Ch 5 Dynamic Study Module
Miranda is a certified financial planner who has opened a business designed to help people with poor credit and financial problems get back on their feet. She charges a low fee for her services. What type of entrepreneur is Miranda?
A social entrepreneur
Why might a person buy a franchise rather than start a business?
Because it's a proven system of operation
Which of the following best describes a business plan?
It is a document that states the goals of the business as well as the plan for reaching those goals.
Which of the following best describes an enterprise zone?
It is a geographic area targeted for economic revitalization based on various criteria, such as its population, poverty rates, and amount of economic stress it is experiencing.
Which of the following best describes crowdfunding?
It is a way to generate donations for a start-up from individuals on websites and social networks.
Which of the following best describes the Small Business Administration (SBA)?
It is an independent agency of the U.S. government that offers assistance to small businesses that meet certain criteria.
Which of the following is the best example of entrepreneurship?
Lily, a grocery store owner, decides to open an online grocery store that gets orders through Facebook.
The following are new companies in different situations. Which business has the greatest risk of failure?
March Company offers extremely lenient payment terms to its customers to attract more of them.
Marie, a pastry chef, wants to start a business with flexible working hours so that she can tend to other responsibilities at home. She decides to take orders over the phone and supply chocolates to various retail stores. Marie best illustrates a(n) __________.
Marie, a pastry chef, wants to start a business with flexible working hours so that she can tend to other responsibilities at home. She decides to take orders over the phone and supply chocolates to various retail stores. Marie best illustrates a(n) __________.
__________ poses the greatest threat of failure to a new company.
Poor fiscal management
Which of the following is true of gazelle companies?
These companies are created by growth entrepreneurs.
Which of the following is true of small businesses?
They are major employers.
Which of the following is true of small businesses?
They create more patents per employee than do large firms.
Which of the following is true of entrepreneurs?
They fill niches. They see problems to be solved or opportunities that aren't being addressed in the marketplace.
Which of the following is true of business incubators?
They offer administrative services, technical, and other support to start-up businesses.
What do entrepreneurs with little capital most often do to finance their businesses?'
They use bootstrap financing.
__________ invest in businesses as well as play an active role in managing them.
Venture capitalists
A(n) __________ is an individual who assumes the risk of creating, organizing, and operating a business.
entrepreneur
Nebulous Works, a software manufacturing company, encourages its employees to generate ideas for the development of new software applications. The best ideas are selected and worked upon for the generation of new products in the future. The employees who contribute ideas that will enhance the company's existing products are __________.
intrapreneurs
Goldfish is a very popular but rather small Chinese fast-food restaurant in Wisconsin. The people living in the neighborhood are loyal customers and appreciate the high standards of quality and service offered at the restaurant. On being asked if he had any plans on expanding his business, Ming Soon, the owner of Goldfish, replied that he had no such aspirations and was satisfied with the way things were. Ming Soon best exemplifies a __________.
micropreneur
Keisha is thinking about starting her own software development company. Having a business plan will help Keisha __________.
think through some of the more difficult aspects of the business up front