Ch. 6 business

True

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

entrepreneural

A ---- team is a group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop, make, and market a new product.

global business

Gaining financing, knowing how to get started in exporting, and navigating bureaucratic paperwork are major hurdles to consider when getting started in

entrepreneurships

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

customer

more person ---- service and the ability to respond quickly is an advantage for small businesses.

apprenticeships can benefit both the business owner and the apprentice

David opened his own bicycle shop 30 years ago, and although he enjoyed his work, he needed more free time. When Josie requested to work as an apprentice, David was very willing. Before long Josie was able to run the store without any help. This is an example of how:

high energy, action oreinted, and tolerant of uncertantiy

Entrepreneurial attributes include:

business plan

A --- is a detailed written statement that describes the nature of the business, the target market, the advantages the business will have over competition, and the resources and qualifications of the owner(s).

apprentice

A ------ 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.

small business

A business that is independently owned and operated, is not dominant in its field of operation, and meets certain standards of size in terms of employees or annual receipts is a(n):

starting with good money, finding good workers is hard, hire good lawyer/accountant

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

small business failure

Managerial incompetence and inadequate financial planning are two common reasons for

impossible

as a small business grows, it is ----- to oversee every detail; entrepreneurs must train and motivate employees.

generates profits, creative person who works with coorperation, uses companys resources to launch new products

characterisitcs of intreprenurs

true

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

Entrepreneurship

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

Entrepreneur

who 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.

buy

A market consists of consumers with unsatisfied wants and needs who have both resources and the willingness to:

incubator

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

capitol, information management

All organizations require the following:

difficulty finding financing bureaucratic paperwork understanding cultural differences

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

team, managerical

An entrepreneural ------ 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.

What is an effective strategy for reaching your target market Where to locate Whom to select as your target market

An inexpensive marketing research study may help you determine which of the following?

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

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

micropreneurs

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.

billion, 12

In 2019, online retail sales reached over $365 ----- or approxiamtely ---- percent of all retail sales

manage customer records follow the daily sales and expenses travel to other areas of business

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:

Entrepreneur

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

venture capitalist

Phil invests in new businesses in exchange for partial ownership in those businesses. Phil is a(n)

financing

Plannning, adequate ---, keeping good business records, knowing your customers, and managing employees are what it takes to start and run a small business.

oppertunity, profit, independence

Select reasons why people become entrepreneurs.

failure

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.

underpricing/overpricing goods/services, no experience, starting with little capitol

Some common causes of small business failure include:

increasing

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:

accounting system

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

oppertunities

Two advantages small firms have over large firms include more personal customer service and the ability to respond quickly to:

an inexpensive market research study

Understanding where to locate your business, who your target market is, and how to reach them, can be accomplished through

talk to other business owners, work for sucessful entreprenur, run small business on off hours

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

marketing research study

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.

true

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

intrapreneurs

are creative people who work as entrepreneurs within corporations.

intern

becoming a ---- is one of the best ways to learn about how to run a business.

incubators

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.

small

businesses are businesses that are independently owned and operated, are not dominant in their field of operation, and meet certain standards of size in terms of employees or annual receipts.