Chapter 5-ENTR-202-Small Business: Paths to Part-Time Entrepreneurship

A ______ is an Internet messaging service that sends whatever web material the business specifies to subscribers to that feed.

RSS feed

Inventors or makers use _____ for idea generation and refinement or funding to bring their products, figuratively and literally, together.

crowdsourcing platforms

When business owners assign work to employees it is called ____, while contracting with people or companies outside of one's business to do work is called ____.

delegating, outsourcing

A(n) ______ business is a temporary, project-based, or sporadically operating business.

episodic

Zoning laws are

government specifications for acceptable use of land and buildings in particular areas.

A reciprocal link

using several different channels to reach customers.

A ______ is a place where something takes place.

venue

For part-time entrepreneurs, a key device that helps in time management is _____.

a to-do list

Which of the following reasons for part-time small businesses needing a website are correct?

Potential customers will use it to find out more information about the small business. Potential customers will use it to decide if they want to contact the small business. Potential customers will use it to find the small business.

A business model in which the entrepreneur arranges a customer to host a party, inviting friends, family, and neighbors is called

Home party

Which of the following statements about the number of home-based business is correct?

There were about 9 million U.S. home-based businesses in 2012.

Coworking spaces

They are large open offices that people can access by paying a daily, weekly, or monthly fee.

Which of the following are the advantages of home retail businesses? Multiple select question.

They can be set up quickly and with ease. The cost of starting a home retail business is low.

Virtual offices

They provide access to files, web-based fax services, and full business telephone services.

True or false: Most part-time small businesses need a website

True

Moonlight is

working on ones own part time after his or her regular job.

In the context of the situations where a part-time business makes sense, pursuing such a business is usually the only profitable way to seize an opportunity when _____.

the business situation restricts the time in hand to create a business plan

Covenants are

the limitations imposed on an individual's property by their neighborhood group.

E-commerce is

the use of the Internet to conduct business transactions.

Multichannel marketing is

using several different channels to reach customers.

______ are sales where one firm sells to another firm

Business-to-business

The ___ is the minimum acceptable selling price in an auction.

reserve price

Search engine optimization is

a general approach to website design intended to result in the site being displayed toward the beginning of a search engine's listing for that term.

Which of the following items should be included in a basic informational website package? (Choose all that apply.)

At least one gigabyte of traffic per month. Have at least 10 web pages of space. A unique domain name.

Employees working 35 or fewer hours a week are known as ______ workers.

Part-time

______ are the limitations imposed on an individual's property by his or her neighborhood group.

Covenants

Which of the following statements about basic informational websites are correct?

Alternatives to using .com are.net, .biz, or.us. Basic websites should include Product or Service pages. Basic websites should include an "About Us" page.

Executive offices

They provide short-term space for an office or work area in small amounts.

______ is documented permission from the government to run one's business.

Licensing

Which of the following statements about informational websites is correct? Multiple choice question.

An informational websites is a 24-hour-a-day, 7day-a-week source of information for potential customers.

People who work fewer than ____ hours per week have part-time employment.

35

The reserve price is the

minimum acceptable selling price in an auction.

______ is a situation in which a person faces two or more competing standards or goals.

Conflict of interest

A(n) ______ website is an Internet site designed to introduce and explain a business to others.

Informational

A RSS feed is a(n)

Internet messaging service that sends whatever web material the business specifies to subscribers to that feed.

_____ are inventors who use modern techniques like 3-D software and 3-D printers or do-it-yourself electronics to create new items.

Makers

Which of the following statements about home-based businesses are correct?

Often times inventory is stored at the entrepreneur's home. Many retailing and wholesaling businesses are home-based. Home-based businesses represent 33% of all firms.

The ___ is the minimum acceptable.

Reserve price

Which of the following are the advantages of home retail businesses?

The cost of starting a home retail business is low. They can be set up quickly and with ease.

Permission from a government organization to act differently that the laws state is called a ______.

Variance

Which of the following are the two major questions that must be decided in becoming a part-time entrepreneur?

What kind of product or service to be offered? How does the entrepreneur want to organize the part-time business?

Which of the following is a major questions that part-time entrepreneurs should ask before starting their business?

What kind of products and services to sell? How to organize the business as far as cost and time? How to organize the business as far as permanence?

A reverse auction is

an auction in which the low bid gets the business or wins.

The key question of whether to move to becoming a full-time entrepreneur is usually a ___ question

financial

Reverse auctions are

often used when a business is looking for someone to do work on a freelance basis like designing a website or translating a document.

A variance is

permission from a government organization to act differently that the laws state.

A ______ business is a temporary business that offers services or products in a variety of locations for a brief period at a time.

pop-up

A pop-up business is a

temporary business that offers services or products in a variety of locations for a brief period at a time.

A blog is a(n)

web page in which entries are posted in reverse chronological order.

An episodic business is a

temporary, project-based or sporadically operating business.

______ is the assignment of work to others over whom the business owner has power.

Delegation

______ is the use of the Internet to conduct business transactions

E-commerce

Which of the following are situations that may be apt for starting a business on a part-time basis?

When an entrepreneur is uncertain of the requirements of a full-time business When an entrepreneur wishes to gain basic experience

A consumer is a(n)

private individual or household that is the end user of a product or service.

A facility that offers subsidized space and business advice to companies in their earliest stages of operation is called a(n)

incubator