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Exam 6: Entrepreneurship and Starting a Small Business

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Question 61

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

A) True
B) False

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Question 62

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Felicia decided to work for a floral design studio before opening her own shop.This approach to learning the business is okay,but her time would be put to better use starting her own business.

A) True
B) False

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Question 63

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Prior to creating a business plan,discussions with bankers and investors can help entrepreneurs determine the amount of financing available.

A business is considered small by comparing its size to others in the same industry.

With fewer employees and less revenue,small businesses have less need for detailed records than do larger business organizations.

Peppy is confident that Peppy's Pizzazzeria will be a success,but only if he has enough money to do things right.Since Peppy has very little personal wealth,he knows he must obtain financial assistance.In order prepare for meetings with bankers and potential investors,Peppy should:

Small business owners often struggle in attracting qualified workers.Which of the following contributes to this problem?

State and local governments often act as venture capitalists.

Which of the following is a characteristic of successful entrepreneurs?

There are several ethical considerations when starting a business,but competing against current and former work relationships is always fair game.

Antoine is considering marketing his bicycles in Brazil.If he enters the Brazilian market,he is likely to learn that ____________.

Successful entrepreneurs are self-nurturing.This means they:

Business owners who prefer to maintain their businesses at a manageable size are called:

Successful micropreneurs require self-discipline to separate work from family responsibilities.

Juanita wants to operate her own business.Although she admits it would be nice to earn a healthy profit,her primary motivation is the excitement and challenge of starting and running a business.Juanita's attitude is different from most small business owners,who usually focus solely on the earnings potential of their ventures,as well as the opportunity to acquire power and prestige.

According to SBA guidelines,a manufacturing firm with 1,000 employees:

Independence,challenge,and opportunity are among the key reasons given by those who assume the risks of entrepreneurship.

Exporting offers small businesses opportunities to reduce their dependence on domestic sales and extend product lives.

Most entrepreneurs get the ideas for their products and services from a flash of inspiration.

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