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34 Cards in this Set

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Entrepreneurs who want to establish an edge over competitors; thus they tend to adopt technologies soon after their release.
Early Adopters
The fundamental objective of business in a free enterprise system
Profit
The study, understanding, and practice of business as a process from the perspective of the chief executive officer.
Entrepeneurism
Business management that differs from entrepreneurial management in that it concerns a small business that is not interested in growth and that differs from traditional management in that it concerns small rather than large organizations
- ____ is focused on stability and maintaining a relaible customer base.
Small Business Management
In this text, the chief executive officer of his or her organization
Entrepreneur
A person who works within the organization using the tools and methods of the entrepeneur
Intrepreneur
The principles, techniques, and approaches that are practiced by managers in large organizations.
- _______ is focused on large company issues and challenges
Traditional Management
A tendency to avoid risk
Risk Averse
Although there is only one entrepreneur per organization, there can be many intrapreneurs.
(T or F)
True
Any product or service that possesses large growth opportunities is considered a good entrepreneurial business idea. (T or F)
True
An entrepreneur's job is simply to come up with business ideas. (T or F)
False
An entrepreneur must not be risk averse. (T or F)
True
Traditional management firms are less stable than entrepreneurial firms.
(T or F)
False
Joseph Schumpeter believed that creative destruction is good for an economy in the long run. (T or F)
True
The main focus of entrepreneurism must always remain on the entrepreneur.
(T or F)
True
The three basic elements of a business process are revenue, profit, and entrepreneurs. (T or F)
False
Entrepreneurs do not involve themselves in any aspect of the business. (T or F)
False
Entrepreneurial management focuses on stability and maintaining a reliable customer base. (T or F)
False
Which type of management attempts to flatten the organization in order to achieve timely decisions from the highest possible level?
Entrepreneurial
Entrepreneurs are often ______________ of affordable new technologies.
Early Adopters
Which of the following factors must an entrepreneur consider when deciding between the traditional and the entrepreneurial management methods?
1) The business size
2) Flexibility
3) Focus and emphasis of the CEO.
4) All of the above
In order to be effective, the teaching of the business process must be done from the viewpoint of
the CEO
Which of the following is the fundamental objective of businesses in a free enterprise system?
Profit
Revenue-Cost =
Profit
Price * Volume =
Revenue
Three Forms of Management
1) Entrepeneurial Managment
2) Traditional Managment
3) Small Business Management
Is focused on growth and an exit strategy
Entrepeneurial Managment
P&L Statement
Revenue-Cost=Profit
Cash Statement
Beginning balance+Inflows-Outflows=Ending Balance
Balance Sheets
Liabilities+Networth=Assets
Special Reports
Revenue (if any) or total cost from cost center/Number of Units
The wedding planner. She talked and then eventually her business expanded, and she also talked about how important networking is, and that being in the entrepreneurship program at UH helped her out.
Sheena
Owner of Buchannan Ventures. Talked about (3) movies
- The Matrix
- Star Wars
- The Godfather
Carlos Buchanan
_______ who established McVaugh homes
McVaugh