Business Chapter 6 Smartbook

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

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

__ are creative people who work as entrepreneurs within corporations.

Intrapreneurs

Becoming a(n)— is one of the best ways to learn about how to run a business.

apprentice

are individuals or companies that invest in new businesses in exchange for partial ownership of those businesses.

Venture , capitalists

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

Venture capitalist

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

True

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

Billion, 12

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

True

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

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

Customer

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

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

A(n) ___ is someone who accepts the risk of starting and running a business

Entrepreneur

Match the goals with the type of business person.

Entrepreneur - Desire to grow the business and generate wealth Micropreneur - Desire to remain small and balance lifestyle with

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 or Micropreneurs

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

Financing

Chris spent his own money on marketing research, and consulted his sister Kara, who is an accountant. They spent the next few months writing a business plan. Which of the following are some business functions Chris would have addressed?

Planning Marketing Financing

There are a few hurdles that prevent many small businesses from engaging in the global market. Which of the following are examples of such problems?

Would-be exporters do not know how to get started. Financing is often difficult to find.

Select the characteristics of an intrapreneur.

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

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

accounting system

Being self-directed, self-nurturing, action-oriented, and tolerant of uncertainty are all considered characteristics of a(n):

entrepreneur

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

Individuals who possess such attributes as being self-directed, action-oriented, and tolerant of uncertainty can make excellent ___ like Bill Gates and Steve Jobs.

entrepreneurs

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

entrepreneurship

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

entrepreneurship

Becoming an apprentice, talking to other business owners, and working for a successful entrepreneur are all examples of effective ways to obtain a — for running your own business.

experience

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

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

All consumers with unsatisfied wants and needs who have both resources and the willingness to buy are:

market

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

micropreneurs

Some common causes of small business failure include:

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

A small business is defined as:

one that meets certain standards of size in terms of employees or receipts one that is not dominant in its field one that is independently owned and operated

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

opportunities

Select reasons why people become entrepreneurs.

opportunity independence profit

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

provide more challenging opportunities to learn be respectful of employees' opinions maintain good employee relations

An entrepreneurial ___ 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.

team, managerial

A(n). 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).

business plan

All organizations require the following:

capital information management

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

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.

Market, research, study

— businesses are businesses that are independently owned and operated, are not dominant in their field of operation, and Blank 1 meet certain standards of size in terms of employees or annual receipts.

Small

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:

follow the daily sales and expenses manage customer records

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

Managerial incompetence and inadequate financial planning are two common reasons for — failure

Small, business

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

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

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

understanding cultural differences bureaucratic paperwork difficulty finding financing