College Students Jeff and Bill Have an Idea for a Service

question 16

Multiple Choice

College students Jeff and Bill have an idea for a service business. They develop their idea, determine start-up costs, and approach their parents for a small loan. Their business is in which life-cycle stage?

• A) entrepreneurial
• B) collectivity
• C) formalization and control
• D) elaboration
• E) none of the above

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Definitions:

Joint Ventures

A business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task, which could be a new project or any other business activity.

Partnerships

Legal and strategic agreements between two or more parties to pursue a set of agreed objectives while sharing the risks and benefits.

KSAOs

An acronym that stands for Knowledge, Skills, Abilities, and Other characteristics; a framework used in human resources to evaluate and select candidates based on their qualification for a job.

Organization's Employees

The workforce or staff members who work under the umbrella of an organization, contributing to its objectives and goals.