Ch 6

Successful small business owners are

valuable sources for information since you can learn from their experiences.

Small businesses make about _ percent if the new jobs in the united states

65

Entrepreneurship

Accepting the risk of starting and running a business.

_ are private individuals who invest their own money in potentially hot new companies before these firms become larger publicity traded companies

Angel investors

Apples legendary smart team is an example of a company that succeeded by

Bringing together a group of talented and experienced managers to conceive developer and market products

A review is small business successes and failure indicates that the

Businesses with the potential high profit levels tend to be difficult to start and hard to keep going

For prospective entrepreneurs enrolling in an introduction to business is small business management course offered through their community college

Can be helpful by offering them an opportunity to meet experienced small business owners

Angelina recently left her job at a large corporation to start her own business. She knows that her decision comes with risk but she is excited to be her own boss and to tackle the challenges that running her own company will bring Angelina is an example of an

Entrepreneur

Tucker is an intrepreneur for a muktinational wearable electronics company. Which statement best describes Tuckers duty

He will use the firms existing resources to developer new products

A business's size is measured

In relation to other firms in the industry

State and city government have promoted facilities where me businesses can open up and share common services such as secretarial accounting and legal services, due to their remarkable success rate _ continues to grow in popularity

Incubator

Some people argue that small business failures are

Lower than reported

Conversations with people who start their own businesses often reveal that

Many small business owners got their entrepreneurial idea from a pervious job

After retiring as a telecommunications executive, Bruce joined SCORE. As a SCORE counselor Bruce will

Provide consulting services to small businesses for free

Using the analogy of holders vs. sand for filling a hole the textbook points out that

Small businesses are employing a record number of employees because they have to work twice as hard producing that I'm as amount of output as a large competotor

Which of the following US issues dies entrepreneurship most directly affect

The ability to create jobs for others

Entrepreneur make use of _ to developer and launch new products and generate new profits

Their employees existing human, fiscal and physical resources

Which of the following statements is characteristic of entrepreneurs

They look at problems and see opportunities

Entrepreneurial personality traits

Tolerant of uncertainty and highly energetic

The US governments immigration act of 1990

a. encouraged entrepreneurs to come to the U.S. through "investor visas".

The business plan will include

an analysis of the competition

Entrepreneurs seeking financial support from bankers and potential investors should

create a detailed business plan to help the bankers and investors understand why this business will succeed.

Effective entrepreneurial team's combine

creativity with marketing and production experience.

An entrepreneurial team consists of

experienced professionals from different areas of business

To be considered part of a market, an individual must

have both a willingness to buy and the financial resources needed to buy.

When starting a small business it's important to remember

learning from others and gaining relevant business experience improves the odds for success.

Historically entrepreneurs in the U.S.

started many small firms that later became major corporations employing thousands of workers.

Increased participation in small business exporting owes credit to

technological advances such as the Internet and PayPal for safely fulfilling orders

One way to get into business is to buy an existing company. The value of the business used to determine a fair purchase price is based on:

the value of what the business owns, what it earns, and what makes it unique.

Although successful entrepreneurs are more tolerant of uncertainty,

they strive to take calculated risks.

As a high net worth individual, Allison searches for growth firms in need of additional funding to achieve their goals. In return for this __________, Allison expects to assume ownership in the business.

venture capital