Premium Essay

Ch.11 Entrepreneurs

In: Business and Management

Submitted By nakiahsmith
Words 622
Pages 3
Chapter 11
• Entrepreneurs think and act ingeniously when it comes to resources. What does this mean and why is it so important? (Question #1)
Entrepreneurial use resources that includes the management team, the board of directors, consultants, financial resources, assets such as the plant and lastly the business plan. According to Howard H. Stevenson, entrepreneurs strive for using the least amount of all types of resources as possible, rather than own the resources they need. This is done to reduce risk that would include staged capital commitments, less capital, more flexibility, low sunk cost and lower costs.
• Describe at least two creative bootstrapping resources. (Question #2)
Ventures find the use of other people’s resources to accomplish a little more with a little less in order to pursue the opportunity of becoming successful. Having the use of the resources and being able to regulate or influence the placement of the resource is important. These resources include a number of things, such as money invested or borrowed. Other resources include, people, equipment, office location, or any other items that may be given at a low cost or maybe free by customers or suppliers. Other creative bootstrapping resource includes using outside people resources. Hiring professional expertise on a project basis and lease rather than own is a creative bootstrapping resource that is used to minimize the resources owned.
• Why will the Internet become an increasingly important gateway to controlling resources? (Question #3)

The internet is a very important resource that entrepreneurs use to get fast and up-to-date information. The internet is a great way to build and maintain a network of contacts through email and instant messaging services.
• In selecting outside advisors, a board, consultants, and the like, what are the most important criteria, and why?…...

Similar Documents

Premium Essay

Entrepreneur:

...OF AN ENTREPRENEUR: An entrepreneur is one who: 1. Scans the environment for business opportunities 2. Evaluates the these opportunities in the context of personal capabilities, strength and weakness 3. Arranges the capital and obtains the necessary licenses required to start an enterprise 4. Acts as Guaratar for the financial institutions 5. Acquires or develops technical know-how 6. Starts and runs the unit SUCCESSFUL ENTREPRENEURs ARE THOSE WHO: 1. Have identified goals 2. Are willing to risk time and money 3. Have ability to manage i.e. plan, organize and control 4. Are willing to put in efforts to develop good relations with the customers, employees etc. QUALITIES REQUIRED TO BECOME ENTREPRENEUR: 1. Risk taking ability 2. High level of motivation 3. Business acumen 4. Innovator 5. Self confidence 6. Leadership Qualities 7. Communication skills 8. Flexibility 9. Managerial competence 10. Able to accept challenges 11. Problem solving ability 12. Able to digest failures and learn from experience CLASSIFICATION OF ENTREPRENEURS: 1. STAGE OF DEVELOPMENT: a) First generation entrepreneurs: Those who start an industrial unit by means of their innovations. Typical innovators who combine different technologies to produce a marketable product. b) MODERN ENTREPRENEUR: One who undertakes the business ventures which will get along with changing market needs and undertakes projects in those areas of current market trend. c) Classical entrepreneur: One......

Words: 345 - Pages: 2

Premium Essay

Ch. 11 a Modeling Meiosis Lab

...Name Class Date Guided Inquiry • Skills Lab Chapter 11 Lab Modeling Meiosis Problem How does meiosis increase genetic variation? Introduction Most cells in organisms that reproduce sexually are diploid. They have two sets of chromosomes and two complete sets of genes. Gametes are an exception. Gametes are the cells that combine during sexual reproduction. In animals, these cells are called sperm and eggs. Gametes are haploid cells with only one set of chromosomes. Meiosis is the process in which haploid cells form from diploid cells. In this lab, you will model the steps in meiosis. You will make drawings of your models. You will also identify points in the process that can lead to greater genetic variation. Skills Focus Use Models, Sequence, Draw Conclusions Materials • pop beads • magnetic centromeres • large sheet of paper • colored pencils • scissors Safety Do not direct the points of the scissors toward yourself or others. Use the scissors only as instructed. Pre-Lab Questions 1. Control Variables Why must you use the same number of beads when you construct the second chromosome in Step 1? Name Class Date 2. Infer Why is the longer chromosome pair used to model crossing-over? 3. Calculate A diploid cell has two pairs of homologous chromosomes. How many different combinations of chromosomes could there be in the gametes? Procedure The diploid cell in your model......

