Ch. 6 business
True
True or false: The principles of management are similar for a small neighborhood business and a giant global firm.
entrepreneural
A ---- team is a group of experienced 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.
global business
Gaining financing, knowing how to get started in exporting, and navigating bureaucratic paperwork are major hurdles to consider when getting started in
entrepreneurships
Local community college classes are a good place to start to learn about business and
customer
more person ---- service and the ability to respond quickly is an advantage for small businesses.
apprenticeships can benefit both the business owner and the apprentice
David opened his own bicycle shop 30 years ago, and although he enjoyed his work, he needed more free time. When Josie requested to work as an apprentice, David was very willing. Before long Josie was able to run the store without any help. This is an example of how:
high energy, action oreinted, and tolerant of uncertantiy
Entrepreneurial attributes include:
business plan
A --- is a detailed written statement that describes the nature of the business, the target market, the advantages the business will have over competition, and the resources and qualifications of the owner(s).
apprentice
A ------ 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.
small business
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):
starting with good money, finding good workers is hard, hire good lawyer/accountant
Learning from others is a useful way to avoid pitfalls when starting a small business. Some things you may be told would include:
small business failure
Managerial incompetence and inadequate financial planning are two common reasons for
impossible
as a small business grows, it is ----- to oversee every detail; entrepreneurs must train and motivate employees.
generates profits, creative person who works with coorperation, uses companys resources to launch new products
characterisitcs of intreprenurs
true
do Most entrepreneurs do not get their ideas from a flash of inspiration; they come more from their passions or looking at problems.
Entrepreneurship
refers to accepting the risk of starting and running a business.
Entrepreneur
who use their time, money, and energy to turn their passions into sustainable businesses. They are comfortable being their own bosses and are not afraid of failure.
buy
A market consists of consumers with unsatisfied wants and needs who have both resources and the willingness to:
incubator
According to a recent study, offering low-cost offices with basic services to new businesses in the early stages of development results in an 87% success rate of ---- graduates
capitol, information management
All organizations require the following:
difficulty finding financing bureaucratic paperwork understanding cultural differences
Among the hurdles small businesses must overcome in starting to operate globally are:
team, managerical
An entrepreneural ------ is a group of experienced people from different areas of business who join together to form a ---- team with the skills needed to develop, make, and market a new product.
What is an effective strategy for reaching your target market Where to locate Whom to select as your target market
An inexpensive marketing research study may help you determine which of the following?
provide more challenging opportunities to learn be respectful of employees' opinions delegate more often
Entrepreneurs must recognize that they need competent and motivated employees. Since they can't compete with larger firms' pay and benefits, they need to:
micropreneurs
Entrepreneurs start a business with the desire to grow the business and generate wealth while ------ start a business that will stay small, allowing them to have a balanced lifestyle and the ability to do the kind of work they want to do.
billion, 12
In 2019, online retail sales reached over $365 ----- or approxiamtely ---- percent of all retail sales
manage customer records follow the daily sales and expenses travel to other areas of business
Managing a small business became relatively easy with the advent of inexpensive personal computers. Inexpensive computer systems and off-the-shelf or even free, open-source software make it easy for the small business manager to:
Entrepreneur
Opportunity, profit, independence, and challenges are some reasons people are willing to take the risks of being a(n)
venture capitalist
Phil invests in new businesses in exchange for partial ownership in those businesses. Phil is a(n)
financing
Plannning, adequate ---, keeping good business records, knowing your customers, and managing employees are what it takes to start and run a small business.
oppertunity, profit, independence
Select reasons why people become entrepreneurs.
failure
Some causes of small-business ______ include underpricing or overpricing goods or services, starting with too little capital, going into business without first learning something about the industry or market, and underestimating how much time it will take to build a market.
underpricing/overpricing goods/services, no experience, starting with little capitol
Some common causes of small business failure include:
increasing
The expansion and development of the Internet has sprouted a world of small web-based businesses. This, among other reasons, may explain why online sales are rapidly:
accounting system
To keep track of daily sales, expenses, profits, inventory control, customer records, and payroll a small business needs a good
oppertunities
Two advantages small firms have over large firms include more personal customer service and the ability to respond quickly to:
an inexpensive market research study
Understanding where to locate your business, who your target market is, and how to reach them, can be accomplished through
talk to other business owners, work for sucessful entreprenur, run small business on off hours
Which of the following are good ways to learn how to run your own business?
marketing research study
an inexpensive -------------------------- can help you determine where to locate your business, whom to select as your target market, and what is an effective strategy for reaching it.
true
are The principles of management are similar for a small neighborhood business and a giant global firm.
intrapreneurs
are creative people who work as entrepreneurs within corporations.
intern
becoming a ---- is one of the best ways to learn about how to run a business.
incubators
business ----- are centers that offer businesses in the critical stage of early development low-cost offices and access to basic services such as accounting, legal advice, and secretarial help.
small
businesses are businesses that are independently owned and operated, are not dominant in their field of operation, and meet certain standards of size in terms of employees or annual receipts.