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Management > Chapter 1 - The Entrepreneurial Life > Flashcards

Chapter 1 - The Entrepreneurial Life Flashcards

1
Q

Small Businesses have fewer than ____ employees

A

100

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2
Q

Small Businesses have _____ than 100 employees

A

fewer

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3
Q

Operations of small businesses are geographically __________

A

localized

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4
Q

Financing in a small business is provided by

A

no more than a few individuals

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5
Q

The business may begin with a single individual but has the

A

potential to grow

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6
Q

The standards of a small business

A

Fewer than 100 employees
Operations are geographically localized
Financing is provided by no more than a few individuals
Must have the potential to grow

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7
Q

A small firm that has great prospects for growth

A

High potential ventures

Gazelles

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8
Q

Offer substantial financial rewards for their owners

A

Attractive small firms

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9
Q

Represent a major segment of small businesses

A

Attractive small firms

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10
Q

Solid, healthy firms that ca provide rewarding careers and create financial wealth for the owners

A

Attractive small firms

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11
Q

Least profitable type of small business

A

Microbusinesses

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12
Q

Includes many service companies

A

Microbusinesses

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13
Q

Provides modest return to their owners

A

Microbusinesses

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14
Q

Limited ability to generate significant profits

A

Microbusinesses

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15
Q

Permit an owner to follow a desired lifestyle

A

Lifestyle businesses

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16
Q

Provide only a modest return to owners

A

Lifestyle businesses

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17
Q

Fewer than 10 employees

A

Lifestyle businesses

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18
Q

Make up the largest sector of the economy

A

Lifestyle businesses

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19
Q

Very small loans, often provided to entrepreneurs in developing countries

A

Microloans

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20
Q

This begins with identifying an attractive entrepreneurial opportunity

A

The Entrepreneurial process

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21
Q

The entrepreneurial process begins with this

A

Identifying an attractive entrepreneurial opportunity

22
Q

An economically attractive and timely opportunity that creates value both for prospective customers and for the firms owner

A

Entrepreneurial Opportunity

23
Q

A person who relentlessly pursues an opportunity in either a new or existing enterprise, to create value while assuming both the risk and the reward for his or her efforts

A

Entrepreneur

24
Q

Favorable Qualities of an Entrepreneur

A 
Commitment and Determination
Leadership
Opportunity Obsession
Tolerance of risk, ambiguity, and uncertainty
Creativity, self-reliance, adaptability
Motivation to excel
25
Q

Unfavorable Qualities of an Entrepreneur

A 
Overestimate what you can do
Lack an understanding of the market
Hire mediocre people
Fail to be a team player
Be a domineering manager
Fail to share ownership in the business in an equitable way
26
Q

The future belongs to

A

humble leaders

27
Q

An entrepreneur who brings a new firm into existence

A

Founder

28
Q

An entrepreneur whose power is limited by a contractual relationship with a franchising organization

A

Franchisee

29
Q

Consists of two or more individuals who combine their efforts to function in the capacity of entrepreneurs

A

Entrepreneurial teams

30
Q

Businesses are expected to help solve social problems related to

A

education, crime, poverty, and the environment

31
Q

Entrepreneurial activity whose goal is to find innovative solutions to social needs, problems, and opportunities

A

Social Entrepreneurship

32
Q

Triple Bottom Line

A

People
Profits
Planet

33
Q

A knowledgeable person who can offer guidance based on experience in a given field

A

Mentor

34
Q

A person who becomes an entrepreneur as a result of some severe hardship

A

Reluctant Entrepreneurs

35
Q

A person who become an entrepreneur to escape an undesirable job situation

A

Corporate Refugee

36
Q

Types of Entrepreneurial Motivation

A

Personal Fulfillment
Personal Satisfaction
Independence
Financial Rewards

37
Q

A change in how we fundamentally see a situation

A

Paradigm Shift

38
Q

Three different kinds of Personalities

A

Technician Personality
Manager Personality
Entrepreneur Personality

39
Q

Steady Worker
Experienced at what they do best
Wants to be left alone to get the job done
Lives in the moment
Paternalistic
Reluctant to delegate authority
Defining marketing strategy in terms of price, quality, and company reputation
Focusing on sales efforts that are primarily personal
Short term oriented with little planning for future growth

A

The Technician Personality

40
Q

Pragmatic
Assumes responsibility for the planning, order, and predictability of the business
Avoids paternalism
Delegates authority as necessary for growth
Employ diverse marketing strategy
Use different types of sales efforts
Obtain original financing from more than two sources

A

Manager Personality

41
Q

Takes an idea and turns it into an opportunity
Examines how the business does what it is intended to do
Sees the big picture and develops strategies that will help the venture flourish
See the business as a system for producing outside results
Start with a picture of a well-defined future and attempt to change
Develop strategies for the business by first seeing the whole picture

A

Entrepreneur Personality

42
Q

Business opportunities exist for those who can produce

A

Products and services desired by customers

43
Q

Who has a greater potential to achieve good customer service

A

Small businesses

44
Q

Quality is mostly independent of

A

firm size

45
Q

Add a solid reputation for

A

honesty and dependability to good customer service and excellent product quality

46
Q

This is the foundation of all relationship

A

Trust

47
Q

Small firms patents outperform these of larger firms

A

Growth
Citation
Originality

48
Q

A specific group of customers with an identifiable by narrow range of product or service interests

A

Niche Market

49
Q

Things passed on or left behind

A

Legacy

50
Q

Tangible items and intangible qualities passed on not only to heirs but to the broader society

A

Entrepreneurial Legacy

51
Q

Business accomplishments may be overshadowed by

A

neglect or sacrifice of something more important to them

52
Q

Fulfillment requires that businesses have been constructive or

A

positive in impact

Management (20 decks)

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