INTRO TO BUSINESS - Chapter 6

Which of the following suggestions would an experienced entrepreneur most likely give to someone who is thinking about starting their own business?

Even small businesses must keep accurate records.

Luis is a partner in a firm that specializes in producing vitamins and health food products. While the business is considered small by U.S. standards, he is attempting to persuade his partner to expand internationally. Luis would list which of the following as an advantage of going international?

Exporting can absorb excess inventory.

An entrepreneur:

accepts the risk of starting and running a business.

When looking at the advantages and disadvantages of starting various types of businesses, it appears that:

businesses that offer a chance for high profits tend to be difficult to start and hard to keep going.

When seeking a loan from a bank, an entrepreneur hoping to start a new business should realize that bankers will:

expect the entrepreneur to have a well prepared business plan.

The primary focus in managing a new business should likely be:

financing and planning.

One way an intrapreneur differs from an entrepreneur is that:

intrapreneurs work within existing corporations while entrepreneurs assume the risks of starting their own business.

Manny is about to graduate from college, and is looking for full time employment. He has decided to concentrate on looking for a job with a major corporation. His job search strategy:

is likely to limit his job prospects since most new jobs are with small businesses.

One of the main reasons why many American small businesses are not involved in global business transactions is:

many potential exporters do not know how to get started.

An examination of statistics about people who start their own businesses reveals that:

many small business owners got their entrepreneurial idea from a previous job they held.