Chapter 1-ENTR-202-Small Business: Varieties and ImpactsAssignment

A small business has ______ employees.

50 or fewer

Which of the following statements about lifestyle or part-time firms are correct?

About 53% of small businesses fall into this category. These firms typically have sales of $25,000 a year or less. Growth tends to quickly level off.

Which of the following are key ideas when starting a business?

Believe in yourself and your abilities. A plan without action is futile. Successful entrepreneurs learn from other entrepreneurs.

Which of the following is part of the BRIE model?

Boundary, Resources, Intention, Exchange

______ entrepreneurship is the form of entrepreneurship that takes place in an existing business around new products, services, or markets.

Corporate

The CSI entrepreneurship or the three forms of entrepreneurship are

Corporate, social, and independent

______ is funding a business online through the collective involvement of others who provide donations, loans, or investments.

Crowdfunding

Which of the following occupations does NOT have a high number of entrepreneurs?

Doctors

Which of the following is a key idea when starting a business?

Doing good for others help the entrepreneur feel better about their business and life and helps the business.

______ economies are nations where the major forces for jobs, revenues, and taxes come from farming or extractive industries like forestry, mining, or oil production.

Factor-driven

Which of the following is a type of entrepreneur.

Founder

______ are the tangible things or intangible commodities created for sale.

Goods or services

Which of the following statements is true of the aspect of boundary in the BRIE model?

Having a boundary helps a firm owner locate and protect the resources he or she has gathered for the business.

Which of the following statements about BRIE's resources are correct?

Human resources devoted to the business. Product or service to be offered. Informational resources on markets and running a business.

______ entrepreneurship is the form of entrepreneurship in which a person or group owns a for-profit business.

Independent

Which of the following statements about crowdfunding are correct?

Kickstarter.com and Indiegogo.com are two popular crowdfuding sites. Crowdfunding sites allow different types of funding including donations, loans, and investments. It is financing that is obtained online through the collective involvement of others.

Which of the following is one of four generic growth strategies?

Lifestyle or part-time firm

Which of the four growth strategies is described by the following: The business provided enough profit to supplement an income but not usually enough to live on?

Lifestyle or part-time firms

______ is the form of entrepreneurship involving the creation of self-sustaining charitable and civic organizations or for-profit organizations that invest significant profits in charitable activities.

Social entrepreneurship

Myth

Students don't have the skills to start a business. You can't start a business during a recession. There isn't enough financing.

Which of the following statements regarding starting a small business are correct?

There are a number of myths about starting a business that stop people. Only 14.7% of 15 to 25 years old were taking steps. Fifty-six percent of those aged 15 to 25 want to start a business.

Which of the following are true of main street businesses?

They include lifestyle firms, traditional small businesses, and high-performing small businesses. They are the opposite of "Wall Street" businesses.

Which of the following statements about factor-driven economies are correct? (Check all that apply.)

Wages tend to be lower in these nations Examples of these economies are Pakistan, Jamaica, and Venezuela These nations have little manufacturing and rely on farming, mining, and forestry

An owner-managed firm is

a business run by the individual who owns it.

Effectuation is

an approach used to create alternatives in uncertain environments.

According to the BRIE model, a(n) _____ sets a business apart from the general buying, selling, or bartering and sets up the business as a firm.

boundary

Which of the following are names of groups within the population of entrepreneurs? (Check all that apply.)

buyer, founder, heir

Businesses that are characterized by offering innovative products, services, or business models are often referred to as _______ businesses, while those that imitate what other firms are doing are often called ______ businesses.

entrepreneurial, small

In the context of pursuing opportunities in other countries, ____ refers to taking services and products made in an individual's home country and selling them in other countries.

exporting

The ____ of entrepreneurship are the settings in which the entrepreneurial effort takes place. (Please enter only one word.)

forms

A(n) _______ is a person who starts a business, whether it is one of their own devising, or a franchise.

founder

A ______ is a prepackaged business bought, rented, or leased from a company called a franchisor.

franchise

A prepackaged business that is bought, rented, or leased is called a ______ business.

franchise

______ are the tangible things or intangible commodities created for sale.

goods or services

An entrepreneur may be the owner of the business, but his or her occupation depends on the type of ____ or _____the firm produces.

goods, service

Independent entrepreneurship is the form of entrepreneurship

in which a person or group own a for-profit business.

Social entrepreneurship is the form of entrepreneurship that

involves the creation of self-sustaining not-for-profit or for-profit organizations that invest significant profits in charitable activities.

The term ____ refers to small businesses that reflect the idea that these are the kinds of firms expected to be found on the most important road of a typical American city.

main street businesses

Truly entrepreneurial business are characterized by being ______, while small businesses are ______ by nature.

novel: being different or new, imitative: characterized by being like or copying something that already exists.

A(n) ______ is the type of activity a person does regularly for pay.

occupation

The kind of business the owner(s) would like to have, from the perspective of how fast and to what level they would like the firm to grow is known as

overall growth strategy.

An independent small business is a firm

owned by an individual or small group.

A(n) ______ is a business run by the individual who owns it.

owner-managed firm

The "R" in BRIE means resources and includes the

products or services to be offered.

A person's belief in his or her ability to achieve a goal is called:

self-efficacy.

When someone works for himself or herself he or she is ______.

self-employed

The international term for small businesses is

small and medium enterprise (SME).

A founder is a person who

starts a business, whether it is one of their own devising, or a franchise.

Corporate entrepreneurship is the form of entrepreneurship

that takes place in existing businesses around new products, services, or markets.

A firm's overall growth strategy describes

the kind of business the owner(s) would like to have, from the perspective of how fast and to what level they would like the firm to grow.

Small and medium enterprise (SME) is

the recognized international term for small businesses.

Creative destruction refers to

the way that newly created goods, services, or firms can hurt existing goods, services, or firms.

Self-employed individuals

work for themselves instead of others.