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Exam 6: Entrepreneurship and Starting a Small Business

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Question 91

Multiple Choice

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Bankers and potential investors are likely to read ___________ first.

A) the executive summary
B) the marketing plan
C) the qualifications of the management team
D) the analysis of the competition

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Question 92

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The SCORE (Service Corps of Retired Executives)program,sponsored by the SBA,is designed to provide financial assistance to minorities and women.

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Question 93

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Many entrepreneurs got the idea for their own business from their experience of working for others.

Small businesses lack the resources to compete directly with big businesses. Small businesses can often compete successfully against big businesses because they are more able to quickly respond to business opportunities and able to offer more personalized customer service.

Austin's interest in computers helped fuel his design of a new hard drive that is far superior to anything on the market.Austin's product and business plan will likely attract several sources of financing if he is willing to give up part ownership in his company. Venture capitalists are individuals or companies that invest in new businesses in exchange for partial ownership of those businesses.However,as a result of the bursting dot.com bubble,many venture capitalists have reduced how much they are willing to invest in a high tech venture and have increased their required rate of return.

Similar to how large businesses proceed,small businesses make marketing decisions _____________.

Entrepreneurs avoid risk and place a high priority on security.

According to the Small Business Administration's definition,small businesses are independently owned and operated.

A detailed written statement that describes the nature of the business,the target market,the firm's competitive advantages,as well as the owner's resources and qualifications is a:

Creative people working as entrepreneurs within a large organization are called intrapreneurs.

When starting a small business,it's important to remember:

While entrepreneurs frequently earn significant profits for themselves,their impact on society is quite small.

Small Business Administration loans help firms finance their domestic operations.These funds however,cannot be used to finance exports since the money is provided by U.S.taxpayers.

While the first job for many people is working for a small business,most of the permanent new jobs are created by larger corporations. Small businesses create 60 - 80 percent of the new jobs in the United States.

A(n) ____________ is a valuable source of information regarding techniques to reduce a firm's exposure to risk.

Entrepreneurs applying for a bank loan should realize that bankers will:

When writing a business plan,prospective entrepreneurs should remember to omit details regarding their experience and education since investors are only interested in the proposed business. A business plan should include information about the resources and qualifications of the owner.

Venture capitalists prefer investing in smaller start up businesses in order to reduce their overall risk.

In the business world,a market consists of those people who have a willingness to buy a particular product.

Identifying "poor management" as the cause of a small business failure likely covers a variety of problems.