MGT CH6
What percent of all U.S. businesses were majority women-owned in 2012?
35.8%
The chart shows that _________ of entrepreneurs who created business plans secured a loan, while _______ of those who did not complete business plans secured a loan.
36% 20%
The chart shows that ________ of entrepreneurs who created business plans grew their business, while _______ of those who did not complete business plans grew their business.
64% 43%
Which of the following statements does not describe an entrepreneur?
An entrepreneur does not take risks.
Which of the following personal characteristics are associated with entrepreneurship?
Being a minority Being a woman
After delivering practice presentations to her family, Felicia received feedback about her performance. Her family indicated that Felicia may benefit from being more organized and prepared for her presentation to investors. Which of the following behaviors would help Felicia be more prepared for her presentation?
Confirm that the presentation is coherent and logical
Which of the following characteristics and traits would you like to see in a cofounder?
Determined Ingenuity Excels under pressure
As an entrepreneur, Ellen has been described as having a high level of passion when presenting her business ideas to investors. Which of the following traits best describe Ellen's delivery style?
Ellen uses a lot of gestures to reinforce her key points.
Kurt is making ends meet after he gave up a well-paying job. He did this to spend more time on starting his business of a desk-to-desk courier service. He spends less time at home and spends most nights at his office working out plans and other details with his partner. Which of the following entrepreneurial traits is Kurt exhibiting?
Entrepreneurial sacrifice
Which of the following statements is an accurate representation of Ding and Hursey's results?
People who have a business plan are more likely to secure a loan than people who do not have a business plan.
In 2014, the percentage of new businesses started by women decreased to its second lowest level in nearly two decades. This decrease can be attributed to:
Women's inclination to be more cautious about borrowing money than men
Maia is different from most successful entrepreneurs because she didn't have:
a detailed business plan
Entrepreneurs with _____ are motivated to excel and pick situations in which they are likely to succeed.
a strong need to achieve
Entrepreneurs seek
challenges.
In the context of the different legal structures of companies, a _____ is an artificial entity created by the state and existing apart from its owners.
corporation
Companies such as Uber and Airbnb, which bridge the digital and physical worlds, are examples of businesses that are based on _____.
disruptive innovation
How much money will the owners invest in the business start-up?
financials
_____________ is an arrangement by which the owner of a product or service allows others to purchase the right to distribute the product or service with help from the owner
franchising
How much money will the owners need to borrow to get this business started?
funding request
In the context of buying an existing business, the buyer:
has the advantage of a shorter time to get started and an existing track record.
What are the unique features of this business's merchandise?
service or product line
What is this business going to sell?
service or product line
Mira and Caroline started an organization to help communities that do not have a reliable source of electricity. They did this by designing and manufacturing solar powered lamps and selling them at an affordable price to those communities. They enrolled volunteers to help them travel to these communities and set up lamps in every household. In the context of the various types of organizations, Mira and Caroline own a(n) _____
social business
Leaders who are committed to both good business and changing the world for the better are called
social entrepreneurs
In the context of legal structures for a business, a _________is defined as an unincorporated business owned by an individual for profit.
sole proprietorship
Entrepreneurship has increased globally due to:
technological advancement
Entrepreneurs work well under pressure because:
they have a lot of energy.
According to Sarah Thébaud, a professor at the University of California, women have less access to capital to start their own businesses because they have to work harder to convince others about their capabilities.
true
Which of the following statements is an accurate representation of Ding and Hursey's results?
Entrepreneurs who complete a business plan are more likely to be successful than entrepreneurs who do not. Grade It Now Save & Continue
Which of the following is true of entrepreneurship in the United States?
Entrepreneurship and small business are a primary source of disruptive innovation.
When purchasing a franchise, the franchisee has the responsibility of managing the existing business and developing new products but without investing his or her money.
False
Maia is starting an online business. Which of the following steps are critical to the success of an online business? Check all that apply.
Find a market niche Build online relationships Create a professional Web site
Sandy is considering beginning an online business. Her idea is to be an assistant for hire. Busy professionals can schedule her to run errands in two hour time slots. This is an example of:
Finding a marketing niche
Which of the following psychological characteristics are associated with entrepreneurship?
High energy level Need to achieve Autonomy
According to the U.S. Census Bureau's Survey of Business Owners, the number of minority owned companies in the United States has increased from 5.8 million in 2007 to 8 million in 2012. Which of the following ethnic groups showed the largest increase in business ownership?