Words: 694 - Pages: 3

Premium Essay

Ch. 10 & 11 Hw

...1.Calculate Invoice price for bond maturing Nov. 15, 2012 (in Excel). Assume today’s date is 1/15/2009 2. Find the duration of a 6% coupon bond making annual coupon payments if it has three years until maturity and a yield to maturity of 10%. 3. A) A zero-coupon bond with face value $1,000 and maturity of 6 years sells for $887.25. What is its yield to maturity? B) What will happen to its YTM if the price goes up to $899.99? 4. Why do bond prices go down when interest rates go up? Don’t investors like high interest rates? 5. A) ABC bond has a 3.5 coupon and 9 years till maturity. Yield to maturity is 2%. If you want to sell this bond what will be the flat price of this bond? B) A bond has a current yield of _________? C) What is the invoice price of this bond if the last interest (coupon) payment was made two months ago? The coupon period has 182 days. 6. A 4.25 coupon bond with maturity of 6 years sells for 113.5. What is the YTM? 7. A callable bond has a par value of $1,000, a time to maturity of 10 years, and a coupon rate of 8% with interest paid annually. Bond is callable in 3 years at a call price of $1100. A) If the current market price is 114 percent of the par value, what is the YTM? B) What is the yield to call?...

Words: 259 - Pages: 2

Premium Essay

Psy/315 Ch. 11 Hw

...11. List the five steps of hypothesis testing, and explain the procedure and logic of each. Step 1: Restate the Question as a Research Hypothesis and a Null Hypothesis about the Populations. You want to restate the question as research hypothesis and null hypothesis about the populations because it allows you to think of two different samples. The research hypothesis and the null are opposite of each other. One is true and the other is not. The researcher predicts something and researches it and the null hypothesis says there will be no difference if what the researcher predicts. The logic is figuring out the probability of getting a particular result if the null hypothesis is true. Step 2: Determine the Characteristics of the Comparison Distribution In the hypothesis-testing process, you compare the actual sample’s score to this comparison distribution. The comparison distribution is the distribution that represents the population situation if the null hypothesis is true. If the null is true both samples will have a normal curve. Step 3: Determine the Cutoff Sample Score on the Comparison Distribution at Which the Null Hypothesis Should Be Rejected You will need Z scores and percentages, if a researcher decides that the score is lower than a certain percent then they would reject the null. Psychology researchers use a cutoff on the comparison distribution with a probability of 5% that a score will be at least that extreme if the null hypothesis were true. They are......

Words: 940 - Pages: 4

Free Essay

Electronic Communications Ch 10 Ch 11

...of FM in which the modulation wave shifts the output between two pre-determined frequencies. Methods of generation include a VCO and modifying the oscillating frequency of a tank circuit. 6. Explain a method used to generate BPSK using figure 10-5. The +/- sin wct signals are input into 1 of 2 selectors. The binary data input is used to select the phase. 8. What is coherent carrier recovery? A recovered carrier frequency is used as an input to a mixer to recover the data. 10. Provide a brief description of the QAM system. Explain why it is an efficient user of frequency spectrum. Figure 10-14 and 10-15. The QAM system uses a four level baseband stream providing a 16 state QAM constellation in a limited bandwidth. Chapter 11 3. Describe the sequence of events taking place when a telephone call is initiated through to its completion. Subscriber lifts the handset, a switch is closed providing a a dc loop current between tip and ring. Telco senses the off hook condition and responds with a dial tone. Then the describer dials the desired number. 14. Why are telephones lines widely used for transmission of digital data? Explain the problems involved with their use. Modems enable the transmission of digital data over analog phone lines. Phone lines are widely available. 32. Describe the concepts of frequency reuse and cell splitting. Dual band indicates that a phone can operate in two different frequency bands....

