Small Business Quiz

Construction

11-15% of small businesses are in [blank].

Small business

A business that is not a part of a larger company that does not affect the market much.

Royalty

A certain percentage of sales from the franchisee that must go to the parent company.

Franchise

A company that has two parts: several smaller locations and one massive head.

Manufacturing

Accounts for 3% (larger) of small businesses.

Finance and insurance

Accounts for 6% (larger) of small businesses.

Scratch

All businesses were started from [blank] at one point.

Wholesaling

About 6% (smaller) of small businesses are in [blank].

Transportation

Accounts for 3% (smaller) of small businesses.

Other

Accounts for 5% of small businesses.

Franchise

Arrangement in which a buyer purchases the right to sell the good or service of the seller.

Business Plan

Document in which the entrepreneur summarizes her or his business strategy for the proposed new venture and how that strategy will be implemented.

Buy, scratch

Entrepreneurs must make the choice of whether they want to [blank] an existing business or create one from [blank].

Transportation

Ex) Taxi and limousine companies, charter airplane services, and tour operators.

Popular

Franchising has been becoming more [blank].

Business Plan

How the entrepreneur plans on starting up the business.

Unlikely

In a franchise, failure is [blank].

Equally

Innovations are [blank] likely to come from small businesses (and individuals) or large ones.

Product, modified

Innovations do not have to be brand-new [blank]. They can be a new [blank] version a process.

Sized

It is difficult to determine relative job growth amongst variously [blank] businesses.

Big

Large and well-known corporations are [blank] businesses.

Small

Locally owned stores are [blank] businesses.

Hire, lay them off

Many different sized companies can create jobs, which [blank] workers and [blank blank blank].

Goal

Not all entrepreneurs have the same [blank].

Entrepreneurs

People who start a business.

Jobs

Small businesses are a source for new and typically well-paying [blank].

40%

Small businesses are responsible for creating [blank] of new jobs in technology industries.

Data

Small businesses can act as a [blank] storage service for big companies.

Resources

The more [blank] a company requires to get started, the more difficult it is to start the company, thus, it is less likely for small businesses to be dominant in those areas.

Franchiser

The overarching company, the parent company.

Small Business Administration

The part of the government that is in charge of taking care of small businesses.

500

U.S. Department of Commerce says a business is small if it has less than [blank] employees.

Small, large

[Blank] businesses can become [blank] businesses.

Wholesaling

[Blank] is the process of buying products from manufactures and storing them in amounts and locations convenient to resell them to retailers.

Entreprises

Both large and small businesses have to comprehend the nature of the [blank] they are engaged in.

Entrepreneur

Business person who accepts both the risks and the opportunities involved in creating and operating a new business venture.

Starting

Business plans are important in [blank] the business.

Specialized, finance, invest

Business plans are old, but the creation of [blank] business plans are new. They are used by creditors and investors in order to determine whether to [blank] or [blank] in the business.

Describe, time, money

Business plans are useful because the entrepreneur has to [blank] and thoroughly map out how they plan on starting the business before they have to invest [blank] or [blank] into it.

Abilities, experiences, producing, marketing

Business plans discuss the match between the entrepreneur's [blank] and [blank] and the requirements for [blank] and/or [blank] a particular product.

Successful, interest, profit, stakeholders

Buying a business is more likely to be [blank]; if a business is successful, there is already customer [blank] and it can already create [blank]. They also have lenders, suppliers, and other [blank].

Specific

Companies do not typically have a [blank] time at which they transition from a small company to a large company.

Employees

Defining a small business by the number of [blank] it has can make it difficult to determine which businesses should be considered small.

Risk

Entrepreneurs can face great uncertainty or [blank].

Independent, someone else, financially secure, excessive growth

Entrepreneurs can have the goal of creating an [blank] business. Involves not working for [blank blank] and is usually associated with trying to use the business to be reasonably [blank blank]. Owners want a safe and secure financial future for themselves, but they do not want to be unable to run the business due to [blank blank].

Start-up, advice, financing sources

Entrepreneurs have to make good [blank-blank] decisions, such as the decision regarding how to start the business. They also have to know things like when to get [blank] from an expert or where to find [blank blank].

Aware, strengths, weaknesses

Entrepreneurs must show that they are [blank] and knowledgeable of the current markets. Ex) [Blank] and [blank] of existing companies, how the new company can compete with others.

Other

Ex) Research-and-development laboratories and independent media companies (start-up web channels, small-town newspapers, and radio broadcasters.)

Money

Financial planning is essentially the planning that determines how to make [blank]

National, rural

For small business finance and insurance, they may be affiliates of [blank] businesses, but locally owned banks are common in [blank] areas and small communities.

Replicas

Franchise outlets are likely [blank] of the other outlets.

Expensive, franchises, extra, initial cost

Franchise start-up costs can be [blank], and it varies depending on the [blank]. Franchises may have to spend [blank] money aside from the [blank blank], depending on the company.

Step-by-step

Franchisee does not have to create a business [blank-blank-blank].

Run, access

Franchisee has business to [blank] and [blank] to big-business

Supply financing, pick store location, negotiate lease, design the store, purchase equipment, train first set of employees and managers, issue standard policies/procedures, offer savings by allowing franchisee to purchase materials from the parent company's central location, take care of marketing strategy (and advertising)

Franchisers are can be very involved in the creation of a franchisee. They may... (9). Name 4.

