8.6 Review Questions
- What is “networking”?
- What types of networks are created in a business relationship?
- What types of organizations on college campuses can provide opportunities for building social networks?
- What are some opportunities for you to develop the skills you need to establish personal relationships with people that you do not know?
- What is most likely the largest social group connected with a university? Why is being a member of this group valuable?
- How do government agencies at all levels support entrepreneurship?
- Who selects the entrepreneur’s team? Why is this important?
- Why is selecting an accountant a critical decision?
- For the startup entrepreneur, what finances are considered relevant?
- What are some differences between large banks and small banks as they relate to an entrepreneurial startup business?
- What resources do insurance agents have to gain industry specific information, especially about liability, operations, and challenges?
- What relationships are possible for sales reps and small, startup businesses? What are the benefits to each?
- Why is a functional or operational business plan necessary?
- Many operational business plans provide some very specific steps to take and sometimes are very detailed. What are some situations in which rigid schedules can be a hindrance or a deterrent to effective operations?
- What simple tools can an entrepreneur use to get organized and do what is necessary throughout the month or year?
- What is benchmarking? Why is it important? What are some limitations of benchmarking?
- What is cash flow?
- What is credit? What are some “instruments” of debt?
- What are some differences between “absolute capacity” and “operational capacity”? Why do they need to be distinguished?
- Explain nepotism. Why might it beneficial to an entrepreneur? Why may nepotism be detrimental to an entrepreneur?