Exam 3: Small Business Environment: Managing External Relations

Thomas has started a new business venture for which he has been using highly economical resources,such as the market research data available in public libraries,low-interest funds borrowed from national banks,and equipments hired on lease.This technique used by Thomas to overcome resource constraints in his start-up firm is best known as _____.

_____ target specific industries and professions.

Social capital is the major component of what accountants call _____,and it can be found on business's balance sheet.

Using _____ as a defense puts the entrepreneur who uses it,and,usually by association,the whole small business community,in a negative light.

Which of the following is NOT one of the three steps in small business adaptation of LaRue Hosmer's model for making ethical decisions?

Sustainable entrepreneurship is an approach to the operation of the firm,the line of business of the firm,or both,which identifies or creates and then exploits opportunities to make a profit in a manner that minimizes the depletion of natural resources,maximizes the use of recycled material,improves the environment,or any combination of these outcomes.

Organizational culture not only is the set of shared beliefs or basic assumptions but also include accepted ways of dealing with problems and challenges within a company.

Interacting with others in order to build relationships useful to a business refers to _____.

Lisa runs a dog grooming business and is always looking for new trends,reading articles,keeping notes,and talking to customers and suppliers about what is needed in the industry.What important function is Lisa performing?

Discuss some of the feasible ways of monitoring the environment of small businesses.

Having well-known or well-regarded owners,employees,supporters,or spokespeople primarily increases a firm's _____ legitimacy.

To help and prepare small businesses to handle crisis they have been recommended to avoid:

Roller-Tell Inc.,a major supplier of components to the automobile industry,has recently confronted a crisis as one of its manufacturing units has been forcefully shut down by the local union.As a result,the company has been unable to meet the customer demands appropriately.As the owner of the business,the most appropriate way for the firm to handle this crisis is to:

Which of the following statements is true about the task environment?

Social networking helps build long-lasting relationships into a person's day-to-day business operations.

The owner of Elixir Force Inc.received the most prestigious corporate award and was also titled as "the most outstanding new entrepreneur of the year." In the context of people-based legitimacy,this is typically an indicator of:

In making moral decisions,it is possible to find oneself in the legal "right" but still unable to make a viable business decision by pursuing legal recourse.

A firm can best increase its product-based legitimacy by:

The goal of any small business owner is to manage external relations in order to minimize social capital.

Another approach to building organization-based legitimacy is the creation and display of a(n)________.