MANA 3325 MIDTERM PART 1
what is an 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
use the words CREATE and NEW BUSINESS
drawbacks of entrepreneurship - correct answer ✔✔uncertainty of income
risk of losing your entire investment
long hours and hard work
lower quality of life until the business gets established
high levels of stress
complete responsibility
discouragement
avoiding the pitfalls of small business failure - correct answer ✔✔know your business in depth
develop a solid business plan
manage financial statements
learn to manage people effectively
set your business apart from the competition
maintain a positive attitude
utility patent - correct answer ✔✔a grant from the patent and trademark office to the inventor of
product, giving the exclusive right to make, use, or sell the invention for 20 years from the date of filing
the patent application
are utility patents superior to design patents? - correct answer ✔✔yes
intellectual capital components - correct answer ✔✔human capital-external
what is an 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
use the words CREATE and NEW BUSINESS
drawbacks of entrepreneurship - correct answer ✔✔uncertainty of income
risk of losing your entire investment
long hours and hard work
lower quality of life until the business gets established
high levels of stress
complete responsibility
discouragement
avoiding the pitfalls of small business failure - correct answer ✔✔know your business in depth
develop a solid business plan
manage financial statements
learn to manage people effectively
set your business apart from the competition
maintain a positive attitude
utility patent - correct answer ✔✔a grant from the patent and trademark office to the inventor of
product, giving the exclusive right to make, use, or sell the invention for 20 years from the date of filing
the patent application
are utility patents superior to design patents? - correct answer ✔✔yes
intellectual capital components - correct answer ✔✔human capital-external
