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Mana 3325 Test 1 questions with correct answers
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Mana 3325 Test 1 questions with correct answers
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Mana 3325 Test 1Profile of an Entrepreneur - correct answer ✔✔One who creates a new business in the face of risk and
uncertainty for the purpose of achieving profit and growth by identifying significant opportunities and
assembling the necessary resources to capitalize on them.
Desire for responsibility- They prefer to be in control of their resources, and they use those resources to
achieve self-determined goals.
Preference for moderate risk- Entrepreneurs are not wild risk takers but are instead calculated risk
takers.
Confidence in their ability to succeed- Entrepreneurs typically have an abundance of confidence in their
ability to succeed and are confident that they chose the correct career path.
Determination- Successful Entrepreneurs demonstrate high levels of determination, especially in the
face of challenging circumstances.
Desire for immediate feedback- Entrepreneurs enjoy the challenge of running a business., and they like
to know how they are doing and are constantly looking for feedback.
High level of Energy- Entrepreneurs are more energetic than the average person. That energy may be a
critical factor given the incredible effort require to launch a start-up company.
Future Orientation- Entrepreneurs have a well-defined sense of searching for opportunities. They look
ahead and are less concerned with what they did yesterday than with what they might do tomorrow.
Skill at organizing- Entrepreneurs know how to put the right people together to accomplish a task, to
transform their visions into reality.
Value of achievement over money- Achievement is the primary motivating force for entrepreneurs
, Drawbacks of an Entrepreneurship - correct answer ✔✔-Uncertainty of Income
-Risk of Losing your entire Investment-
-Long Hours and Hard Work
-Lower quality of life until the business is established
-High levels of stress
-Complete Responsibility
-Discouragement- Launching a business is a substantial undertaking that require a great deal of
dedication, discipline, and tenacity. Difficulties will be faced and often times discourages Entrepreneurs.
Entrepreneur Driving Forces - correct answer ✔✔Entrepreneurs are Heroes- American has raised
Entrepreneurs into a hero status, which follow their accomplishments.
Entrepreneurial Education- Many see Entrepreneurs as a way to fight the downsizing of corporate
America. Colleges and Universities have seen this as a way to educate students.
Demographic and Economic Factors- Nearly 2/3rd of all Entrepreneurs are between the ages of 25-44.
Shift to a Service Economy- Low start-ups costs which is attractive to Entrepreneurs'
Technological Advancements- Anyone can become an Entrepreneur given the amount of technology
available today.
Independent Lifestyle- The freedom of the Entrepreneurial lifestyle is attractive to many Americans
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