Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Management > Small Business Management- Packet 1 > Flashcards

Small Business Management- Packet 1 Flashcards

1
Q
  • Comprise 99.7% of all firms with employees
  • Employ over 50% of employees in the private sector.
  • Acount for 45% of private payrolls
  • Generated 60-80% of net new jobs in the past decade.
  • Create more than half of the country’s GDP
  • Hire 40% fo high-tech employees
  • Represent 97.3% of all exporters
A

Small Businesses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q
  • A person who starts and/or operates a business.
  • Individuals who discover market needs and launch new firms to meet those needs.
  • Risk takers who provide an impetus for change, innovation, and progress.
  • All active owner-managers (founders and/or managers or small businesses).
A

Entreprenuers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q
  • Business’ size smaller relative to larger competitors.
  • Fewer than 100 employees
  • Localized business operations (except marketing).
  • Financing supplied by one person or small group.
  • Has the potential to become more than a “one-person show.”
A

Criteria for Defining Smallness in Business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

An economically attractive and timely opportunity that creates value for interested buyers or end users.

A

Entrepreneurial Opportunity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

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

A

Reluctant Entreprenuer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

A person who becomes an entreprenuer to escape an undesirable situation.

A

Refugee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

A person who brings a new firm into existence.

A

Founder (“Pure” Entreprenuer)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

An entreprenuer who oversees the operations of a ongoing business.

A

Administrative Entreprenuer (Second-Stage)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

An entreprenuer whose power is limited by the contractual relationship with a franchising organization.

A

Franchisee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Two or more people working together as entreprenuers.

  • Becoming more common.
A

Entreprenuerial Team

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q
  • Founder (“Pure” Entreprenuer)
  • Administrative Entreprenuer (Second-Stage)
  • Franchisee
  • Entrepreneurial Team
A

The Many Varieties of Entrepreneurship

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q
  • High potential venture (Gazelle)
  • Attractive small firm
  • Microbusiness
  • Lifestyle business
A

Small Business Growth Potential and Profits

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Has great prospects for growth.

A

High-Potential Venture (Gazelle)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Provides substantial profits to its owner.

A

Attractive Small Firm

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Provides minimal profits to its owner.

A

Microbusiness

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Permits the owner to follow a desired pattern of living.

A

Lifestyle Business

17
Q

A person with primarily technical skills and little business knowledge who starts a business.

A

Artisan Entrepreneurs

18
Q
  • Take a paternalistic approach
  • Are reluctant to delegate
  • Use few sources of capital
  • Have a traditional marketing strategy
  • Focus on personal sales effort
  • Have a short planning horizon
  • Uneven record keeping
A

Characteristics of Artisan Entreprenuers

19
Q

A person with both sophisticated managerial skills and technical knowledge who starts a business.

A

Opportunistic Entreprenuer

20
Q
  • Broad based education
  • Scientific approach to problems
  • Willing to delegate
  • Broad view of strategy
  • Diversified marketing approach
  • Longer planning horizon
  • Sophisticated accounting and financil control
A

Characteristics of Opportunistic Entreprenuers

21
Q
  • More women than men are starting new businesses.
  • 40% of all businesses are now majority female-owned.
  • Movement of women into nontraditional industries.
A

More Women Entrepreneurs

22
Q
  • Discriminatino and difficulties related to gender
  • Lack of access to credit
  • Lack of networking connections
  • Balancing work and family life.
A

Problems Facing Female Entrepreneurs

23
Q
  • Have no fear of technology
  • Are idealistic and optimistic
  • Are more collaborative
  • Build elements of community in the business
  • Start companies while studying entrepreneurship
  • Fail fast, learn a lot and keep going.
A

Millennial Entrepreneurs

24
Q
  • Strong committment to the business (Tenacity)
  • Strong internal locus of control. (Self-reliance)
  • Moderate risk takers (Financial, career, psychic risks).
A

Characteristics of Successful Entrepreneurs

25
Q
  • Overestimate what you can do
  • Lack an understanding of the market
  • Hire mediocre people
  • Fail to be a team player- Usually a result of taking oneself too seriously
  • Be a domineering manager
  • Fail to share ownership in the business in an equitable way
A

How to fail as an Entrepreneur

26
Q

A knowledgeable person who can offer guidance from their experience in a given field.

  • The “go-to” team
  • Know what and how to do
  • Teach how to avoid mistakes
A

Mentors

27
Q
  • Beginning with the end in mind
  • Winning the wrong game
  • Crafting a worthy entrepreneural legacy
A

Success in Business and Success in Life

28
Q
  • Proper values and actions lead to a good exit.
  • Evaluating accomplishments
A

Beginning with the end in mind

29
Q

The nature of the entrepreneural endeavor reflects personal goals and values.

A

Winning the wrong game

30
Q

The tangible items and intangible qualities passed on not only to heirs but also to the broader society.

A

Crafting a Worthy Entrepreneural Legacy

31
Q

Two or more people who work together as entrepreneurs on one endeavor. (Becoming more common).

A

Entrepreneurial Teams

32
Q
  • Customer focus- firms lack bureaucracy
  • Special Niche- Providing uniquely specific services can be a power competitive advantage.
  • Quality Performance- quality is not limited to large firms.
  • Innovation and globalization- Small businesses are the leading source.
  • Integrity and responsibility
A

The Competitive Edge of Entrepreneurship

33
Q
  • Commitment and determination
  • Motivation to excel
  • Leadership
  • Creativity, self-reliance and adaptability
  • Opportunity obsession
  • Tolerance of risk, ambiguity, and uncertainty- risk takers, risk minimizers, and uncertainity tolerators.
A

Attitudes and Behaviors of Entrepreneurs

34
Q
  • Founders as Managers
  • Resource constraints
  • Managerial Weakness
  • Frim growth and managerial practices- 4 stages of growth
  • Professional level management- develop as much professionalism as possible while still retaining the entrepreneurial spirit of enterprise.
A

Distinctive Characteristics of Small Firm Management

Management (33 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions