post 5

Which of the following is NOT a characteristic of entrepreneurship:

Success and financial certainty

Approximately how many businesses are there in the United States?

25 million

According to the SBA, service industries account for approximately what percentage of all small businesses?

50 percent

Statistically, approximately what percentage of all new businesses can be expected to fail within their first five years?

70 percent

Which industry is concerned with the movement of goods from producers to consumers

distribution

You have decided to open a full-service fast food restaurant and have engaged in a contract with Steak & Shake. You and the company have drawn up an agreement that allows you to use the company's name and its proven method of doing business, to receive training, and to use its advertising materials. In this agreement, Steak & Shake is the _________ and you are the _________.

franchisor; franchisee

PricewaterhouseCoopers, a large accounting firm, would be most properly classified in the _________ industry, whereas a grocery store such as Marsh would be included in the _________ industry.

service; distribution

The fact that insulin and xerography both originated with small companies and individual investors in the U.S. is testimony to the power of small businesses as providers of:

technical innovation

Small businesses are typically managed by

the entreprenuers who start and own them.

Diane Cuvelier and Betty LaPlante, the founders of Doughmakers, Inc., are creative, free-spirited individuals who decided that being a corporate underling was not what they wanted from a career. They had an innovative idea for a product and desired to create their own business based on this idea. All of the following are factors that could have led them to go into business except

the low risk and high rewards inherent in entrepreneurship.