MANAGEMENT 485Test 1 Study Guide123

MANAGEMENT 485Test 1 Study Guide123 - MANAGEMENT...

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MANAGEMENT 485---Entrepreneurship TEST # 1 STUDY GUIDE---Chapters 1, 2, 3 Fall 2009 CHAPTER 1---Introduction to Entrepreneurship 1. Define entrepreneurial intensity. a. The position of a firm on a conceptual continuum that ranges from highly conservative to highly entrepreneurial. 2. What characteristics do established firms with an entrepreneurial emphasis have? a. Proactive b. Innovative c. Risk Taking 3. Name the 3 primary reasons that people become entrepreneurs. What’s the number one reason? a. Be their own boss = #1 b. Pursue their own business c. Realize financial rewards 4. Name the main characteristics of successful entrepreneurs. What is the number one characteristic shared by successful entrepreneurs? a. Passion for the business i. Belief that business will positively influence people’s lives b. Product/Customer Focus i. Most entrepreneurs are, at heart, crafts people c. Tenacity despite Failure i. Because entrepreneurs are typically trying new things, failure rate is high d. Execution Intelligence i. The factor that determines success or failure 5. What is execution intelligence? a. The ability to fashion a solid business idea into a viable business is a key characteristic of successful entrepreneurs b. The factor that determines whether a startup firm will succeed or fail c. Demands the ability to translate thoughts, creative and imaginative, into action and measurable results 6. Entrepreneurs are moderate risk takers. 7. What is a sentiment that venture capitalists often express in relation to funding? a. Some entrepreneurs warn that the pursuit of money can be distracting b. “If you think money is a real big deal…you’ll be too scared of losing it to get it.” – Ted Turner 8. What are the common myths about entrepreneurs? a. Entrepreneurs are born, not made b. Entrepreneurs are gamblers c. Entrepreneurs are motivated primarily by money d. Entrepreneurs should be young and energetic
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e. Entrepreneurs love the spotlight 9. Describe the three types of start-up firms. a. Salary-substitute firm i. Firms that basically provide their owner(s) a similar level of income to what they would be able to earn in a conventional job b. Lifestyle firms i. Firms that provide their owner(s) the opportunity to pursue a particular lifestyle and make a living at it. c.
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This note was uploaded on 11/20/2009 for the course MGMT 485 taught by Professor Tayl during the Spring '09 term at S.E. Louisiana.

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MANAGEMENT 485Test 1 Study Guide123 - MANAGEMENT...

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