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Exam 6: Entrepreneurship and Starting a Small Business

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Question 21

True/False

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

A) True
B) False

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Question 22

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One reason why many U.S. small businesses are not involved in exporting is:

A) there is a limited market for their products.
B) the government's new homeland security programs limit opportunities for small businesses.
C) many of these firms do not know how to get started.
D) U.S. products are perceived as inferior.

E) None of the above
F) All of the above

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Question 23

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A small business management course at a community college may offer entrepreneurs an opportunity to:

While only a small percentage of small businesses export, the number has increased dramatically recently.

A National Business Incubator Association study indicates that over 85 percent of incubator graduates remain in business.

The primary concern of micropreneurs is to balance the risk of starting your own business with the desire to build a powerful organization earning significant profits.

A major advantage of preparing a formal business plan is that prospective entrepreneurs must identify the resources and activities required to successfully operate their proposed venture.

A ________ refers to people with unsatisfied wants and needs who are willing and able to buy a product or service

Which of the following is not a recommended source of small business advice for persons contemplating a new business?

Advancements in computer technology put home-based businesses at a disadvantage.

Aside from personal savings, the only other viable source of financing for an entrepreneur would be funds available from friends and family.

In order to finance The Shortbread Shack, a mobile bakery business that services several large Silicon Valley companies, Marcy demonstrated her steadfast desire to get her bakery off the ground by visiting several bankers with _____________

Only about 10% of all businesses qualify as small businesses using the definition of the Small Business Administration.

Small Business Investment Companies (SBICs) are privately owned companies licensed by the Small Business Administration to lend money to small businesses.

Using the analogy of boulders vs. sand for filling a hole, the textbook points out that:

Southwest College received a government grant to establish a business incubator. This facility will offer:

Not everyone dreams of owning their own business. Identify and describe at least three attributes of successful entrepreneurs.

The small business sector that has the best chance of significant growth is legal services.

Corporate downsizing reduces the opportunities for home-based businesses.

Entrepreneurs learn that there are many legal and financial issues involved in starting their business. The best way for the small business owner to resolve these issues and protect the firm's resources is: