Chapter 13 Entrepreneurship IT

Research indicates that ________ is the most important characteristic required for successful leadership.

• self esteem

• business knowledge

• drive

• intelligence

A leader is someone who gets things done through ________.

• coercion

• power

• influence

• force

When a business grows too big for the entrepreneur to run it alone, he/she should consider ________.

• franchising the business

• taking management classes to become a better manager

• slowing down marketing efforts to bring the business's growth back under control

• raising capital and using it to hire managers

Why are entrepreneurs not always the best managers for their businesses?

• Managers are better at coming up with fresh ideas for new businesses than entrepreneurs are.

• Entrepreneurs have a difficult time motivating employees.

• Entrepreneurs tend to be creative types who get bored with the day-to-day details of running a business

• They tend to have short attention spans.

One of the most important things you can do when you start a business is to learn how to manage your ________ so that you can get more done with efficiency.

• sales

• time

• costs

• None of the above.

No matter the size of a business, the leader sets the ________ for how the organization operates. If the leader is chaotic, chances are the business will be too. If the leader is well organized and efficient, the business may well be too.

• asset optimization

• expense constraints

• profit expectations

• tone

Great leaders are ________.

• pessimists

• coercive

• power hungry

• optimists

What is the difference between strategic planning and operational planning?

• Strategic plans are for one year or less and have very specific objectives, while operational plans are more vague and long-term.

• Strategic planning covers the short-term day-to-day workings of a business, while operational planning sets out long-term goals.

• Strategic planning sets out strategies for the business to achieve long-term growth and other goals, while operational planning covers the day-to-day operations of the business.

• Strategic planning is reserved for middle management in large companies.

Hiring employees is called ________.

• assessment

• controlling

• management

• recruitment

The ________ identifies the knowledge, skills, and abilities required to perform the specific tasks of the job.

• job rotation

• job enlargement

• job enrichment

• job profile