Words: 293 - Pages: 2

Free Essay

Ch. 11 Apush

...Chapter 11 - The Triumphs and Travails of Jeffersonian Republic I. Federalist and Republican Mudslingers 1. In the election of 1800, the Federalists had a host of enemies stemming from the Alien and Sedition Acts. 2. The Federalists had been most damaged by John Adams’ not declaring war against France. * They had raised a bunch of taxes and built a good navy, and then had not gotten any reason to justify such spending, making them seem fraudulent as they had also swelled the public debt. * John Adams became known as “the Father of the American Navy.” * Federalists also launched attacks on Jefferson, saying that he had robbed a widow and her children of a trust fund, fathered numerous children with his slaves (which turned out to be true), called him an atheist (he was a Deist), and used other inflammatory remarks. II. The Jeffersonian “Revolution of 1800” 1. Thomas Jefferson won the election of 1800 by a majority of 73 electoral votes to 65, and even though Adams got more popular votes, Jefferson got New York. But, even though Jefferson triumphed, in a technicality he and Aaron Burr tied for presidency. * The vote, according to the Constitution, would now go to the Federalist-dominated House of Representatives. * Hateful of Jefferson, many wanted to vote for Burr, and the vote was deadlocked for months until Alexander Hamilton and John Adams persuaded a few House members to change their votes, knowing that if ...

Words: 2775 - Pages: 12

Premium Essay

Intermediate Macro Ch.11 Outline

...CHAPTER 11 MONEY, INTEREST, AND INCOME Chapter Outline • The Goods Market and the IS Curve • Investment and the Interest Rate • The Slope of the IS Curve • The Role of the Multiplier • The Position of the IS Curve • A Summary of the IS Curve • The Money Market and the LM Curve • The Demand for Money • The Supply of Money, Money Market Equilibrium and the LM Curve • The Slope of the LM Curve • Shifts in the LM Curve • A Summary of the LM Curve • Equilibrium in the Goods and Money Markets • Changes in the Equilibrium Income and Interest Rate: A First Look at Policy • Deriving the Aggregate Demand Curve • Working With Data Changes from the Previous Edition One of the major problems with this chapter in the previous editions is that the material was presented in a manner that made it sound like it would be difficult, which is not true. Therefore, the long introduction has been shortened, the confusing diagram (former Figure 12-2) has been removed, and the extra part concerning outline of the chapter has been removed. The derivation of the IS curve section has been rewritten at the beginning. Box 11-1 and Box 11-2 and 11-3 are new The LM curve section has been rewritten to make it more clear, and the relevant diagrams are now side by side, which makes much more sense. The last section of the chapter is rewritten to show the comparative statics of shifts in IS and LM; this serves as a good introduction to Chapter......

Words: 8863 - Pages: 36

Premium Essay

Ch. 11 Team Dynamics

...1. My preferred leadership style was resolution. 2. Let's take a look at the six components of team dynamics. We'll also look at how they affect team performance and implications for managers. Objectives to be effective teams must agree on clear objectives and be committed to achieving them. Implications for the manager is getting the group to set specific objectives with a target date.Group size is next. If a group is too small or too large it may have a negative effect on the team.Implications for managers they usually have no say so in the size of their groups. Team norms are the group's shared expectations of it's members' behavior. Implications for managers is that the team norms can be positive or negative. Group cohesiveness is the attractiveness and closeness group members have for one another and the group . Implications for managers strive to develop cohesive groups that accept positive norms. Status within the team is the perceived ranking of one member relative to other members of the group. Implications for the manager they need to have high status. Group roles are shared expectations of how group members week fulfill the requirements of their position. Implications for the manager to be effective a team must have members who play task roles and maintenance roles, while maintaining self-interest. 3. Let's discuss the five stages of team development. Stage one is orientation it's characterized by low development level, high commitment, and low......

