MANA 3325 Final Review
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 ✔✔-Desire for responsibility
-Confidence in their ability to succeed
-Desire for immediate feedback
-Future orientated
-Preference for moderate levels of risk- risk eliminators
-Determination
-High level of energy
3 Benefits of being an Entrepreneur - correct answer ✔✔-Create your own destiny
-Reach your full potential
-Contribute to society and to be recognized for your efforts
-Do what you enjoy and have fun at it
-Make a difference
-Reap impressive profits
Drawbacks of being an Entrepreneur - correct answer ✔✔-Uncertainty of income
-Long hours and hard work
-Discouragement
-Risk of losing your entire investment
-Lower quality of life until the business gets established
-Complete responsiblity
, Utility Patent- F - correct answer ✔✔A utility patent is good expires in 14 years
Utility Patent- T - correct answer ✔✔A utility patent is superior to a design patent
Design Patent- F - correct answer ✔✔May be extended for 10 years when it expires
Copyright- F - correct answer ✔✔A copyright must be filled with the patent office to be enforceable
Form of Capital - correct answer ✔✔Human, structural, and customer
Define Competitive Advantage - correct answer ✔✔Any aspect of how you operate your business that is
difficult for competitors to copy and which customers appreciate and respond to it.
Elements of a Mission Statement (PBV) - correct answer ✔✔-Purpose of the company
-Business company is in
-Values of the company
Define Strength - correct answer ✔✔Positive internal factors a company can draw on to accomplish its
mission, goals, and objectives.
Potential Strengths - correct answer ✔✔-Loyal customers
-Superior products
-Unique suppliers
-Special skills
-Positive public image
-Special knowledge
-Employee experience
Threats not listed in the book - correct answer ✔✔-Law suits
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 ✔✔-Desire for responsibility
-Confidence in their ability to succeed
-Desire for immediate feedback
-Future orientated
-Preference for moderate levels of risk- risk eliminators
-Determination
-High level of energy
3 Benefits of being an Entrepreneur - correct answer ✔✔-Create your own destiny
-Reach your full potential
-Contribute to society and to be recognized for your efforts
-Do what you enjoy and have fun at it
-Make a difference
-Reap impressive profits
Drawbacks of being an Entrepreneur - correct answer ✔✔-Uncertainty of income
-Long hours and hard work
-Discouragement
-Risk of losing your entire investment
-Lower quality of life until the business gets established
-Complete responsiblity
, Utility Patent- F - correct answer ✔✔A utility patent is good expires in 14 years
Utility Patent- T - correct answer ✔✔A utility patent is superior to a design patent
Design Patent- F - correct answer ✔✔May be extended for 10 years when it expires
Copyright- F - correct answer ✔✔A copyright must be filled with the patent office to be enforceable
Form of Capital - correct answer ✔✔Human, structural, and customer
Define Competitive Advantage - correct answer ✔✔Any aspect of how you operate your business that is
difficult for competitors to copy and which customers appreciate and respond to it.
Elements of a Mission Statement (PBV) - correct answer ✔✔-Purpose of the company
-Business company is in
-Values of the company
Define Strength - correct answer ✔✔Positive internal factors a company can draw on to accomplish its
mission, goals, and objectives.
Potential Strengths - correct answer ✔✔-Loyal customers
-Superior products
-Unique suppliers
-Special skills
-Positive public image
-Special knowledge
-Employee experience
Threats not listed in the book - correct answer ✔✔-Law suits
