First Year Innovation Ch. 5

Which statement is characteristic of entrepreneurs?

They look at problems and see opportunities

Small businesses create about __________ of the new jobs in the United States.

65%

The SBA's __________ program provides export-financing opportunities for small businesses.

Export Express loan

One of the best places for young entrepreneurs to start shopping for an SBA loan is a

Small Business Development Center

Which U.S. issue does entrepreneurship most directly affect?

The ability to create jobs for others

Small businesses must seek advice from outside experts. In order to put together official documents such as leases, contracts, and partnership agreements, it is important to seek the advice of

attorney

A good business plan will

describe all aspects of the business, including product, the target market, the nature of the competition, any financial resources, and the owner's qualifications.

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

encouraged entrepreneurs to come to the U.S. through "investor visas."

A(n) __________ is a group of experienced professionals from different areas of business who join together to develop, make, and market a new product.

entrepreneurial team

An entrepreneurial team consists of

experienced professionals from different areas of business

True or false: Entrepreneurship is another name for management

false

State and city governments have promoted facilities where new businesses can open up shop and share common services such as secretarial, accounting, and legal services. Due to their remarkable success rate, __________ continue to grow in popularity.

incubators

Which statement explains one of the reasons that people in the United States take the entrepreneurial challenge?

independence and American dream.

One of the challenges of running a home-based business is

keeping work and family tasks separate

Which employment statistic about small businesses is true?

majority of people find their first job with a small business

Entrepreneurs looking for a business that gives them the best opportunity to get rich should consider starting a business in

manufactoring

According to SBA guidelines, a manufacturing firm with 1,000 employees

may be classified as a small business depending upon the size of others in the same industry

Two key management functions that need particular attention when starting a business are

planning and financing

When comparing small businesses to their larger competitors, it is clear that

small firms often can offer more personalized customer services than big firms

Successful small business owners are

valuable sources for information since you can learn from their experiences