Q&A Hero

Q: (p.3)A situation in which solutions exist so that both parties are trying to find a mutually acceptable solution to a complex conflict is known as which of the following? A.Mutual gains B.Win-lose C.Zero-sum D.Win-win E.None of the above.

Q: (p.3)To most people the words "bargaining" and "negotiation" are A.mutually exclusive. B.interchangeable. C.not related. D.interdependent. E.None of the above.

Q: (p.3)Which perspective can be used to understand different aspects of negotiation? A.Economics B.Psychology C.Anthropology D.Law E.All of the above perspectives can be used to understand different aspects of negotiation.

Q: (p.22)The dual concerns model has two dimensions: the vertical dimension is often referred to as the cooperativeness dimension, and the horizontal dimension as the assertiveness dimension.

Q: (p.20)Negotiation is a strategy for productively managing conflict.

Q: (p.18)Intragroup conflict occurs between groups.

Q: (p.18)Conflict doesn't usually occur when the two parties are working toward the same goal and generally want the same outcome.

Q: (p.17)Differences in time preferences have the potential to create value in a negotiation.

Q: (p.16)Negotiators do not have to be versatile in their comfort and use of both major strategic approaches to be successful.

Q: (p.15)In contrast, non-zero-sum or integrative or mutual gains situations are ones where many people can achieve their goals and objectives.

Q: (p.14)The pattern of give-and-take in negotiation is a characteristic exclusive to formal negotiations.

Q: (p.13)The effective negotiator needs to understand how people will adjust and readjust, and how the negotiations might twist and turn, based on one's own moves and the others' responses.

Q: (p.12)The value of a person's BATNA is always relative to the possible settlements available in the current negotiation, and the possibilities within a given negotiation are heavily influenced by the nature of the interdependence between the parties.

Q: (p.12)Remember that every possible interdependency has an alternative; negotiators can always say "no" and walk away.

Q: (p.11)In any industry in which repeat business is done with the same parties, there is always a balance between pushing the limit on any particular negotiation and making sure the other partyand your relationship with himsurvives intact.

Q: (p.10)When the goals of two or more people are interconnected so that only one can achieve the goalsuch as running a race in which there will be only one winnerthis is a competitive situation, also known as a non-zero-sum or distributive situation.

Q: (p.10)A zero-sum situation is a situation in which individuals are so linked together that there is a positive correlation between their goal attainments.

Q: (p.8)It is possible to ignore intangibles, because they affect our judgment about what is fair, or right, or appropriate in the resolution of the tangibles.

Q: (p.8)The parties prefer to negotiate and search for agreement rather than to fight openly, have one side dominate and the other capitulate, permanently break off contact, or take their dispute to a higher authority to resolve it.

Q: (p.8)A creative negotiation that meets the objectives of all sides may not require compromise.

Q: (p.6)Negotiation situations have fundamentally the same characteristics.

Q: (p.3)Many of the most important factors that shape a negotiation result do not occur during the negotiation, but occur after the parties have negotiated.

Q: (p.2)Negotiation is a process reserved only for the skilled diplomat, top salesperson, or ardent advocate for an organized lobby.

Q: (p.23)Parties who employ the ____________ strategy maintain their own aspirations and try to persuade the other party to yield.

Q: (p.22)The two-dimensional framework called the ____________ ____________ ____________ postulates that people in conflict have two independent types of concern.

Q: (p.20)The objective is not to eliminate conflict but to learn how to manage it to control the ____________ elements while enjoying the productive aspects.

Q: (p.19)Most people initially believe that ____________ is always bad.

Q: (p.18)____________ ____________ is analyzed as it affects the ability of the group to make decisions, work productively, resolve its differences, and continue to achieve its goals effectively.

Q: (p.16)Most actual negotiations are a combination of claiming and ____________ value processes.

Q: (p.14)Two of the dilemmas in mutual adjustment that all negotiators face are the dilemma of ____________ and the dilemma of __________.

Q: (p.13)When one party accepts a change in his or her position, a ____________ has been made.

Q: (p.13)Negotiations often begin with statements of opening __________.

Q: (p.12)Negotiation is a ____________ that transforms over time.

Q: (p.12)When parties are interdependent, they have to find a way to ____________ their differences.

Q: (p.11, 12)Whether you should or should not agree on something in a negotiation depends entirely upon the attractiveness to you of the best available _______.

Q: (p.10)The ____________ of people's goals, and the ____________ of the situation in which they are going to negotiate, strongly shapes negotiation processes and outcomes.

Q: (p.10)The mix of convergent and conflicting goals characterizes many ____________ relationships.

Q: (p.9)Independent parties are able to meet their own ____________ without the help and assistance of others.

Q: (p.8)Successful negotiation involves the management of ____________ (e.g., the price or the terms of agreement) and also the resolution of __________.

Q: (p.6, 7)There are times when you should _________ negotiate.

Q: (p.6)Negotiating parties always negotiate by __________.

Q: (p.3)The term ____________ is used to describe the competitive, win-lose situations such as haggling over price that happens at yard sale, flea market, or used car lot.

Q: (p.2)People ____________ all the time.

Q: How is success measured with respect to the quadruple bottom line?

Q: What are the various critical success factors that help identify those businesses that are more likely to survive?

Q: Discuss briefly the various sources of entrepreneurial success.

Q: Describe the three types of terminations - walkaways, workouts, and bankruptcies.

Q: Discuss the different transfer strategies for managing transfers within a family.

Q: What is harvesting? Give some examples of how a harvest can take place.

Q: Compare and contrast the product life cycle with the service life cycle.

Q: Explain the various stages of the product life cycle.

Q: According to Zig Ziglar, what are the four key components for staving off customer complacency?

Q: Describe the different stages of a small business life cycle.

Q: According to the bottom line concept, which of the following is true? A. Nations or cultures can be considered as living, growing entities, but not businesses. B. The four domains in which balanced entrepreneurs need to achieve success to be truly happy do not include self and family. C. Success cannot be accurately measured solely in terms of profits. D. The suggestion that the short-term measure of success for any organization is profit with survival being the long-term measure holds true in practice especially for small businesses.

Q: Returns intended to equal and replace the salary or wages the entrepreneur could draw working for someone else are referred to as _____. A. substitution profits B. supplemental profits C. success profits D. marginal profits

Q: Returns above costs intended as a secondary income for entrepreneurs are referred to as _____. A. substitution profits B. supplemental profits C. success profits D. marginal profits

Q: Returns at levels higher than the entrepreneur could make working for others are known as: A. substitution profits. B. marginal profits. C. supplemental profits. D. success profits.

Q: Which of the following is true in the context of entrepreneurial success? A. CSFs undermine the importance of a business possessing a major brand name. B. The more an entrepreneur knows, the lower the chances for his or her firm to succeed. C. Social or networking skills cannot be useful in starting and running a business. D. Critical success factors are by definition best practices for a given industry.

Q: Which of the following is an accurate statement in the context of CSFs that help to identify the businesses that are more likely to survive? A. Businesses starting with no start-up capital are least likely to survive long term. B. Bootstrap entrepreneurs, who start with nothing, are most likely to keep overhead costs high. C. The strongest benchmark is to have proven the business idea through salesin a pilot test, or through contracts, and orders. D. Pursuing an imitator strategy shows lower learning from the mistakes of pioneers.

Q: The two broad types that CSFs fall into are outside help and _____. A. entrepreneurial experience B. start-up capital C. brand name affiliation D. serial entrepreneurship

Q: _____ are processes, benchmarks, or components of the business that are essential for the business to be profitable and competitive in its market. A. IPOs B. CSFs C. ESOPs D. BRIE

Q: Serial entrepreneurs ______. A. are people who open multiple businesses throughout their career B. are people who open just one business throughout their career C. are people who measure an entrepreneur's ability to use minimal resources to sustain a single business throughout their career D. are people who enter a partnership agreement with other entrepreneurs to run a single business throughout their lifetime

Q: The popular name for a Chapter 7 bankruptcy in which a bankrupt firm's assets are sold by the bankruptcy trustee and the proceeds used to pay the firm's debts is _____. A. liquidation B. amortization C. reorganization D. depreciation

Q: Which of the following is a type of termination that is employed when the entrepreneur feels that the business was less than successful, usually because of the result of poor use of the firm's assets combined with an unsatisfying business experience? A. Bankruptcy B. Walkaway C. Sell off D. Workout

Q: In a successful walkaway: A. contracts, leases, and the like are in effect. B. employees are let go as they find other jobs. C. ongoing lawsuits consume money and time. D. assets or inventory are available.

Q: In a _____ the assets of a firm are sold to another business, with the proceeds used to pay off the firm's remaining debts, and perhaps leaving the owner some small profit. A. workout B. sell off C. pass off D. succession

Q: A transfer that happens when the owner realizes there is little chance of being able to sell the firm and gives the firm to someone as a gift, without compensation is called _____. A. workout B. sell off C. pass off D. succession

Q: Sue, the owner of a small business which bakes and sells homemade butter cookies, plans to close down the business and leave the country. If Sue arranges to pay off all debts after the business is officially closed, which of the following methods of business termination is being used here? A. Walkaway B. Bankruptcy C. Estate freeze D. Workout

Q: Grantor retained annuity trusts are used in: A. tax management. B. liquidity enhancements. C. estate freezes. D. walkways.

Q: A business termination in which the entrepreneur ends the business with its obligations met is called a: A. sell off. B. workout. C. pass off. D. walkaway.

Q: Which of the following is a form of business termination that uses a legal method for closing a business and paying off creditors when debts are substantially greater than assets? A. Bankruptcy B. Sell off C. Walkaway D. Workout

Q: Which of the following is a type of termination? A. IPO B. Workout C. Pass off D. Sell off

Q: Which of the following is a type of transfer? A. Liquidation B. Workout C. Walkaway D. Pass off

Q: Tax management: A. focuses on generating cash to cover likely estate taxes. B. focuses on minimizing estate tax payments. C. focuses on transferring assets to heirs when the asset costs are low. D. focuses on giving the firm as a gift to someone who will keep the business a going concern.

Q: _____ is an estate planning strategy which focuses on generating cash to cover likely estate taxes. A. Liquidity enhancement B. Tax management C. Estate freeze D. Transfer

Q: Transfer is that endgame strategy in which: A. the owner closes down a business. B. ownership is moved from one person or group to another. C. value is recovered through a sale of a firm or its assets. D. the last major return from the firm is pooled for retirement.

Q: In the hierarchy of business outcomes, the worst possible outcome is: A. sell off. B. pass off. C. walkaway. D. bankruptcy.

Q: An endgame strategy in which the owner closes down a business is called: A. IPO. B. ESOP. C. consolidation. D. termination.

Q: A(n) _____ is a formalized legal method to transfer some or all of the ownership of a business to its employees. A. IPO B. ESOP C. consolidation D. termination

Q: A transfer method in which a small firm is bought by a larger firm for the purpose of quickly growing the larger firm is referred to as: A. IPO. B. ESOP. C. consolidation. D. termination.