Chapter one the twenty first century entrepreneur
It is much cheaper on per unit basis for Anheuser Busch to produce large volumes of beer that it is for a small craft beer brewer to produce smaller volumes of beer Anheuser Busch has achieved?
Economies of scale
Large firms can obtain ________ Of scale in some industries because of their ability to operate a larger scale than can a small firm
Economies of scale
Which of the following are ways entrepreneurial businesses can act as catalyst for societal change
-Entrepreneurial businesses are willing to pursue smaller markets Ignored by large corporations -Entrepreneurial businesses I've been understanding of the local community
Civic leaders often look to _______ as a means to promote economic strength for a community region or state
Entrepreneurs
The World Bank estimate sent one of the strongest factors in the growth of any nations GNP is a presence of entrepreneurial enterprises
Small and medium sized enterprises
Which of the following are reasons why entrepreneurial businesses Are successful check all that apply
free to place energy into satisfying the needs of customers Tend to be more focused than large corporations Fewer layers of management
Stakeholders include key suppliers customers and employees these individual super critical to the success of the business
Stakeholders include key suppliers customers and employees these individual super critical to the success of the business
Which act officially organized the US small business administration (SBA)
Small business act
In the context of businesses listed in Fortune 500 Henry Ford Steve Jobs Ralph Lauren and Sam Walton all started out as small business owners
Small business owners
Which of the following 2014 SBA statistics exemplify the importance of entrepreneurial businesses with United States economy
-The 23 million small entrepreneurial businesses in America accounted for 54% of all US sales -Small businesses provided 55% of all jobs at 66% of all new jobs -The small business sector in America occupied up to 50% of all commercial space
What is the most important SQL factor in the business success
Business owner
Which of the following need to be evaluated in order to provide potential investors with critical information required when developing a business plan for a new entrepreneur business
Cash flow Competitive advantage Management team
Connellys of scale is the condition that allows the long run average cost to continue downward as production increases
Connellys of scale is the condition that allows the long run average cost to continue downward as production increases
Along with being properly finance in developing sustainable profit margin's in order to be successful entrepreneurs must
Develop an effective sales generation model
Recent trends indicate that larger corporations have been downsizing while entrepreneurial businesses have been growing rapidly
Downsizing growing
The glass ceiling refers to the fact that women and minorities may be hired by larger firms but they experience limits placed on their advancement within the firm
Glass ceiling
Which of the following are reasons for the recent growth in the number of women starting new businesses(check all that apply)
Greater control over work life balance Frustration with the glass ceiling
Unlike the business plan of a venture capital black business the entrepreneurial business plan is developed as a
Guide for running the business
Which of the following statements are true regarding the robber barons
They were responsible for some of the great abuses of business They took advantage of the economies of scale They dominated the industrial sectors
Thomas Stanley and William danko in their book the millionaire next-door states at 75% of self-employed millionaires are entrepreneurs
Thomas Stanley and William danko in their book the millionaire next-door states at 75% of self-employed millionaires are entrepreneurs
Harvest plan
A harvest plan is a plan to exit the business that allows the investors to take advantage of growth
Venture capital fact start ups can be characterized by which of the following descriptions
Are generally heavily laden with debt
What program is growing across the US to help start new entrepreneurial businesses in area
Economic gardening
Identify the reasons individuals can become frustrated with working in a large corporation check all that apply
Inflexibility of large corporations in dealing with the needs of an individual's family and children Lack of promotion opportunities
What are the critical elements that an entrepreneur must solve for success check all that apply
Sufficient resources to get the business to a point where it's so funny Sustainable operating profit margin Develop an ability to generate consistent in growing sales
Which of the following is a big advantage of starting ones own business
The business owner can be the boss
Which of the following are goals of the business plan for a new entrepreneurial business check all that apply
To provide self-evaluation To be a guide to managing the business To provide investors with necessary information