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Entrepreneurship Final Exam Review

In: Business and Management

Submitted By jachzohnson
Words 2753
Pages 12
Need scantron and pencil
3-4 questions on Wyly
3-4 questions on videos shown in class
2 questions on guest lecture (nonIP)
Plus PPts
Importance of entrepreneurship to the economy * Small firms provide 60-80 percent of net new jobs and account for >50% of U.S. innovations * About 97 percent of U.S. exporters are small businesses with fewer than 500 employees * Based on research, ACQUIRED SKILLS ARE MORE IMPORTANT that specific inherent traits
Entrepreneurial characteristics * Visionary; creative; innovative | * Adaptable; problem-solver; results oriented | * Persuasive; inspirational | * Confident; determined; a self-believer | * Competitive; ambitious; one who perseveres | * Honest | * Disciplined; hard working | * Organized; a planner; a decision-maker | * Understanding | * Leader; team player | * Networker/Sociable/Interpersonal Skills | * Opportunistic |

Six Dominant Themes 1. Commitment and Determination (Persistence) 2. Leadership (Persuasion_ 3. Opportunity Obsession (Passion) 4. Tolerance of Risk, Ambiguity and Uncertainty 5. Creativity, Self-Reliance, and Adaptability (Resourcefulness) 6. Motivation to succeed (Action
Organizational forms of business and tradeoffs
Three basic legal forms of business: 1. Sole Proprietorship: A business owned and managed by a single person
ADVANTAGES:
* ~70% of all businesses, ~ 4% of revenue * Simple, Flexible, Least Expensive * Pays no tax –Owner not separate from entity * Owner gets to keep all of the profits after paying personal income taxes * Salary not deductible as expense (wages to employees are deductible) * Less gov’t regulation * No tax * Ease of dessolution
DISADVANTAGES:
* unlimited liability, * difficult getting capital, *…...

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