Distinguish between artisan entrepreneurs and opportunistic entrepreneurs. Describe the
distinctive features of each.
Both wholesalers and equipment manufacturers/suppliers can be used as sources of
funds.
A salesperson can help to build goodwill by understanding the customer’s point of view.
Explain the nature of orientation programs and why they are needed.
A new business needs to manage cash flows carefully because if a firm runs out of cash,
it is out of business.
List the three major factors that influence the adoption of a particular marketing
philosophy.
All B2B firms are fairly much alike.
Entrepreneurs who accept stock in payment for the sale of their businesses are usually
pleased with the results because they escape a significant tax burden.
The buyer of an existing business typically acquires its personnel, inventories, physical
facilities, established banking connections, and ongoing relationships with trade
suppliers.
In a real-world situation, an entrepreneur should project the profits of a new company
one to three years into the future.
Having effective internal controls is not of any concern to auditors.
Briefly describe a trademark.
Serendipity is the faculty for making desirable discoveries by accident.
Small retailers need merchandise display racks and other equipment, but these are
usually less expensive than that which is required for a factory operation.
Most entrepreneurs have an external locus of control.