Page 129 - Business Principles and Management

Unit 2

one’s own decisions and to experience other rewards. Some of these rewards will
be identified in the section that follows.

INTRAPRENEURS
Entrepreneurship is not just a skill for new business start-ups. Most large
companies realize that they must be innovative in order to compete against
smaller start-up businesses. They look to hire individuals with entrepreneur-
ial skills. These individuals act as intrapreneurs, or people who take on the
responsibility of developing a new innovation in a larger company.

CHECKPOINT
Describe the advantages of developing a business plan.

5.1 Assessment

UNDERSTAND MANAGEMENT CONCEPTS
Circle the best answer for each of the following questions.
1. Which of the following is not characteristic of entrepreneurs?
a. They are self-starters.
b. They like to make sure others do most of the work.
c. They enjoy working on their own.
d. They usually work hard and for long periods.
2. A business plan is a written document that
a. describes the nature of the business
b. describes the company’s goals and objectives
c. describes how goals and objectives will be achieved
d. all of the above

THINK CRITICALLY
Answer the following questions as completely as possible.
3. Describe how the U.S. government supports small businesses.
4. Explain why a large business would want to
have an employee with entrepreneurial skills.

thomsonedu.com/school/bpmxtra

116