Scenario 16-3 In July 2010, a Sports-Focused Social Networking Site Named MyMVPs.com

question 8

Multiple Choice

Scenario 16-3
In July 2010, a sports-focused social networking site named MyMVPs.com was launched. The site, which has been described by founder Mark Monaco as a hybrid of Facebook, ESPN and YouTube, will allow athletes, proud parents, and sports fans alike to view highlights of amateur athletes, check out the week's funniest sports bloopers, and chat with various sports celebrities registered with the free online service. Erin Dwyer, co-founder and one of the four individuals responsible for the site's success, believes the service will be incredibly beneficial not only for amateur athletes with college aspirations, but also for colleges with tight recruiting budgets. Dwyer stated, "It's huge for little kids and it's gigantic for high school athletes who want to get to college. For some schools with tight budgets for recruiting, coaches will be able to jump on a website that is clean and safe and gives them information on a player. That can give them an advantage." Still in its early stages, the company is looking to get its name out there as much as possible-and with partnerships with sports legends such as Mike Ditka, the company appears to be headed in the right direction. (Jeff Vorva, "MyMVPs.com Hopes to Fly High With Amateur Athletes." Chicago Tribune Local, June 16, 2010.)  
-(Scenario 16-3) The team at MyMVPs decides to look into sponsorship as a way of building the brand.At first,they wonder about the cost.Eventually,they come to the conclusion that they would ultimately gain the most-but would also have to spend the most-if the business decided to: 

• A) be an exclusive sponsor of an event. 
• B) calculate media impressions from an event. 
• C) get involved in social networking for an event. 
• D) be a co-sponsor of an event with another business.

Understand the concept of limited liability corporations and how they combine elements of sole proprietorships, partnerships, and corporations.

Recognize the importance and components of a business plan for entrepreneurs.

Comprehend different forms of business ownership and their implications for liability and operations.

Identify and understand the process and requirements for starting, running, and terminating a sole proprietorship.

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Definitions:

Aptitude Test

A standardized test designed to measure an individual's potential to acquire specific skills or knowledge.

Ravens' Progressive Matrices

A nonverbal group test typically used to measure abstract reasoning and regarded as a test of fluid intelligence.

Background Knowledge

The information that is already known by an individual, which helps in understanding new information.

Predictive Validity

An assessment of whether a test measures what it’s intended to measure, based on whether the test score correlates with another relevant criterion measured later.