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Exam 6: Entrepreneurship and Starting a Small Business

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Question 111

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Jake wants to sell his workout DVDs in the European, Asian, and Latin American markets. _______________ will help him reach vendors abroad, without the expense of traveling to meet them face-to-face

A) A website and other technological advances
B) Partnering with a large U.S. recording studio
C) The SBA
D) An incubator facility

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Question 112

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Compared to employees of large businesses, small business employees are less satisfied with their work because they see their jobs as less challenging.

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Question 113

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Juanita wants to operate her own business. Although she admits it would be nice to earn a healthy profit, her primary motivation is the excitement and challenge of starting and running a business. Juanita's attitude is different from most small business owners, who usually focus solely on the earnings potential of their ventures, as well as the opportunity to acquire power and prestige.

Questions about how much authority to delegate and to whom are easier issues for family-run businesses since they can't fire family.

Samantha wants to start a small business. If her primary goal is fast growth and high profits, her best chances would be in the manufacturing sector.

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

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

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

Business owners who prefer to maintain their businesses at a manageable size are called:

A(n) ____________ is a valuable source of information regarding techniques to reduce a firm's exposure to risk

As their firms grow and prosper, busy entrepreneurs take pleasure in delegating authority to others.

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

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

If you plan to meet face-to-face with a banker or venture capitalist, it is not necessary to submit a business plan.

With fewer employees and less revenue, small businesses have less need for detailed records than do larger business organizations.

Your brother, a family dentist, has opened a new office in your hometown. As a business student you know that this type of business experiences low failure rates.

The U.S. government's Immigration Act of 1990:

Successful entrepreneurs rely on others for direction and support.

According to the Small Business Administration, poor management is the cause of the majority of small business failures.

Identifying poor management as the cause of a small business failure likely covers a variety of problems.