Business

What are three attributes of successful entrepreneurs?

action-oriented highly energetic tolerant of uncertainty

What is the outlook for online businesses?

Online sales are projected to increase.

Select reasons why people become entrepreneurs.

profit independence opportunity

Select the characteristics of an entrepreneurial team that will be developing and marketing a new product.

A group of experienced people Members have complementary skills and are creative Each from different areas of business

______ refers to accepting the risk of starting and running a business.

Entrepreneurship

What advice would established entrepreneurs likely tell a new, would-be business owner?

Make sure your business is not undercapitalized.

True or false: Most entrepreneurs do not get their ideas from a flash of inspiration; they come more from their passions or looking at problems.

True

True or false: The principles of management are similar for a small neighborhood business and a giant global firm.

True

What two questions do entrepreneurs often ask themselves?

What really irritates me, and what product or service would help? What do I want, but can never find?

Which of the following are good ways to learn how to run your own business?

Work for a successful entrepreneur Run a small business during your off hours Talk to other business owners

What advice is helpful for someone wanting to learn small-business management?

You should become an apprentice or work for a successful entrepreneur.

David opened his own bicycle shop 30 years ago, and although he enjoyed his work, he needed more free time. When Josie requested to work as an apprentice, David was very willing. Before long Josie was able to run the store without any help. This is an example of how

apprenticeships can benefit both the business owner and the apprentice

A(n) ______ is a detailed written statement that describes the nature of the business, the target market, the advantages the business will have over competition, and the resources and qualifications of the owner(s).

business plan

What two tasks are important to complete when writing a business plan?

calculate how much money you need to start analyze the competition

All organizations require the following:

capital information management planning

Some causes of small-business Blank______ include underpricing or overpricing goods or services, starting with too little capital, going into business without first learning something about the industry or market, and underestimating how much time it will take to build a market.

failure

The expansion and development of the Internet has sprouted a world of small web-based businesses. This, among other reasons, may explain why online sales are rapidly:

increasing

According to a recent study, offering low-cost offices with basic services to new businesses in the early stages of development results in an 87% success rate of

incubator

Classes on small business and entrepreneurship offered at a local community college offer prospective business owners the chance to

meet with experienced entrepreneurs to get advice and form support networks

Some common causes of small business failure include:

no experience in that business or industry underpricing or overpricing goods or services starting with too little capital

A business that is independently owned and operated, is not dominant in its field of operation, and meets certain standards of size in terms of employees or annual receipts is a(n):

small business

Select the characteristics of an intrapreneur.

someone who uses company's resources to launch new products a creative person who works within a corporation he or she generates profits by leveraging a firm's human financial and physical resources.

Daniel wanted to start his own small business. After spending his own money on marketing research, Daniel asked his friend Chase to be his accountant. They spent a few months writing a business plan, which then they presented to a bank. Daniel:

understands the steps needed to start a small business

After working for a large auto manufacturing company for over 20 years, Silvia decided to start her own auto accessory store. While facing new challenges every day, Silvia enjoys being free to manage her company as she desires. This example illustrates:

why people take the risks of entrepreneurship

Identify the principle characteristic of an entrepreneur.

A tendency toward self-discipline

What two advantages do small businesses have over larger companies?

Able to respond quickly to opportunities More personal customer service

What is the best definition of entrepreneurship?

Accepting the risk of starting and running a business

______ want to maintain a balanced life style while doing the kind of work they want to do.

Micropreneurs

Chris spent his own money on marketing research, and consulted his sister Kara, who is an accountant. They spent the next few months writing a business plan. Which of the following are some business functions Chris would have addressed?

Planning Marketing Financing