FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 6: Entrepreneurship and Starting a Small Business

Show Answer

Share

---

All types

Filters

Study Flashcards

Question 31

Multiple Choice

Review LaterAdd Note

Review Later

Similar to how large businesses proceed, small businesses make marketing decisions ______________

A) after the product or service is developed.
B) before the business is funded.
C) at the same time that they hire employees, research for an accountant, and prepare the business plan.
D) before a product is developed or store is opened.

E) All of the above
F) B) and C)

Correct Answer

verified

Show Answer

Question 32

True/False

Review LaterAdd Note

Review Later

Potential entrepreneurs would be well advised to surround themselves with people who are smarter than they are.

A) True
B) False

Correct Answer

verified

Show Answer

Question 33

True/False

Review LaterAdd Note

Small businesses create 65% of the new jobs in the United States each year.

Entrepreneurs applying for a bank loan should realize that bankers will:

Which of the following sources of investment is the least likely type available to entrepreneurs?

Intrapreneurs make use of __________ to develop and launch new products and generate new profits

Bankers and potential investors are likely to read ___________ first

Hoping to qualify for a microloan from the Small Business Administration, Magdalena's business plan clearly identifies her strategy to profitably serve a target market. Unfortunately, her lack of business experience and limited collateral greatly reduce her chances of obtaining the microloan.

Most entrepreneurs prefer working for someone else.

One way to control the legal costs associated with operating a small business is to purchase a prepaid legal plan.

A business is considered small by comparing its size to others in the same industry.

If you are trying to prevent failure, it is a good idea to go into the business with good record-keeping techniques.

The position of our government is to restrict foreign entrepreneurs from operating within the U.S.

After several years of working as a regional manager for a nationally known nonprofit, Janelle landed a management position with an innovative small business. If she accepts the job offer, she is likely to find that:

The two primary concerns of an entrepreneur starting a new business are planning and record keeping.

Upwards of 80% of all U.S. workers find their first job in small business.

As an employee of a small business, DeMonte has observed the owner's desire to retire. Since DeMonte would like to buy the business, he needs to determine how much the business is worth. In order to determine a fair price for the business, DeMonte should add up the market value of all of the firm's physical assets such as buildings, machinery, equipment, and inventory, and willingly pay this amount for the business.

Effective entrepreneurial teams combine:

After several years of volunteering to play the piano and sing at a local nursing home, Callie decided the time was right to tap into the growing elder care market. She started Music and Memories, Inc., a nonprofit corporation that would hire local talent to perform her own music productions directed toward this market. In order to write and produce several productions each year, Callie needed start-up funds. An instructor at the local community college suggested that she begin by ______________, because this effort would help introduce her idea to interested investors as well as suggest government grant applications that Callie might pursue

One of the challenges of running a home-based business is: