Entrepreneurship and Small Business Management

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A competitive advantage that small businesses have over larger businesses is a) lower costs b) more consumer research c) lower prices d) attention to unique customer needs

d) attention to unique customer needs

Which of the following is not one of the reasons small business fail? a) poor customer credit practices b) the owner does not have adequate experience c) a poor business location d) not enough employees to do the work

d) not enough employees to do the work

Start-up Financing

Amount of money needed to open the business

Innovation

An invention or creation that is brand new

Small Business

Independent business with fewer than 500 employees

Small Business Administration (SBA)

Government agency that helps small business owners develop business plans and obtain financing and other support for their companies

Long-term Financing

Money needed for the main resources of a business (such as land, building, and equipment) that will last for many years

Short-term Financing

Money needed to pay for the current operating activities of a business

Venture Capital

Money provided by large investors to finance new products and new businesses that have a good chance to be very profitable

Entrepreneurship

Process of starting, organizing, managing, and assuming the responsibility for a business

Entrepreneur

Someone who takes a risk in starting a business to earn a profit

True or False. Entrepreneurs are competitive, creative, energetic, goal oriented, independent, inquisitive, persistent, reliable, and self-confident

True

True or False. Entrepreneurs have the ability to partner, ability to secure resources, ability to spot opportunity, capability to learn from failure, personal initiative, problem-solving skills, strong integrity, tolerance for ambiguity, willingness to work hard

True

True or False. A business plan does not have to be written because the business owner is well aware of the information in the plan

False

True or False. Everyone who owns or manages a business is an entrepreneur

False

True or False. Most small business owners enjoy being part of a team

False

Improvement

Designed change that increases the usefulness of a product, service, or process

Business Plan

Written description of the business idea and how it will be carried out, including all major business activities

Money needed for the important resources of a business (such as land, buildings, and equipment) that will last for many years is called a) start-up financing b) short-term financing c) long-term financing d) credit

a) start-up

Every business begins with a(n) a) customer b) profit c) idea d) invention

c) idea

Money provided by large investors to finance new products and new businesses that have a good chance to be very profitable is know as a) a loan b) credit c) venture capital d) start-up funding

c) venture capital

The Small Business Administration considers a business small if it employs fewer than ______ employees a) 5 b) 20 c) 100 d) 500

d) 500


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