Explain why personality traits of founders may not allow them to adjust to requirements of leading others.
What will be an ideal response?
Varies. As organizations grow and change, the role of the founders should adjust
as well. The personality traits of entrepreneurs and business founders are not always in
line with the organizational needs to lead, motivate, and communicate with others. A
growing organization may need a different leadership skill set depending on
organizational size and complexities. Eighty percentage of founders are not able to
make the adjustment. An understanding of individual differences is essential for leaders.
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__________ are the analytical and quantitative skills—including in-depth knowledge of how the business works and its budgeting and strategic planning processes—that are necessary for a manager to understand and contribute to the profitability of the organization.
A. Conceptual and design skills B. Human relations skills C. Business skills D. Human resources E. Revenue skills
Which of the following statements is true of the World Trade Organization?
A) Member states have a common tariff barrier against nonmembers. B) It is intended to create a common market. C) All members are obligated to harmonize their trade laws or face sanctions. D) It establishes guidelines for multinational corporations when operating in developed and developing countries.
Business in the ______ sector have to first assess their operations’ needs before selecting a specific ERP package.
a. manufacturing b. service c. mining d. hospitality
Which of the following statements regarding insurance and gambling is (are) true?
I. Insurance is used to handle existing pure risks, while gambling creates a new speculative risk. II. Insurance usually involves risk avoidance, while gambling typically involves only risk reduction. A) I only B) II only C) both I and II D) neither I nor II