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Exam 7: Entrepreneurship and Starting a Small Business

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Question 81

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Successful entrepreneurs accept the risk of failure.

A) True
B) False

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Question 82

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Most small businesses do not think internationally.

A) True
B) False

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Question 83

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Micropreneurs are home-based business owners.

There are over 1,400 business incubators in North America.

Entrepreneurs are motivated by the desire to earn a profit.

Small businesses are not usually found in the farming sector.

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

An effective business plan analyzes the competition and identifies the resources required to profitably serve a target market.

One advantage enjoyed by small businesses in international markets is that overseas buyers enjoy dealing with individuals rather than large corporate bureaucracies.

A group of experienced people from different areas of a business joined together to develop,produce,and market a new product is known as a(n) :

Conversations with small business owners before you start your own business are:

Large organizations encourage intrapreneurship as a strategy to improve their profitability through new products.

One advantage enjoyed by home-based businesses is the relative ease in attracting new customers.

Hiring family members offers the best answer to the problem of attracting qualified employees.

Attracting qualified workers presents a problem for small businesses since they usually offer less money,fewer benefits,and less room for advancement than larger firms do.

The Canadian government views entrepreneurship as a result of an individual's self-motivation.The government,therefore,can do very little to encourage an individual to become an entrepreneur.

The only barrier preventing small businesses from exporting is insufficient knowledge of the opportunities available.

A business will profit from a presence on the Internet even if they do not sell products or services directly from the Web.

All of the following are reasons given for the growth of home-based businesses except the:

Micropreneurs are exempt from the local ordinances that restrict home-based businesses from operating in residential areas.