of problem that arises when people have multiple responsibilities, such as parent and boss, and the different responsibilities make different demands on them.

27
Q

What is time management?

A

The organizing process to help make the most efficient use of the day.

28
Q

What is a basic time management method?

A

Lis, 123 prioritize, delegate, repeat, strategize

29
Q

What is succession

A

the process of intergenerational transfer of a business

30
Q

What are set-asides?

A

government contracting funds which are earmarked for particular kinds of firms, such as small businesses, minority-owned firms, women-owned, firms and the like.

31
Q

What is a certification?

A

an examination based acknowledgement that the firm is owned and operated as specified.

32
Q

What are late career entrepreneurs?

A

people who begin their businesses after having retired or resigned from work in corporations at age 50 or later.

MGT 320 (7 decks)

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