Business plan Entrepreneurship Bamford Chapter 1

Large firms can obtain _____ ______ ______ in some industries because of their ability to operate on a larger scale than can a small firm. (Enter one word in each blank.)

economies of scale

Large firms can sometimes do things more efficiently because of their ability to operate on a larger scale than can a small firm. This implies that large firms obtain ______ in some industries.

economies of scale

What are the critical elements that an entrepreneur must solve for success? (Check all that apply.)

Develop an ability to generate consistent and growing sales Sustainable operating profit margin Sufficient resources to get the business to a point where it is self-funding

What program is growing across the United States to help start new entrepreneurial businesses in an area?

Economic Gardening

Who is associated not only with the success of the industrial base but also with the great abuses in business?

Robber barons

_______ include key suppliers, customers, and employees. These individuals are critical to the success of a business.

Stakeholders

_________include key suppliers, customers, and employees. These individuals are critical to the success of a business.

Stakeholders

Which of the following descriptions are characteristics of entrepreneurial firms? (Check all that apply.)

The operation is designed in the image of the founder. The start-up is self-funded or closely funded. The number of employees will not be expected to grow beyond 100.

Which of the following statements is true of venture capital start-ups?

They are often formed as high-tech ventures consisting of unique characteristics.

Which of the following are characteristics of venture capital-backed firms? (Check all that apply.)

They have a developed organizational structure. They are formed with a harvest plan in place. They either start or grow quickly to employ a relatively large number of employees.

Along with being properly financed and developing sustainable profit margins, in order to be successful, entrepreneurs must:

develop an effective sales generation model.

A difference between entrepreneurial businesses and venture capital-backed firms is that _____.

entrepreneurial businesses' resources are more constrained than those of venture capital-backed businesses

The United States Small Business Administration was organized to: (Check all that apply.)

provide assistance at all levels of management for entrepreneurial businesses. provide information at all levels of organizational development for entrepreneurial businesses. aid, counsel, and protect the interests of small businesses.

Silicon Valley and Boston's 128 corridor are well known for: (Check all that apply.)

providing a basis to the area's economic vitality. generating new employment with entrepreneurial ventures. providing a growing tax revenue base.