Business Foundations Chapter six
Kayla wanted to open her own dress design business. she spent a few hours putting together a marketing plan, then selected an award-winning dress she design and wore it to the meeting with the bank. the most likely reason she did not receive a loan was:
she did not develop a thorough business plan
an advantage small businesses have in international trade is that they can begin ________ much faster
shipping
A business that is independently owned and operated, is not dominant in its field of operation, and meets certain standards of size in terms of employees or annual receipts is a(n):
small business
it is possible to get started in business by working in a successful one to learn about it and then:
- buying out the current owner all at once - offering to buy out the owner over time - suggesting the owner take a partial retirement so you can gra...
which of the following are some reasons for the growth of home-based businesses?
- computer technology - tax laws that allow home office deductions - corporate downsizing
Among the hurdles small businesses must overcome in starting to operate globally are:
- difficulty finding financing - bureaucratic paperwork - understanding cultural differences
select the characteristics of an entrepreneurial team that will be developing and marketing a new product
- each from different areas of business - a group of experience people - members have complementary skills and are creative
A good business plan is between 25 and 50 pages long an takes many months to write. a comprehensive business plan will include which of the following?
- executive summary - cover letter - company background
Select all that are true of entrepreneurs
- help the country prosper - strengthen the economy - create thousands of jobs
Entrepreneurial attributes include
- highly energetic - tolerant of uncertainty - action-oriented
Chris spent his own money on marketing research, and consulted his sister Kara, who is an accountant. They spent the next few months writing a business plan. Which of the following are some business functions of Chris has addressed?
- knowing your customers - planning
Micropreneurs are willing to accept the risk of starting and managing a business that:
- offers them a balanced lifestyle - remains small - lets them do the kind of work they want to do
The Small Business Administration (SBA) is the U.S. government agency that advises and assists small businesses by:
- providing management training - providing financial advice - providing loans
Some common causes of small business failure include?
- starting with too little capital - underpricing or overpricing goods or services - no experience in that business or industry
learning from others is a useful way to avoid pitfalls when starting a small business. some things you may be told would include:
- to hire a good lawyer and accountant - starting with enough money - that finding and retaining good workers is hard
there are a few hurdles that prevent many small businesses from engaging in the global market. which of the following are examples of such problems?
- would-be exporters do not know how to get started - financing is often difficult to find
Which of the following are true of entrepreneurs?
-they tolerate uncertainty well - they will take calculated risk
Daniel wanted to start his own small business. after spending his own money on marketing research, Daniel asked his friend Chase to be his accountant. They spent a few months writing a business plan, which then they presented to a bank. Daniel:
?
Kodak
George Eastman
Starbucks
Howard Schultz
In high school Li was captain of the women's basketball team, student council president, and on the debate team. Fresh out of college, Li wants to start her own business. By looking at Li's characteristics, what can one conclude?
Li has some of the characteristics of an entrepreneur
Mark Zuckerberg
becoming a(n) ________ is one of the best ways to learn about how to run a business
apprentice
A(n) __________ can benefit both the trainee and the business owner by hiring the trainee to learn small-business management while assisting the owner in getting daily work done.
apprenticeship
Working in a successful business is a good way to learn the operations and could
be a step in buying out the owner
Which of these are centers that offer new businesses in the critical stage of early development low-cost offices with basic services such as accounting, legal advice, and secretarial help?
business incubators
Mark recently started a small consulting firm. he is drafting a detailed written statement that describes the nature of the business, the target market, the advantages the business will have over the competition, and the resources and qualifications of the owner(s). Mark is writing a(n)
business plan
Potential sources of _________ for an entrepreneur are personal savings and government agencies such as the Small Business Administration (SBA), the Farmers home Administration, the Economic Development Authority, and the Minority Business Development agency.
capital
a small business is considered "small" only in relationship to other ________ in its industry
companies
A reason for the growth and success of home-based businesses is that:
computer technology has leveled the playing field
avon
david McConnell
Entrepreneur
desire to grow the business and generate wealth
micropreneur
desire to remain small and balance lifestyle with work
__________ zones are specific geographic areas to which governments attract private business investment by offering lower taxes and other government support
enterprise
A(n) ______ team is a group of experience people from different areas of business who join together to form a managerial team with the skills needed to develop, make, and market a new product.
entrepreneurial
__________ help the country prosper by taking risks and creating thousands of jobs that generate wealth and strengthen the economy
entrepreneurs
________ refers to accepting the risk of starting and running a business
entrepreneurship
john started his small business with only a few employees, but in a few years had twice as many. the community around his business also flourished, partly helped by the new stream of money. this exemplifies
how small business influence the economy
______ are creative people who work as entrepreneurs within corporations
intrapreneurs
_________ are the creative people who work as entrepreneurs within corporations
intrapreneurs
amazon.com
jeff bezos
The best way to define a(n) _________ is all consumers with unsatisfied wants and needs who have both resources and the willingness to buy.
market
Managers address many activities including planning, financing, marketing, human resource development, and record keeping. of these functions, which two are of a primary concern when starting a business
planning and financing
Managerial incompetence and inadequate financial planning are two common reasons for _________-__________ failure
small business
Wayne is starting a small business, but needs help with management training, financial advice, and loans. He should contact the
small business administration
Which of the following is a factor that increases the chances of success of a small business over a large one?
the customer requires a lot of personal attention
Which of the following is true regarding entrepreneurs?
they have job-creating powers
Daniel wanted to start his own small business. After spending his own money on marketing research, Daniel asked his friend Chase to be his accountant. They spent a few months writing a business plan, which then they presented to a bank. Daniel:
understands the steps needed to start a small business
phil invest in new businesses in exchange for partial ownership in those businesses. Phil is a(n)
venture capitalist
After working for a large auto manufacturing company for over 20 years, Silvia decided to start her own auto accessory store. While facing new challenges every day, Silvia is free to manage her company as she desires. This example illustrates:
why people take the risks of entrepreneurship
