Deck 3: Small Business Environment: Managing External Relations

Question 1

What are the different types of entrepreneurial personality

Answer 1

To be an entrepreneur, people should possess both fundamental and critical skills. Fundamental skills include willpower, dedication, patience, and confidence. Critical skills include critical thinking, decision-making, risk-taking ability, and problem solving techniques. A right combination of these attributes provides way to multiple entrepreneurial personalities.
The entrepreneurial personalities are classified into five categories. They are idea person, small business owner, contemporary classic entrepreneur, salesperson entrepreneur, and managerial entrepreneur. The detailed explanation of these personalities is given below:
Idea Person : The idea persons are the ones who possess the skills of risk-taking and fast learning. They are hard workers and know the art of social isolation. They are fame seeker and to achieve the same they try to explore unique ideas which can be converted into business opportunities.
Small Business Owner : these people remain happy and satisfied in their small ventures. They try to averse the risk. They are not fame seekers. They are hard worker and struggle to maintain a life style business.
Contemporary Classic Entrepreneurs : Besides being hard worker, these entrepreneurs are self-sufficient and socially connected. They have the skills to mitigate risks. They apply strategies to accumulate wealth and possess fast learning skills.
Salesperson Entrepreneurs : They possess excellent sales skills and they are team-players. They are average learners in terms of technology. They are good in identifying opportunities. They remain socially connected to build networks.
Managerial Entrepreneurs : They possess outstanding managerial skills. They work in teams and believe in hard work. They are wealth seekers and fast learners. They try to averse the risk and make the growth process align with the planned approach.
All the entrepreneurs in the world are classified into above mentioned five entrepreneurial personalities. They possess the attributes to be put into one of the categories. They work according to the qualities they have and make their businesses successful.

Question 2

When does it make sense to create a business using a minimalized approach to professionalization Why is that so

Answer 2

Minimalized approach to professionalization means to do each business related thing in the simplest way possible. There is no systematic accounting process. Sales are done through a personal network. There is no place for advertising and promotions. Record keeping is done for personal understanding only. Street vendors, swap meets vendors, art fair vendors, and farmers' market are some examples of minimalized business professionalization.
It makes sense to create a business using a minimalized approach to professionalization when the entrepreneur has limited resources and they are to be used in optimized way. These businesses are suitable for those entrepreneurs who struggle hard to earn their survival. These businesses prove fruitful when there is a proven demand for the products/services they keep. Many times, this process acts as an excellent cost-cutting strategy and a minimalized firm gets matured into an expert firm.
It can be concluded that setting up a business on minimalized approach makes sense when the entrepreneur has specialization in the chosen field. This will help him/her to grow his/her business without advertisement and promotions. It is also fruitful when the products/services which are sold on a regular basis.

Question 3

Describe Tang's perspectives on human resources. Would you like to work for Tang Why or why not

Answer 3

The case shows that people with clear vision and mission have more chances of success in the entrepreneurial process. These people know how to set short-term targets to chase long-term targets.
Person S is little cautious about hiring process in her company. She says that human resource is the most unpredictable department. She shares that team is an integral part of the business so it is important to hire those people who have the potential and willingness to work. At any point in time, the employer should not feel like the employees are not productive. She further shares that benefits or repercussions of hiring skilled or unskilled employees are to be borne by the company only.
It will be an honor to work under the exceptional entrepreneur, Person S. The combination of entrepreneurial attributes and entrepreneurial competencies which she possesses is hard to find. She seems self-sufficient but she gives proper attention to the thoughts and ideas of others. She clarifies the fact that entrepreneurs do not know everything which is essential for the smooth functioning of their businesses but they have the skills to learn from others. Working under her will make the individuals confident and competitive.

Question 4

Which of the entrepreneurial personality types fit you the best Be ready to explain why you made this choice.

Question 5

What are the strengths and weaknesses of a team

Question 6

How would you classify Andre Thornton based on today's most typical types of entrepreneurial personalities in figure 3.1 Support your answer with references from the video.
(In Reference figure 3.1)

Question 7

Why did Laura Tidwell decide to become an entrepreneur

Question 8

What is the major challenge facing women and minority owned firms How can this be solved

Question 9

What type of entrepreneurial career path would you classify Andre Thornton under Explain your answer.

Question 10

What kinds of competencies do you see these real estate entrepreneurs bringing to their business

Question 11

What make the situation of the late career entrepreneur problematic What can they do to smooth their way

Question 12

Discuss the unique challenges Andre Thornton faces by being a minority owner of a company in his industry.

