BUS100- Chapter 7 quiz

Jenifer owns a bakery that specializes in preparing extravagant wedding cakes. She is a sought-after baker because of the quality and finesse of her products. Jenifer believes that the pressure of living up to the expectations of her customers and delivering quality products always keeps her on the edge and helps her to deliver her best. Which of the following advantages of entrepreneurship is highlighted in the given scenario?

Challenge

_____ is the process of funding ventures by raising money from a large number of investors via the Internet.

Crowdfunding

Rudy owns a small metal fabrication business that employs 23 workers. As the owner of a small business, one of the major advantages that Rudy enjoys while competing with larger firms is reduced burden of complying with government regulations.

False

The U.S Small Business Administration (SBA) microloan program lends an average of $50,000 to start-up businesses through community nonprofit organizations.

False

Suresh quits his nine-to-five job at a multinational company and starts his own event management company. In his new company, he does not practice a nine-to-five work regime. Instead, he organizes meetings with clients by making appointments that favor his schedule. Which of the following advantages of entrepreneurship is highlighted in the given scenario?

Flexibility

Who among the following is the most appropriate person to start his or her own venture?

Gita, who has been an event manager for five years but discontinues her job as she wants to spend enough time with her one-year-old child

Which of the following statements is true of a business plan?

It is absolutely crucial for obtaining outside funding.

Identify and describe two opportunities and two threats pertaining to the success of small businesses.

Opportunities- market niches & personal customer service Threats- high risk of failure & higher health insurance costs

Rudy, a food truck owner, has sizable followers on his website where he personally interacts with them and thanks them for their support. He also lets his followers know his location and the menu for a day in advance. The opportunity of _____ is highlighted in the given scenario.

providing personal customer service

Michael wants to launch a new product. He creates a website specifically for this on the Internet and uploads a short video demonstration of his product on the website. He also appeals to the viewers to make donations to help him start production. People respond well to his idea and help him collect enough financial resources to start his business. The opportunity of _____ is highlighted in the given scenario.

using technology