Exam 10: Fostering Entrepreneurship

What kind of questions should entrepreneurs ask before embarking on a new venture?

Exploring the entrepreneurial context includes scanning the economic, political/legal, social, and work environment.

Before Henry Ford and Frederick W. Taylor collaborated, automobiles were built by craftsmen, one at a time. After the establishment of the assembly line, Ford was able to produce automobiles faster than his competitors. but with equivalent quality. and sell them for a fraction of the cost. Ford saw opportunity in ________.

A first step into employee empowerment is to allow employees to vote on issues that pertain to them.

Entrepreneurship's importance can be shown mostly in three geographic areas in the United States: the Northeast, the South, and the Southwest.

Organizations that support innovation tend to be smaller with fewer rules and resources.

Discuss three of the seven potential sources of opportunity for entrepreneurial ventures.

Compare and contrast self-employment and entrepreneurship.

In a limited liability company, profits are taxed as a partnership.

Identify each of the six legal forms of organizations. Discuss the responsibilities of owners, their liability, and the tax treatment of profits of each form.

People who engage in ________ take advantage of opportunities to create new products or services, or change existing ones.

An important difference between entrepreneurs and the rest of us is that entrepreneurs can see opportunities the rest of us miss.

Entrepreneurship is important to a nation's economic development.

Decades ago only former military personnel and hoodlums sported tattoos. Today tattoos are considered an art form, giving rise to a plethora of tattoo shops. These body artists have taken advantage of changes in ________.

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

Identify at least three sources or areas where entrepreneurs can find ideas. What should entrepreneurs look for as they explore these idea sources?

Fallon wants total control over the decisions related to his business but is concerned that should the business fail, his personal assets are at risk. Fallon has chosen the ________ form of ownership.

Small businesses are the same as entrepreneurial ventures.

Hobart is at the point in his new venture that he needs to hire more people. He comes to you for advice on the type of candidate he should seek. You tell him, "________."

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 ________.