List the characteristics that most entrepreneurs have. Suppose you have decided to start a nail salon in a town that does not currently have one. Explain how you will benefit from having each of these characteristics.
What will be an ideal response?
The characteristics that most entrepreneurs have include a high need for achievement, belief in personal control of destiny (including an internal locus of control), high energy level and action orientation, high tolerance for ambiguity, and self-confidence and tolerance for risk.
If you are starting a nail salon, a high need for achievement is essential. Renting a space and hiring staff will be expensive. To put your business on the map and make it flourish, you must be driven to succeed.
By having an internal locus of control, you say to yourself, "I am in charge of making my business successful. I cannot leave it to luck." You believe that you are responsible for marketing the business and making it profitable, and you wake up every day with that knowledge.
A high level of energy and an action orientation will keep you motivated. Each day you will ask yourself, "Am I doing everything I can to make my business grow? What else can I do? What can I do better?" You will never be satisfied with the status quo; you will always be looking for ways to improve (and increase your profitability).
Among all this, your high tolerance for ambiguity will keep you focused in a world where many start-up businesses fail each year. You recognize that money will be tight until your business is established, and you make contingency plans that will get you past the rough spots.
Finally, your self-confidence and tolerance for risk will get you through some tough times. You have to believe in your product and your staff, and you have to be willing to take chances to get noticed (positively) in a world where so many marketing messages are competing for attention.
You might also like to view...
Which of the following statements is not true concerning assurance services?
A. Unlike audit and attestation engagements, an engagement to perform assurance services does not require the CPA to consider information reliability. B. Assurance services focus on improving the quality of information or its context, for decision makers. C. Auditing and attestation services can be viewed as subsets of assurance services since there is overlap in their objectives. D. The growth in assurance services has been driven by users' demands for those services.
Which of the following terms is least consistent with the allocation of costs using a rational and systematic method?
a. depreciation b. amortization c. depletion d. upward revaluation
Explain the concept of the price floor
What will be an ideal response?
Price discrimination is allowable under the Robinson-Patman Act if _____
a. price differences can be justified by differences in costs b. large retailers exert bargaining power c. large retailers threaten to produce their own brand d. products have different brand designations