Identify the six attitudes and behaviors entrepreneurs should avoid. For each, explain the likely result of engaging in that behavior or holding that attitude. Simply saying "the business will likely fail" is insufficient.
What will be an ideal response?
1. Overestimate what you can do. Those who take on too much will find they do not have enough time to perform well in each activity. Something promised may not happen, upsetting customers and/or employees. Setting goals too high and then failing to meet them can be discouraging to the entrepreneur and disappointing to other stakeholders.2. Lack an understanding of the market. This can lead to an overestimation of revenues and overspending, resulting in cash flow problems. Customers will purchase only those products and services that meet their needs.3. Hire mediocre people. Customers delight in stellar customer service and better-than-expected products. Mediocre people turn out mediocre work which can disappoint customers and cause them to make their next purchases from a competitor.4. Fail to be a team player. Employees do not enjoy working for prima donnas. Building a business requires commitment from everyone in the organization, including the entrepreneur. Failure to be a team player can drive away the best employees, leaving the entrepreneur with the mediocre workers.5. Be a domineering manager. It is very easy for the founder to become a micro-manager. But the founder must accept that his/her solution is not the only good one. Employees also have good ideas that deserve a hearing. Dominating employees can drive them to the competition, leaving again only the mediocre workers.6. Fail to share ownership in the business in an equitable way. Those who do the work should reap the rewards. These rewards need not be in the form of stock or partnerships, but some generous recognition of the contribution of key employees is necessary to retain the best.
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The firm recognizes an expense when the following condition(s) hold(s):
a. The consumption of the asset results from a transaction that leads to the recognition of revenue. b. The consumption of the asset results from the passage of time. c. The expenditures on advertising must be recognized as expense in the period of expenditure. d. The expenditures on research must be recognized as expense in the period of expenditure. e. all of the above
Use the information in Table 5.3. Using the bottleneck method, which product should be scheduled first?
A) Fixture W B) Fixture X C) Fixture Y D) Fixture Z
Explain why a sampling schedule is important in a work sampling study
What will be an ideal response?
Which of the following control charts is/are for variables?
A) x-bar chart only B) R-chart only C) p-chart only D) A and B E) A, B, and C