Question 13

In starting her fence business name two entrepreneurial competencies that Martin possessed

Question 14

REAL ESTATE MILLIONAIRES OF MEMPHIS
The one sure way to make money in Memphis, Tennessee, has always been through real estate, but the kinds of people who became millionaires this way defied a single, simple description. Consider five people who became millionaires within a few years of each other. All were in their early 30s when they struck it rich, but otherwise, they were a very varied group.
For example, Abe was the local "do it right" guy. He went to college, got his start in real estate working for a successful firm (he was one of the few African Americans in the local industry who specialized in commercial real estate), and built a nest egg. He left the firm after about five years to start his own, and he kept up his conscientious ways. He made a profit in his first year of operations through frugality and careful money management. He studied the market, the competition, and how and where the city was growing. He negotiated tirelessly but fairly to get the best price on land, and he developed it for the commercial market because that was where the money was.
Cal was the promoter. He was college-educated but seemed to have majored in partying. He was always talking up one big deal or another, developing major projects for tourists. More than anyone else in town, he sold visions of a future Memphis. He built his deals from the downtown out, looking for opportunities near the Mississippi River, which he saw as Memphis's key tourist attraction. He was always putting together consortia, but often forgot or failed to cover key details. His relationships with people were emotional roller coaster rides, and he likewise led a life of financial feast or famine, depending on where he and his latest project was. Just after his 30th birthday, one of his projects "came in," and he became a millionaire.
Lee went to college in engineering and joined her father's construction company right after graduation. She knew business as well as engineering and made the family firm a major force in home construction. She had a keen eye for where new subdivisions should go and was able to get the best work out of local architects and subcontractors. She was considered not only sharp, but kind to people and careful about the details of her homes and her firm. She prospered because her subdivisions were the best in town.
Dave ran a grocery on the outskirts of Memphis
and said he "dabbled" in real estate. Self-educated, he largely limited his real estate dealings to when one came across the butcher shop refrigerated case in his grocery. All the locals knew him, and he knew every piece of property and its history from experience and listening to his customers. When someone needed to move or sell a deceased parent's farm, Dave was there with his checkbook, financed through the grocery. He did not prospect, and he resold land rather than developing it.
Frank also lived on the outskirts of town. Never graduating from high school, he apprenticed himself to a gas station owner as a teen. When the company needed to open a gas station just outside of Memphis, Frank agreed to do it, and the company financed his purchase of the gas station. At his gas station, Frank mostly sat outside in a rocking chair by the gas pump. He became a millionaire when gravel was discovered on his land and was mined by local gravel and building companies. Armed with serious money, Frank always said he was looking for his next deal, but he never found one.
In terms of the five types of entrepreneurial personalities mentioned in the chapter, do any of them fit the description of the Memphis real estate tycoons

Question 15

Why is it important to recognize there is more than one type of entrepreneurial personality

Question 16

REAL ESTATE MILLIONAIRES OF MEMPHIS
The one sure way to make money in Memphis, Tennessee, has always been through real estate, but the kinds of people who became millionaires this way defied a single, simple description. Consider five people who became millionaires within a few years of each other. All were in their early 30s when they struck it rich, but otherwise, they were a very varied group.
For example, Abe was the local "do it right" guy. He went to college, got his start in real estate working for a successful firm (he was one of the few African Americans in the local industry who specialized in commercial real estate), and built a nest egg. He left the firm after about five years to start his own, and he kept up his conscientious ways. He made a profit in his first year of operations through frugality and careful money management. He studied the market, the competition, and how and where the city was growing. He negotiated tirelessly but fairly to get the best price on land, and he developed it for the commercial market because that was where the money was.
Cal was the promoter. He was college-educated but seemed to have majored in partying. He was always talking up one big deal or another, developing major projects for tourists. More than anyone else in town, he sold visions of a future Memphis. He built his deals from the downtown out, looking for opportunities near the Mississippi River, which he saw as Memphis's key tourist attraction. He was always putting together consortia, but often forgot or failed to cover key details. His relationships with people were emotional roller coaster rides, and he likewise led a life of financial feast or famine, depending on where he and his latest project was. Just after his 30th birthday, one of his projects "came in," and he became a millionaire.
Lee went to college in engineering and joined her father's construction company right after graduation. She knew business as well as engineering and made the family firm a major force in home construction. She had a keen eye for where new subdivisions should go and was able to get the best work out of local architects and subcontractors. She was considered not only sharp, but kind to people and careful about the details of her homes and her firm. She prospered because her subdivisions were the best in town.
Dave ran a grocery on the outskirts of Memphis
and said he "dabbled" in real estate. Self-educated, he largely limited his real estate dealings to when one came across the butcher shop refrigerated case in his grocery. All the locals knew him, and he knew every piece of property and its history from experience and listening to his customers. When someone needed to move or sell a deceased parent's farm, Dave was there with his checkbook, financed through the grocery. He did not prospect, and he resold land rather than developing it.
Frank also lived on the outskirts of town. Never graduating from high school, he apprenticed himself to a gas station owner as a teen. When the company needed to open a gas station just outside of Memphis, Frank agreed to do it, and the company financed his purchase of the gas station. At his gas station, Frank mostly sat outside in a rocking chair by the gas pump. He became a millionaire when gravel was discovered on his land and was mined by local gravel and building companies. Armed with serious money, Frank always said he was looking for his next deal, but he never found one.
What role in their development as entrepreneurs would you think special conditions had-for example, Abe being African American, Lee being a female in a male-dominated industry or working within a family business, or Frank or Dave going into serious business without a college education

