Question 1

The personal shopper business that Jeff and Christy have developed has grown, so they are busy 50 hours weekly. This schedule leaves little time for them as a couple. They have decided to hire outside employees to take over some of their business responsibilities. What suggestions should they follow to ease this transition?

Accepted Answer

The answer of The personal shopper business that Jeff and...

Question 2

Describe the four stages of small business growth and how the owner would function.

Accepted Answer

The answer of Describe the four stages of small business...

Question 3

Discuss what makes a leader effective.

Accepted Answer

The answer of Discuss what makes a leader effective....

Question 4

SCORE refers to

Accepted Answer

SCORE (Service Corps of Retired Executives) is a group of retired executives who act as mentors and consultants to small business owners. They provide free counseling, workshops, and resources to help small businesses grow and succeed. SCORE is a nonprofit association supported by the U.S. Small Business Administration (SBA).

Question 5

Marvin has just launched a consulting business. Business has been slower than expected. What advice would you give Marvin?

Accepted Answer

Word-of-mouth and referrals from personal and professional contacts can be a powerful way to generate business for a new consulting business. Marvin should leverage his network by reaching out and letting them know about his business and the services he offers.

Question 6

Andrea designed a new household cleaning product that can be used on any surface, is environmentally friendly, and performs better than other current products. As the company grew, she added employees to produce the cleaner. Recently, a grocery store chain asked to sell the cleaner in a regional area. Should Andrea continue as the CEO? At what level is the company in its development? What factors should Andrea consider as the company continues to grow?

Accepted Answer

The answer of Andrea designed a new household cleaning product...

Question 7

In order for an individual to supervise effectively, what is the optimal span of control?

Accepted Answer

The optimal span of control can vary depending on a number of factors such as the nature of the task, the level of expertise and experience of subordinates, the complexity of the organization, and the physical proximity of workers. Therefore, it is not possible to give one specific answer for the optimal span of control.

Question 8

Small business service organizations that are patterned after the Agricultural Extension Service are known as

Accepted Answer

Small Business Development Centers (SBDCs) are small business service organizations that are patterned after the Agricultural Extension Service. They provide assistance to entrepreneurs and small business owners through counseling, training, and technical assistance, as well as promote economic development in the local community.

Question 9

Entrepreneurs can gain management assistance from peers through

Accepted Answer

Networking allows entrepreneurs to connect with peers who may have experience and expertise in areas that they lack. This can lead to valuable management assistance and advice. Outside consultants and SCORE advisors are also valuable resources, but they may come at a cost or require formal arrangements. Volunteering in the community can also provide networking opportunities, but may not necessarily lead to management assistance.

Question 10

Kathleen believes she could be more efficient in the use of her time. To determine where improvements can be made, Kathleen should first

Accepted Answer

To determine where improvements can be made in her use of time, Kathleen should first record the amounts of time she spends on various activities during the day. This will give her a clear picture of how she is currently utilizing her time and which areas may need improvement. Once she has identified these areas, she can then move on to setting long-term objectives, listing projects, and assigning priorities to unfinished tasks.

Question 11

The consulting resources of universities are made available to small business firms by

Accepted Answer

Universities often have programs where student consulting teams work with small business firms to provide consulting services. This allows students to gain real-world consulting experience while providing valuable assistance to small businesses. SCORE is a nonprofit organization that offers mentoring and education services to small businesses, but it is not directly affiliated with universities. Business incubators are physical spaces where startups can work and receive support, but they may not have consulting resources available. Management consultants are typically hired by larger companies and may not specialize in working with small businesses.

Question 12

Nancy just added her eighth employee, a human resource manager who will be responsible for all future hiring, training, retaining, and firing decisions. The company is using a _____ organizational structure.

Accepted Answer

The addition of a human resource manager creates a line-and-staff organizational structure, with the line of employees working directly on company tasks and the staff of managers and specialists supporting them. The human resource manager is a staff member who supports the line of employees in their hiring, training, retaining, and firing responsibilities.

Question 13

Jenny is the owner-manager of a small accounting practice. She holds biweekly employee meetings to cover company goals, focus points for the future, and keep the employees updated on current tax changes. She has developed significant bonds with the employees, so they share work (and personal) problems with her more than in the past. Often Jenny can be found assisting new clients and aiding in paperwork completion, especially around April 15. What type of leadership style(s) does Jenny display and how?

Accepted Answer

The answer of Jenny is the owner-manager of a small...

Question 14

Effective time management requires

Accepted Answer

Effective time management requires all of these elements. Without clearly established priorities and the self-discipline to stick to them, a time management system will not be effective. Similarly, even with good priorities and discipline, without a system to manage tasks and time, one may still struggle to effectively manage their time.

Question 15

Scott, a printing shop owner, believes that his business is running rather haphazardly and wants to get it under control. The first step he should take is to

Accepted Answer

Setting standards is the first step towards getting a business under control. This will help identify where and how improvements need to be made to better meet those standards. Once the standards are set, corrective action can be taken to meet those standards, along with increased inspection and two-way communication.

Question 16

Vivian would like to improve two-way communication with her subordinates. Which of the following ideas would be most helpful to her?

Accepted Answer

Engaging in conversations with employees will allow for open sharing of ideas and problems, which will improve two-way communication. Giving orders (A) does not promote communication, and announcing daily production requirements (B) only involves one-way communication. Managing by walking around (D) can be helpful, but it is not guaranteed to improve two-way communication.

Question 17

Which of the following is a reason why many small firm managers are reluctant to use outside advisers?

Accepted Answer

The answer of Which of the following is a reason...

Question 18

Which time management suggestion would be the most critical for a small business owner?

Accepted Answer

Setting aside time to work undisturbed is critical for a small business owner because it allows them to focus on important tasks without interruptions.

Question 19

Discuss span of control, including what it is, what factors affect the span of control, and what the optimal span of control for a small firm is.

Accepted Answer

The answer of Discuss span of control, including what it...

Question 20

James is talking to another supervisor about the number of employees that he supervises. James is talking about

Accepted Answer

James is talking about the number of employees he supervises, which relates to his span of control.

Quiz 19: Professional Management and the Small Business