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Exam 6: Entrepreneurship and Starting a Small Business

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Question 101

Multiple Choice

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A detailed written statement that describes the nature of the business, the target market, the firm's competitive advantages, as well as the owner's resources and qualifications is a

A) business plan.
B) entrepreneurial mission statement.
C) profit and loss statement.
D) professional action plan.

E) A) and B)
F) A) and D)

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Question 102

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Venture capitalists prefer investing in smaller start-up businesses in order to reduce their overall risk.

A) True
B) False

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Question 103

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Commercial loan officers serve as a resource for small business owners for information regarding risk management.

Tucker is an intrapreneur for a multinational wearable electronics company. Which statement best describes Tucker's duty?

Small businesses account for over 50% of the U.S.'s gross domestic product (GDP).

Valerie wants to start her own small business. If her primary goal is to grow quickly and earn high profits, her best chances would be in the manufacturing sector.

The only real barrier preventing small businesses from exporting is insufficient knowledge of the opportunities available.

Entrepreneurs looking for a business that gives them the best opportunity to get rich should consider starting a business in

A Small Business Investment Company (SBIC) is a(n)

Large multinational firms dominate the international market, leaving few opportunities for small businesses.

Micropreneurs are motivated by a desire to have both a satisfying family life and rewarding work.

Entrepreneurship involves accepting the risk of starting and running a business.

Entrepreneurial teams combine the creative marketing and production ideas of a group of experienced people.

As opposed to venture capitalists, angel investors prefer to target their investments in new firms requiring large sums of money.

Isaac benefited from his experience working for an established private company that provided state-of-the-art lighting for music venues around town. Although confident that he could start his own lighting business, he had limited capital to buy the necessary equipment needed to successfully compete with established companies. Which of the following strategies would best help Isaac achieve his goal of business ownership?

A ________ is a written document that details the business idea, the target market and the business's competitive advantage, financial resources available for the business, and the qualification of the management.

Luca has eliminated the risk of entrepreneurship by preparing a detailed business plan.

Successful entrepreneurs rely on others for direction and support.

Small businesses have not significantly participated in online sales.

What is an entrepreneurial team? What benefits does a team offer compared to an individual entrepreneur?