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Allen, K. R. & Meyer, E. (2006). Entrepreneurship and Small Business Management. New
York, NY: Glencoe/McGraw-Hill.
Farese, L. S., Kimbrell, G. & Wolosyk, C. A. (2009). Marketing Essentials. Woodland Hills,
CA: Glencoe/McGraw-Hill.
Identify desirable personality traits important to business.
There are many characteristics of successful businesspeople, including persistence, creativity,
responsibility, confidence, and enthusiasm. A businessperson should be inquisitive,
goaloriented, independent, a risk taker, and action oriented. Essential skills for running a
business include the following: communication, math, problem solving, technology, decision
making, organizing, teamwork, social, and basic business skills.
Source: Allen, K. R. & Meyer, E. (2006). Entrepreneurship and Small Business Management.
New York, NY: Glencoe/McGraw-Hill.
Explain the impact of the law of diminishing returns.
The change in total product output that results from hiring one more worker is called the
marginal product. Diminishing returns is experienced when the number of workers being
utilized causes output to increase at a decreasing rate. Utilizing too many workers may
actually cause production to decrease.
Source: Economics: Concepts and Choices. (2007). Evanston, IL: McDougal Littell.
Explain the use of feedback for personal growth.
The way feedback is given often affects the way you accept it. Destructive criticism focuses
just on the bad things and gives the recipient no help. Conversely, constructive criticism is
designed to be helpful. It is said calmly with a focus on the problem, not the person, and
suggestions for improvements are given. Anyone who is new to a job must expect criticism.
One can control his/her reaction to feedback. Maintain a positive attitude and try to avoid
getting defensive. People who respond to negative feedback in a positive way generally
impress others. Those who work on correcting their weaknesses tend to move ahead in their
careers. When giving feedback, it is important that your message be clear and easily
understood. Give feedback in a nonthreatening manner, discussing problems with others
one-on-one when possible.
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