Mngt 305 Study Guide Exam 1 with answers

Mngt 305 Study Guide Exam 1 with answers - M anagement 305,...

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Management 305, Study Guide (Ch’s 1,2,3,5,6) Chapter 1: 1. 1) Risk-Taking – acceptance of calculated risks in the pursuit of market opportunities 2) Autonomy – freedom of employees to take actions free from organizational constraints 3) Proactive – first to market with 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. 2) Product/Customer Focus – focus on products and customers. 3) Tenacity Despite Failure – because 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 and thus setbacks and failures inevitably occur during this process. 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. List the 3 primary reasons that individuals become entrepreneurs and start their own firms. 1) Be Their Own Boss 2) Pursue Their Own Ideas 3) Realize Financial Goals
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4. 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 Chapter 2: 5. 1) Attractive – the ability to create profits for the firm 2) Durable – the ability to create long-term profits and withstand change 3) Timely 4) Anchored in a product, service, or business that creates value (AKA what customers are willing to pay) for its buyer or end user 6. List the 3 techniques for identifying an opportunity. 1)
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This note was uploaded on 06/12/2011 for the course MNGT 305 taught by Professor Chadwick during the Spring '11 term at Nicholls State.

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Mngt 305 Study Guide Exam 1 with answers - M anagement 305,...

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