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Review Questions

EntrepreneurshipReview Questions


What is “networking”?


What types of networks are created in a business relationship?


What types of organizations on college campuses can provide opportunities for building social networks?


What are some opportunities for you to develop the skills you need to establish personal relationships with people that you do not know?


What is most likely the largest social group connected with a university? Why is being a member of this group valuable?


How do government agencies at all levels support entrepreneurship?


Who selects the entrepreneur’s team? Why is this important?


Why is selecting an accountant a critical decision?


For the startup entrepreneur, what finances are considered relevant?


What are some differences between large banks and small banks as they relate to an entrepreneurial startup business?


What resources do insurance agents have to gain industry specific information, especially about liability, operations, and challenges?


What relationships are possible for sales reps and small, startup businesses? What are the benefits to each?


Why is a functional or operational business plan necessary?


Many operational business plans provide some very specific steps to take and sometimes are very detailed. What are some situations in which rigid schedules can be a hindrance or a deterrent to effective operations?


What simple tools can an entrepreneur use to get organized and do what is necessary throughout the month or year?


What is benchmarking? Why is it important? What are some limitations of benchmarking?


What is cash flow?


What is credit? What are some “instruments” of debt?


What are some differences between “absolute capacity” and “operational capacity”? Why do they need to be distinguished?


Explain nepotism. Why might it beneficial to an entrepreneur? Why may nepotism be detrimental to an entrepreneur?

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