Question 17

Which entrepreneurial competencies to you possess Be ready to provide examples and explain why you made this choice. You can use the result of Skill Module 3.1 to aid you in this.

Question 18

REAL ESTATE MILLIONAIRES OF MEMPHIS
The one sure way to make money in Memphis, Tennessee, has always been through real estate, but the kinds of people who became millionaires this way defied a single, simple description. Consider five people who became millionaires within a few years of each other. All were in their early 30s when they struck it rich, but otherwise, they were a very varied group.
For example, Abe was the local "do it right" guy. He went to college, got his start in real estate working for a successful firm (he was one of the few African Americans in the local industry who specialized in commercial real estate), and built a nest egg. He left the firm after about five years to start his own, and he kept up his conscientious ways. He made a profit in his first year of operations through frugality and careful money management. He studied the market, the competition, and how and where the city was growing. He negotiated tirelessly but fairly to get the best price on land, and he developed it for the commercial market because that was where the money was.
Cal was the promoter. He was college-educated but seemed to have majored in partying. He was always talking up one big deal or another, developing major projects for tourists. More than anyone else in town, he sold visions of a future Memphis. He built his deals from the downtown out, looking for opportunities near the Mississippi River, which he saw as Memphis's key tourist attraction. He was always putting together consortia, but often forgot or failed to cover key details. His relationships with people were emotional roller coaster rides, and he likewise led a life of financial feast or famine, depending on where he and his latest project was. Just after his 30th birthday, one of his projects "came in," and he became a millionaire.
Lee went to college in engineering and joined her father's construction company right after graduation. She knew business as well as engineering and made the family firm a major force in home construction. She had a keen eye for where new subdivisions should go and was able to get the best work out of local architects and subcontractors. She was considered not only sharp, but kind to people and careful about the details of her homes and her firm. She prospered because her subdivisions were the best in town.
Dave ran a grocery on the outskirts of Memphis
and said he "dabbled" in real estate. Self-educated, he largely limited his real estate dealings to when one came across the butcher shop refrigerated case in his grocery. All the locals knew him, and he knew every piece of property and its history from experience and listening to his customers. When someone needed to move or sell a deceased parent's farm, Dave was there with his checkbook, financed through the grocery. He did not prospect, and he resold land rather than developing it.
Frank also lived on the outskirts of town. Never graduating from high school, he apprenticed himself to a gas station owner as a teen. When the company needed to open a gas station just outside of Memphis, Frank agreed to do it, and the company financed his purchase of the gas station. At his gas station, Frank mostly sat outside in a rocking chair by the gas pump. He became a millionaire when gravel was discovered on his land and was mined by local gravel and building companies. Armed with serious money, Frank always said he was looking for his next deal, but he never found one.
What kinds of competencies do you see these real estate entrepreneurs bringing to their business

