MAN 3025

Financial constraints will limit your new business to no more than one employee in addition to yourself. Which option would be most amenable to this, at least in the short run?

A sports card and comic book retail store

Maia is different from most successful entrepreneurs because she did not have:

A detailed business plan

Which of the following is an example of a business in the service industry?

A car rental agency

Which two of the following types of businesses would it be logical to combine into a single business at one location? Check all that apply.

An appliance repair store A computer repair business

Maia got her business idea from discovering a market niche and:

Drawing on her personal skills

Which of the following is required to help alert entrepreneurs to potential trouble?

Effective control systems

Which of the following is true of SBA financial programs?

Eligible firms must be unable to get private financing at reasonable terms.

Which of the following statements is true of new businesses?

Insufficient capital can contribute to new business failure.

Which of the following is an advantage of a franchise?

It lets franchisers grow by using the investment money provided by franchisees.

Which of the following statements on job creation is true?

Large companies are the last to lay off workers during economic downswings

Urban Escapes is an example of which trends in entrepreneurship? Check all that apply.

More businesses are being started by women. E-commerce presents opportunities to many entrepreneurs. The success rate of new businesses has risen in recent years.

Which of the following statements on small businesses is true?

Small businesses sell consumers most of the products made by big manufacturers.

Which of the following is true of innovation?

Small businesses supply over half of all innovations in the U.S. marketplace each year.

Which of the following is true of small businesses?

Small firms specializing in international business create many new jobs.

Bram says his contribution to Urban Escapes was to organize the business and provide it with discipline. According to what you learned from the research summary, at which stage is Bram's work particularly important?

Survival

Which of the following is true of entrepreneurs?

They accept the risk of success or failure of a business venture.

Which of the following is true of most successful entrepreneurs?

They carefully analyze market conditions.

Imagine that Maia and Bram are seeking innovative ways to expand Urban Escapes. Which of the following are examples of strategic alliances they might enter into? Check all that apply.

Urban Escapes allows a consulting firm to offer Urban Escape getaway packages to its clients as corporate retreats. Urban Escapes features on its website the offerings of an established historical-city-tour provider. Urban Escapes works with an environmental nonprofit to build a website offering ecotourism packages.

Which of these is a disadvantage of opening an elegant, upscale seafood restaurant and hiring a professional chef to handle the cooking? Check all that apply.

Your labor costs will be higher, because you will be paying a chef. Your investment costs may be higher, because elegant fixtures and designs are expensive.

A niche market is:

a segment of a market that is not currently being exploited.

Miriam pools all her savings to open a bakery that specializes in wedding cakes. She bakes the cakes, runs the store, and creates a website that allows customers to place orders online. Miriam is a(n)

entrepreneur

A small business:

is owned by one individual or a small group.

Due to the strong economies of scale, small businesses generally do not do as well as large businesses in the _____ segment.

manufacturing

Steven is a polymer scientist with the motivation and expertise needed to start his own business. If he chooses to finance his business in the same way that most new businesspeople finance theirs, he will:

rely on personal resources

A retail business:

sells products manufactured by other firms.

A two-person software development company with annual sales of $100,000 would be considered a:

small business.

Small-business investment companies (SBICs):

take a more balanced approach in their choices than venture capital companies.

Maia seeks to expand the business into Boston, Philadelphia, and Washington, D.C. According to what you learned from the research summary, at which stage was Maia's decision made?

takeoff