Small Business Management Chapter 5

moonlighting

working a separate job after your full time job

covenants

the limitations imposed on an individual's property by their neighborhood group

Hybrid entrepreneurship

the process of initiating a business while simultaneously remaining employed for wages or salary

Which of the following are valid ways for one to keep his or her business a home-based business?

Reinvesting profits into home additions. Increasing prices for goods or services. Limiting sales to stay small.

Which of the following statements about home-based businesses are correct?

Zoning and other restrictions sometimes require moving the business out of the home. Some owners find that family situations make home-based business impractical. Many business owners keep their business in their home.

The fundamental success factor in door-to-door selling is _____.

closing a sale

poisoning the well

creating a negative impression among your employer's customers

Inventors or makers use _____ for idea generation and refinement or funding to bring their products, figuratively and literally, together.

crowdsourcing

part-time business

one in which the owner either participates fewer than 35 hours per week or operates on a temporary or seasonal basis

Two important financial issues for companies that have an e-commerce website are _____ & _____

payment / chargebacks

variance

permission from a government organization to act differently that the laws state

cannibalizing

taking business away from your employer

Episodic business

temporary, project-based or sporadically operating business

In the context of the situations where a part-time business makes sense, pursuing such a business is usually the only profitable way to seize an opportunity when _____.

the business situation restricts the time in hand to create a business plan

reserve price

the minimum acceptable selling price in an auction

Which of the following are situations that may be apt for starting a business on a part-time basis?

When an entrepreneur is uncertain of the requirements of a full-time business When an entrepreneur wishes to gain basic experience

home party

A business model in which the entrepreneur arranges a customer to host a party, inviting friends, family, and neighbors

incubator

A facility that offers subsidized space and business advice to companies in their earliest stages of operation