Entrepreneurship

Businesses owned and managed by couple teams are known as ___________.

co-preneurs

Opposite of a short plan, a ___________ provides an in-depth analysis of the critical factors that will determine a firm's success or failures, along with all of the underlying assumptions.

comprehensive plan

Focus strategies can be set up by which of the following ways....

All the Above

Which of the following are good qualities in an entrepreneur?

All the Above

All of the following are components of a franchise cost, except....

Approval Cost

In order to maintain a strong competitive advantage, it is essential that a business owner....

add a solid reputation for honesty and dependability

"Pure" entrepreneurs can also be know as....

Founders

A ________ is a detailed statement of such information as the franchisor's finances, experience, size, and involvement in litigation.

Franchise Disclosure Document (FDD)

All of the following are examples of how to fail as an entrepreneur, except....

Hire knowledgable, hard workers

According to the Business Paradigm all of the following are traits of a manager except....

Visualizes the future

In the event of potential conflicts, an entrepreneur should consider a __________, someone that can assist in buying and selling businesses.

business broker

A ______ is a document that outlines the basic concept underlying a business specifically, what problem will be solved and describes how you will execute your plan to solve the problem.

business plan

It is important to have a clear distinction between a market and and industry... A market consist of _________, Where an industry is composed of _________.

buyers; sellers

Relationships among family members in a business are less sensitive than relationships among unrelated employees.

false

A ________ is the organizational and strategic planning arm of a family business.

family council

One of the first steps in building a healthy family business relationship is by having ____________, a gathering of family members, usually at a remote location, to discuss family business matters.

family retreat

A _________ is defined by the SBA as a business model that involves a business owner who licenses trademarks and methods to an independent entrepreneur.

franchise

Which of the following is a positive of being in a family business.

long-range thinking by leaders of the firm

All of the following are key factors for success, except...

management

The practice of employing relatives, is known as ________.

nepotism

Which of the following represent the types of ideas that develop into startups...

new market, new technology, & new benefit

When small businesses try to shield themselves from competition by targeting a specific group of customers who have been identifiable but have a very narrow range of product and service interest, this is known as

niche market

_______ is an agreement in which the buyer promises the seller that he or she will not reveal confidential information or violate the seller's trust.

nondisclosure agreement

The section of the business plan that indicates how much money is needed, and when and how the money will be used.

offering

Central to the entrepreneurship process, _______________, is identifying imaginative new products or services that may lead to business ventures.

opportunity recognition

The two general approaches that can help in identifying business ideas are...

outside-in and inside-out

When a venture is operated by the founding entrepreneur, it is known as ______________.

owner managed business

In addition to a business plan, an entrepreneur may be asked to give an oral presentation, this is known as a/an _________.

pitch

The greatest advantage of buying a franchise is __________________

probability of success

Family businesses sometimes face the stereotype of not being ____________.

professionally managed

"Accidental discoveries" are also known as....

serendipity

A revenue stream that receives revenue from a single product or service is known as a ________.

single-stream

A _______ briefly covers all aspects of the business plan, giving each topic relatively equal treatment.

synopsis

___________, one of the five factors in screening business ideas, says that businesses are more likely to thrive if the focus is on a sizable market that is easy to to identify, grow rapidly, and is composed of customers with high levels of purchasing power.

targeted markets and customers

In the business paradigm a person who thinks in short-term, is paternalistic, uses only traditional marketing strategies, and relies on personal selling is known as a.....

technician

The passing of the ownership of a business to the next generation is know as _________.

transfer of ownership

In average, family businesses survive longer than non-family firms.

true

In some situations new franchisees of some franchise organizations have felt misled about their earnings opportunities.

true

New and often costly provisions is a common complaint when letting a franchise contract expire.

true

Nowhere in the business plan is it important to provide hard evidence to support your claims than when presenting your analysis of the market.

true

In evaluating the financial health of a firm, the first step is reviewing financial statements and tax returns for the past _______ years(s).

3-5

A small business can be defined as having fewer than ________ employees.

500

Research has found that _____ of all full-time workers are not involved in, enthusiastic about, or committed to their work.

52%

McDonald's operating a restaurant out of a Walmart is an example of....

Piggy Back Franchising

An assessment that provides a concise overview of a firm's strategic situation is known as a/an...

S.W.O.T. Analysis

The following are factors that determine the nature and degree of competition in an industry, except..

Socialcultural

S.W.O.T. Analysis stands for...

Strengths, Weaknesses, Opportunities, and Threats

In a startup, where there is so much uncertainty, a business model forces an entrepreneur to be ________ and avoid wishful thinking about financial projections.

disciplined

A person who pursues opportunities, in either a new or existing enterprise is known as a/an....

entrepreneur

A "short plan", an abbreviated form of a business plan consist of all of the following, ex(it)cept...

exit strategy