Which of the following explains why individuals accept the risk of business ownership?
answer
The sense of self-satisfaction and independence
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Which of the following statements explains one of the reasons that people in the U.S. take the entrepreneurial challenge?
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It's about independence and the opportunity to share in the American dream.
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Successful entrepreneurs are self-nurturing. this means they
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believe in themselves and their ideas
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Which of the following statements is characteristic of entrepreneurs?
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They look at problems and see opportunities.
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Effective entrepreneurial teams combine
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creativity with marketing and production experience.
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One reason we have seen continued growth in home-based businesses is:
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affordable technology makes it easier to compete.
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Entrepreneurs makes use of (Blank) to develop and launch new products and generate new profits.
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their employer's existing human, financial, and physical resources
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Enterprise zones are:
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specific locations across the U.S. where entrepreneurs can set-up shop and receive tax breaks for operating in these areas
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Small business
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deal with similar management issues that large companies face.
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Using the analogy of boulders vs. sand for filing a hole, the textbook points out that
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small businesses can serve niche markets that larger firms do not serve well.
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Which of the following employment statistics about small businesses is true?
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A great majority of American workers find their first jobs with a small business.
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According to SBA guidelines, a manufacturing firm with 1,000 employees
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may be classified as a small business depending upon the size of other firms in the industry.
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Entrepreneurs looking for a business that gives them the best opportunity to get rich should consider starting a business in
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the manufacturing sector
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One way to get into business is to buy an existing company. The value of the business used to determine a fair purchase price is based on
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the value of what the business owns, what it earns, and what makes it unique.
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Which of the following suggestions would an experienced business owner off to help someone who is thinking about starting a business venture?
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Gain experience by working for a successful businessperson
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Becoming a(n) (Blank) is 1 of the best ways to learn about to run a business
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apprentice
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A reason for the growth and success of home-based business is that:
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computer technology has leveled the playing field
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The business plan will include (Blank)
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an analysis of the competition
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(Blank) are private individuals who invest their own money in potentially hot new companies before these firms become larger, publicly traded companies.
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Angel investors
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Due to the credit crunch that developed during the great Recession, many small business found that (Blank) were more willing to lend money to smaller operations
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smaller, community banks
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A firm or individual providing financial to small business in exchange for an ownership stake in the company is called a (Blank)
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venture capitalist
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A Small Business Investment Company (SBIC) is a(n)
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private investment company that is licensed by the SBA to make loans to small business
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Small business owners often struggle in attracting qualified workers. Which of the following contributes to this problem?
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Many jobs in small firms have low pay and few benefits.
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Employees of small businesses often have greater job satisfaction than do employees of larger firms. One reason for this difference in job satisfaction is that employees of small businesses often:
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get more respect from their bosses
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A new business that sets up a(n) (Blank) from the start is saving itself time and grief later
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good accounting system
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Small business must seek advice from outside experts. In order to put together official document such as lease, contracts, and partnership agreements, it is important to seek the advice of (Blank)
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an attorney
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Similar to how large business proceed, small business make marketing decisions (blank)
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before a product is developed or store is opened
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The executive summary section of the business plan contains (Blank)
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information that will capture the attention of bankers and other investors who receive many business plans every day
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When seeking financial backing from a venture capitalist, a small business owner should realize that the venture capitalist will:
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expect an ownership stake in the company in exchange for financial backing.
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A market consists of potential buyers of a good or service. However, for a market to exist
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people must have unsatisfied wants and needs as well as a willingness and ability to buy
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Entrepreneurs learn that there are many legal and financial issues involved in starting their business. The best way for the small business business owner to resolve these issues and protect the firm's resources is (Blank)
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seek and pay for expert guidance and assistance
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Increased participation in small business exporting owes credit to (Blank)
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technologies advances such as the internet and PayPal for safely fulfilling orders
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