Intro to Business

Intrapreneurs:

are accurately described by all of the above

A _____ is a formal written statement that describes in detail the idea for a new business and how it will be carried out.

business plan

Hawaiian-born Jon P. Farmer is the founder of Kolopua Hawaii LLC, a company that markets Pure Hawaiian Air. Bottles of Pure Hawaiian Air contain air that smells like the floral bouquet that greets tourists as they get off the plane in Hawaii. Which of the following federal agencies should Farmer contact if he needs management assistance?

Small Business Administration

All of the following are characteristics of an entrepreneurial personality EXCEPT:

The willingness to be a follower rather than a leader

Jeff Arnold and Reggie Bradford created WebMD, an Internet provider of health care information. Early in the development of this high-growth company, Arnold and Bradford attracted a group of investors who provided them with money needed to acquire other Internet companies with similar missions. The investment group is called:

angel investors

The difference between the small business owner and the entrepreneur is that the entrepreneur:

assumes the risk of the business

Kathy Elliot has decided that she will start an Internet company to sell reliable used cars to customers nationwide. She has decided to use the sole proprietorship business format. Elliot's next step is to write a formal _____ before she applies for a business loan.

business plan

Jon P. Farmer is the founder of Kolopua Hawaii LLC, a company that markets Pure Hawaiian Air. Bottles of Pure Hawaiian Air contain air that smells like the floral bouquet that greets tourists as they get off the plane in Hawaii. Retailing for about $5 apiece, the bottles are sold at gift shops in Hawaii, as well as to travel agents nationwide who give them to clients. As a(n) _____, Farmer's annual income exceeds $100,000 annually.

entrepreneur

Navim Jain sold stock to investors in order to finance Sparkart, LLC, a company that markets software to track how many times music is played and shared among peers. Jain used _____ financing.

equity

The Small Business Administration (SBA):

helps people start and manage small businesses

Lachlan Stuart is employed by International Paper, a company that values his vision and creativity. To stay ahead in a very competitive industry, International Paper gives Stuart, and his division has almost complete autonomy to develop innovative and effective communications. Stuart is an example of a(n):

intrapreneur

A business plan

is accurately described by all of the above

Venture capital:

is financing obtained from investment firms that specialize in financing small, high-growth companies

Who provides the start-up financing for the majority of new small businesses?

the business owner and his or her family and friends

_____ are entrepreneurs who start a series of companies.

Multipreneurs

Once the business plan is finished, the next step is to:

find financing for the business

Which of the following is NOT a reason why small business thrives in the United States?

guaranteed profits

When he read Chicken Soup From the Soul, Joe Farmer was struck by how many of the stories mentioned the scent of the islands. So Farmer created bottles filled with Hawaiian air and some scented essence beads. When customers shake the bottles up and open the lids, they're transported back to paradise. While many marketing experts did not think that consumers would buy bottles of air, Farmer has earned more than half a million dollars of sale during his first year of operation. Farmer was an example of a _____ entrepreneur.

Classic

Michael Bronner made a killing in the direct marketing business as the cofounder and CEO of Bronner Slosberg Humphrey, a wildly successful direct-marketing firm. His newest venture, Upromise Inc., enlists some of America's largest corporations to help families pay for college and is extremely successful. The 40-year-old Bronner will more than likely start at least one more new company before he retires because Bonner is a(n):

Multipreneur

Which of the following elements does NOT typically appear in a well-prepared business plan?

Names all employees