What is "strategic thinking and risk-taking behavior that results in the creation of new business opportunities"?
entrepreneurship
T/F: The average entrepreneur is married, has children, and worked for many years elsewhere before becoming an entrepreneur
True
99% of business are classified as a (2 words) . XX% of US businesses employ fewer than 20.
Small businesses
87%
87%
According to the Family Firm institute, family business create XX% of new jobs. They also provide XX% of US employment.
78% of new jobs
60% of US employment
60% of US employment
What percentage of family businesses survive to the second generation? The third? Further?
second gen: 30%
third gen: 12%
Beyond: 3%
third gen: 12%
Beyond: 3%
According to the Small Business Association, about how many new business fail in the first five years?
60-80%
When something new in an economy, such as a new small business, destroys something older, like an older business, it is called...
Creative Destruction
T/F: Business starts have fallen more in the 2008 recession than the 2001 recession.
True
Which of the following should NOT be included in a Business plan?
A. business goals
B. strategies to achieve business goals
C. a plan of how the entrepreneur will implement these strategies
D. exit strategy
E. All of the above should be included in a Business plan.
A. business goals
B. strategies to achieve business goals
C. a plan of how the entrepreneur will implement these strategies
D. exit strategy
E. All of the above should be included in a Business plan.
E
Economists believe there are two type of entrepreneurs. What are they driven by?
1. driven by the quest for new opportunities
2. driven by absolute need (no other opportunities available to them)
2. driven by absolute need (no other opportunities available to them)
To be considered a small business, a company must satisfy what three conditions?
1. 500 or fewer employees
2. independently owned and operated
3. does not dominate industry
2. independently owned and operated
3. does not dominate industry
According to the SBA, what percentage of small businesses are being conducted over the internet?
85%!
What are the three Life cycles of an Entrepreneurial firm?
1. Birth Stage
2. Breakthrough stage
3. Maturity Stage
2. Breakthrough stage
3. Maturity Stage
The first stage of the life cycle of Entrepreneurial firms is the Birth Stage. What are three things to be focused on during this stage?
a. establishing the firm
b. obtaining customer base
c. finding financing and revenue
b. obtaining customer base
c. finding financing and revenue
The second stage of the life cycle of Entrepreneurial firms is the Breakthrough Stage. What are three things to be focused on during this stage?
a. working on the finances of the company
b. becoming profitable
c. growing safely and consistently
b. becoming profitable
c. growing safely and consistently
The final stage of the life cycle of Entrepreneurial firms is the Maturity Stage. What are three things to be focused on during this stage?
a. refining business strategy
b. continuing growth safely
c. managing for continued success
b. continuing growth safely
c. managing for continued success
What are two Equity financing options for a new business?
Angel Investors
Venture capitalists
Venture capitalists
T/F: Venture capitalists lend money to a new business to get it started.
False - they do not "lend" money, they supply capital for stock
In a franchise, who is the Franchisee and who is the Franchisor?
Franchisee is the entrepreneur
Franchisor is the license company
Franchisor is the license company
Advantages of starting a franchise are:
1. reduced financial risk
2. training, financial, and management support by franchisor
There are some significant disadvantages, though. What are the three named in the book?
1. reduced financial risk
2. training, financial, and management support by franchisor
There are some significant disadvantages, though. What are the three named in the book?
1. start up fees
2. limitations imposed by franchise (market area, product, customer)
3. operational controls of franchisor
2. limitations imposed by franchise (market area, product, customer)
3. operational controls of franchisor
Why did Google issue two different classes of stock?
So the two founders could still maintain decision making control
What is a Dutch Auction IPO? What company, noted in the powerpoint slides, used a Dutch Auction IPO several years ago?
A Dutch Auction IPO is an IPO where the price is set by the lowest winning bidder.
Example: Three bidders each want one share of stock. Their bids are $25, $30, and $50 respectively for one share. However, the company is only allotting a total of two shares, so the lowest bidder at $25 doesn't get a share. The $30 bidder and $50 bidder each get a share, but they both only pay $30.
Google
Example: Three bidders each want one share of stock. Their bids are $25, $30, and $50 respectively for one share. However, the company is only allotting a total of two shares, so the lowest bidder at $25 doesn't get a share. The $30 bidder and $50 bidder each get a share, but they both only pay $30.
What are the three approaches to valuing a business? (according to link in powerpoint)
1. Income Approach
2. Asset Approach
3. Market Approach
2. Asset Approach
3. Market Approach
[Chapter 7 begins here] What was the point of the Multifactor Leadership Questionnaire?
It shows how good of a leader you are in 7 different categories.
