Intro to Business- Chapter 6
They can begin shipping faster, overseas buyers like dealing with individuals rather than large bureaucracies, they can provide a wide variety of services.
Small businesses have an advantage over large business in international trade in all these ways:
Service Corps of Retired Executives (SCORE)
The SBA office known as the _____ has volunteers from industry, trade associations, and education who counsel services for small businesses at no cost, except for expenses.
business plan
A _____ is a detailed written statement that describes the nature of the business, the target market, the advantages the business will have in relation to competition, and the resources and qualifications of the owners.
small business
A _____ is independently owned and operated, not dominant in its field of operation, and meets certain standards of size in terms of employees or annual receipts.
market
A ______ consists of people with unsatisfied wants and needs who have both the resources and willingness to buy.
the name of the lending bank.
A business plan for a new business does not need to include:
entrepreneurial team
A group of experienced people from different areas of business who join together as an _____ form a managerial team with the skills needed to develop, make, and market a new product.
considered small relative to other businesses in its industry.
A small business is
venture capital firms may ask for a stake in your business
According to the text, one of the drawbacks of using venture capital is that:
affiliate marketing
An internet-based marketing strategy in which a business rewards individuals or other businesses (affiliates) for each visitor or customer sent to its web site is known as _____.
incubators
Centers called _____ offer new businesses low-cost offices with basic business services.
irtrapreneurs
Creative people known as _____ work as entrepreneurs within corporations.
independence, money, challenge, and opportunity
Entrepreneurs take the risk of starting a business for
who have a willingness and the resources to buy.
For a market to exist there must be potential buyers:
enterprise zones
Governments try to attract private business investment to specific geographic areas known as ______ by offering lower taxes and other government support.
What the business earns, owns, and what makes it unique
In measuring the value of a small firm, which of the following would be included?
venture capitalists
Individuals or companies known as _____ invest in new businesses in exchange for partial ownership of those businesses.
accounting.
Small business owners often say that the most important assistance they need is in
small business administration (SBA)
The U.S. government agency called the _____ advises and assists small businesses by providing management training and financial advice and loans.
financing and planning.
The primary concerns when first starting your business are:
Small Business Investment Company (SBIC) Company.
The program through which private investment companies are licensed by the Small Business Administration to lend money to small businesses is called the _____.
They don't know how to get started, financing is often difficult to find, and paperwork is often overwhelming.
There are many reasons why small business owners don't go international such as:
The first job for most Americans will probably not be in a small business.
This statement is false about a small business.
personal savings and individual investors
What are the primary sources of funding for entrepreneurs?
micropreneurs
_____ are entrepreneurs willing to accept the risk of starting and managing the type of business that remains small, lets them do the kind of work they want to do, and offers them a balanced lifestyle.
Entrpreneurship
_____ is accepting the risk of starting and running a business.
Managing time
_____ is among the challenges faced by those with home based businesses.