MGMT 315

Frage	Antworten
a part of U.S. government which provides support and advocacy for small business	Small Business Administration
offices co-sponsored by states and the federal government that offer free or low-cost help to existing or potential small business	Small Business Development Center
what people get from facing and beating challenges	Growth rewards
money made by owning one’s own business	Income rewards
ability of business owners to structure life in the way that suits their needs	Flexibility rewards
What three rewards are universally mentions regarding entrepreneurs?	1. Flexibility 2. Income 3. Growth
High Innovation low growth	Resource constrained Inventors
Low innovation low growth	Economic Core Small business
high innovation high growth rate	Glamorous "Microsoft"
high innovation low growth rate	Ambitious Franchises & Multi-site Firms
Pura Vida Bracelets are _________ driven type of entrepreneurship	Opportunity
Smart Passive Income is ________ driven type of entrepreneurship	necessity
What does BRIE stand for in MGMT 315?	Boundary Resources Intention Exchange
Creating a place for your business in location and in people's minds	Boundary
The money, product, knowledge, etcs. that make up a business	Resources
The desire to start a new business	Intention
Moving resources/products/services in exchange for money	exchange
What are the two hurdles to starting a new business?	1. Inaction 2. Taking the right direction
What is the government website devoted to small business?	SBDC
What is the most important first step/hurdle of starting a business?	Taking action
Someone who has a business idea but does not follow through is known as a …	Wantrepreneuer
What are the 3 major rewards entrepreneurs seek when starting a business?	Growth rewards Income rewards Flexibility rewards
What are the 5 myths of small business?	1.Not enough financing 2.You can’t start a business during a recession 3.To make profits, you need to make something 4.If you fail, you can never try again 5.Students don’t have the skills to start a business
What percent of new business' fail within 2 years?	90%
Business needs to start with minimal $$.	Bootstrapping
The ability to sell directly online.	E-commerce
another term for differentiating yourself in business	competitive advantage
Loner, hard worker, fast learner, and risk taker are all classic qualities of a __________ personality	entrepreneurial
Intense positive feeling	Passion
Learned optimism	Perseverance
Balance Maximize gains/minimize losses	Promotion/Preventative Focus
Comprehensive – long term Critical Point – most important first Opportunistic – start with a goal Reactive – passive, Habit – don’t plan	Planning styles
forms of business-related expertise	Competencies
understanding the organizational and business processes of a firm	Basic business competency
activities common to all businesses sales, operations, accounting, finance, and human resources	Key business functions
activities, skills, and knowledge, specific to businesses in an industry	Industry-specific knowledge
the ability or skill of the entrepreneur at finding expendable components necessary to the operation of the business	Resource competencies
Time, information, location, financing, raw materials, expertise	Resources
skill identified with the energy and focus needed to bring a business into existence	Determination competencies
skills necessary to identify and exploit elements of the business environment that can lead to a profitable and sustainable business	Opportunity competencies
the extent to which a firm meets or exceeds the standard business practices for its industry Expert, specialized, minimalized	Professionalization
a business action that has been widely adopted within an industry or occupation	Standard business practice
those which you notice everything seems to be done in the best way possible firm has exceeded the standard business practices of the industry	Expert businesses
founders or owners are passionate about one or two of the key business functions, Satisfied if other activities are no worse than other firms in the market	Specialized
Entrepreneur figures that “good enough” is all that is necessary to keep the business going No systematic accounting Little recordkeeping	Minimalized
How would you describe the classic entrepreneur?	Loner, socially isolated Hard worker Fast learner Risk-taker seeking wealth
. What is learned optimism?	Learning optimism is done by consciously challenging any negative self talk.
What are the five areas of Entrepreneurial Operational Competencies?	1. Key business functions 2. Industry-specific knowledge 3. Resource Competencies 4. Determination competencies 5. Opportunity Competencies
What are the 3 levels of professionalization?	1. Expert business 2. Specialized 3. Minimalized
composed of the name, description, and distinctive elements of a firm, such as trademarks, uniforms, logos, characters and stories	Organizational Identity
The sum total of forces outside of the entrepreneur and the firm.	Business Environment
Everything outside of the firm’s boundary – Task and General	External environment
A part of the external environment made up of sectors of major forces that shape the people and institutions of the task and internal environments, such as the economic sector or the demographic sector	General environment
the components that directly relate to your firm performing its basic business tasks Customers, suppliers, distributors, corporate partners, competitors, government	Task environment
consists of those people inside the boundary owner, employees, board members	Internal environment
set of shared beliefs that demonstrate how things get done	Organizational culture
Building legitimacy Developing a social network Handling a crisis Achieving sustainability and Social Entrepreneurship	Skills for Managing Relationswith the Environment
the belief that a firm is worthy of consideration or doing business with because of the impressions or opinions of customers, suppliers, investors, or competitors Based on people, product, or organization	Legitimacy
Good will Public Recognition Product/Service name recognition Business network membership Organizational size Attire	People Based Legitimacy indicators
Customer Assurance – guarantees, return policy, etc. Experiential supports – documentation, demonstrations Customer service Quality standards Environmental friendliness Certifications/licensing Testimonials Intellectual Property - trademarks, copyrights Industry Leadership Media product/service visibility	Product Based legitimacy indicators
Media organization visibility History Time commitment – Full time/part time Days of operation Phone line Phone answering Legal form- corporation, partnership, LLC Physical setting – store or home-based business Public listings Internet identity – domain name Graphic design – business cards, stationery, Web sites Partnering – with known businesses Dealer network membership – being and authorized dealer or agent Code of ethics/mission and vision	Organization based legitimacy indicators
the more important practices of business today	Building effective relationships
Coffee house meetings and get togethers Conferences in your industry Show your face at community events Engage actively on Facebook groups, Linkedin, Reddit and other online social platforms Create something that deserves respect Build partnerships with other businesses that compliment yours Build good relationships with other local businesses Develop and manage your online reputation and your “personal brand” Seek out business leaders and successful people As you become successful, mentor others	Building Effective Relationships and developing a social network
The process of building and sustaininga company’s good name and generating positive feedback from stakeholders.	Reputation Management
take a long time to build or change.	reputations
can damage a firm’s reputation	Not handling a crisis situation to the satisfaction of stakeholders
The process of handling a high-impactevent characterized by ambiguityand the need for swift action	Crisis Management
Warning Signs and symptoms may occur	Prodromal stage of Crisis Management Process
Crisis occurs	acute stage of crisis management process
Ongoing crisis requires explanation and decision making	chronic stage of crisis management process
Success and failure outcomes for firm and stakeholders	Resolution stage of crisis management process
Not being proactive Not taking responsibility	failures in Crisis Management
An approach to operating a firm or a line of business which identifies, creates, and exploits opportunities to make a profit in a way that can minimize the depletion of natural resources, maximize the use of a recycled material, or improve the environment.	Sustainable/Green Entrepreneurship
Doing business for a social cause Businesses that help support social, cultural, or environmental issues They are ”for profit” companies The mission and vision of the company supports the cause and the business	Social Entrepreneurship
TOMS	Social Entrepreneurship business
What is the internal environment and who does it consist of?	Employees Owners Board of Directors
What is bootstrapping?	Using low-cost or free techniques to minimize your cost of doing business
. What are the 3 areas legitimacy is based on?	1. People 2. Product 3. Organization
How do you define a crisis?	high-impactevent
What is social entrepreneurship?	Doing business for a social cause

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