Business Chapter 5

A market consists of consumers with unsatisfied wants and needs who have both resources and the willingness to:

buy

In 2018, online retail sales reached over $517 __________ or approximately __________ percent of all retail sales.

Billion 14

Phil invests in new businesses in exchange for partial ownership in those businesses. Phil is a(n) __________ __________

Blank 1: venture Blank 2: capitalist

the characteristics of an entrepreneurial team that will be developing and marketing a new product.

Each from different areas of business Members have complementary skills and are creative A group of experienced people

______ are creative people who work as entrepreneurs within corporations.

Intrapreneurs

True or false: Most entrepreneurs do not get their ideas from a flash of inspiration; they come more from their passions or looking at problems.

True

True or false: The principles of management are similar for a small neighborhood business and a giant global firm.

True

Individuals who possess such attributes as being self-directed, action-oriented, and tolerant of uncertainty can make excellent ______ like Bill Gates and Steve Jobs.

entrepreneur

A(n) ______ team is a group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop, make, and market a new product.

entrepreneurial

Business _________ are centers that offer businesses in the critical stage of early development low-cost offices and access to basic services such as accounting, legal advice, and secretarial help.

incubators

A business that is independently owned and operated, is not dominant in its field of operation, and meets certain standards of size in terms of employees or annual receipts is a(n):

small business

An _________ can benefit both the trainee and the business owner by hiring the trainee to learn small-business management while assisting the owner in getting daily work done.

apprenticeship

Many _________ use their time, money, and energy to turn their passions into sustainable businesses. They are comfortable being their own bosses and are not afraid of failure.

entrepreneurs

______ refers to accepting the risk of starting and running a business.

entrepreneurship

wo advantages small firms have over large firms include more personal customer service and the ability to respond quickly to:

opportunities

why people become entrepreneurs

opportunity independence profit

Entrepreneurs must recognize that they need competent and motivated employees. Since they can't compete with larger firms' pay and benefits, they need to:

delegate more often be respectful of employees' opinions provide more challenging opportunities to learn

Being self-directed, self-nurturing, action-oriented, and tolerant of uncertainty are all considered characteristics of a(n):

entrepreneur

The expansion and development of the Internet has sprouted a world of small web-based businesses. This, among other reasons, may explain why online sales are rapidly:

increasing

All organizations require the following:

information management capital

A small business is defined as:

one that is not dominant in its field one that is independently owned and operated one that meets certain standards of size in terms of employees or receipts

Learning from others is a useful way to avoid pitfalls when starting a small business. Some things you may be told would include:

to hire a good lawyer and accountant that finding and retaining good workers is hard starting with enough money