Midterm1_StudyGuide2.doc

Midterm1_StudyGuide2.doc - BUS2 131D Study Guide, Midterm 1...

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BUS2 131D Study Guide, Midterm 1 Dr. Michael Merz Chapter 1: Introduction to Marketing in New Ventures What are the challenges of the entrepreneurial environment Liability of newness, Low financial resources, Demand for creativity and novelty, Unique levels of uncertainty and ambiguity, Unexpectedness, and New ventures as vehicle of personal values, dreams, and ideas. What is entrepreneurship? What is an entrepreneur? Entrepreneurship is the planning and taking calculated risks based upon knowledge of the market, available resources or products, and a predetermined measure of the potential for success. Entrepreneur is a person who creates a new venture in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them. What are characteristics of entrepreneurs? Desire for responsibility, Preference for moderate risk, Confidence in their ability to succeed, Desire for immediate feedback, High level of energy, Future orientation, Skilled at organizing, Value achievement over money, Some other characteristics: High degree of commitment, tolerance for ambiguity, flexibility, tenacity, diversity. What is the difference between opportunity entrepreneur and necessity entrepreneur? Opportunity entrepreneurs are those who start businesses because they spot an opportunity in the marketplace, compared to a necessity entrepreneur, those who start businesses because they cannot find work any other way. What is the difference between leapfroggers and jugglers? Leap froggers are those who start a company, manage its growth until they get bored, and then sell it to start another. Jugglers or “parallel entrepreneurs” are those who start and manage several companies at once. What is a new venture? start-up; small new enterprise/business/ organization/company/firm; entrepreneurial venture etc. 1.) An undertaking that is dangerous, daring, or of uncertain outcome. 2.) A business enterprise involving some risk in expectation of gain. What types of new ventures exist (salary-substitute, lifestyle, and entrepreneurial firm)? Salary-substitute - Firms that basically provide their owner or owners a similar level of income to what they would be able to earn in a conventional job
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BUS2 131D Study Guide, Midterm 1 Dr. Michael Merz Lifestyle- Firms that provide their owner or owners the opportunity to pursue a particular lifestyle, and make a living at it. Entrepreneurial firm- Firms that bring new products and services to the market by creating and seizing opportunities regardless of the resources they currently control What distinguishes an “old” venture from a “new” venture? What are some of the characteristics of “old” vs. “new” ventures? Can “old” ventures be entrepreneurial? See slide 9.
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Midterm1_StudyGuide2.doc - BUS2 131D Study Guide, Midterm 1...

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