Chapter 5
What is true also for small businesses?
25% of all US workers are employed by firm s with fewer than 20 people.
________ is a general factor that contributes to the success of small businesses.
Analysis of market condition
______ are the aspects of business that a firm performs better than other companies in the same industry.
Distinctive competencies
What is true about entrepreneurs?
Entrepreneurs assume the risks of their business ventures
What is a good strategy for small businesses entering the retail industry?
Focusing on a narrow market segment
Who among the following is most likely to be an entrepreneur? a) Mariam has taken a loan to fund her new cafe b) Jordan has invested a small amount of money in Libra Inc., which is a large corporation c) Rebecca works as an operations manager at Omega Corp. d) Anita works for a non-profit organization
Mariam has taken a loan to find her new cafe.
What is also true about small businesses in the United States
Most U.S workers are employed by small firms.
Identify an accurate statement about small businesses and large businesses
Most of the products made by big manufacturers are sold to consumers by small businesses
_______ businesses supply over half of all "innovations" introduced into the US marketplace each year.
Small
_____ are federally licensed to borrow money from the Small Business Administration and to invest it in or lend it to small businesses.
Small business investment companies
What is a good strategy for small businesses?
Starting service businesses
What is also true about small businesses?
The vast majority of small firms are owner-operated.
What is true about entrepreneurs?
They essentially start new businesses
______ serve fewer customers than other providers.
Wholesalers
Entrepreneurs.....
are involved in planning and organizing activities of a business venture
It is common in the _____ industry that skilled craftspeople start out working for someone else and then start a small firm so that they can work for themselves.
construction
A(n) ______ is a market in which several large firms compete according to relatively well-defined criteria.
established market
A _____ is any advantage that comes to a firm because it exploits an opportunity before any other firm does.
first mover advantage
A ______ business sells directly to consumers products manufactured by other firms.
retail
A______ is privately owned by one individual or a group of individuals and has sales and assets that are not adequate enough to meaningfully influence its environment.
small business
