Music Final

__________are creative people who work as entrepreneurs within corporations.

Blank 1: Intrapreneurs

_________ _________are individuals or companies that invest in new businesses in exchange for partial ownership of those businesses.

Blank 1: Venture Blank 2: capitalists

In 2019, online retail sales reached over $365 _____, or approximately______ percent of all retail sales

Blank 1: billion Blank 2: 12

A(n)______ is someone accepting the risk of starting and running a business.

Blank 1: entrepreneur

Opportunity, profit, independence, and challenge are some reasons people are willing to take the risks of being a(n) .

Blank 1: entrepreneur

Bankers receive many business plans every day, so the_________ _________ of your business plan must be written to catch their interest quickly.

Blank 1: executive Blank 2: summary

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.

Blank 1: incubator

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.

Blank 1: market or marketing Blank 2: research Blank 3: study

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.

Blank 1: micropreneurs

While a business plan is a detailed document with many sections, its overall purpose is to describe the nature of the business, the ________market, and the _______over the competition.

Blank 1: target Blank 2: advantages

An entrepreneurial ________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.

Blank 1: team Blank 2: managerial or management

An entrepreneurial _______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.

Blank 1: team Blank 2: managerial or management

The most important things investors want to know are what makes the product more desirable than what's already available and whether or not the product can be patented. In which section of the business plan should investors look to find this information?

Marketing

Select the characteristics of an entrepreneurial team that will be developing and marketing a new product.

Members have complementary skills and are creative. A group of experienced people. Each from different areas of business.

______ want to maintain a balanced life style while doing the kind of work they want to do.

Micropreneurs

Chris spent his own money on marketing research, and consulted his sister Kara, who is an accountant. They spent the next few months writing a business plan. Which of the following are some business functions Chris has addressed?

Planning. Knowing your customers

Which of the following are good ways to learn how to run your own business?

Run a small business during your off hours. Talk to other business owners. Work for a successful entrepreneur

After working for a large auto manufacturing company for over 20 years, Silvia decided to start her own auto accessory store. While facing new challenges every day, Silvia enjoys being free to manage her company as she desires. This example illustrates:

Why people take the risks of entrepreneurship

There are a few hurdles that prevent many small businesses from engaging in the global market. Which of the following are examples of such problems?

Would-be exporters do not know how to get started. Financing is often difficult to find.

To keep track of daily sales, expenses, profits, inventory control, customer records, and payroll a small business needs a good

accounting system

Entrepreneurial attributes include:

action-oriented tolerant of uncertainty highly energetic

Becoming a(n) _______ is one of the best ways to learn about how to run a business.

apprentice

A(n) _______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.

apprenticeship

Among the hurdles small businesses must overcome in starting to operate globally are:

bureaucratic paperwork. difficulty finding financing. understanding cultural differences

When writing a business plan, it is important to:

calculate how much money you need to start. analyze the competition

A banker or investor in a small business is very interested in making sure you are a person of good _____ as a small business owner.

character

A good business plan is between 25 and 50 pages long and takes many months to write. A comprehensive business plan will include which of the following?

company background Cover letter Executive summary

More personal _______service and the ability to respond quickly is an advantage for small businesses.

customer

Local community college classes are a good place to start to learn about business and _________

entrepreneurship

______ refers to accepting the risk of starting and running a business.

entrepreneurship

Many________ 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.

entreprenuer

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.

failure

As a small business grows, it is______ to oversee every detail; entrepreneurs must train and motivate employees.

impossible

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:

increasing

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.

incubators

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:

manage customer records. follow the daily sales and expenses

All consumers with unsatisfied wants and needs who have both resources and the willingness to buy are:

market

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.

micropreneur

Some common causes of small business failure include:

no experience in that business or industry. starting with too little capital. underpricing or overpricing goods or services

A small business is defined as:

one that is not dominant in its field. one that is independently owned and operated. one that meets certain standards of size in terms of employees or receipts

Entrepreneurs often come up with an idea for a new business and need financing. At this stage, it is important to develop a business _________, which forces potential small-business owners to be quite specific about the products or services they intend to offer (answer is one word).

plan

Select reasons why people become entrepreneurs.

profit. independence. opportunity.

Entrepreneurs must recognize that they need competent and motivated employees. Since they can't compete with larger firms' pay and benefits, they need to:

provide more challenging opportunities to learn. delegate more often. be respectful of employees' opinions

Learning from others is a useful way to avoid pitfalls when starting a small business. Some things you may be told would include:

starting with enough money. that finding and retaining good workers is hard. to hire a good lawyer and accountant

A business plan is a detailed written statement that describes:A business plan is a detailed written statement that describes:

the target market the resources and qualifications of its owner(s)

True or false: Most entrepreneurs do not get their ideas from a flash of inspiration; they come more from their passions or looking at problems.

true

True or false: The principles of management are similar for a small neighborhood business and a giant global firm.

true

All organizations require the following:

information management. capital

Becoming a(n) _______is one of the best ways to learn about how to run a business.

intern

______ are creative people who work as entrepreneurs within corporations.

intrapreneur