MGT 302 - Ch 1

Which of the following is NOT a characteristic of a high-growth venture?

is designed to reflect the mission of the founder

the primary advantage for small business owners to start a business is:

satisfaction of helping others

a business plan for a small business is developed with certain goals in mind. which of the following is NOT one of these goals?

share critical information with competitors

Until the mid-1880s almost all businesses were:

small

________ provide 55 percent of all jobs

small businesses

world bank estimates that one of the strongest factors in the growth of any nation's GNP is

small/medium sized enterprises

what term is used to describe individuals/other organizations that impact the success of a business

stakeholders

During the 1970s and 1980s, the ______ occupied the dominant economic position in the world.

Japanese

which one of the following is a huge advantage for small business owners to start a business?

desire to be one's own boss

What term is used to describe Walmart's ability to purchase more advertising space at a lower cost per ad?

economies of scale

______ leads to a condition where a single firm making 100 percent of the product is the most efficient

economies of scale

Which of the following terms describes a plan to exit a small business?

harvest plan

largest group of new business owners is ______

women

microloans have been in existence for years; they are most commonly made directly to ________ for self-development

women

What are the critical elements that an entrepreneur must solve for success?

-an effective sales generation model -sustainable operating profit margins -being properly financed ^ ALL OF THESE ^

small businesses act as a catalyst for social change because:

-the ability to generate profits in markets ignored by large corporations

What percentage of businesses started out as small business?

100%

what percentage of the self-employed people in the workforce?

20

according to the book, a small business typically has less than _______ employees

50

what percentage of US millionaires are self-employed

66.7

You should not use a cookie-cutter business plan program because:

A. each business plan should have its own voice, feel, and presentation B. a good plan is best developed by the individual contemplating the business, not a paid consultant C. potential investors are often family members, which makes it critical that the entrepreneur seek to ensure the chances of success by doing thorough planning and thinking D. all of these!!!!!

During Eisenhower's presidency, who stated, what is good for General Motors is good for the nation?

Charles Wilson

throughout us history, from the 1800s to today, how would you characterize the role and impact of small businesses?

SB have proven to be more resilient than big businesses and have actually helped to improve the economy

__________ are the growth engine of the economy

Small Businesses

Owning a small business provides a means to meet varied demands that individuals face in society. Which of the following is NOT a need mentioned in the text's discussion of how society benefits from small business ownership?

Small business owners have greater ability to attract financing from venture capital firms.

The Small Business Administration was organized as a part of:

The Small Business Act of July 30, 1953

Small companies have flourished for all the following reasons EXCEPT:

They often expand easily in mature industries

which one of these large companies started out as a small business

apple, Hewlett-Packard, facebook all the above ^

Development and implementation of a new business is part _______ and part __________.

art; science

years ago, economists mistakenly predicted that small businesses would:

be replaced by a smaller number of big businesses

women entrepreneurs are starting small businesses for all but one of the following reasons:

better ideas for small businesses

Entrepreneurial business resources are more ______ than venture capital-backed businesses

constrained

small companies have flourished for all of the following reasons EXCEPT:

expanding in mature industries

Fortune 500 companies employ ________ employees than 10 years ago

fewer

all of these are harvest plan strategies except:

franchising

Which of the following is NOT a characteristic of a small business start-up?

none of the above

which of the following is NOT a factor in a small business's success?

other people's needs and wants are not as important as the small business owner's

characteristics of a small business start-up include all EXCEPT:

over 100 employees

according to the book, the development and implementation of a new business is:

part art/science

a harvest plan for a small business means the owner is:

planning to exit a small business

Compared to large corporations, entrepreneurial businesses:

play just as important part in our economy

which kind of business is not likely to be eligible for a microloan program

telecommunication center

_______ aids, counsels, assists and protects the interests of small business concerns

the US Small Business Administration