Please make sure you answer all parts of each question as there are multiple parts to each.

1. The two most important strategic resources are a firm’s core competencies and their strategic assets. Please define each and give two examples of each using existing companies.

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2. The most important thing that any entrepreneur can do to build a strong ethical culture in their organization is to lead my example. Please define ethical behavior and give two examples of companies that are doing or have done the right thing so much so that their ethical culture has become a competitive advantage.

3. Financial management deals with two things: raising money and managing a company’s finances in a way that achieves the highest rate of return to maximize profit. We discussed 8 questions that every entrepreneur must address to do so. Please discuss 4 of these questions in detail.

4. To maximize profit, an entrepreneur must meet these four financial objectives: profitability, liquidity, efficiency, and stability. Please define each and give an example from an actual company for each.

5. Distinguish between debt financing and equity financing. Give at least two examples of each. What are three uses of funds?

6. Culture is an integral part of any organization. Please define culture, how is it created, and give three examples of companies with strong culture and explain how it is a competitive advantage for them.

7. What is bootstrapping? Give five examples of bootstrapping methods and two examples of what actual companies have done to bootstrap.

8. Discuss what a firm’s target market is and give four examples of how a firm can reach that chosen market.

9. Define intellectual property. What are the four forms of intellectual property? Give an example of each.

10. Explain the four phases of a product’s lifestyle and three common reasons that new products fail.

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