MGMT 1210 - Small Business Management

Unit 1 Study Guide

Reading the text chapters and completing this study guide will help you prepare for the unit exam. Although this may not be inclusive of every topic on the exam it will help direct your efforts to the main points. In order to get the most out of this guide, you will need to include your notes from the text reading, from class discussions and activities, as well as your own reflections.

Chapter 1 - The Entrepreneurial Life

What is the significance of Small Business in the United States? (Include data)

List and describe the four types of small businesses.

What are the criteria of a Small Business?

Define the following:

Entrepreneurial opportunity

Entrepreneur

Bootstrapping

List and describe the desirable attitudes and behaviors of Entrepreneurs (a.k.a. the Entrepreneurial mindset)

What are the attitudes and behaviors that Entrepreneurs should avoid?

Define/describe the following:

Founder

Franchisee

Entrepreneurial Team

Social Entrepreneurship

Women Entrepreneurs

Why do individuals decide to own a business, as opposed to being a member of the workforce?

List and describe the four types of Entrepreneurial Motivations.

List and describe the five competitive advantages that new firms have over successful, more powerful businesses.

Reflection: Write a paragraph that describes the three most important things you learned from this topic.

Chapter 2 - Integrity, Ethics, and Social Entrepreneurship

What is integrity?

Define stakeholders.

Who are the "Big Three" Stakeholders to the business?Explain how we must treat each of the three groups with integrity.

What is social responsibility? Give examples of various obligations and commitments.

Explain how integrity relates to government regulation.

Small companies face the following challenges to integrity:

Small companies experience the following benefits when acting with integrity:

List and describe the ways that you as the owner you can build a business with integrity.

What is Social Entrepreneurship? What is the expanded set of goals known as?

Reflection: Write a paragraph that describes the three most important things you learned from this topic.

Chapter 8 - The Organization Plan: Management Teams and Legal Structures

Define management team. Why is the concept of balance important to the team?

Why is a management team more desirable than a solo owner startup?

How can social networks help a business owner?

What considerations should Entrepreneurs consider when deciding on the legal formation of their firm?

For each legal form of organization - describe at least two characteristics, along with the related advantages and disadvantages:

Legal Form	Characteristics	Advantages	Disadvantages
Sole Proprietorship
Partnership
"C" Corporation
Limited Liability Company (LLC)
Nonprofit Corporation
"B" Corporation

Reflection: Write a paragraph that describes the three most important things you learned from this topic.