Advanced Agribusiness Management

Chapters 1-3

Milton’s auto service is a small auto maintenance and repaire shop located in a small dtown…. Milton doesn’t charge as much as auto delerships so he has a steady stream of local customers. What innovations strategy best describes his ?

Cost-base strategy

Tangible resources include ?

Cash reserves, Manufacturing equipment, office building or anything physical.

Substitute products?

Reduce the potential attractiveness and profitability of a target industry.

Which of the following statements is an example of a technological trend?

A new computer chip is developed that will allow for miniaturization of many electronic devices.

Consuela noticed significant growth in the Hispanic population in her mid-size town. The local grocery carried mostly traditional American products. She decided to open a food market catering to their preferences. Consuela’s start up is based on what idea?

Market

The universally accepted definition of the term small business is based on the number of people employed by the firm.

False

Consider an entrepreneur you know personally. What do you admire about their characteristics as an entrepreneur/ leader?

My dad

Evelyn opened a small boutique catering to a very narrowly defined target market. Evelyn’s completive edge is?

the niche market

Legend holds that Abraham Lincoln walked miles to return two cents change to a customer. His actions demonstrate?

Integrity and responsibility

Self Employed individuals are less likely to create greater personal wealth that personas who work for others.

False

The entrepreneur personality examines why a business does what it does.

False

Explain the following statement. “One can climb the ladder to success only to discover it is leaning against the wrong wall.”

Focused only on small steps or only on the now and not on the whole picture.