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 FlashcardsPractice ExamLearn

Question 31

Essay

Review LaterAdd Note

Review Later

Not everyone dreams of owning their own business. Identify and describe at least three attributes of successful entrepreneurs.

Correct Answer

verified

While students will likely identify mana...

View Answer

Show Answer

Question 32

True/False

Review LaterAdd Note

Review Later

To be classified as a small business, a firm must have no more than 100 employees.

A) True
B) False

Correct Answer

verified

Show Answer

Question 33

True/False

Review LaterAdd Note

According to the Small Business Administration's definition, small businesses are independently owned and operated.

Successful micropreneurs require self-discipline to separate work from family responsibilities.

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

A business's size is measured

As a high net worth individual, Aria searches for developing companies in need of additional funding to achieve their goals. In return for this ________, she expects to give up some percentage of ownership in the business.

Caleb inherited a successful dry cleaning business from his parents. Just as his parents did, he offered high-quality service to all the customers he served. As the surrounding towns grew, several customers recommended that Caleb expand the business to offer service in new locations. He chose to maintain only one operation, so as not to lose control and to keep his work life and home life balanced. Caleb is a good example of a(n) ________.

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.

Aside from personal savings, the only other viable source of financing for an entrepreneur would be funds available from friends and family.

A(n) ________ is a group of experienced professionals from different areas of business who join together to develop, make, and market a new product.

Kate, a manager at a small manufacturing firm, has offered to help manage a local branch of the YMCA. Unfortunately, Kate will find that the skills acquired managing a small business will not be useful in managing a nonprofit organization.

Successful entrepreneurs accept the risk of failure.

The most common small business failures occur in businesses that are the easiest to start.

Independence, challenge, and opportunity are among the key reasons given by those who assume the risks of entrepreneurship.

Many micropreneurs are home-based business owners.

Software designed to help create business plans has proven to be of little value because it is difficult to apply it to every business situation.

Advancements in computer technology put home-based businesses at a disadvantage.

Northeast City College received a government grant to create a business incubator. Once completed, Northeast City College's facility will offer

While the Small Business Administration provides management advice to new business owners, it is not empowered to provide financial assistance.