GB 370 GENTRY FINAL QUESTIONS
& ANSWERS(RATED A+)
Organization - ANSWERA group of people working together in a structured and
coordinated fashion to achieve a set of goals
Management - ANSWERA set of activities (including planning and decision making,
organizing, leading, and controlling) aimed at achieving organizational goals in an
efficient and effective manner, through other people
Empowerment - ANSWERThe process of enabling or authorizing an individual to
think, behave, take action, and control work and decision making on their own.
Top Managers - ANSWERResponsible for developing the organization's strategy
and acting as a steward for its vision and mission
Strategic Planning - ANSWERAnalyzing competitive opportunities and threats as
well as the strengths and weaknesses of the organization, then determining how to
position the organization to complete effectively in their environment
Types of organizational resources - ANSWERphysical, human, information, financial
Manager's job is to - ANSWERplan, organize, control, lead/motivate
Theory X Assumptions - ANSWERPeople do not like work and they try to avoid it,
managers have to control employees to get stuff done, people tend to avoid
responsibility
Theory Y Assumptions - ANSWERPeople do not naturally dislike work; it is a part of
life, potential is underutilized in most conditions
Entrepreneurship - ANSWERThe recognition of opportunities (needs, wants,
problems, and challenges) and the use or creation of resources to implement
innovative ideas for new, thoughtfully planned ventures.
Convergent Thinking - ANSWEREvaluating the potential answers to a problem
Infrastructure - ANSWERKey activities, resources
Offering - ANSWERWhat value is offered
Customers - ANSWERSegments, channels, relationships
Finances - ANSWERCost and Revenue
MVP - ANSWERMinimum Viable Product, put out something that is close to test
audience
,92% of all exporters are small businesses - ANSWERTrue
Entrepreneurship Process - ANSWER1. Identify opportunity 2. develop concept 3.
determine required resources 4. acquire necessary resources 5. implement and
manage 6. Harvest Venture
Franchise - ANSWERBenefits of having customer base, reduced risk, limitations
though
New Business - ANSWERNo problems with previous owners, free to choose
suppliers, more risk
Sole Proprietorship - ANSWEROn our own, simplest structure, personal tax income,
personally responsible for liabilities
Partnership - ANSWER2+ people, same basic properties as a sole proprietorship
General Partnership - ANSWERParents manage company and assume
responsibility for debts
Limited Partnership - ANSWERBoth general and limited partners, both
own/operate/assume liability
C Corporation - ANSWERThe most common type of corporation, which is a legal
business entity that offers limited liability to all of its owners, who are called
stockholders
S Corporation - ANSWERA unique government creation that looks like a corporation
but is taxed like sole proprietorships and partnerships - 1 class of stock
LLC - ANSWERlimited liability company, separate assets
Corporation - ANSWERA business owned by stockholders who share in its profits
but are not personally responsible for its debts
Corporations - ANSWERMore expensive and complex than other structures
Liability Protection - ANSWERusually covers bodily injury to others, damage to
property of others, and medical payments to a person injured on your property -
Easily able to raise money
What is the rule of continuity for general partnerships? - ANSWERUnless the
partnership makes certain provisions, the business dissolves
What 2 professionals are needed for a new business? - ANSWERLawyer &
Accountant
What is true about non-profits? - ANSWERthey still have to pay employment taxes
, 2 + 1 Process - ANSWERCompanies carry two other brands and a person brand of
each product
Monopsony - ANSWERGood for consumer, cutting prices, selling downstream to
consumers instead of upstream to producers
Niche - ANSWERMarket segment currently/previously unexploited in a market where
several large firms compete, competitive advantage for small businesses
First Mover Advantage - ANSWERExploiting a new market opportunity before
competitors, does not mean that you will win
Fast Follower - ANSWERnot a first mover, watch people use product then come out
with better one
SWOT Analysis - ANSWERWays to categorize things coming at you, evaluating and
strategizing technique. strengths, weaknesses, opportunities, threats
sustained competitive advantage - ANSWERoccurs when a distinctive competence
cannot be easily duplicated; is what remains after all attempts at strategic imitations
cease
business level strategy - ANSWERthe set of strategic alternatives from which an
organization chooses as it conducts business in a particular industry or market
Vertical Integration - ANSWERBuying something that makes what goes into
something else
Deliberate Strategy - ANSWERa plan, chosen and implemented to support specific
goals
Emergent Strategy - ANSWERA pattern of action that develops over time in an
organization in the absence of mission and goals
Nominal Group Technique - ANSWERMethod of facilitating a group of people to
produce a large number of ideas in a short amount of time
Mission Statement - ANSWERCommunicates the organizations reason for being,
how it aims to serve its key stakeholders, lays out the purpose for being
Vision Statement - ANSWERA future-oriented declaration of the organization's
purpose and aspirations; what they want to become
Values Statement - ANSWEReither reaffirms or states outright the organization's
values that might not be evident in the mission or vision statements.
