Mana 3325 Quizzes
Define Entrepreneur - correct answer ✔✔One who creates a new business in the face of risk and
uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling
the necessary resources to capitalize on them.
Characteristics of Entrepreneurs - correct answer ✔✔1. Desire for responsibility
2. Preference for moderate levels of risk - "risk eliminators"
3. Confidence in their ability to succeed
4. Skilled at organizing
5. Determination
6. Desire for immediate feedback
7. High level of energy
8. Value Achievement over money
9. A high degree of commitment
10. Flexibility
Benefits of being an Entrepreneur - correct answer ✔✔1. Create your own destiny
2. Make a difference
3. Reach your full potential
4. Reap impressive profits
5. Contribute to society and to be recognized for your efforts
6. Do what you enjoy and to have fun at it.
Drawbacks of being an Entrepreneur - correct answer ✔✔1. Uncertainty of income
2. Risk of losing your entire investment
3. Long hours and hard work
4. Lower quality of life until the business gets established
, 5. High levels of stress
6. Complete responsibility
7. Discouragement
T/F? A Utility Patent is Superior to a Design Patent - correct answer ✔✔True
T/F? A Utility Patent is good expires in 14 years - correct answer ✔✔False
T/F? A Design Patent may be extended for 10 years when it expires - correct answer ✔✔False
T/F? A Copyright must be filed with the Patent Office to be enforceable - correct answer ✔✔False
Select the form of Capital that does not belong in the following list:
-Human capial
-Financial capital
-Structural capital
-Customer Capital - correct answer ✔✔Financial Capital
Define Competitive Advantage - correct answer ✔✔-Any Aspect of how you operate your business that is
difficult for your competitors to copy and which customers appreciate and respond to.
OR
-Barriers to entry that restrict new competitors from gaining a similar advantage
The 3 Elements of a Mission Statement include all of the following..EXCEPT..?
-Purpose of the company
-Business company is in
-Customers the company targets
-Values of the company - correct answer ✔✔Customers the company targets
Define Entrepreneur - correct answer ✔✔One who creates a new business in the face of risk and
uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling
the necessary resources to capitalize on them.
Characteristics of Entrepreneurs - correct answer ✔✔1. Desire for responsibility
2. Preference for moderate levels of risk - "risk eliminators"
3. Confidence in their ability to succeed
4. Skilled at organizing
5. Determination
6. Desire for immediate feedback
7. High level of energy
8. Value Achievement over money
9. A high degree of commitment
10. Flexibility
Benefits of being an Entrepreneur - correct answer ✔✔1. Create your own destiny
2. Make a difference
3. Reach your full potential
4. Reap impressive profits
5. Contribute to society and to be recognized for your efforts
6. Do what you enjoy and to have fun at it.
Drawbacks of being an Entrepreneur - correct answer ✔✔1. Uncertainty of income
2. Risk of losing your entire investment
3. Long hours and hard work
4. Lower quality of life until the business gets established
, 5. High levels of stress
6. Complete responsibility
7. Discouragement
T/F? A Utility Patent is Superior to a Design Patent - correct answer ✔✔True
T/F? A Utility Patent is good expires in 14 years - correct answer ✔✔False
T/F? A Design Patent may be extended for 10 years when it expires - correct answer ✔✔False
T/F? A Copyright must be filed with the Patent Office to be enforceable - correct answer ✔✔False
Select the form of Capital that does not belong in the following list:
-Human capial
-Financial capital
-Structural capital
-Customer Capital - correct answer ✔✔Financial Capital
Define Competitive Advantage - correct answer ✔✔-Any Aspect of how you operate your business that is
difficult for your competitors to copy and which customers appreciate and respond to.
OR
-Barriers to entry that restrict new competitors from gaining a similar advantage
The 3 Elements of a Mission Statement include all of the following..EXCEPT..?
-Purpose of the company
-Business company is in
-Customers the company targets
-Values of the company - correct answer ✔✔Customers the company targets