Managers manage 1 while Leaders lead 2 . Managers do things right; Leaders do 3 . Managment focuses on 4 ; Leadership focuses on producing useful change.
1. things
2. people
3. things right
4. controlling complexity
2. people
3. things right
4. controlling complexity
What are the four activities that Leaders and Managers do?
Planning, Organizing, Directing, and Controlling
What is Transactional Leadership?
Leaders reward or penalize employees that stray from performance norms
What is Transformational Leadership? What four characteristics do Transformational leaders have?
Going beyond expectations by giving a sense of mission, stimulating learning, and changing the attitudes and assumptions of employees
Characteristics of Transformational Leaders
1. Charismatic
2. Individualized consideration
3. Intellectually stimulating
4. Inspirational
Characteristics of Transformational Leaders
1. Charismatic
2. Individualized consideration
3. Intellectually stimulating
4. Inspirational
The original leadership studies carried out between WWI and WWII found that it is important to not be preoccupied with what leaders are (traits), but rather...
what they do (behaviors)
Even though the Trait Orientation is flawed, what two common traits are consisten with most leaders?
integrity and honesty
Who organized this study?
-10 yr old boys in 3 groups of 5
-3 grad students were trained as leaders, rotated every 6 weeks
-Three groups: Democratic, Laissez-faire, and Authoritarian
-10 yr old boys in 3 groups of 5
-3 grad students were trained as leaders, rotated every 6 weeks
-Three groups: Democratic, Laissez-faire, and Authoritarian
Kurt Lewin
In Kurt Lewin's study, which group was most satisfied, orderly and positive? Which was lowest in satisfaction and productivity? Which was most aggressive and was productive around the leader?
Democratic
Laissez-faire
Authoritarian
Laissez-faire
Authoritarian
What type of government do the following countries have?
1. China
2. US
3. Russia
1. China
2. US
3. Russia
1. One party communist state
2. Constitution based democratic republic
3. Federation
2. Constitution based democratic republic
3. Federation
A manager with a high concern for people and a low concern for production is said to employ what type of management?
Country-club style
A manager with a low concern for people and a low concern for production is said to employ what type of management?
Impoverished
A manager with a high concern for people and a high concern for production is said to employ what type of management?
Team Management
A manager with a medium concern for people and a medium concern for production is said to employ what type of management?
Organization Man Management
A manager with a low concern for people and a high concern for production is said to employ what type of management?
Authority-Obedience
Describe the Least Preferred Coworker Theory. What is the LCP? What does a high or low score mean?
the appropriate style of leadership varies with situational favorableness
A measuring scale that asks leaders to describe the person with whom they are least able to work well with
A high LPC score indicates a relationship orientation while a low score indicates a task orientation.
A measuring scale that asks leaders to describe the person with whom they are least able to work well with
A high LPC score indicates a relationship orientation while a low score indicates a task orientation.
What are the three environmental factors that determine situational favorableness from the leader's point of view? Briefly describe each. This referes to the LPC theory.
1. Leader-member relations - relationship with members
2. Task structure - how well task is defined
3. Position Power - power given to leader
2. Task structure - how well task is defined
3. Position Power - power given to leader
When the situation is either most or least favorable, which orientation should you take? When it is moderately favorable, which should you take?
Most/Least: Task-oriented
Moderate: Relationship-oriented
Moderate: Relationship-oriented
Which of the following is/are Relationship oriented leaders?
1. Substitute teacher
2. Lunch group
3. Business fraternity
1. Substitute teacher
2. Lunch group
3. Business fraternity
2. Lunch group
What is CPI? What country has the best CPI? What has the worst? Where is the US?
Corruption Perception Index
Denmark is best
US is 22
Somalia is worst
Denmark is best
US is 22
Somalia is worst
What country is perceived to be best in the TI Bribe Payers survey? Worst?
Switzerland
India
India
What two forms of lead behavior did the Michigan Studies find?
Job-centered and Employees centered
What two leader behaviors did the Ohio State Studies find? Briefly describe them.
Initiating-Structure - subordinate roles clearly defined, formal lines of communication (max performance, but least satisfied)
Consideration - concern for subordinates, friendly climate (very satisfied, lower performers)
Consideration - concern for subordinates, friendly climate (very satisfied, lower performers)
What is the purpose of the Vroom's Decision Tree Approach?
prescribes a leadership style appropriate for a given situation
There are five different levels of subordinate participation in Vroom's Decision Tree. Name and briefly describe each.
