Small Business Management Exam Review 1
Economies of Scale
leads to a condition where a single firm making 100 percent of the product is the most efficient
Skill Identification
Hobbies, education, work experience, family history
Who were the Robber Barons and what did they do?
American industrialists and financiers who made fortunes by monopolizing huge industries through the formation of trusts, unethical business practices, exploiting workers. Ex. Rockefeller oil
According to the book, the development and implementation of a new business is
Part art, Part Science
What term is used to describe individuals or other organizations that impact the success of a business
Stakeholders
The Small Business Administration was organized as a part of
The Small Business Act of July 30, 1953
gap analysis
a marketing research method that measures the difference between a customer's expectation of a service quality and what actually occurred
what are the critical elements that an entrepreneur must solve for success
an effective sales generation model, sustainable operating profit margins, being properly financed
Years ago, economists mistakenly predicted that small businesses would
be replaced by a smaller number of big businesses
Opportunity Analysis
examines opportunities in the marketplace side-by-side with the individual's ability to address those gaps
Gap Analysis Categories
finances, time, nonfinancial resources, risk, competitors
The success of entrepreneurial businesses occurs partially because they are
more focused than their large corporate counterparts
Economies of Scale
term used to describe Walmart's ability to purchase more advertising space at a lower cost per ad
Small companies have flourished for all the reasons except
they often expand easily in mature industries
In the context of the initial developments of the industrial base in the United States, which of the following statements is true about robber barons?
they quickly came to dominate new sectors of the economy