mana 3325 exam 1
entrepreneurs - correct answer ✔✔people who risk their time, money, and other resources to start and
manage a business
characteristics of entrepreneurs - correct answer ✔✔passion, confident, motivated, achievement
oriented vs short term profit
barriers to creativity - correct answer ✔✔focus on rules
status quo
rational thinkers
avoiding ambiguity
fear of failure
fear of looking foolish
process - correct answer ✔✔business idea
idea assessment
feasibility
business model
strategic plan
launch
business model - correct answer ✔✔value proposition
customer segments
customer relationships
channels. what to communicate?
who partners are?
cost structure/revenue stream
, valuation - correct answer ✔✔book value
balance sheet
assets liabilities
Sole Proprietorship - correct answer ✔✔a business owned and managed by a single individual
general partnership - correct answer ✔✔partnership in which partners share equally in both
responsibility and liability
LLC (Limited Liability Company) - correct answer ✔✔Corporation with the benefits of a sole
proprietorship, and not many disadvantages.
-two documents required:
articles of organization
operating agreementthe aDASDASD
LLP (Limited Liability Partnership) - correct answer ✔✔a type of partnership in which all partners are
limited partners (abbreviation)
-does not pay taxes, income is passed through to the limited partners who pay taxes on their share of
the companys income
corporation - correct answer ✔✔a separate legal entity from its owners
publicly held corporation - correct answer ✔✔a corporation that has a large number of shareholders and
whose stock usually is traded on one of the large stock exchanges.
closely held corporation - correct answer ✔✔a corporation in which shares are controlled by a relatively
small number of people, often family members, relatives, or friends
s corporation - correct answer ✔✔A unique government creation that looks like a corporation but is
taxed like sole proprietorships and partnerships.
entrepreneurs - correct answer ✔✔people who risk their time, money, and other resources to start and
manage a business
characteristics of entrepreneurs - correct answer ✔✔passion, confident, motivated, achievement
oriented vs short term profit
barriers to creativity - correct answer ✔✔focus on rules
status quo
rational thinkers
avoiding ambiguity
fear of failure
fear of looking foolish
process - correct answer ✔✔business idea
idea assessment
feasibility
business model
strategic plan
launch
business model - correct answer ✔✔value proposition
customer segments
customer relationships
channels. what to communicate?
who partners are?
cost structure/revenue stream
, valuation - correct answer ✔✔book value
balance sheet
assets liabilities
Sole Proprietorship - correct answer ✔✔a business owned and managed by a single individual
general partnership - correct answer ✔✔partnership in which partners share equally in both
responsibility and liability
LLC (Limited Liability Company) - correct answer ✔✔Corporation with the benefits of a sole
proprietorship, and not many disadvantages.
-two documents required:
articles of organization
operating agreementthe aDASDASD
LLP (Limited Liability Partnership) - correct answer ✔✔a type of partnership in which all partners are
limited partners (abbreviation)
-does not pay taxes, income is passed through to the limited partners who pay taxes on their share of
the companys income
corporation - correct answer ✔✔a separate legal entity from its owners
publicly held corporation - correct answer ✔✔a corporation that has a large number of shareholders and
whose stock usually is traded on one of the large stock exchanges.
closely held corporation - correct answer ✔✔a corporation in which shares are controlled by a relatively
small number of people, often family members, relatives, or friends
s corporation - correct answer ✔✔A unique government creation that looks like a corporation but is
taxed like sole proprietorships and partnerships.
