SM Business Management Chap. 5

The key question of whether to move to becoming a full-time entrepreneur is usually a __________ question.

financial

Zoning laws are

government specifications for acceptable use of land and buildings in particular areas.

A facility that offers subsidized space and business advice to companies in their earliest stages of operation is called a(n) _________.

incubator

Reverse auctions are

often used when a business is looking for someone to do work on a freelance basis like designing a website or translating a document.

______ is contracting with people or companies outside of one's business to do work for the business.

outsourcing

A venue is a

place where something takes place.

A consumer is a(n)

private individual or household that is the end user of a product or service.

A reverse auction is

an auction in which the low bid gets the business or wins.

Which of the following statements about the number of home-based business is correct?

There were about 9 million U.S. home-based businesses in 2012.

In the context of the situations where a part-time business makes sense, pursuing such a business is usually the only profitable way to seize an opportunity when Blank______.

the business situation restricts the time in hand to create a business plan

E-commerce is

the use of the Internet to conduct business transactions.

Multichannel marketing is

using several different channels to reach customers.

A Blank______ is a place where something takes place.

venue

A blog is a(n)

web page in which entries are posted in reverse chronological order.

Moonlighting is

working on ones own part time after his or her regular job.

When business owners assign work to employees it is called ______________, while contracting with people or companies outside of one's business to do work is called ________________.

Blank 1: delegating or delegation Blank 2: outsourcing

______ are sales where one firm sells to another firm.

Business-to-business

______ is a private individual or household that is the end user of a product or service.

Consumer

______ is the assignment of work to others over whom the business owner has power.

Delegation

Which of the following are the two major questions that must be decided in becoming a part-time entrepreneur?

How does the entrepreneur want to organize the part-time business? What kind of product or service to be offered?

A RSS feed is a(n)

Internet messaging service that sends whatever web material the business specifies to subscribers to that feed.

_____ are inventors who use modern techniques like 3-D software and 3-D printers or do-it-yourself electronics to create new items.

Makers

______ is working on one's own part time after his or her regular job.

Moonlighting

______ marketing is using several different ways to reach customers.

Multichannel

Which of the following statements about home-based businesses are correct?

Often times inventory is stored at the entrepreneur's home. Many retailing and wholesaling businesses are home-based. Home-based businesses represent 33% of all firms.

A ______ is an Internet messaging service that sends whatever web material the business specifies to subscribers to that feed.

RSS feed

______ are listed, live connections to a different website, which in turn displays a similar link to the first website.

Reciprocal links

Which of the following statements about tweets are correct?

Sending tweets is free. It is a 140-character-or-less message sent using the Twitter web service. Famous people like Oprah use the service to stay in touch with fans.

Which of the following are the advantages of home retail businesses?

The cost of starting a home retail business is low. They can be set up quickly and with ease.

A Blank______ is a 140-character-or-less message sent using the Twitter web service.

Tweet

In the context of a to-do list, which of the following statements are true?

Typically, business owners maintain a to-do list of 6 to 20 items in a week, and they prioritize these items on a daily basis. A to-do list should be with an entrepreneur at all times for it to be effective.

Search engine optimization is

a general approach to website design intended to result in the site being displayed toward the beginning of a search engine's listing for that term.

A reciprocal link is

a listed, live connection to a different website, which in turn displays a similar link to the first website.

For part-time entrepreneurs, a key device that helps in time management is Blank______.

a to-do list

Inventors or makers use _____ for idea generation and refinement or funding to bring their products, figuratively and literally, together.

crowdsourcing platforms

Licensing is

documented permission from the government to run one's business.

A(n) ______ website is an Internet site designed to introduce and explain a business to others.

informational

Employees working 35 or fewer hours a week are known as ______ workers.

part-time

People who work fewer than ______ hours per week have part-time employment.

35

Which of the following statements about informational websites is correct?

An informational websites is a 24-hour-a-day, 7day-a-week source of information for potential customers.

______ is the use of the Internet to conduct business transactions.

E-commerce

______ is documented permission from the government to run one's business.

Licensing

A facility that offers subsidized space and business advice to companies in their earliest stages of operation is called a(n) _______________.

Incubator

______ is a general approach to website design intended to result in the site being displayed toward the beginning of a search engine's listing for that term.

Search engine optimization

Which of the following are situations that may be apt for starting a business on a part-time basis?

When an entrepreneur is uncertain of the requirements of a full-time business When an entrepreneur wishes to gain basic experience

Business-to-business

are sales where one firm sells to another firm.

Business-to-consumer

are transactions using e-commerce that are between companies and individuals.

A Blank______ is a web page in which entries are posted in reverse chronological order.

blog

A business model in which the entrepreneur arranges a customer to host a party, inviting friends, family, and neighbors is called ___________ ____________ .

home party

Family or Blank______ challenges are the greatest problems that home-based entrepreneurs face.

zoning

______ are transactions using e-commerce that are between companies and individuals.

Business-to-consumer

Which of the following statements regarding moving from being a part-time to full-time entrepreneur are correct? (Check all that apply.)

Using an employer's transition services, such as COBRA health coverage, can help. The business has to be able to be the entrepreneur's main source of income. Sometimes an indicator of the right time to become a full-time owner is when there is a big contract or sale.

Match the different types of offices (in the left column) with their descriptions (in the right column).

Virtual offices - matches: They provide access to files, web-based fax services, and full business telephone services. Executive offices - matches: They provide short-term space for an office or work area in small amounts. Coworking spaces - matches: They are large open offices that people can access by paying a daily, weekly, or monthly fee.

Which of the following is a major questions that part-time entrepreneurs should ask before starting their business?

What kind of products and services to sell? How to organize the business as far as permanence? How to organize the business as far as cost and time?