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Effectuation focus C. Prevention focus D. Promotion focus Which of the following approaches yields better results in richer, dynamic, uncertain environments or industries? Promotion focus B. External focus C. Effectuation focus D. Prevention focus 9. Entrepreneurs who develop long-range plans for all aspects of the business are known as. Christopher is a hard-working entrepreneur who looked into all the details of his small gaming software business.
He focused on all aspects of the business from the initial launch, promotion, and marketing aspects to the final set up. He finds planning convenient and works according to a plan. Christopher is a n. Entrepreneurs who develop plans focused on the most important aspect of the business first are known as. Which among the following is a critical-point planner? Amanda does not have a very long-term approach to planning and she plans only for those business aspects that are of paramount importance.
Andrew looks at all aspects of the business, from launch to the complete working of it. Cathy looks for a good chance to achieve her goal and acts according to a routine. Joshua acts on what he has been doing and does not believe in planning.
Entrepreneurs who start with a goal instead of a plan and look for a chance to achieve it are known as. Which of the following would have a very short-term approach to planning? Individuals who look for opportunities to achieve their goal, even if the opportunity isn't the one related to their original goal.
Individuals who develop long-range plans for all aspects of the business and act based on the plans they've developed. Individuals who plan around the most important aspect of the business first, act on it, and then consider if additional plans are needed.
Individuals who are comfortable with planning and act based on the plans they have developed. Opportunistic planners B.
Critical-point planners C. Comprehensive planners D. Reactive planners Reactive planners: Which of the following characterizes a habit-based planner? They take a long-term view, develop long-range plans for all aspects of the business, are comfortable with planning, and act based on the plans they've developed.
They plan around the most important aspect of the business first, act on it, and then consider if additional plans are needed. They are completely passive and generally wait for cues from the environment to determine what actions to take. They don't plan, and they don't tend to react to changes in their environments. Which of the following planners do best in terms of getting a start-up launched, keeping it going, and making a living from it? Comprehensive planners B.
Habit-based planners C. Opportunistic planners D. Which of the following kinds of planners generally tend do very poorly in business, even if they do manage to get their firms started? Critical-point planners The extent to which a firm meets or exceeds the standard business practices for its industry is known as. A business action that has been widely adopted within an industry or occupation is known as.
Which of the following refers the three levels of professionalization? Low, medium, and high B. Company, industry, and global C. Personal, team, and organizational D.
Expert, specialized, and minimalized A situation that occurs when all the major functions of a firm are conducted according to the standard business practices of its industry is known as. Expert business professionalization is a situation that occurs: A situation that occurs when businesses have founders or owners who are passionate about one or two of the key business functions, such as sales, operations, accounting, finance, or human resources is known as. A situation that occurs when the entrepreneur does nearly everything in the simplest way possible is known as.
Which of the following is true with regard to minimalized business professionalization?
Pdf file entrepreneurial small business 4th edition
The entrepreneur does nearly everything in the simplest way possible. The entrepreneur is passionate about one or two of the key business functions.
The entrepreneur meets or exceeds the industry's standards. The entrepreneur brings the highest levels of trust among customers. Competencies are defined as: Getting the business organized and registered is an example of competency.
Solutions by Chapter
The competency suggested by relates to the organizational and business processes of a firm. Key business functions: Activities common to all businesses such as sales, operations also called production , accounting, finance, and human resources are known as. Certain businesses demand higher safety related rules. For example, window cleaners that specialize in high-rise buildings have certain rules and safety protocols. These specific rules would comprise the. Which of the following competencies requires the energy and focus needed to bring a business into existence?
Determination competencies B.
Resource competencies C. Opportunity competencies D.
Basic business competencies Martin runs a successful house painting business. He runs his business out of his garage, which he got converted into an office space. Martin, who had previously worked as a house painter in another company had good know-how of how to run a house-painting business. After a storm destroyed public properties in his neighboring town, he contracted with the mayor of that town to fulfill any painting jobs required during the town's reconstruction. In order to meet this demand and expand business, he hired more house painters.
