Exam 10: Entrepreneurial Ventures

Having a visionary leader early in its history is good for a company.

Karl and his top managers set goals for the organization, then each department sets supporting goals with their employees, who then set their personal performance goals. These non-managerial employees are allowed to pursue their goals, within certain guidelines, using their best judgement, knowledge, and skills. These employees are ________.

"Put a motor on a bicycle? You must be crazy!" Yet that is exactly what William Harley and Walter Davidson did. These two founders of the best-known American motorcycle company saw opportunity in ________.

Belinda has found a business opportunity she believes will be successful, but there are already a couple companies in that market. To be successful, Belinda will need to ________.

Ned has built his entrepreneurial venture into a successful business. Part of his original plan was to build the business then sell it to another company that could take it to the next level of success. In other words, Ned intends to ________ his business.

Before launching his new venture, Doyle is studying the potential competitors for his new product. He will want to find an answer to which one of the following questions?

Emily is calculating her annual revenues, balance sheets, and breakeven points so she can write the ________ section of her business plan.

According to Max DePree, leadership combines the unpredictability of the future with the gifts of the individuals.

Which one of the following items is found in the financial data section of the business plan?

Karlee, a production worker, is working on a project with employees from accounting, purchasing, engineering, and customer service. Karlee is part of a ________ team.

Using employees in teams might provide some benefits to the organization but it is time-consuming and costly; the costs outweigh the benefits.

Limited liability partners have the right to inspect the business and make copies of company records.

Sam Walton knew exactly how he wanted his business to operate. He saw WalMart as the cost leader in the discount department store industry. He took every opportunity to emphasize his corporate goals to his employees and became literally a cheerleader at store meetings. We would consider Sam Walton to be a(n) ________ leader.

The marketing plan becomes a part of the ________ section of the business plan.

The risk propensity is higher for entrepreneurs concerned with providing a family income than for those whose primary goal is growth of the business.

Michael has a sense that his business isn't doing as well as it should but he isn't sure what to look for to confirm his suspicions. Which one of the following could be a signal that the business is in trouble?

Employee empowerment is an important motivational tool for entrepreneurs to use.

In a sole proprietorship, profits are ________.

Explain why it is difficult for a young business to recruit and retain employees.

Ignacio knows he cannot pay what the "big boys" pay, so he decides instead to emphasize the ________ his company offers.