Fall 10 Study Guide 1 (1-3,5)

Fall 10 Study Guide 1 (1-3,5) - Management 305, Study Guide...

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Management 305, Study Guide (Ch’s 1,2,3,5) 1. 1. risk-taking – acceptance of calculated risks in the pursuit of market opportunities 2. autonomy – freedom of empees to take actions free from org’l constraints 3. proactive – first to market w/ new products/services 4. competitive aggressiveness – propensity to actively take actions to outperform competitor 5. innovation – creation of commercial products/services 2. 1. Passion for the Business - the number one characteristic shared by successful entrepreneurs is passion for their business. 2. Product/Customer Focus - focus on products & customers 3. Tenacity Despite Failure – b/c entrepreneurs are typically trying something new, the failure rate associated with their efforts is naturally high. Developing a new business may require a certain degree of experimentation before a success is attained & thus setbacks and failures inevitably occur during this process. (Learning Expereince) 4. Execution Intelligence - the ability to effectively execute a business idea means developing a business model, putting together a new venture team, raising money, establishing a partnership, managing finances, leading and motivating employees, and so on. It also demands the ability to translate thought, creativity, and imagination into action and measurable results. 3. 1. Salary-substitute firms - small firms that afford their owner or owners a similar level of income to what they would earn in a conventional job ( ex’s dry cleaners, convenience stores, restaurants, accounting firms, retail stores). 2. Lifestyle firms - provide their owner or owners the opportunity to pursue a particular lifestyle and earn a living while doing so (ex’s ski instructors, golf pros). 3. Entrepreneurial firms bring new products and services to market by creating and seizing opportunities (ex’s Google, eBay and Starbucks). 4. List the 3 primary reasons that individuals become entrepreneurs and start their own firms. (1) be their own boss, (2) pursue their own ideas, and (3) realize financial goals. 5. List 3 reasons why one might NOT become an entrepreneur. 1. Stress 2. Long Hours 3. Uncertainty 4. Responsibility (complete) 5. Loss of investment / reputation 6.
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This note was uploaded on 03/28/2011 for the course MNGT 305 taught by Professor Chadwick during the Spring '11 term at Nicholls State.

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Fall 10 Study Guide 1 (1-3,5) - Management 305, Study Guide...

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