MGT 302 - Ch 1
Which of the following is NOT a characteristic of a high-growth venture?
is designed to reflect the mission of the founder
the primary advantage for small business owners to start a business is:
satisfaction of helping others
a business plan for a small business is developed with certain goals in mind. which of the following is NOT one of these goals?
share critical information with competitors
Until the mid-1880s almost all businesses were:
small
________ provide 55 percent of all jobs
small businesses
world bank estimates that one of the strongest factors in the growth of any nation's GNP is
small/medium sized enterprises
what term is used to describe individuals/other organizations that impact the success of a business
stakeholders
During the 1970s and 1980s, the ______ occupied the dominant economic position in the world.
Japanese
which one of the following is a huge advantage for small business owners to start a business?
desire to be one's own boss
What term is used to describe Walmart's ability to purchase more advertising space at a lower cost per ad?
economies of scale
______ leads to a condition where a single firm making 100 percent of the product is the most efficient
economies of scale
Which of the following terms describes a plan to exit a small business?
harvest plan
largest group of new business owners is ______
women
microloans have been in existence for years; they are most commonly made directly to ________ for self-development
women
What are the critical elements that an entrepreneur must solve for success?
-an effective sales generation model -sustainable operating profit margins -being properly financed ^ ALL OF THESE ^
small businesses act as a catalyst for social change because:
-the ability to generate profits in markets ignored by large corporations
What percentage of businesses started out as small business?
100%
what percentage of the self-employed people in the workforce?
20
according to the book, a small business typically has less than _______ employees
50
what percentage of US millionaires are self-employed
66.7
You should not use a cookie-cutter business plan program because:
A. each business plan should have its own voice, feel, and presentation B. a good plan is best developed by the individual contemplating the business, not a paid consultant C. potential investors are often family members, which makes it critical that the entrepreneur seek to ensure the chances of success by doing thorough planning and thinking D. all of these!!!!!
During Eisenhower's presidency, who stated, what is good for General Motors is good for the nation?
Charles Wilson
throughout us history, from the 1800s to today, how would you characterize the role and impact of small businesses?
SB have proven to be more resilient than big businesses and have actually helped to improve the economy
__________ are the growth engine of the economy
Small Businesses
Owning a small business provides a means to meet varied demands that individuals face in society. Which of the following is NOT a need mentioned in the text's discussion of how society benefits from small business ownership?
Small business owners have greater ability to attract financing from venture capital firms.
The Small Business Administration was organized as a part of:
The Small Business Act of July 30, 1953
Small companies have flourished for all the following reasons EXCEPT:
They often expand easily in mature industries
which one of these large companies started out as a small business
apple, Hewlett-Packard, facebook all the above ^
Development and implementation of a new business is part _______ and part __________.
art; science
years ago, economists mistakenly predicted that small businesses would:
be replaced by a smaller number of big businesses
women entrepreneurs are starting small businesses for all but one of the following reasons:
better ideas for small businesses
Entrepreneurial business resources are more ______ than venture capital-backed businesses
constrained
small companies have flourished for all of the following reasons EXCEPT:
expanding in mature industries
Fortune 500 companies employ ________ employees than 10 years ago
fewer
all of these are harvest plan strategies except:
franchising
Which of the following is NOT a characteristic of a small business start-up?
none of the above
which of the following is NOT a factor in a small business's success?
other people's needs and wants are not as important as the small business owner's
characteristics of a small business start-up include all EXCEPT:
over 100 employees
according to the book, the development and implementation of a new business is:
part art/science
a harvest plan for a small business means the owner is:
planning to exit a small business
Compared to large corporations, entrepreneurial businesses:
play just as important part in our economy
which kind of business is not likely to be eligible for a microloan program
telecommunication center
_______ aids, counsels, assists and protects the interests of small business concerns
the US Small Business Administration
