Exam (elaborations)
Small Business Management (Bus 202) - Units 1-4 Detailed Questions And Expert Answers
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Small Business Management (Bus 202) - Units 1-4 Detailed Questions And Expert Answers
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Small Business Management (Bus 202) - Units 1-4Detailed Questions And Expert Answers
Entrepreneur - ANS A person who starts, operates, or owns a business and
assumes all risks
Founders, or "pure entrepreneurs," - ANS Typically the biggest risk-takers, and are
usually the most creative
Second generation entrepreneur - ANS Normally carrying on the family tradition
Franchisees - ANS Restricted in freedom but have invested money and experience
Three primary rewards of entrepreneurship - ANS Profit
Independence
Personal fulfillment
Business - ANS An organization that combines inputs of raw materials, capital,
labor and management skills to produce useful outputs of goods and services as to
earn a profit
,Small business - ANS The backbone of the American economy. A business which is
independently owned and operated and is not dominant in its field of operation
Four characteristics of small businesses - ANS Financing supplied by one or few
individuals
Other than marketing, operation is local
Fewer than 100 employees
Small compared to larger competitors
Manufacturing business - ANS A business that makes finished goods from raw
materials by hand or by machinery
Merchandising business - ANS A business that purchase finished goods for resale
Service business - ANS A business that provides a service as opposed to a product
The five functions of small business management - ANS Planning
Organizing
, Motivating
Directing (actuating)
Controlling (evaluating)
Planning - ANS A function of determining in advance of what needs to be
accomplished in order to achieve a particular goal
Organizing - ANS Arranging in independent parts, each having a specific function or
relation with respect to the whole; the arrangement and distribution of work
among members of an organization
Motivating - ANS The function of providing incentives to supply the proper
quantities of demanded products or services, to increase work capacity
Directing (actuating) - ANS Regulating the activities of an organization to guide
and/or supervise the activities of that organization
Controlling (evaluating) - ANS Management function which compares
organizational and individual performance with predetermined standards or
expected results
Business plan - ANS A new venture plan. A written description of a new business
that projects marketing, operational and financial aspects of a proposed business
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