Words: 1004 - Pages: 5

Premium Essay

Markering Ch 11

...Homework CH 11 The recently weak economy caused many consumers to switch to lower-priced products. Although P&G had sales of $77 billion in 2009, many of its relatively expensive brands, such as Tide detergent and Secret deodorant, were stranded on store shelves. So, in 2010, P&G did the unthinkable: It slashed prices on many of its products, such as batteries (13.3 percent), liquid laundry detergents (5.1 percent), shampoos (5.4 percent), and conditioners (6.6 percent). The price cuts come at a cost, however, and sales must increase considerably just to break even or make the price cuts profitable 1-P&G’s average contribution margin before the price cuts was 20 percent. Refer to Appendix 2 and calculate the new contribution margin if prices are reduced 10 percent. Average contribution margin before the price cuts = 20% Contribution Margin = price – variable cost / price Assume price is 100 0.2 = 100 – x/100 20 = 100 –x 20 + x = 100 X = 100 – 20 X = 80 (variable cost) Now if prices drop by 10% (100-100*0.1)= 90 CM = 90 – 80/ 90 CM = 0.11 2-What level of total sales must P&G capture at the new price levels to maintain the same level of total contribution before the price reduction (that is, total contribution = $15.4 billion, which is 20 percent of $77 billion in sales)?  Total sales = x = (new ACM)*(sales) = (target total contribution) = 0.11 *x = 15.4 x = 15.4/0.11 = 140 b...

Words: 255 - Pages: 2

Premium Essay

Even Asnwers Sobell Ch 11

...11 Answers to Even-numbered Exercises 2. How would you communicate each of the following messages? 1. Ho r mode? a. The system is coming down tomorrow at 6:00 in the evening for periodic maintenance. Use the /etc/motd file and/or email. Alternatively, you can include the message in a shutdown command. b. The system is coming down in five minutes. Use wall or include the message in a shutdown command. c. Zach’s jobs are slowing the system down drastically, and he should postpone them. Use write or talk. d. Zach’s wife just had a baby girl. Use the motd file and/or email. 4. How would you allow a user to execute a specific, privileged command without giving the user the root password? 3. Whgs in? You can create a setuid program that belongs to a group that only the user who is to execute it belongs to and that has no permissions for other users. 6. How can you disable SELinux? 5. How dileges? Either use the SELinux tab of the Security Level Configuration window displayed by system-config-securitylevel to change the SELinux setting to Disabled or put the following line in /etc/sysconfig/selinux: SELINUX=disabled 1 2 Then reboot the system. 8. Give the command 7. to remember. $ /bin/fuser -uv / What does the output list? Why is it so long? Give the same command while working with root privileges (or ask the system administrator to do so and email you the results). How does this list differ from the first? Why is it......

Words: 564 - Pages: 3

Premium Essay

Entrepreneur

...Entrepreneur Interview Essay Considering any business, people imagine rich, prosperous, initiative and resourceful entrepreneurs, who successfully started and developed their own company. Today’s interview deals with spa business. Chief Manager of an International A.B.C. Spa company will help us to understand the system of spa business and its profitability. A.B.C Spa cooperates with world leaders and professionals in this sphere. It efficiently provides qualified service for clients. Our interview will help to learn more about spa business on the example of a small A.B.C. Spa branch in America. _________________________________________________________ We Can Write Custom Essays on Entrepreneur Interview for You! __________________________________________________________ 1. What was your first step in starting your business? I know people who started business spontaneously: without business-plan, market analysis etc. Most of them managed to achieve goals and expand their enterprise. However in recent years too many people are involved in different business affairs. Spa business becomes more and more popular. That’s why we decided not to run risks as it could lead to waste of time, finances and even complete failure. Firstly we’ve chosen a place with lower rate of competition. Everybody knows that this business expands and grows very fast. In the USA one may count over 100 millions spa visits a year. The first step to start our business was to find finances and place...

Words: 1348 - Pages: 6

Premium Essay

Notes: Ch 11 Dealing with Competition

...Marketing Management Notes on Chapter 11 | DEALING WITH COMPETITION [Keller/Kotler] Five Forces Determining Segment Structural Attractiveness (Porter’s Model) Figure 1.1 Industry Concept of Competition * Number of sellers and degree of differentiation * Entry, mobility, and exit barriers * Cost structure * Degree of vertical integration * Degree of globalization * Pure monopoly – only one firm offers undifferentiated product or service in an area * Oligopoly – a few firms produce essentially identical commodities and little differentiation exists * Monopolistic competition – many firms differentiate items in whole or part Pure competition – many competitors offer the same product “Companies that make steady gains in mind share and heart share will inevitably make gains in market share and profitability.” “Companies that make steady gains in mind share and heart share will inevitably make gains in market share and profitability.” Analyzing Competitors * Share of market * Share of mind * Share of heart Expanding the Total Market * New Customers – three groups: * Market-Penetration strategy – customers might use but do not * New-Market segment strategy – customers have never used it * Geographical-Expansion strategy – customers who live elsewhere * More Usage * Additional Opportunities to Use the Brand – communicate the appropriateness and advantages of using the brand * ......