Telling - manager decides, announces to the group
Selling - group decision with leader input
Consulting Individually - individual consultations with members
Consulting as a Group - group consultation for solution
Delegating - group decides on their own
Selling - group decision with leader input
Consulting Individually - individual consultations with members
Consulting as a Group - group consultation for solution
Delegating - group decides on their own
Vroom Decision Tree:
1) Which level is best for followers that are unwilling, but able to perform a task.
2) Which is best for groups with low maturity?
3) Which is best for those unable, but willing?
1) Which level is best for followers that are unwilling, but able to perform a task.
2) Which is best for groups with low maturity?
3) Which is best for those unable, but willing?
1) Selling
2) Telling
3) Consulting
2) Telling
3) Consulting
What is the Path-Goal Theory? What are the four kinds of leader behaviors for a particular situation (briefly describe each)?
Path-Goal Theory - primary functions of a leader are to make valued/desired rewards available in the workplace and to clarify to subordinates how they can get them
Directive - let sub. know what is expected of them, give guidance
Supportive - show concern for employees' welfare, treat equally
Participative - consult with sub., allow participation in decision making, solicit suggestions
Achievement-Oriented - set goals, encourage sub.
Directive - let sub. know what is expected of them, give guidance
Supportive - show concern for employees' welfare, treat equally
Participative - consult with sub., allow participation in decision making, solicit suggestions
Achievement-Oriented - set goals, encourage sub.
What is the Leader-Member Exchange Approach?
supervisors have different relationships with different subordinates where each relationship is called a "vertical dyad"
[Chapter 8 begins here] What is Perceptual Inference?
diagnosing the situation and making rapid inferences about it from scanty clues
What is figure ground?
people perceive objects that stand against a background
i.e. there is verbal communication and then there is the often overlooked non-verbal communication
i.e. there is verbal communication and then there is the often overlooked non-verbal communication
55% of the content of a message is through...
38% is through...
Only 7% is through words.
38% is through...
Only 7% is through words.
55% through facial expression and body posture
38% through inflection and tone
38% through inflection and tone
What is felt by the listener when they tilt their head to the side but continue looking at the speaker?
Boredom
Intimate space is within how many feet?
Personal space?
Social space?
Public space?
Personal space?
Social space?
Public space?
1.5 ft
4 ft
12 ft
25 ft
4 ft
12 ft
25 ft
How many words per minute are recommended for conversation? Slide presentation?
Conversation: 200
Slide: 100
Slide: 100
Implicit Personality Theories
taking personalities of people you know and categorizing new acquaintances with them
Explain the difference between visibility and contrast. Give an example.
Visibility is when a small percentage of a large group belongs to one category, the small percentage will be noticed. Contrast is when what makes the small percentage different is focused on.
Visibility is when there is a woman in a group of men. Contrast is when men notice she is a woman.
Visibility is when there is a woman in a group of men. Contrast is when men notice she is a woman.
What is Assimilation?
when people view minorities as representatives for their social category
Explain the Pygmalion Effect (Self-Fulfilling Prophecy).
our actions > other beliefs about us > others actions towards us > our beliefs about ourselves > our actions
What is the Fundamental Attribution Error?
tendency to overestimate the role of personality when environment is a larger influence
Explain the Attribution Theory. How does this relate to poor performance in the workplace by employees?
When you observe someone else's behavior:
you overestimate personality
When you explain your own behavior:
you overestimate environmental influences
Poor performance in the workplace by employees is attributed to internal and personal factors.
you overestimate personality
When you explain your own behavior:
you overestimate environmental influences
Poor performance in the workplace by employees is attributed to internal and personal factors.
What does Locus of Control describe?
the extent to which people believe their behavior has a real effect on what happens to them
If you have an Internal Locus of Control, what do you believe in?
individuals determine their fate
What are the "Big 5" Personality traits? (OCEAN) Briefly explain each.
Openness - measure of individual's rigidity of beliefs
Conscientiousness - number of goals a person has
Extraversion - confort level with relationships
Agreeableness - ability to get along with others
Negative Emotionality - emotional stability level
Conscientiousness - number of goals a person has
Extraversion - confort level with relationships
Agreeableness - ability to get along with others
Negative Emotionality - emotional stability level
Attitudes have three core components: Affective, Cognitive, and Intentional. Briefly define each.
Affective - feelings about a situation
Cognitive - prior experience
Intentional - how you expect to react in a future situation
Cognitive - prior experience
Intentional - how you expect to react in a future situation
T/F: Satisfaction generally leads to better job performance.
False - not necessarily true
Kartensatzinfo:
Autor: savhighsmith
Oberthema: Management
Thema: Entrepreneurship, Leadership
Schule / Uni: UGA
Ort: Athens
Veröffentlicht: 30.03.2011
Tags: Pirkle
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