MGT 120 Assessment 1 - Study Guide

MGT 120 Assessment 1 - Study Guide - MGT 120 Assessment 1...

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MGT 120 Assessment 1 – Chapters 1 and 2 Study Guide An entrepreneurial career can provide an exciting life and substantial personal rewards while also contributing to the welfare of society. According to the text, entrepreneur refers to founders, franchisees, second-generation members of family-owned firms, and owner-managers who buy out the founders of existing firms. Three primary rewards of entrepreneurship are thought to be profit, independence, and personal fulfillment. Entrepreneurial teams are formed by bringing together two or more persons who together function as entrepreneurs. Franchises offer the least independence for a new entrepreneur. Small businesses that practice skimming of income are acting unethically and illegally. As a result of their size and low public profile, temptations and pressures to act unethically are thought to be greater in small business than in big business. PTS: 1 REF: p. 46 OBJ: 2-3 TYPE: C
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