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is accurately described by all of the above

A business plan: describes in detail the idea for the new business and how it will be carried out is used to persuade lenders and investors to finance the venture may take many months to write serves as the first operating plan for a new business is accurately described by all of the above

all of the above

A well-written business plan should contain: executive summary or company overview a marketing plan a vision and mission statement a management plan all of the above

owns and operates

An entrepreneur is a person who _____ a business.

entrepreneur

Andy Yocom saw prime advertising space on the flags on the golf course. He reasoned that any marketing messages would get prominent attention if they were placed on the flags since golfers focus on them when they take their shots. As a result Yocom used his own initiative and money to start Invision Golf Group Inc. Yocom is an example of a(n):

intrapreneurs

Gord Larose and his friend David Allan worked in Ottawa at Nortel Networks, a giant telecommunications-equipment maker. One Friday afternoon, over a few beers in Larose's kitchen, they dreamed up a scheme for renting software over the Internet. Instead of quitting their jobs, they reported to work on Monday, explained their plan to their boss, and began working to make their idea a reality. Four years later, their idea has evolved into an important division of Nortel called Channelware. Larose and Allan are examples of:

ambitious

Which of the following is a characteristic of the entrepreneurial personality?

Equity

____ financing is a form of financing consisting of funds raised through the sale of stock in a business.

growth-oriented entrepreneur

n 2000, Eric Baker and Jeff Fluhr came up with a concept that would do away with scalping if they had their wish, and everyone used StubHub.com. The Internet company brings people who want tickets and people who have tickets that they are not using together. The company has assisted in the sale of tens of millions dollars worth of tickets annually and is always trying to sell more. It charges a small fee for its assistance. Baker and Fluhr would be classified as:

all of the above

Andy Yocom was looking to start a small business so he could be his own boss. While golfing one day, he saw prime advertising space on the flags on the course. He has decided to call his new venture Invision Golf Group Inc. What should he include in his business plan? a management plan the elements of the company that make it unique an analysis of the market in which the company will operate a financial plan all of the above

Expenses were lower than the owner expected.

Businesses close down for many reasons. Which of the following is NOT a typical reason for a business failure?

All of the above

Hannah Li wants to quit her job as a legal secretary and start her own small business. She knows that she will be successful if she can find the right idea. Where can Li look for ideas for her new business? Problems she noticed in her old job Her interest in the history of Asian art Suggestions from her family Other businesses in other regions of the country All of the above

What are you going to do with the down payment?

In buying an existing business, the prospective buyer should ask questions about the operation of the business. Which of the following would be an inappropriate question to ask?

equity

Jeff Arnold and Reggie Bradford created WebMD, an Internet provider of health care information. During the development of this high-growth company, Arnold and Bradford attracted a group of investors who purchased stock in their company and provided them with ______ financing.

angel investors

Jeff Arnold and Reggie Bradford created WebMD, an Internet provider of health care information. Early in the development of this high-growth company, Arnold and Bradford attracted a group of investors who provided them with money needed to acquire other Internet companies with similar missions. The investment group is called:

debt

Jill Hansom borrowed $40,000 from a credit union to start a company that makes and sells peach salsa. Hansom used _____ financing.

intrapreneur

Lachlan Stuart is employed by International Paper, a company that values his vision and creativity. To stay ahead in a very competitive industry, International Paper gives Stuart, and his division has almost complete autonomy to develop innovative and effective communications. Stuart is an example of a(n):

All of the above

Michael Bronner made a fortune in the direct marketing business as the cofounder and CEO of Bronner Slosberg Humphrey, a wildly successful direct-marketing firm. His newest venture, Upromise Inc., enlists some of America's largest corporations to help families pay for college and is extremely successful. Entrepreneur Bonner would more than likely have which of the following characteristics? Ambitious Independent Self-confident Visionary All of the above

multipreneur

Michael Bronner made a killing in the direct marketing business as the cofounder and CEO of Bronner Slosberg Humphrey, a wildly successful direct-marketing firm. His newest venture, Upromise Inc., enlists some of America's largest corporations to help families pay for college and is extremely successful. The 40-year-old Bronner will more than likely start at least one more new company before he retires because Bonner is a(n):

equity financing

Navim Jain sold stock to investors in order to finance Sparkart, LLC, a company that markets software to track how many times music is played and shared among peers. Jain used _____ financing.

find financing for the business

Once the business plan is finished, the next step is to:

assumes the risk of the business

The difference between the small business owner and the entrepreneur is that the entrepreneur:

a self-assessment

The first step in starting your own business is:

micropreneur

When Allison Logue found out her children were allergic to corn, she started looking for sweets and starches that were corn-free and was dismayed to find very few such products on the market. As a result, she has started her own small business to produce and market corn-free desserts. It is a small market, and Logue plans to keep her business small. Logue is an example of a(n):

classic

When he read Chicken Soup From the Soul, Joe Farmer was struck by how many of the stories mentioned the scent of the islands. So Farmer created bottles filled with Hawaiian air and some scented essence beads. When customers shake the bottles up and open the lids, they're transported back to paradise. While many marketing experts did not think that consumers would buy bottles of air, Farmer has earned more than half a million dollars of sale during his first year of operation. Farmer was an example of a _____ entrepreneur.

All of the above are appropriate questions to ask.

n buying an existing business, the prospective buyer should ask questions about the operation of the business. Which of the following would be an appropriate question to ask? Is the business operating at a profit? Why are you selling? Are there any problems with the business? Will the customers stay with the business? All of the above are appropriate questions to ask.