Business 6

How did the 1990 Immigration Act encourage entrepreneurs to relocate to the United States?

by creating a category of investor visas

All organizations require the following:

capital information management planing

If you want to be both independent and rich, you need to pursue a business with high:

growth

Which statements regarding entrepreneurs are true?

They are self-disciplined. They are thoroughly comfortable being their own boss.

Which statement is true regarding entrepreneurs?

They have job-creating powers.

Which of the following are true of entrepreneurs?

They tolerate uncertainty well They will take calculated risks

What are some of the questions entrepreneurs often ask themselves?

What really irritates me, and what product or service would help? What do I want, but can never find?

What advice is helpful for someone wanting to learn small-business management?

You should become an apprentice or work for a successful entrepreneur.

What factor increases the chances of success of a small business over a large one?

The customer requires a lot of personal attention

Another way to encourage entrepreneurship is to create specific geographic areas called _____ _____ in which governments offer lower taxes to attract private business.

Blank 1: enterprise Blank 2: zones

______ are creative people who work as entrepreneurs within corporations.

Entrepreneurs

Select the characteristics of an intrapreneur.

a creative person who works within a corporation he or she generates profits by leveraging a firm's human financial and physical resources someone who uses company's resources to launch new products

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 ______.

apprenticeships can benefit both the business owner and the apprentice

High growth businesses that can help you create independence and wealth, are often the most ____ to sustain.

difficult

Match the goals with the type of business person.

entrepreneur= desire to grow business and generate wealth micropreneur= desire to remain small and balance lifestyle with work

Many people today who need to combine work and family are starting _______ - ______ businesses.

home-based

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:

increasing

______ want to maintain a balanced life style while doing the kind of work they want to do.

micropreneurs

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

opportunities

Some of the services that incubators provide entrepreneurs to help stimulate their growth are:

secretarial services legal services accounting services

There are 30 million ______ in the United States, accounting for more than 50 percent of the GDP.

small businesses

After working for a large auto manufacturing company for over 20 years, Silvia decided to start her own auto accessory store. While facing new challenges every day, Silvia enjoys being free to manage her company as she desires. This example illustrates:

why people take the risks of entrepreneurship

Identify the principle characteristic of an entrepreneur.

A tendency toward self-discipline

What is the best definition of entrepreneurship?

Accepting the risk of starting and running a business.

Select the characteristics of an entrepreneurial team that will be developing and marketing a new product.

Members have complementary skills and are creative Each from different areas of business A group of experienced people

Which of the following regarding high-growth businesses (e.g., technology firms) are true?

They are difficult to start. They are extremely difficult to keep going.

Some of the services that incubators provide entrepreneurs to help stimulate their growth are:

accounting services legal services secretarial services

What are three attributes of successful entrepreneurs?

action-oriented tolerant of uncertainty highly energetic

Small companies started by entrepreneurs may grow into large corporations that employ thousands of people. Match the entrepreneurs below with the corporations they developed.

amazon= jeff bezos avon= david mcconnell kodak= george eastman facebook= mark zuckerberg starbucks= howard schultz

What type of business relationship benefits both a trainee and a business owner and occurs when a trainee is hired to learn small-business management while assisting the owner in getting daily work done?

apprenticeship

In 2019, online retail sales reached over $365 ______, or approximately _____ percent of all retail sales.

billion, 12

Local community college classes are a good place to start to learn about starting your own _____.

business

More personal _____ service and the ability to respond quickly is an advantage for small businesses.

customer

Examples of businesses that require high rates of advanced training are:

dental practices veterinary services electricians

_____ zones are specific geographic areas to which governments attract private business investment by offering lower taxes and other government support.

enterprise

_________ are specific geographic areas to which governments attract private business investment by offering lower taxes and other government support

enterprise zones

A(n) ______ 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.

entrepreneurial

If you want to start a business, you cannot be afraid to fail. Many well-known ____ failed several times before achieving success. This is why these people are considered to be tolerant of uncertainty.

entrepreneurs

Many ____ 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.

entrepreneurs

_____ must be emotionally, mentally, and physically able to work long and hard. However, they mostly seek achievement rather than power and are self-motivated.

entrepreneurs

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.

failure

Most entrepreneurs get ideas for products and services:

from asking questions and from looking around

In addition to good ideas, entrepreneurs must

have a burning desire to realize and actualize their dream want to see their dream become reality be action oriented

John started his small landscaping business with only a few employees, but in a few years had twice as many. The community around his business also flourished, partly helped by the new stream of money. This exemplifies ______

how small businesses influence the economy

Chase has a great idea for a new business, but lacks the funds needed to pay rent and hire a part-time accountant and lawyer. Accordingly, he decides to locate his offices temporarily in a business _____ where he can receive accounting, legal, and secretarial help at little cost to him.

incubator

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.

incubators

The SBA determines whether a business is considered "small" only after analyzing how a particular business measures up compared to other businesses in its _____.

industry

All organizations require the following:

information management capital Planning

Entrepreneurs who are not interested in starting a mammoth corporation, but rather are interested in a balance between lifestyle and work are called ______

micropreneurs

______ are entrepreneurs willing to accept the risk of starting and managing a business that remains small, lets them do the kind of work they want to do, and offers them a balanced lifestyle.

micropreneurs

______ do not have the goal of growing their businesses into large corporations but rather desire to maintain a balanced lifestyle while doing the kind of work they want to do. Most commonly these people own home or web-based businesses.

micropreneurs

A Self-Employment Assistance Program (SEA) offered by some states is designed to:

pay unemployment benefits while building a business and provide training and counseling to the new business owner

Factors like the customer needing a lot of personal attention, the product not being easily made, and sales not being large enough to appeal to a larger firm all create opportunities for ____ business success.

small

_____ businesses generate 60% to 80% of the new jobs each year and about 80% of United States workers find their first jobs in this type of business

small

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):

small business

Apple Computers is a good example of a _____ firm that was not easy to start, and is even more difficult to keep going.

technology

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

that finding and retaining good workers is hard starting with enough money to hire a good lawyer and accountant

Which of the following is true regarding businesses with low failure rates, such as veterinary services, dental practices, and medical practices?

they often require advanced training to start and they do not tend to produce much growth

Some common causes of small business failure include:

underpricing or overpricing goods or services no experience in that business or industry starting with too little capital

A business that meets the criteria for a small business

(1) Is independently owned and operated (2) Is small only in relationship to the rest of its industry

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

- Run a small business during your off hours - Talk to other business owners - Work for a successful entrepreneur

It is possible to get started in business by working in a successful one to learn about it and then ______.

1. offering to buy out the owner over time 2.buying out the current owner all at once 3.suggest the owner take a partial retirement so you can gradually take over

Which of these are centers that offer new businesses in the critical stage of early development low-cost offices with basic services such as accounting, legal advice, and secretarial help?

Business incubators

Which of the following are some reasons for the growth of home-based businesses?

Corporate downsizing Computer technology Tax laws that allow home office deductions

The SBA defines a _____ business as one 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.

Small

Which of the following are true regarding micropreneurs?

They are interested in maintaining a balanced life style They do not want to grow their businesses into large corporations

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

entrepreneurship

Select reasons why people become entrepreneurs.

opportunity profit independence

Taking over a(n) ____ business is a good way to get started in business.

successful

Which of the following characteristics are needed to become a successful entrepreneur?

Tolerant of uncertainty Initiative Action-oriented