1. in your own words explain, are entrepreneurs born or made?
Entrepreneurs are either born or made. Some people are born with some traits that make them better entrepreneurs. Some of this traits include high creativity and passion, problem-solving skills, ambition, vision and self-discipline among other characters. However, an entrepreneur can be highly creative, have great vision and great passion, failure to have any education experience might lead the entrepreneur to make mistakes that are fatal to the business. Entrepreneurs need educational training to improve their communication skills among other qualitative skills. The majority of the entrepreneurs tend to gain work experiences through the experiences that they gain as they transition from working from one person to another and gain experience of work. Through their exposure to different individuals in the conduct of their business, they can establish networks within the business environment.
2. In your own words, what is a venture capitalist?
A venture capitalist is an investor who can provide any the necessary resources that are required to start the new business, troubled or any growing business. Venture capitalist does not necessarily have to be extremely wealthy; they might be able to pool funds together and fiancé businesses. The venture capitalists, absorb the risks that are associated with the firm in a bid to earn high returns from the companies. The VC monitor companies with a high potential for growth and buy equity from the firms instead of loaning the money.
3. In your own words, explain three of the nine building blocks for managers to use in developing an innovative and efficient business model.
There are nine components that managers can utilize when trying to come up with an efficient business model. Some of the three top building blocks include relationships built with the customers. Managers should try and encourage construction of healthy relationships among themselves, the organization and the clients who are existing clients in a bit to innovate and develop the effective business model. The second block is value proposition of what the company offers in the market. Managers can come up with the viable value proposition that the public sees as the one which is superior compared to the ones provided by the competitors. The third building block is the cost of the business model. The cost structure refers to the expenses that the firm has to incur in the process of providing services or product manufacturing. The cost structure is the ratio variable cost to fixed costs that businesses incur (Daley, 2013).
4. What is a competitive advantage? How does marketing contribute to the creation of a competitive advantage?
Competitive advantage refers to the benefits that the business has over its competitors that make it flourish in the market than its rivals. The competitive advantage could be due to extensive experience in the market, technology or highly skilled or experienced employees that the business possesses as opposed to the competitors.
5. What is market segmentation? List the steps in the market segmentation process.
Market segmentation refers to the process through which an organization develops small segments within a broad individual market and decide to the preferred target market for their various brands. The steps of market segmentation include identifying the market, identification of the target audience expectations, development of subgroups, review of the target audience needs. The fifth step is naming of the market segment, selling the strategies, consideration of the behavior and the last step is defining the size of the market
6. Discuss several reasons why marketers continue to have a difficult time understanding, predicting, and explaining consumer behavior.
The consumer habits have been one of the greatest challenges for marketers to explain, understand and predict. The reason for this phenomena is because markets do not have direct control of the consumer attributes. Another reason is that customer today are more knowledgeable, demanding, informed and discerning due to the influence of the internet. Another challenge arises due to the infancy and complications of consumer research (David, 2015).
7. In your own words, what are the characteristics of the four types of business legal entities?
Businesses can either occur in the form of partnership, corporation, sole proprietorship and. Limited Liability Company. The characteristics include they all got the required number and type of owners, tax treatment, profit sharing, transfer of interests as well as a liability towards the business.
8. How does the cultural environment affect international marketing activities?
There are a lot of factors about the cultural environment that affects the global marketing initiatives. Some of these factors include education, religion, language diversity and values. Interpretation of commercial ads tends to be different in different countries and might end up meaning something which was not intended. The values that other countries hold affect the international marketing since something that might be domestically be considered as a business norm or a social norm might be offensive in other nations.
9. Describe the advantages and disadvantages of a flat versus tall organizational structure.
Flat organizational structures are more common in small organizations. Flat organizational structures have fast and efficient communication, require less management and employees tend to be close to earth other. In tall organizational structures, there are more specializations in each department, there are high levels of management, but employees are not able to work together, and the communication process is slow (Griffin, 2017)
10. Explain the concept of workers as stakeholders in your own words
This concept interprets that employees always have the best intentions for the organizations. Employees will make decisions and be committed to ensuring the success of the organization regarding profits making and development because the success of the team is a benefit to the employees
DAVID, T. (2015). Current Problems in Consumer Behavior Research. Consumer Behaviour, 330. Retrieved from https://www.ama.org/documents/5002898.pdf
Daley, J. (2013, Septemeber 19). Are Entrepreneurs Born or Made . Retrieved September 23, 2014, From Entrepreneur: h³p://www.entrepreneur.com/ar´cle/228273
Griffin, D. (2017). Tall Vs. Flat Organizational Structure | Chron.com. Retrieved from http://smallbusiness.chron.com/tall-vs-flat-organizational-structure-283.html