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Exam 6: Entrepreneurship and Starting a Small Business

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Question 151

True/False

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Studies show that seniority is the most important criterion when selecting employees for promotion to management positions.

A) True
B) False

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Question 152

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Francisco came to the U.S. on a swimming scholarship. After a few months of frustration with trying to find the swim goggles he prefers from home, he created a website that selling specialty goggles for swimming, skiing, and snowboarding. Before launching the website and filling orders, Francisco spent a few months going to swim meets and gathering preferences about goggles from other international swimmers. Francisco's actions

A) showed that he had a ready market for this product.
B) demonstrated that he had little experience with this product.
C) showed that he was promoting the website before it launched.
D) demonstrated his need to better understand the market.

E) A) and D)
F) None of the above

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Question 153

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Since creating a detailed business plan is almost impossible, entrepreneurs should focus on the other tasks needed to get their firm started.

Entrepreneurs take calculated risks.

The U.S. government offers investor visas to attract more entrepreneurs.

Success in running a business depends on knowing your customers, managing your employees, and keeping efficient records.

If you were to begin gathering information on a particular type of business, it is doubtful that a community college class would benefit your search because the information you would gain is too generic in nature.

Small business owners often struggle in attracting qualified workers. Which of the following contributes to this problem?

Small businesses lack the resources to compete directly with big businesses.

Venture capitalists provide funds for small businesses as part of their philanthropy programs.

Creative people working as entrepreneurs within a large organization are called intrapreneurs.

Entrepreneurship is another name for management.

Many businesses started by entrepreneurs have grown into major corporations employing thousands of workers.

Small businesses can often provide more personalized customer service than bigger rivals.

Enterprise zones are

Successful entrepreneurs accept the risk of failure.

Most entrepreneurs get the ideas for their products and services from a flash of inspiration.

Due in part to government support, the majority of U.S. small businesses are involved in exporting.

Scarlett is graduating from culinary school soon and she often imagines opening her own comfort food restaurant. Her other passion is skiing in Colorado, where she travels to four or five times every year. As her small business advisor, you believe it necessary to provide her with information that will help her make good business decisions. Which of the following would be helpful for Scarlett to know?

Entrepreneurs are well advised to avoid starting businesses in the same market in which they were previously employed.