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Midterm

COMM 320 Midterm: COMM 320 midterm quetions

3 Pages
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Department
Commerce
Course Code
COMM 320
Professor
Robert Nason

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Description
3.1: Entrepreneur: remember by heart! 1. Primary motives: independence, opportunity to create and MONEY 2. Time orientation: survival and achieving 5-10 years growth business 3. Activity: direct involvement 4. Risk: moderate risk taker 5. Status: not concerned about status symbol 6. Failures and mistakes: deals with mistakes and learns from failures 7. Decisions: follows dream with decisions 8. Who serves: self and customer 9. Family history: entrepreneurial small-business, professional, or farming background 10.Relationships with others: transactions, deal-making and basic relationship 1. La Provoisier: First mover brewery in quebec, didn’t want to grow fast. What kind of entrepreneurial style (type of company and explain the other 3) Types of Start-ups: - Cottage company: Can be considered a privately held, micro-enterprise, basically a small business, might be operated as a hobby. 10 or less employees, with little growth and revenues smaller than 1 mil. - Lifestyle: supports the “lifestyle” of the owner(private), also remains small in scope and sales level (under 2 mil). Modest growth. - Foundation: Usually formed from R&D activities, grows in size, but rarely goes public. 5-10 year growth (40-400 employees with $10-20 mil annually) - High potential (gazelles): Rapid growth, likely intent to raise higher levels of financing, go public and continue to grow into a large venture (20-30 mil) 2. Approaches: trait approach is one to make an entrepreneur identify others: Traits approach: psychological characteristics This approach assumes that entrepreneurs can be defined by the fact that they possess certain psychological traits: - High Need for Achievement - Need for Independence and Autonomy - Risk Taking Inclination - Internal Locus of Control (Confident) - Tolerance for Ambiguity (Flexible) - Innovation (Creative) - Proactive - Intuition / Vision Environmental: background The choice to become an entrepreneur is related to sociological - environmental factors. - Family situations, father self employed - turbulent environment, provides model for risk taking - Perception of hardship/poverty: breeds insecurity - rejection of authority - Promotes non-conformity, person does not “fit” with mainstream society. - Different cultures see entrepreneurship differently - Push-Pull: The basic concept, individuals are “pulled” by positive forces, “pushed” be negative experiences - Marginal/Displacement: Individuals who see themselves as outside the “mainstream” of society, don’t “fit in;” - Education: Most have university education, and experience in the industry. - Consider the “American dream” of wealth (basically an individualistic pursuit) versus societies that are more collective Behavioral approach: management style Views entrepreneurship as the creation of new organizations, focus on what the entrepreneur does, in some ways seen actually as an “approach to management” - Views entrepreneurs as handling key management functions: o Strategy; o Stru
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