Marketing 201 Exam Study Guide
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MGT 201
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Study Guide for Exam #2: Jacobs
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Spring 2013
CHAPTER 6: MANAGING SMALL-BUSINESS START-UPS
Small business vs. entrepreneurial venture * Small Business- Independently owned and operated, organized for profit, and is not dominant in its field of operation.
Small Business Owners- successful entrepreneurs * Independently owned and operated * Organized for profit * Not dominant in its field of operation * Categories Small Business start * Construction, * Hospitality, * Communications, * Finance, * Real estate.
Entrepreneurship- process of making a new business * Organizing of resources, taking on the risks and the reward * Categories Entrepreneurs start: * Manufacturing, * Retail * Internet services.
Impact of entrepreneurial companies * Small businesses represent 99.7 percent of all firms * Employ just over half of all private sector employees. * Small businesses have generated 64 percent of new jobs annually over the past 15 years * 400,000 small business with less than 100 employees closed * Responsible for job creation and innovation
Characteristics & personality traits of entrepreneurs
How to launch an entrepreneurial start-up * Start with an idea * Great product * Viable market * Good timing * Write a business plan * Choose a legal structure * Arrange financing
Entrepreneurial Motivation and new business ideas
Five types of small business owners
Ideas vs opportunities * Not all ideas are opportunities * Opportunity * Fills customer’s needs * Skills/ resources to start company * Sell product at a price customers will buy to make a profit * Get your service/product to people before
MGT 201
-------------------------------------------------
Study Guide for Exam #2: Jacobs
-------------------------------------------------
Spring 2013
CHAPTER 6: MANAGING SMALL-BUSINESS START-UPS
Small business vs. entrepreneurial venture * Small Business- Independently owned and operated, organized for profit, and is not dominant in its field of operation.
Small Business Owners- successful entrepreneurs * Independently owned and operated * Organized for profit * Not dominant in its field of operation * Categories Small Business start * Construction, * Hospitality, * Communications, * Finance, * Real estate.
Entrepreneurship- process of making a new business * Organizing of resources, taking on the risks and the reward * Categories Entrepreneurs start: * Manufacturing, * Retail * Internet services.
Impact of entrepreneurial companies * Small businesses represent 99.7 percent of all firms * Employ just over half of all private sector employees. * Small businesses have generated 64 percent of new jobs annually over the past 15 years * 400,000 small business with less than 100 employees closed * Responsible for job creation and innovation
Characteristics & personality traits of entrepreneurs
How to launch an entrepreneurial start-up * Start with an idea * Great product * Viable market * Good timing * Write a business plan * Choose a legal structure * Arrange financing
Entrepreneurial Motivation and new business ideas
Five types of small business owners
Ideas vs opportunities * Not all ideas are opportunities * Opportunity * Fills customer’s needs * Skills/ resources to start company * Sell product at a price customers will buy to make a profit * Get your service/product to people before