Words: 555 - Pages: 3

Premium Essay

Chapter 11. Ch 11-18 Build a Model

...Chapter 11. Ch 11-18 Build a Model Click Link Below To Buy: http://hwaid.com/shop/chapter-11-ch-11-18-build-a-model/ Webmasters.com has developed a powerful new server that would be used for corporations’ Internet activities. It would cost $10 million at Year 0 to buy the equipment necessary to manufacture the server. The project would require net working capital at the beginning of each year in an amount equal to 10% of the year's projected sales; for example, NWC0 = 10%(Sales1). The servers would sell for $24,000 per unit, and Webmasters believes that variable costs would amount to $17,500 per unit. After Year 1, the sales price and variable costs will increase at the inflation rate of 3%. The company’s nonvariable costs would be $1 million at Year 1 and would increase with inflation. The server project would have a life of 4 years. If the project is undertaken, it must be continued for the entire 4 years. Also, the project's returns are expected to be highly correlated with returns on the firm's other assets. The firm believes it could sell 1,000 units per year. The equipment would be depreciated over a 5-year period, using MACRS rates. The estimated market value of the equipment at the end of the project’s 4-year life is $500,000. Webmasters’ federal-plus-state tax rate is 40%. Its cost of capital is 10% for average-risk projects, defined as projects with a coefficient of variation of NPV......

Words: 1111 - Pages: 5

Premium Essay

Case Study Ch. 11

...Case Study CH.11 1. What kinds of barriers to communication can you find in each scenario? The world has transformed highly in the past century, therefore communication and social skills are vastly slanted and it's easier than ever to misinterpret a coworker or superior. As a matter of fact, there is a lot of substantiation to believe that the number one concern among offices branch out from a communication problem. For one thing is important to understand there are now dissimilar generations in the workplace plus they separately have special generational interaction and communication styles. These distinctive groups will understand ideas sometimes differently, thus being conscious of these particular differences could help any manager or team member to perform better given that they will be able to foresee miscommunications and dress up concepts for the maximum outcome. Having in consideration matters such as Recognizing work styles, generational principles, insights and the will to learn from each other will definitely make a difference in any work environment. 4. How can Mark, Kent, Whitney and Brett improve their communication skills? Efficient communication skill is an important key to comprehend and communicate effectively with any other individual. Thus this group of people could benefit from understanding that through interaction they are capable to resolve divergences, construct confidence, regard, and even produce a settings where innovative ideas, problem......

Words: 311 - Pages: 2

Premium Essay

Ch. 11-16 Study Guide

...Chapter 11 | | brick-and-mortar store | A conventional store with a physical presence. | brokerage site | A type of Web site that brings buyers and sellers together to facilitate transactions between them; the site earns revenue in the form of commissions on sales made via the site. | business-to-business (B2B) model | An e-commerce model in which a business provides goods or services to other businesses. | business-to-consumer (B2C) model | An e-commerce model in which a business provides goods or services to consumers. | business-to-government (B2G) model | An e-commerce model in which a business provides goods and services to government organizations. | consumer-to-consumer (C2C) model | An e-commerce model in which a consumer provides goods or services to other consumers. | digital wallet | A program or online service that holds a buyer’s information (such as electronic payment, billing, and shipping information) that can be used to speed up online purchase transactions. | dot-com | An Internet-only store with no physical presence. | e-commerce | The act of doing business transactions over the Internet or similar technology. | e-commerce business model | A description of how an e-commerce company does business, such as the types of buyers and sellers involved. | e-tailer | An online retailer. | m-commerce | E-commerce carried out via mobile phones and other mobile devices. | meta tag | A special HTML or XHTML tag containing information about a......

Words: 3951 - Pages: 16