Chapter 1 & 2

A traditional small business generally has sales of between:

$25,000 and $100,000.

Which of the following planners do best in terms of getting a start-up launched, keeping it going, and making a living from it?

Comprehensive planners

Which of the following competencies requires the energy and focus needed to bring a business into existence?

Determination competencies

Which of the following organizations tracks experts in family business?

Family Firm Institute

_____ tend to level off after success defined by sales of between $100,000 and $1,000,000, depending on the industry.

High-performing small businesses

The two fastest growing minority groups that represent the largest segments of minority business owners are:

Hispanics and African Americans.

According to the BRIE model, which of the following is true of a resource?

It includes the product or service to be offered.

Which of the following is true of a franchise?

It is a prepackaged business bought, rented, or leased from a company.

Which of the following is a characteristic of a traditional small business?

It is often a one-site business.

Which of the following is true of a high-growth venture?

Its metastrategy is novelty.

Which of the following relates to the skills necessary to identify and exploit elements of the business environment that can lead to a profitable and sustainable business?

Opportunity competencies

_____ are completely passive, waiting for cues from the environment to determine what actions to take.

Reactive planners

Which of the following problems is closely related to role conflict?

Shortage of time

_____ are the smallest full-time business.

Traditional small businesses

The challenge of _____ refers to when woman or minority-owned businesses are simply excluded from the opportunities offered to firms owned by white males.

access

In the BRIE model, a business name or government registration, a phone or e-mail address dedicated to the business, or a specific location for the firm in a home, commercial space, or on the Internet represents:

boundary

Social entrepreneurship primarily involves a person or group:

creating new charitable and civic organizations which are financially self-sufficient.

Entrepreneurs who start with a goal instead of a plan and look for a chance to achieve it are known as _____.

opportunistic planner

Truly entrepreneurial businesses are characterized by:

the novelty in their products, services, or business models.

Expert business professionalization is a situation that occurs:

when most aspects of the business meet or exceed the industry's standards.