Review Questions
- What types of tangible, intangible, and funding resources exist? Give examples of each.
- What is an example of a tangible resource and an intangible resource?
- What is the PEST tool? How can entrepreneurs use it to their advantage before launching a business?
- Why is it important to figure out costs before launching a business?
- What are examples of costs that must be taken into consideration before opening a business?
- What is the difference between one-time costs and monthly costs? How much should an entrepreneur have of monthly costs in advance?
- Define the resource dependence theory.
- What is the life cycle of a business and how do resource needs and their associate costs shift over time?
