ENFB 4170 Exam 1 | 40 Questions with 100% Correct Answers | Updated 2023

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ENFB 4170 Exam 1 | 40 Questions with 100% Correct Answers | Updated 2023 What are the four steps to the *entrepreneurial strategy*? -✔✔ think big, start small, fail quickly, and grow fast W... hat are the 3 advantages to *thinking big* -✔✔ 1. get investors attention 2. get a greater return 3. make it easy to inspire people/recruit What are the 4 advantages to *starting small* -✔✔ 1. minimizes losses from failures 2. raise smaller amount of money, meaning less dilution of ownership 3. less time to raise less amount of $ 4. easier to measure results and easier for management to observe What are the 3 advantages to *failing quickly* -✔✔ 1. Saves time 2. Saves money 3. Gets us to the right answer quicker What are the 4 advantages to *grow faster* -✔✔ 1. window of opportunity closes fast 2. get to the break-even point faster 3. get to profit faster 4. easier to raise capital What is the most important part of supervision? -✔✔ hiring people What are 7 tips on hiring well? Which two are most important -✔✔ 1. Nub: "hire people who already know how to work" (important) 2. hire people you like (important) 3. has necessary skill sets 4. hire people who are excited about the company 5. hire from within company if at all possible 6. interview 5-7 people for an opening 7. interview too many vs. too few What are 4 benefits of hiring within your company? -✔✔ 1. Already part of the culture 2. motivating to other employees, improves morale 3. less risk 4. encourages overly qualified from outside to apply What are five tips for an interview? -✔✔ 1. 60% of words will be interviewee, and 40% of the words will be interviewer, two-way communication 2. early on describe the job 3. early on cast a vision of the company 4. ask "W" questions 5. Ask open-ended questions that the candidate does not know the right answer What are 6 big things in *supervision* (but the two biggest first) -✔✔ 1. treat others as you want to be treated 2. be a servant to those you supervise 3. open communication 4. be consistent, steady, predictable 5. don't let little things build up 6. reinforce positive behavior [Show More]

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