Entrepreneurship and new venture management

Pet care salons, skin clinics, and day care centers are all examples of businesses operating in the _____ industry. a. construction b. service c. retail d. manufacturing e. finance

b. service

Dezmon works for a large company, but lately he has been thinking about starting his own small manufacturing company. What should Dezmon keep in mind about the ability of small-business owners to succeed in the manufacturing field? a. Manufacturers require few resources to startup operations. b. Manufacturers represent the fastest-growing segment of small-business enterprise. c. It is not uncommon for small manufacturers to outperform big business in innovative-driven industries. d. Manufacturers offer a higher return on time invested than any other industry group. e. Manufacturing start-ups do not require a business plan when seeking funding

c. It is not uncommon for small manufacturers to outperform big business in innovative-driven industries.

Why are small businesses important to big businesses? a. Large businesses hire at a much faster rate than small businesses. b. Large businesses consistently supply the majority of all "innovations" introduced into the U.S. marketplace each year. c. Most of the products made by big manufacturers are sold to consumers by small businesses. d. Large businesses are likely to eliminate jobs at a far higher rate than small businesses. e. Innovations are least likely to come from small businesses.

c. Most of the products made by big manufacturers are sold to consumers by small businesses.

Which of the following is true of job creation? a. It is influenced more by business size than business success. b. Large firms hire at a faster rate than smaller firms. c. Small businesses do not create enough jobs to influence the economy. d. Small firms are the last to hire in times of economic recovery. e. Small firms eliminate jobs at a faster rate.

a. It is influenced more by business size than business success.

A business plan is most likely to contain_______. a. production strategies b. divesting strategies c. anti-competitive strategies d. self-dealing strategies e. trade restraint strategies

a. production strategies

According to research by the National Federation of Independent Business, which of the following is the most important source of money for individuals starting up new businesses? a. Venture capital companies b. Personal resources c. Government loans d. Strategic alliances e. Banks and private investors

b. Personal resources

Most successful entrepreneurs________. a. succeed straight out of college b. carefully analyze market conditions c. launch their ventures in their spare time d. succeed alone e. work with venture capitalists

b. carefully analyze market conditions

The most significant disadvantage to owning a franchise is that_______. a. the risks involved in franchising are higher compared to starting a business from scratch b. the franchisee will have to set up the business from scratch c. the franchisee may have to pay a high start-up cost d. the franchisee does not receive any management consultation e. the franchisee is required to create an operations process from scratch

c. the franchisee may have to pay a high start-up cost

The Clippery is a dog grooming salon. Which industry segment is it most likely to operate in? a. Wholesale b. Retailing c. Manufacturing d. Finance e. Service

e. Service

Which of the following statements is true about entrepreneurs? a. They are employees of a corporation. b. They are typically angel investors. c. They manage businesses of other individuals. d. They hire professional managers. e. They assume the risk of a start-up.

e. They assume the risk of a start-up.