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MGT 255 - Chapter 2

  1. What are some advantages of small business ownership?
    More personal contact with people

    Independence

    Skill developement

    Potential financial reward

    Challenge

    Enjoyment
  2. WHat are some disadvantages of small business ownership?
    Risk

    People conflict

    Time demands

    Stress

    Need for many abilities

    Limited financial rewards
  3. What are some personality characteristics required by successful entrepreneurs?
    Achievement orientation

    Risk taking

    Independence, Self-confidence and Self-assurance

    Innovativeness

    Strong verbal and numerical skill

    Selling skills

    Problem solving abilities

    Strategic planning

    Perseverance
  4. Why are small business successful?
    Alterness to change

    Ability to attract and nold competent employees

    Staying close to the consumer

    Thoroughness with operating details

    Ability to obtain needed capital

    Effective handling of government laws, rules and regulations
  5. What traits describe entrepreneurship?
    Creativity, flexibility, innovativeness, risk taking and independence.
  6. Why are the skills of a manager useful?
    Maintaining and solidifying the existins product or service or business.
Author
LoveStorm
ID
68931
Card Set
MGT 255 - Chapter 2
Description
The Small Business Decision
Updated

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