Question 19

What skills did she develop to become a successful entrepreneur

Question 20

REAL ESTATE MILLIONAIRES OF MEMPHIS
The one sure way to make money in Memphis, Tennessee, has always been through real estate, but the kinds of people who became millionaires this way defied a single, simple description. Consider five people who became millionaires within a few years of each other. All were in their early 30s when they struck it rich, but otherwise, they were a very varied group.
For example, Abe was the local "do it right" guy. He went to college, got his start in real estate working for a successful firm (he was one of the few African Americans in the local industry who specialized in commercial real estate), and built a nest egg. He left the firm after about five years to start his own, and he kept up his conscientious ways. He made a profit in his first year of operations through frugality and careful money management. He studied the market, the competition, and how and where the city was growing. He negotiated tirelessly but fairly to get the best price on land, and he developed it for the commercial market because that was where the money was.
Cal was the promoter. He was college-educated but seemed to have majored in partying. He was always talking up one big deal or another, developing major projects for tourists. More than anyone else in town, he sold visions of a future Memphis. He built his deals from the downtown out, looking for opportunities near the Mississippi River, which he saw as Memphis's key tourist attraction. He was always putting together consortia, but often forgot or failed to cover key details. His relationships with people were emotional roller coaster rides, and he likewise led a life of financial feast or famine, depending on where he and his latest project was. Just after his 30th birthday, one of his projects "came in," and he became a millionaire.
Lee went to college in engineering and joined her father's construction company right after graduation. She knew business as well as engineering and made the family firm a major force in home construction. She had a keen eye for where new subdivisions should go and was able to get the best work out of local architects and subcontractors. She was considered not only sharp, but kind to people and careful about the details of her homes and her firm. She prospered because her subdivisions were the best in town.
Dave ran a grocery on the outskirts of Memphis
and said he "dabbled" in real estate. Self-educated, he largely limited his real estate dealings to when one came across the butcher shop refrigerated case in his grocery. All the locals knew him, and he knew every piece of property and its history from experience and listening to his customers. When someone needed to move or sell a deceased parent's farm, Dave was there with his checkbook, financed through the grocery. He did not prospect, and he resold land rather than developing it.
Frank also lived on the outskirts of town. Never graduating from high school, he apprenticed himself to a gas station owner as a teen. When the company needed to open a gas station just outside of Memphis, Frank agreed to do it, and the company financed his purchase of the gas station. At his gas station, Frank mostly sat outside in a rocking chair by the gas pump. He became a millionaire when gravel was discovered on his land and was mined by local gravel and building companies. Armed with serious money, Frank always said he was looking for his next deal, but he never found one.
Are there any conclusions you can draw about there being an entrepreneurial personality type for the real estate business What does it say about the kind of entrepreneur you can become with the personality you have

Question 21

How did networking pay off for Martin's business

Question 22

Identify and describe Dale Gray's entrepreneurial personality type. Provide examples from the video to support your answer.

Question 23

Are there any conclusions you can draw about there being an entrepreneurial personality type for the real estate business What does it say about the kind of entrepreneur you can become with the personality you have

Question 24

Using the examples from the video, describe Dale Gray's entrepreneurial competencies.

Question 25

An entrepreneur started a business from scratch and grew it to be a multimillion dollar operation. After about 10 years he sold his business and bought a boat in order to take a round the world cruise. What type of career path do you think he was following Why

Question 26

Describe Dale Gray's perspectives on human resources. Would you like to work for CSI Why or why not

Question 27

Pick small businesses with which others in the class are familiar and analyze what level of professionalization they display. Be ready to explain the basis for your classification.

Question 28

Identify and describe Debbie and Les Busfield's entrepreneurial personality type. Provide examples from the video to support your answer.

Question 29

What opportunities did Laura find and pursue

Question 30

Discuss Debbie and Les Busfield's view on hiring employees. What type of employees is successful within their organization

Question 31

In terms of the five types of entrepreneurial personalities mentioned in the chapter, do any them fit the description of any of the real estate tycoons

Question 32

How did Martin handle the Resource Competencies when she took over the guardrail manufacturing company

Question 33

Using the examples from the video, describe Debbie and Les Busfield's entrepreneurial competencies.

Question 34

What role in their development as entrepreneurs would you think special conditions had - for example, Abe being African American, Lee being a female in a male dominated industry or working within a family business, or Frank or Dave going into serious business without a college education

Question 35

Could someone with good industry specific knowledge but low competency in basic business skills be successful as an entrepreneur in that industry Why or why not

Question 36

Identify and describe Syl Tang's entrepreneurial personality type. Provide examples from the video to support your answer.

Question 37

What type of entrepreneurial personality do you think Martin displayed

Question 38

Select a local family business owner or female or minority entrepreneur whom you admire and research the person's business and professional background. Interview this person if possible. What particular challenges were faced What competencies were used to overcome them

Question 39

Using the examples from the video, describe Syl Tang's entrepreneurial competencies.