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Exam 6: Entrepreneurship and Starting a Small Business

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Question 41

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According to the Spotlight on Small Business box, people in college are not ready to start their own business.

A) True
B) False

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Question 42

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Of all nonfarm businesses in the United States, almost 97% are considered small by the Small Business Administration (SBA) standards.

A) True
B) False

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Question 43

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Alex works for Wheelie's, a large corporation that designs and manufactures accessories for scooters, bicycles, and other children's motorized toys. She is a creative force within the company and has helped create and launch several new successful products. Alex is an example of an intrapreneur.

Maya opened a bakery in a seaside resort town. She was positive she had the perfect location as plenty of hotels and inns were within walking distance of her storefront. She planned to use her grandmother's recipes and only the finest ingredients for her upscale resort customers. During her first week of business, she was disappointed with lackluster sales. When she drove past the regular breakfast-style restaurants and even the nearby Starbucks, she noticed they were rather bustling. Maya most likely

As their firms grow and prosper, busy entrepreneurs take pleasure in delegating authority to others.

Entrepreneurs take calculated risks.

Located at Monsanto's world headquarters, the Nidus Center is a unique ________ facility. The tenants are biotechnology companies who are at various stages of product development. The agricultural giant, Monsanto, the Danforth Foundation, Washington University-St. Louis, Saint Louis University, and several venture capital firms contribute seed money for these small start-up ventures that receive approval to further develop their ideas at the Nidus Center.

Bankers and potential investors are likely to read ________ first.

Many micropreneurs operate home-based businesses in the service industry.

Ariana, a talented photography student, started her own photography business. She planned to solicit jobs from large corporations, which would need headshots and other pictures for their annual reports and websites. Although filling a unique niche, Ariana needed the security that the business would thrive and that she would earn enough to support herself and her family. She also hoped she would spend less time each day calling on potential clients and more time doing the actual shoots. As her small business consultant, which of the following suggestions would you have for Ariana?

Your brother is a dentist and has opened a new practice in your hometown. As a business student you know that this type of business experiences low failure rates.

The business opportunities with the greatest growth potential tend to be in the high technology industries.

Because of their greater financial resources and expert staffs, big corporations can almost always outperform small businesses.

A creative person working within a corporation to launch new products and generate new profits is known as a(n)

As opposed to venture capitalists, angel investors prefer to target their investments in new firms requiring large sums of money.

Entrepreneurs are less important now than in the past to the U.S. economy.

Preston believes his family-run business is more likely to avoid many of the problems growing businesses have with managing employees. His attitude will likely hinder the growth of his company.

The number of small businesses that export has increased dramatically recently.

A review of small business successes and failures indicates that the

Recent evidence suggests that the small business failure rate is significantly higher than previously reported.