MGMT Quiz 6: CH. 7

One way to ease the burden of managing a business is to: hire outside consultants keep minimal inventory on hand do all the work yourself and hire no employees only operate the business 20 hours a week sell a service instead of a tangible product

Hire outside consultants.

_____ are entrepreneurs who apply their creativity, vision, and risk taking within a large corporation rather than starting a company of their own. They enjoy a high degree of autonomy while receiving a regular salary and financial backing from their employer. Multipreneurs Intrapreneurs Corporate entrepreneurs Insourced entrepreneurs Classic entrepreneurs

Intrapreneurs

The first step in starting your own business is: find an idea for a new product or service. to determine where the funding will come from. a business plan. choose a form of business organization. a self-assessment.

a self-assessment

One of the advantages of owning a small business is: all of the above interest-free loans no taxes flexibility guaranteed profit

all of the above

A _____ is a formal written statement that describes in detail the idea for a new business and how it will be carried out. business plan venture plan statement of purpose vision mission statement

business plan

Mark Ghermizian had quit his job and was looking to start a small business so he could be his own boss. When he read that people spend up to fifteen minutes every day staring at a bathroom stall door, he decided he would find advertisers who wanted to pay to have their advertising messages on bathroom stall doors. Since he has his idea, Ghermizian's next step is to: create a name for his business get financing for his new business choose a form of business organization determine if he has the right personality to run a business create prototype ads

choose a form of business organization

The two forms of business financing are _____ (borrowed funds) and _____ (ownership funds). equity; debt credit; leverage equity; leverage debt; equity debt; credit

debt;equity

The person who takes the risk of starting and managing a business to make a profit is called a(n): franchiser capitalistic adventurer entrepreneur ultra capitalist venture capitalist

entrepreneur

All of the following are characteristics of an entrepreneurial personality EXCEPT: the willingness to be a follower rather than a leader. problem solving skills. the willingness to take risks. a high energy level. creativity.

the willingness to be a follower rather than a leader

_____ is financing obtained from investment firms that specialize in financing small, high-growth companies and receive an ownership interest and a voice in management in return for their money. Venture capital Entrepreneurial capital Equity financing Debt financing Corporate stock financing

venture capital