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Essentials of Entrepreneurship and Small Business Management, 8e (Scarborough)

Chapter 16 Building a Team and Management Succession

1) ________ is the process of influencing and inspiring others to work to achieve a common goaland then giving them the power and the freedom to achieve it.

A) ManagementB) OrganizingC) eadership!) CoordinationAnswer" C!iff" 1AAC#B" $eflective %hinkingearning O&'" 1(1 *+plain the challenges involved in the entrepreneur,s role as leader andwhat it takes to &e a successful leader.

-) eadership is ________.

A) essential to a compan,s successB) not an eas skill to learnC) influencing and inspiring others to work to achieve a common goal and then giving them thepower and the freedom to achieve it!) All of the a&oveAnswer" !!iff" 1AAC#B" /ritten and Oral Communicationearning O&'" 1(1 *+plain the challenges involved in the entrepreneur,s role as leader andwhat it takes to &e a successful leader.

0) /hich of the following pairs descri&ing leadership (first column)and management (secondcolumn)is notaccurate

Leadership Management

A) Comes first Comes secondB) !eals with people !eals with thingsC) 2nvolves doing things right 2nvolves doing the right things!) 3ocuses on the present 3ocuses on the futureAnswer" C!iff" -AAC#B" /ritten and Oral Communicationearning O&'" 1(1 *+plain the challenges involved in the entrepreneur,s role as leader andwhat it takes to &e a successful leader.

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8) /hich of the following is nota &ehavior tpicall e+hi&ited & effective leadersA) !efine and constantl reinforce the vision the have for the compan.B) $espect and support their emploees.C) $e9uire emploees to gather necessar resources to complete their tasks: the will &e morelikel to ;feel ownership; than if ou did it for them.

!) Create an environment in which people have the motivation7 the training7 and the freedom toachieve the goals the have set.Answer" C!iff" 1AAC#B" /ritten and Oral Communicationearning O&'" 1(1 *+plain the challenges involved in the entrepreneur,s role as leader andwhat it takes to &e a successful leader.

eep fle+i&le and do not &e concerned a&out preparing for the ne+t generation ofmanagement.Answer" !!iff" 1AAC#B" Analtical %hinkingearning O&'" 1(1 *+plain the challenges involved in the entrepreneur,s role as leader andwhat it takes to &e a successful leader.

() A leadership stle in which a leader takes on the role of a servant first and the role of a leadersecond is referred to as a ________ leader.A) servantB) passiveC) managerial!) su&servientAnswer" A!iff" 1AAC#B" /ritten and Oral Communicationearning O&'" 1(1 *+plain the challenges involved in the entrepreneur,s role as leader andwhat it takes to &e a successful leader.

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?) @uestions like ;/hat are ou deepl passionate a&out;7 ;/hat can ou &e the &est in theworld at; and ;/hat drives our economic engine; are important to define our ________7according to the work of im Collins.A) hedgehog conceptB) core competencies

C) critical strategies!) kes to successAnswer" A!iff" 1AAC#B" Analtical %hinkingearning O&'" 1(1 *+plain the challenges involved in the entrepreneur,s role as leader andwhat it takes to &e a successful leader.

) Both leadership and management are essential to a small compan,s success7 &ut leadershipcomes first.Answer" %$*

!iff" 1AAC#B" /ritten and Oral Communicationearning O&'" 1(1 *+plain the challenges involved in the entrepreneur,s role as leader andwhat it takes to &e a successful leader.

D) eadership deals with doing things right: management deals with doing the right things.Answer" 3A#*!iff" -AAC#B" /ritten and Oral Communicationearning O&'" 1(1 *+plain the challenges involved in the entrepreneur,s role as leader andwhat it takes to &e a successful leader.

15) Although a small &usiness manager must assume a wide range of ideas7 tasks7 andresponsi&ilities7 none is more important than the role of leader.Answer" %$*!iff" -AAC#B" /ritten and Oral Communicationearning O&'" 1(1 *+plain the challenges involved in the entrepreneur,s role as leader andwhat it takes to &e a successful leader.

11) eadership gets a small &usiness going: management keeps it going.Answer" %$*!iff" -

AAC#B" /ritten and Oral Communicationearning O&'" 1(1 *+plain the challenges involved in the entrepreneur,s role as leader andwhat it takes to &e a successful leader.

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1-) Management and leadership are essentiall the same.Answer" 3A#*!iff" -AAC#B" Analtical %hinkingearning O&'" 1(1 *+plain the challenges involved in the entrepreneur,s role as leader and

what it takes to &e a successful leader.

10) A strong leader does not share aspects of his or her compan,s financial health7 its futureplans7 or her vision for it with emploees.Answer" 3A#*!iff" -AAC#B" /ritten and Oral Communicationearning O&'" 1(1 *+plain the challenges involved in the entrepreneur,s role as leader andwhat it takes to &e a successful leader.

18) *ffective leaders know the must punish workers who take risks and fail so that other

workers do not make the same mistakes.Answer" 3A#*!iff" 1AAC#B" /ritten and Oral Communicationearning O&'" 1(1 *+plain the challenges involved in the entrepreneur,s role as leader andwhat it takes to &e a successful leader.

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1) *ffective leaders recognize that mone is not the onl reward that motivates workers.Answer" %$*!iff" 1AAC#B" Analtical %hinkingearning O&'" 1(1 *+plain the challenges involved in the entrepreneur,s role as leader and

what it takes to &e a successful leader.

1D) @uestions like ;/hat are ou deepl passionate a&out;7 ;/hat can ou &e the &est in theworld at; and ;/hat drives our economic engine; are important to define our hedgehogconcept7 according to the work of im Collins.Answer" %$*!iff" -AAC#B" $eflective %hinkingearning O&'" 1(1 *+plain the challenges involved in the entrepreneur,s role as leader andwhat it takes to &e a successful leader.

-5) eadership is an eas skill to learn.Answer" 3A#*!iff" 1AAC#B" /ritten and Oral Communicationearning O&'" 1(1 *+plain the challenges involved in the entrepreneur,s role as leader andwhat it takes to &e a successful leader.

-1) %he practice known as servant leadership was coined & $o&ert Ereenleaf and states thatleaders are servants first and leaders second7 putting their emploees and their emploees, needsahead of their own.Answer" %$*!iff" 1AAC#B" /ritten and Oral Communicationearning O&'" 1(1 *+plain the challenges involved in the entrepreneur,s role as leader andwhat it takes to &e a successful leader.

--) Because their companies are small7 entrepreneurs need not develop the leadership skillsmanagers in larger companies need.Answer" 3A#*!iff" 1AAC#B" Analtical %hinkingearning O&'" 1(1 *+plain the challenges involved in the entrepreneur,s role as leader andwhat it takes to &e a successful leader.

-0) 2f their companies are to grow and reach their potential7 entrepreneurs must learn to &eeffective leaders.Answer" %$*!iff" 1AAC#B" /ritten and Oral Communicationearning O&'" 1(1 *+plain the challenges involved in the entrepreneur,s role as leader andwhat it takes to &e a successful leader.

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