Hispanic
rewarded by chance to work on something new and creative
Idealist
Lucia graduated from college three years ago and has been working at a large accounting firm. She recently confided in you that she is unhappy at her job and dreams of starting her own business. Lucia has an idea for a new business and she thinks she has enough money saved up to go out on her own. She knows that you took an entrepreneurship class in college, and asks to meet for coffee so she can get your advice on her possible new venture. You know from your entrepreneurship class that typical entrepreneurs have certain personality characteristics. You want to see Lucia succeed, so you come up with a list of questions to ask her to determine if she has "what it takes" to be an entrepreneur. Which of the following questions should Lucia answer "yes" to?
If you fail at something, are you able to pick yourself up and try again? Are you willing to risk losing your savings to start the business? Are you willing to work 80 hours a week, nights, or weekends? Can you make decisions under pressure?
Jackie is an entrepreneur and is scheduled to deliver a presentation about her business to investors, in order to help raise funds for her business goals. Which of the following characteristics are associated with the preparedness approach to delivering a presentation?
Jackie cites facts and examples during her presentation in order to support her points.
Which of the following is a benefit to buying a franchise over starting your own business?
Management help is provided by the owner
Your company, a leading provider of disposable diapers, wipes, and other childcare products, would like to begin a program which encourages stay-at-home mothers to become entrepreneurs and business owners. Your company would like to provide information and support to women who have innovative product or business ideas, but are unaware on how to start their own business or market their products. The Human Resources Director has asked you to serve on the committee. Using your knowledge of minority-and women-owned businesses, which of the following suggestions would be effective in helping your intended audience?
Offer $15,000 grants to women who have innovative product ideas. Host networking events with small business owners and larger, more established firms looking to do business with minority- and women-owned businesses. Partner with local technology firms that can offer advice and mentor program participants.
Your company, a leading provider of disposable diapers, wipes, and other childcare products, would like to begin a program which encourages stay-at-home mothers to become entrepreneurs and business owners. Your company would like to provide information and support to women who have innovative product or business ideas, but are unaware on how to start their own business or market their products. The Human Resources Director has asked you to serve on the committee. Using your knowledge of minority-and women-owned businesses, which of the following suggestions would be effective in helping your intended audience?
Offer classes on leadership and management to program participants. Partner with female small business owners that can mentor program participants. Partner with minority-owned small businesses that can offer advice and mentor program participants.
Carter realized there were many restaurants in his area that did not offer delivery services to their customers. He, along with a friend, soon came up with a business plan to provide delivery services for those restaurants for a fee per order. He started a Web site through which people could place orders from the restaurant of their choice, and the food would be delivered to them. Which of the following types of business has Carter started?
Online business
In the context of launching an entrepreneurial start-up, a(n) _____ is a document specifying the details prepared by an entrepreneur prior to opening a new company.
business plan
Jim is a single father. He decides to start a restaurant and borrows money from his parents, which he promises to pay back at a later date. He also takes out a Small Business Administration (SBA) loan to help set up and run his restaurant. In the context of the various ways of arranging finance for a business, which of the following financing options has Jim used?
debt financing
In Jeff Bezos' early days at Amazon, he worked 12-hour days every day of the week to get books shipped. Jeff would fit into the ___________ category of entrepreneurs
hard worker
Jacinta manages a small catering business that supplies meals to around 30 clients. She begins her day at 5 AM and goes to the local market to source her raw materials. She then begins preparations for the day's menu with the help of two assistants. She also personally delivers food to her clients so that she can interact with them directly and obtain feedback about the food quality, which she ensures to incorporate into her business. Jacinta is determined to make her services more profitable and puts in long hours working on building her business. According to the five categories of small-business owners, Jacinta is most likely to be classified as a(n) _____.
hard worker
Entrepreneurship and small business provide job creation and _________, or a new idea or more-effective process.
innovation
Maria recently opened a small store that sells sewing supplies. She starts work very early and works at the store six days a week. She ensures that she meets her suppliers personally, pays bills, and takes inventory at the end of every week. In the context of the categories of small-business owners, Maria is a(n)
juggler because she likes that she is given the chance to handle everything herself.
How many customers is this business likely to have?
market analysis
How will the salespeople for this business be compensated?
marketing & sales management
How will this business sell its products?
marketing & sales management
Social entrepreneurs first priority is not to ________, but rather to _____________.
maximize financial returns provide socials benefits
How many levels of management will this business have?
organization