Questions from General Entrepreneurship


Q: What is a first mover advantage? What are some advantages to

What is a first mover advantage? What are some advantages to an entrepreneur who has a first mover advantage?

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Q: What are economic rents? What do they imply?

What are economic rents? What do they imply?

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Q: What is a mission statement? When should it be developed?

What is a mission statement? When should it be developed? How does it compare to the strategy of the new small business?

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Q: Discuss how the firm’s mission helps the new business venture. What

Discuss how the firm’s mission helps the new business venture. What does it target? Why?

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Q: What is a firm’s strategy? What is the foundation on which

What is a firm’s strategy? What is the foundation on which the firm’s strategy is built? Why is an effective strategy important for the new small business?

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Q: Who is Michael Porter? What is his argument as it relates

Who is Michael Porter? What is his argument as it relates to business strategy?

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Q: What is the difference between a tangible and an intangible asset?

What is the difference between a tangible and an intangible asset?

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Q: Summarize the key characteristics that drive the new business founder to design

Summarize the key characteristics that drive the new business founder to design an effective mission statement?

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Q: What is deviation analysis? When is it used? Discuss how

What is deviation analysis? When is it used? Discuss how it is useful to a new small business owner.

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Q: How does the balance sheet relate to a cash flow statement?

How does the balance sheet relate to a cash flow statement?

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