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MANGT 220 Exam 3
| Question | Answer |
|---|---|
| Entrepreneurship Definition | The process of starting a new venture, organizing, managing, and assuming the risks |
| Why has entrepreneurship increased in popularity? | Large corp downsizings, Necessity based entrepreneurs, Large business employees crossover to small, increased franchising options, e-commerce, increased opportunities, better survival rates, tech. advances, social entrepreneurs, serial entrepreneurs |
| Necessity Based Entrepreneurs | started own company out of necessity, lost job, severance package, leaking pipeline, etc. |
| Social Entrepreneurs | ethical entrepreneurship seeking ways to solve social problems, looking for novel ways to solve social problems, pursuing ways to make life better for those struggling |
| Serial Entreprenuer | Constantly start new businesses |
| Why has entrepreneurship increased in popularity? (SIMPLE answer) | people want to be their own boss/set own hours |
| Small Businesses Definition & Amount of Employees | a business that is privately owned by one individual or a small group of individuals; 500 employees or less |
| 8 Entrepreneurial Personality Traits | 1. Internal locus of control, 2. High energy level, 3. Self-Confidence, 4. Tolerance for ambiguity, 5. Self-Reliance/desire for independence, 6. High need for achievement, 7. Flexibility, 8. Passion and action orientation |
| 2 Entrepreneurial Factors | Family --> 80% more likely to be one if parents are entrepreneurs, how you were raised/parenting style (participation trophy vs competitive environment) |
| The Role of Entrepreneurship in Society | Small businesses save us in hard times, backbone of America; Employ some 52% of private workers; Provide 51% of private-sector output; Receive 35% of federal government contract dollars; Provide as many as 7 out of every 10 new jobs in the economy |
| Myths of Entrepreneurs | (will be all of the above) |
| Structure of Entrepreneurial Organizations (2) | Buying an Existing Business & Starting from Scratch |
| Buying an Existing Business | Business has a proven ability to draw customers and make a profit; Networks (e.g., customers and suppliers) are already established |
| Starting from Scratch | Start from ground zero, riskier, 65% start from scratch |
| Starting from Scratch Negative | More business risk and uncertainty |
| Buying an Existing Business Negative | New owners inherit any existing problems |
| Writing the Business Plan (5) | 1. Description of the business, 2. Marketing plan, 3. Production/Operation plan, 4. Management plan, 5. Financial plan |
| Marketing Plan | target market, size, competitors, market booming, trends, 4 Ps |
| Production/Operations Plan | suppliers, regulations, licenses, layout, inventory, manufacturing equipment |
| Financing the New Business | Personal resources, Strategic alliances, Lenders, Venture capital companies |
| Lenders | Obtaining funding from traditional lenders (e.g., banks, independent investors, and gov loans) --> most common way, banks must see business plan |
| Venture Capital Companies | Groups of small investors who provide capital funds to small high-growth potential start-up firms in exchange for an equity position (stock) in the firm --> Shark Tank |
| What percentage of new businesses fail in their first year? | 60-80% |
| Key Ingredients for Entrepreneurship (not on review guide) | Personal Characteristics, Technical Know-How, Marketable Idea, Contacts for Assistance, Financial Resources, Supportive Lifestyle, Leadership Experience, Personal Motivation |
| ArtLifting [VIDEO] | Social Entrepreneur, Gave money back to homeless for art while still making a profit |
| HRM Definition | Human Resource Management: the set of organizational activities directed at attracting, developing, and maintaining an effective workforce |
| Strategic Importance of HRM | ? |
| Person-Job Fit | the extent to which an individual's knowledge, skills, experience are relevant to the job (EX: job requires 4 years of experience or a certain degree) |
| Person-Organization Fit | the extent to which an individual's values and behaviors fit the organization's culture |
| Equal Employment Laws (5) | 1. BFOQ (Bona Fide Occupational Qualification), 2. Affirmative Action (AA), 3. Age Discrimination in Employment Act, 4. Pregnancy Discrimination Act, 5. Americans with Disabilities Act |
| Bona Fide Occupational Qualification (BFOQ) | Forbids discrimination based on race, color, religion, sex, and national origin in all areas of the employment relationship |
| Affirmative Action (AA) | requires employers to proactively seek out and hire employees from groups that are underrepresented in the organization (demographics) |
| Age Discrimination Employment Act | protects those over 40, cannot fire for any reason (EX becoming more expensive) |
| Pregnancy Discrimination Act | prohibits discrimination against pregnant workers |
| Americans with Disabilities Act | prohibits discrimination against a qualified individual based on a disability, must make reasonable accommodation, must meet core jobs qualifications (EX heavy lifting) |
| Compensation and Benefits Acts (3) | Fair Labor Standards Act (FLSA), Equal Pay Act of 1963, Family and Medical Leave Act (FMLA) |
| Fair Labor Standards Act (FLSA) | Oversee minimum wage, 40-hour workweek, overtime pay (1.5X), ($7.25 min wage KS) |
| Equal Pay Act of 1963 | requires equal pay for men and women performing equal work in an organization; women negotiate wages less, wage compression - better off to move around bc that’s where pay increases, women tend to stay in their job |
| Family and Medical Leave Act (FMLA) | allows employees up to (mostly unpaid) 12 weeks of leave if birth or sickness, must work around at least a year |
| Labor Relations Acts (2) | National Labor Relations Act of 1935 (Wagner Act), Labor Management Relations Act of 1947 (Taft-Hartley Act) |
| Wagner Act | Gives power to unions, most laws came about b/c of Wagner Act |
| Taft-Hartley Act | Limits union power, gave employees the right to not join unions |
| Occupational Health and Safety Act of 1970 | Organizations must obey safety and health standards established by Occupational Safety and Health Administration (OSHA) |
| HRM Process | The set of organizational activities directed at ATTRACTING, DEVELOPING, and MAINTAINING an effective workforce. |
| Internal locus of control (Entrepreneurial personality trait) | You are in control of your own destiny |
| High energy level (Entrepreneurial personality trait) | Persistent, hard working |
| Self-confidence (Entrepreneurial personality trait) | Feel confident, believe in themselves, willing to make decisions |
| Tolerance for ambiguity (Entrepreneurial personality trait) | Accepting change and that its going to happen, understand that there are some unknowns |
| Self-reliance and desire for independence (Entrepreneurial personality trait) | Rely on themselves and want to work alone |
| High need for achievement (Entrepreneurial personality trait) | Self motivated to achieve high, Care about grades (EX: us) |
| Flexibility (Entrepreneurial personality trait) | Willing to admit you made a mistake and change plans |
| What is the fasted growing segment of small business enterprise? | Services |
| Strategic Alliances | Partnering with established firms such as suppliers in a mutually beneficial relationship |
Created by:
lexi.welte