Introduction to Business - Ch 6

there are many good reasons for going global. which of the following are examples of such reasons

- exporting can extend product life - exporting can absorb excess inventory

being self-directed, self-nurturing, action-oriented, and tolerant of uncertainty are all considered characteristics of a :

entrepreneur

which of these are centers that offer new businesses in the critical stage of early development low-cost offices with basic services such as accounting, legal advice, and secretarial help

business incubators

adam hopes to show the bank lending manager he is meeting with that he is aware of who the target market is, who the competition is, how much money he needs, and exactly how he intends to turn a profit by supplying him with a(n) __________ _____________

business plan

jason has prepared a comprehensive _________ _________ which includes a cover letter, executive summary, company background, management team, financial plan, capital required, marketing plan, location analysis, manufacturing plan, and an appendix.

business plan

_______ zones are specific geographic areas to which governments attract private business investment by offering lower taxes and other government support

enterprise

________ are specific geographic areas to which governments attract private business investment by offering lower taxes and other government support

enterprise zones

a _______ assumes risk when deciding to start and run a business

entrepreneur

a good business plan takes a lot of time to write, but you have only a few minutes to convince readers not to throw it away. this is why your __________ summary is very important

executive

planning, __________, keeping good business records, knowing your customers and managing employees are what it takes to start and run a small business

financing

Gaining financing, knowing how to get started in exporting, and navigating bureaucratic paperwork are major hurdles to consider when getting started in __________ business.

global

john had a good idea for a candy manufactoring business. he decided that he wanted to take the risk, become an entrepreneur and start his own business. now 10 years later, johns candy company has 20 locations all over the U.S. and employs nearly 1,000 people. this example illustrates:

how entrepreneurs help the country prosper

chase has a great idea for a new business, but lacks the funds needed to pay rent and hire a part time accountant and lawyer. accordingly, he decides to locate his offices temporarily in a business _________ where he can receive accounting, legal, and secretarial help at little cost to him

incubator

______ are creative people who work as entrepreneurs within corporations

intrapreneur

a necessary and invaluable air to entrepreneurs is a competent, experienced _______ who knows and understands small business. this person can help with leases, contracts, partnership agreements, and protection against liabilities

lawyer

all consumers with unsatisfied wants and needs who have both resources and the willingness to buy are:

market

started by the small business administration in 1991 the ______ program provides very small loans (up to $50,000) and technical assistance to small-business owners

micro-loan

________ want to maintain a balanced life style while doing the kind of work they want to do

micropreneurs

Wayne is starting a small business, but needs help with management training and financial advice and loans. He should contact the ________

small business administration

the program through which private investment companies licensed by the small business administration lend money to small businesses is called the :

small business investment company

Himanshu called his large U.S. supplier to ask for an urgent delivery to his firm in Japan, but his request needed the approval of a high-level manager in the supplying firm. After 10 minutes browsing the Internet, Himanshu found a small business in the U.S. offering the same product. Seconds later, he was talking to the owner. The shipment left for Japan that day. This example demonstrates:

the advances small businesses have over large businesses in international trade

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

venture capitalist

entrepreneurs must recognize that they need competent and motivated employees. since they cant compete with larger firms' pay and benefits, they need to :

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

managers have many functions, such as planning, financing, marketing, human resource development, and accounting. of those, ______ and _______ are the two primary concerns in the start up phase

- financing - planning

when starting a small business, government agencies such as the small business administration (SBA) the farmers home administration, the economic development authority, and the minority business development agency are possible sources of

- information - capital

a business that meets the criteria for a small business

- is independently owned and operated - is small only in relationship to the rest of its industry

micropreneurs are willing to accept the risk of starting and managing a business that:

- lets them do the kind of work they want to do - remains small - offers them a balanced lifestyle

managing a small business became relatively easy with the advent of inexpensive personal computers. inexpensive computer systems and the off the shelf or even free, open source software make it easy for the small business manager to :

- manage customer records - follow the daily sales and expenses

community development financial institutions (CDFI) have been successful because they:

- offer counseling on marketing strategies - provide counseling on improving cash flow - maintained financial discipline other lenders lack

a self employment assistance program (SEA) offered by some states is designed to :

- pay unemployment benefits while building a business - provide training and counseling to the new business owner

An entrepreneur has several potential sources of capital:

- personal savings; - family and business associates; - banks and finance institutions; - angels, - crowdfunding, - venture capitalists; - government agencies such as the Small Business Administration (SBA), the Farmers Home Administration, the Economic Development Authority, - Minority Business Development Agency

Chris spent his own money on marketing research, and consulted his sister Kara, who is an accountant. they spent the next few months writing a business plan. which of the following are some business functions Chris has addressed

- planning - knowing your customers

a business plan is a detailed written statement that describes

- the resources and qualifications of its owner(s) - a target market

which of the following regarding high growth businesses are true

- they are difficult to start - they are extremely difficult to keep going

a ______ 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

david opened his own bicycle shop 30 years ago, and although he enjoyed his work, he needed more free time. when josie requested to work as an apprentice, david was very willing. before long josie was able to tun the store without any help. this is an example of how:

apprenticeship can benefit both the business owner and the apprentice