What are the major traits that successful entrepreneurs have in common? Briefly describe how each of those traits contributes to entrepreneurial success
What will be an ideal response?
Students should be able to identify and discuss several of the following traits:
1 ) They are innovative. Successful entrepreneurs see problems to be solved or opportunities that aren't being addressed in the marketplace–they recognize opportunity niches.
2 ) They take risks. Being an entrepreneur involves risk, including the risk of failure, the risk of losing one's career, and, of course, financial risks. Successful entrepreneurs therefore take calculated risks–that is, they consider the likelihood of success before deciding whether to take a particular risk.
3 ) They are motivated to succeed. Entrepreneurs are motivated by many different factors. Some entrepreneurs are motivated to provide for themselves or their families. Other entrepreneurs are motivated to succeed by the personal fulfillment they feel upon successfully launching a business.
4 ) They are flexible and self-directed. Because entrepreneurial ventures are subject to uncertainty and risk, entrepreneurs need to be able to react quickly to new and unexpected situations. An entrepreneur must be able to wear many hats, acting not only as the executive, but also the sales manager, financial director, secretary, and mailroom person.
5 ) They have people skills and leadership skills. Entrepreneurs may come up with the initial idea behind their business, but entrepreneurs rarely work by themselves. If their business expands, they must hire employees and other managers to help them run it. Leadership and communication skills are therefore important traits of successful entrepreneurs who must motivate others to feel as passionately about the entrepreneurial enterprise as they do.
6 ) They are "system thinkers." Entrepreneurs must focus on the entire process of turning their idea into a business in order to succeed. They determine how to resolve a problem or to capitalize on an opportunity by developing a solid plan, including the production, financing, marketing, and distribution of the service or product.
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If a subsequently discovered fact becomes known to the auditor before the release of the audit report, the auditor should
a. Modify the opinion and dual date the audit report. No additional audit procedures are required. b. Date the audit report as of the original date of the auditor's report and caption the note disclosing the subsequent event as being subsequent to the completion of the audit procedures. c. Not modify the audit opinion if the event is properly disclosed and date the audit report as of the original date of the auditor's report. d. Either dual date the audit of date the audit report as of the time of the completion of the extended audit procedures.
General industry standards for a conventional loan specify a maximum LTV of 60 percent.
a. true b. false