According to the BRIE model, which of the following is an example of Martin's basic business competency? Martin hiring more house painters to meet demand B. Martin contracting with the mayor to help paint during reconstruction C. Martin getting his company registered D.
Refine your editions:
Martin having prior knowledge of the house-painting business According to the BRIE model, which of the following provides industry-specific knowledge to martin? Martin having worked in a house-painting company before starting his own business Martin setting up the business's office in his garage D.
According to the BRIE model, which of the following is an example of Martin's opportunity competency? Martin deciding to set up his own business after quitting his previous job Which of the following deals with the actual process of exploiting an opportunity for profit?
Resource B. Exchange C. Intention D. Boundary Which of the following relates to the skills necessary to identify and exploit elements of the business environment that can lead to a profitable and sustainable business? Basic business competencies C.
Resource competencies D. Opportunity competencies Which of the following comprises a family business? A firm in which two or more families own a stake in a company but with no authority for daily management B. A firm in which no family members are involved in the management of the business C.
A firm in which two or more families are involved in the occasional management of the business D.
A firm in which one family owns a majority stake Which of the following is a major economic force, employing 58 percent of America's total workforce? Public companies B. Government enterprises C. Family businesses D. International assignments Which of the following is true as an advantage of businesses run by a group of tight-knit family members?
Succession issues don't crop up in family-owned businesses.
Role conflicts never happen in family owned businesses. Board of members is not used in family-owned businesses. Communication-based integration is most effective in family-owned business. Which of the following challenges is typical to family businesses? Motivation and nepotism B. Role conflict and succession C.
Succession and finances D. Leadership and finances Which of the following best describes the problem that arises when people have multiple responsibilities and each makes different demands on them?
Role conflict B. Succession issues C.
Strategizing challenges D. Leadership constraints Which of the following is the most effective approach for avoiding role conflict? Keep family issues out of the family business B. Keep separate rules for family members and employees C. Have constant role reversals D.
Have decisions narrowed down for family members based on family necessities Which of the following problems is closely related to role conflict?
[PDF eBook] Entrepreneurial Small Business, 4th Edition
Resource shortage B. Lack of skills C. Shortage of time D. Perseverance The organizing process to help make the most efficient use of the day is known as.
Only of family-owned businesses survive beyond the first generation. Succession C. Certification D. Access Which of the following statements is true about a family council? It helps to maximize communication in the succession process of family businesses. Its main function is complete the key business activities of a family business. It includes family members with immediate interests in the business and a significant number of non-family members.
It is not a good forum for grappling with issues like role expectations, commitment, and personal responsibility. Which of the following organizations tracks experts in family business? Association for Family Business Foundations B. Association for Small Business Entrepreneurs C. Family Business Management Institute D. Family Firm Institute Which of the following statements about entrepreneurial teams is true?
Most entrepreneurial teams are family related. The majority of new businesses have an entrepreneurial team of a minimum five co-owners. The trend is toward even more businesses being developed by a solo entrepreneur. Only 10 percent of teams are spouses or life partners working together. Which of the following is true with regard to women in small businesses?
Having the background and some basic specialization he crafted a perceptual map, but the results weren't promising. Comment 0 Step 2 of 4 1. Being into Online business, Mr. R Scales faces a more prominent and challenging competition and threats from its new entrants, bargaining power of downloaders and competition from its rivalry. Therefore, Mr. Comment 0 2. R should hire a more knowledgeable and experienced personnel for designing, formulating and devising the plans as he lacks in experience.
Moreover, the firm should also go for expertise services. Therefore, it faces a direct competition from offshore firms. Therefore, the firm should either try to cut down its cost or to offer more product benefits on the same price.Test bank for entrepreneurial small business 4th edition by katz 1.
Women-owned firms accounted for 25 percent of small business revenue nationally. Veteran Interview this person if possible. What competencies were used to overcome them? Certification is for every women or minority-owned small business. In every class there are a few students who are quite willing to give their self-analysis.
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