Chapter 1 ENT

from 15 to 25

A business plan for a small business typically runs _____ pages long.

. 25 to 45

A venture capital-backed business plan typically runs from _____ pages long. Multiple choice question.

gross national product

According to the World Bank, the presence of entrepreneurial small- and medium-sized enterprises is one of the strongest factors in the growth of any nation's ______.

In cities with base closings, several new businesses rose up to fill the economic gap that had resulted from the closings.

Identify a finding of the federal General Accounting Office's (GAO's) analysis of the impact of the closure of military bases.

small-business owners

In the context of businesses listed in Fortune 500, Henry Ford (Ford Motor Company), Steve Jobs (Apple), Ralph Lauren (fashion), and Sam Walton (Walmart) all started out as _____. Multiple choice question.

economies of scale

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. Multiple choice question.

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

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

1880s

When was the initial development of the large industrial base of the United States?

Small Business Act

Which act officially organized the United States Small Business Administration (SBA)?

. They are inherently risky operations whose growth is dependent on the exploitation of unknowns in the market.

Identify a characteristic of venture capital start-ups

They are inherently risky operations whose growth is dependent on the exploitation of unknowns in the market.

Identify a characteristic of venture capital start-ups. Multiple choice question.

Robber barons

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

glass

The ---- ceiling refers to the fact that women and minorities may be hired by large firms but they experience limits placed on their advancement within the firm.

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

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

The structure of management is designed to take advantage of the skills of the founder or founders of a firm.

Which of the following is true of entrepreneurial firms?

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

what's the difference between ENT businesses' and venture backed businesses'

small- and medium-sized

The World Bank estimates that one of the strongest factors in the growth of any nation's GNP is the presence of entrepreneurial _____ enterprises.

entrepreneurs

Civic leaders often look to ______ as a means to promote economic strength for a community, region, or state. Multiple choice question.

stakeholders

Individuals or other organizations that may impact the success of a business and depend on the success of the business for their own livelihood are known as ______. Multiple choice question.

50

The European Union considers any business with fewer than _____ employees to be a small business. Multiple choice question.

provide a self-evaluation

The business plan for a new entrepreneurial business is developed to serve as a guide to manage the business, to provide potential investors with critical information to evaluate the business, and to: Multiple choice question.

quite different

The process of business development from scratch and the process followed by established businesses are ______.

False

True or false: Men are the largest single group of new business founders. True false question.

develop an effective sales generation model.

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

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

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

focused

The success of entrepreneurial businesses occurs because they are simply more _____ than their larger corporate counterparts.

False

True or false: Robber barons were responsible for the collapse of small businesses in the 1880s. True false question.

true

True or false: The one-page pitch created by a new entrepreneur while developing a business plan should offer an effective starting point for every potential supplier, employee, or investor. True false question.

False

True or false: Unlike entrepreneurial businesses, large organizations will regularly pursue smaller markets even if they do not believe the results will generate profits. True false question.

guide for the running of the business

Unlike the business plan of a venture capital-backed business, the entrepreneurial business plan is developed as a _____. Multiple choice question.

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

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

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

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

Economies of scale

What is the condition that allows the long-run average cost to continue downward as production increases? Multiple choice question.

Economic Gardening

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

downward; increases

Economies of scale is the condition that allows the long-run average cost to continue _______ as production _______.

Cities with base closings offered tax breaks and programs to support new business development. In cities with base closings, the areas around the bases had income growth higher than the national average.

Identify the findings of the federal General Accounting Office's (GAO's) analysis of the impact of the closure of military bases. (Check all that apply.)

sales

The Fortune 500 is published annually by Fortune magazine and documents the 500 largest corporations (by ______) in the United States?

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.

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

To be a guide to managing the business To provide self-evaluation To provide investors with necessary information

Which of the following are goals of the business plan for a new entrepreneurial business? (Check all that apply.)

Tend to be more focused than large corporations Fewer layers of management Free to place energy into satisfying the needs of customers

Which of the following are reasons why entrepreneurial businesses are successful? (Check all that apply.)

Entrepreneurial businesses have an understanding of the local community. Entrepreneurial businesses are willing to pursue smaller markets ignored by large corporations.

Which of the following are ways entrepreneurial businesses can act as catalysts for societal change? (Check all that apply.)

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

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

They dominated the industrial sectors. They took advantage of the economies of scale. They were responsible for some of the great abuses in business.

Which of the following statements are true regarding robber barons? (Check all that apply.)

Free to place energy into satisfying the needs of customers Fewer layers of management Tend to be more focused than large corporations

Which of the following are reasons why entrepreneurial businesses are successful? (Check all that apply.)

Stakeholders

_____ include key suppliers, customers, and employees. These individuals are critical to the success of a business. Listen to the complete questionStakeholders