Franchisees

Franchises can become larger from money from [blank]

Expertise, experience

Franchising is beneficial for franchisees because they have the [blank] and [blank] of the franchiser.

Local contractors

In construction, there are often small, local projects, so it is easiest for [blank blank] to handle them.

Enter, analyzing, trends

In the business plan, it must be decided which industry or market the entrepreneur will [blank] in. This also includes [blank] the industry conditions and [blank], and the abilities and interests of the entrepreneur.

Websites, distribution

Large online retailers may outsource the building of [blank] and [blank] of products to small businesses or regional companies.

100

Most business in the U.S. have under [blank] employees.

Services

Most small businesses (with less than 20 employees) are in [blank], which is about 51%.

Small, free market

Most workers are employed by [blank] businesses. This occurs in most [blank blank] economies.

Personal computers, stainless-steel razor blades, photocopiers, jet engines, and self-developing photographs

Name a few innovations of small businesses.

Resourcefulness, concern for good (personal) customer relations, strong desire to be their own bosses, need to "gain control over my life"/ "build for the family", so that they feel can be fulfilled by a successful business.

Name some characteristics of entrepreneurs. (4)

Business plan

New firms may need financial support from investors or a line of credit from vendors or distributors. In these cases, it is important to have a good [blank blank].

Sold, car dealership

Often, big businesses' products are [blank] by small businesses. Ex) [blank blank]

Entrepreneurs, open-minded leaders

Past [blank] were seen as "the boss"- self-reliant, male, able to make quick, firm decisions. Modern entrepreneurs are seen more as [blank-blank blank] who rely on networks, business plans, and consensus.

Retailing

Selling products from other businesses to customers.

Resources

Services are likely popular amongst small business because they do not need many [blank] to get started.

Track record

Since a pre-owned business has already sold products, the [blank blank] is far more accurate than a start-up sales forecast.

Specialty

Small business retail stores are often [blank] shops, such as big men's clothing or gourmet coffee. This allows them to focus on limited resources on narrow or small market segments.

Faster, faster

Small businesses hire at a [blank] rate and lay employees off at a [blank] rate.

Economic recovery, big

Small businesses hire first during [blank blank], and [blank] businesses are last to fire workers during downswings.

Patents

Small businesses produce 13 times the amount of [blank] per employee compared to large patenting firms.

Control, profits

Some companies choose not to franchise because they like [blank] over things like quality. Not franchising also allows a company to keep more [blank] for themselves.

Clear cut, large, potential, market, dominates

Some entrepreneurs do not always have [blank blank] goals at the beginning of the process. These entrepreneurs may not expect a business to become [blank], but the business may flourish, despite expectations. On the other hand, businesses that people expect to grow large may not actually have the [blank]. This may occur if there is no big [blank] for the product or if another company [blank] the product market.

Growth

Some entrepreneurs have the goals of [blank] and expansion.

Previous owner's

Starting a business from scratch does not have to worry about a [blank blank] mistakes.

Risky, failure, passionate

Successful entrepreneurs do not always see their decisions or actions as [blank]. People may be very concerned about the risk of [blank], but many entrepreneurs are extremely [blank] about their ideas and plans, so they do not see much chance of failure.

Retailing

Takes up about 13-15% of small businesses.

New venture (or start-up)

Taking over a business with the intent of making it bigger. (unsure about)

Committing

The first step to starting a business is essentially [blank] to becoming an entrepreneur.

Comparison

The number of employees and total annual sales required for a small business vary from industry to industry, and they may only look small in [blank] to big businesses.

Entrepreneurship

The process than someone undergoes to find business opportunities, despite the risk that may be associated with it.

Franchisee

The smaller seller, the local owner of a franchise

Succeed, automate, experience

There are some topics that modern entrepreneurs have different views on than past entrepreneurs, including how to [blank], how to [blank] a business, and when to rely on [blank] in the trade or on basic business instinct.

Employees, big

Thriving small businesses adding many [blank] to the workforce may become [blank] businesses.

Gender

Today, entrepreneurs can be of either [blank], despite being predominately male in the past.

1500, annual revenue

U.S. Small Business Administration says a business is small if it has less than [blank] employees with relatively low [blank blank].

Computer software, management consulting, and professional dog-walking.

What are some examples of small businesses in the service industry?

Production strategies, marketing strategies, legal elements, organization, accounting and finance

What are some things that business plans talk about? (5)

Required size of a plant/store/office, decide how much inventory to have, decide how many employees to hire.

What are some things that sales forecasts are used to figure out? (3)

Services, retailing, construction, wholesaling, finance and insurance, manufacturing, and transportation, and other

What are the 8 main industries that small businesses are involved in?

What are the entrepreneur's goals and objectives?What strategies will be used to obtain them? How will these strategies be implemented?

What are the questions that businesses must address (3)

Job creation, innovation, and contributions to big business

What are the three main aspects that small business contributions are important for in the U.S. economy?

Lenders, equipment, inventories, locations, suppliers, and workers

What can start-ups select for themselves? (6)

Internet, information

With the [blank], it is much easier and faster to start a new business. Also, there are more potential opportunities than ever and the ability to gather and assess [blank] is at its peak.

Sales forecasts, logic, research

[Blank blank] are an important part of the business plan. The probable success of a business must be based off of [blank] and [blank]. They require researching the markets. You cannot just predict what will happen.

Small, large

[Blank] manufacturers may be better than [blank] ones in industries such as electronics, equipment and machine parts, and computer software.