Entrepreneurship Ch. 1 Study Guide

Small firms with fewer than 500 employees represent about ________ percent of all businesses in the United States.

99

__________ businesses generate fresh produce and other farm products.

Agriculture

The ability to learn a particular kind of job is called ____________.

Aptitude

__________ is a creative problem-solving technique that involves generating a large number of fresh ideas.

Brainstorming

Which of the following would generally NOT be considered a desirable characteristic of a good team member?

Confrontational

Which of the following was NOT a provision of the America Recovery and Reinvestment Act of 2009?

Decreasing equity capital for high-growth businesses

The first step in the problem-solving model is to __________ the problem.

Define

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

Enterprise Rent-a-Car

People who own, operate, and take the risk of a business venture are called

Entrepreneurs

The process of running a business on one's own is called______________

Entrepreneurship

The FINAL step of the problem-solving model is to

Evaluate the action

"I will learn more about starting my own business" is a good example of a SMART goal.

False

The best way for an entrepreneur to make a decision is to go with her intuition or "gut feeling."

False

Though there are more small businesses in the United States than large businesses, it is the large business that create the most jobs.

False

A(n) ___________ goal might include how much money your business will earn and how quickly you will pay off debts.

Financial

Thoughts or concepts that come from creative thinking are called

Ideas

In a brainstorming session, it is NOT a good idea to

Immediately reject the most outlandish ideas as "foolish" or "crazy"

The American Recovery and ____________ Act of 2009 was passed to stimulate the American economy after the 2008 economic slowdown.

Reinvestment

A(n) __________ is an evaluation of your strengths and weaknesses.

Self-Assessment

Special meetings where companies of the same or related industries display their products are called __________.

Trade Shows

More than half of all new businesses do not survive beyond four years.

True

Most people who own their own businesses do so for more than just monetary gain.

True

One way a business can "go green" is to install energy-efficient light-bulbs throughout the facility.

True

The more often you use the problem-solving model, the better skilled at decision making you will become.

True

A wholesaling business sells products directly to consumers.

False

Absolutely anyone can be a successful entrepreneur.

False

Almost all entrepreneurs are middle-aged people with prior business experience.

False

Entrepreneurial opportunities tend to disappear completely during downturns in the economy.

False

Employees, customers, and creditors are all stakeholders in an entrepreneur's business.

True

When an entrepreneur considers whether or not behavior is ethical, both the actions and the result of those actions need to be considered.

True