Social Networks - ANSWERInvisible organization, people or organizations
connected by one or more specific types on independency
& ANSWERS(RATED A+)
Organization - ANSWERA group of people working together in a structured and
coordinated fashion to achieve a set of goals
Management - ANSWERA set of activities (including planning and decision making,
organizing, leading, and controlling) aimed at achieving organizational goals in an
efficient and effective manner, through other people
Empowerment - ANSWERThe process of enabling or authorizing an individual to
think, behave, take action, and control work and decision making on their own.
Top Managers - ANSWERResponsible for developing the organization's strategy
and acting as a steward for its vision and mission
Strategic Planning - ANSWERAnalyzing competitive opportunities and threats as
well as the strengths and weaknesses of the organization, then determining how to
position the organization to complete effectively in their environment
Types of organizational resources - ANSWERphysical, human, information, financial
Manager's job is to - ANSWERplan, organize, control, lead/motivate
Theory X Assumptions - ANSWERPeople do not like work and they try to avoid it,
managers have to control employees to get stuff done, people tend to avoid
responsibility
Theory Y Assumptions - ANSWERPeople do not naturally dislike work; it is a part of
life, potential is underutilized in most conditions
Entrepreneurship - ANSWERThe recognition of opportunities (needs, wants,
problems, and challenges) and the use or creation of resources to implement
innovative ideas for new, thoughtfully planned ventures.
Convergent Thinking - ANSWEREvaluating the potential answers to a problem
Infrastructure - ANSWERKey activities, resources
Offering - ANSWERWhat value is offered
Customers - ANSWERSegments, channels, relationships
Finances - ANSWERCost and Revenue
MVP - ANSWERMinimum Viable Product, put out something that is close to test
audience
,92% of all exporters are small businesses - ANSWERTrue
Entrepreneurship Process - ANSWER1. Identify opportunity 2. develop concept 3.
determine required resources 4. acquire necessary resources 5. implement and
manage 6. Harvest Venture
Franchise - ANSWERBenefits of having customer base, reduced risk, limitations
though
New Business - ANSWERNo problems with previous owners, free to choose
suppliers, more risk
Sole Proprietorship - ANSWEROn our own, simplest structure, personal tax income,
personally responsible for liabilities
Partnership - ANSWER2+ people, same basic properties as a sole proprietorship
General Partnership - ANSWERParents manage company and assume
responsibility for debts
Limited Partnership - ANSWERBoth general and limited partners, both
own/operate/assume liability
C Corporation - ANSWERThe most common type of corporation, which is a legal
business entity that offers limited liability to all of its owners, who are called
stockholders
S Corporation - ANSWERA unique government creation that looks like a corporation
but is taxed like sole proprietorships and partnerships - 1 class of stock
LLC - ANSWERlimited liability company, separate assets
Corporation - ANSWERA business owned by stockholders who share in its profits
but are not personally responsible for its debts
Corporations - ANSWERMore expensive and complex than other structures
Liability Protection - ANSWERusually covers bodily injury to others, damage to
property of others, and medical payments to a person injured on your property -
Easily able to raise money
What is the rule of continuity for general partnerships? - ANSWERUnless the
partnership makes certain provisions, the business dissolves
What 2 professionals are needed for a new business? - ANSWERLawyer &
Accountant
What is true about non-profits? - ANSWERthey still have to pay employment taxes
, 2 + 1 Process - ANSWERCompanies carry two other brands and a person brand of
each product
Monopsony - ANSWERGood for consumer, cutting prices, selling downstream to
consumers instead of upstream to producers
Niche - ANSWERMarket segment currently/previously unexploited in a market where
several large firms compete, competitive advantage for small businesses
First Mover Advantage - ANSWERExploiting a new market opportunity before
competitors, does not mean that you will win
Fast Follower - ANSWERnot a first mover, watch people use product then come out
with better one
SWOT Analysis - ANSWERWays to categorize things coming at you, evaluating and
strategizing technique. strengths, weaknesses, opportunities, threats
sustained competitive advantage - ANSWERoccurs when a distinctive competence
cannot be easily duplicated; is what remains after all attempts at strategic imitations
cease
business level strategy - ANSWERthe set of strategic alternatives from which an
organization chooses as it conducts business in a particular industry or market
Vertical Integration - ANSWERBuying something that makes what goes into
something else
Deliberate Strategy - ANSWERa plan, chosen and implemented to support specific
goals
Emergent Strategy - ANSWERA pattern of action that develops over time in an
organization in the absence of mission and goals
Nominal Group Technique - ANSWERMethod of facilitating a group of people to
produce a large number of ideas in a short amount of time
Mission Statement - ANSWERCommunicates the organizations reason for being,
how it aims to serve its key stakeholders, lays out the purpose for being
Vision Statement - ANSWERA future-oriented declaration of the organization's
purpose and aspirations; what they want to become
Values Statement - ANSWEReither reaffirms or states outright the organization's
values that might not be evident in the mission or vision statements.
Social Networks - ANSWERInvisible organization, people or organizations
connected by one or more specific types on independency
