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Exam 6: Entrepreneurship and Starting a Small Business

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Question 121

Multiple Choice

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

A) Bosses in small firms tend to be disrespectful to the workers.
B) Owners will not often listen to ideas suggested by the workers.
C) Employee relations are especially poor in small firms.
D) Many jobs in small firms have low pay and few benefits.

E) All of the above
F) A) and B)

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Question 122

True/False

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Kylie is employed by Street Wheels,a large corporation that produces accessories for scooters,bicycles,and other children's vehicles.She is a creative force within the company and has helped create and launch several new successful products.Kylie is an example of an intrapreneur.

A) True
B) False

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Question 123

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Ben got a phone call from one of his regular customers asking if he had time to repair a couple of broken sprinkler heads on the customer's underground sprinkling system.Although it was already 6:00 p.m.and Ben had put in a full day of work,he turned his car around and headed for the customer's house.As a small business owner,Ben demonstrates:

Mini-Case Peppy Roaney believes that pizza is a much more versatile dish than most people realize.As the national marketing manager for Pizza Guys,he observed how consumers were delighted with barbecue pizza,Hawaiian pizza,Mexican pizza and other unique combinations.His suggestions for other unusual pizzas,however,were met with a negative response by his superiors.Even some of his colleagues laughed at his ideas.Peppy's confidence in his ability to understand the market has led him to focus on planning a business of his own.Peppy realizes that he will take a risk when he leaves his job with Pizza Guys and embarks upon a new venture: Peppy's Pizzazzeria.Peppy is excited about the potential of profitably catering to the unmet desires of pizza consumers. -Peppy remains confident and enthusiastic even though his colleagues have poked fun at his ideas.This shows that Peppy is:

Employees of small businesses often have greater job satisfaction than do employees of larger firms.One reason for this difference in job satisfaction is that employees of small businesses often:

After several years of working as a regional manager for a nationally known nonprofit,Janelle landed a management position with an innovative small business.If she accepts the job offer,she is likely to find that:

Entrepreneurship is another name for management.

________ are private individuals who invest their own money in potentially hot new companies before these firms become larger,publicly traded companies.

Commercial loan officers serve as a resource for small business owners for information regarding risk management.

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

From a competitive standpoint,small businesses cannot expect to successfully compete with large corporations in international markets.

Upwards of 80% of all U.S.workers find their first job in small business.

To be successful,entrepreneurs are dependent on the support of others for encouragement.

Getting a business plan into the hands of the right people is nearly as important as getting the right information in the plan.

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.

Entrepreneurship is:

While only a small percentage of small businesses export,the number has increased dramatically in the last decade.

Small businesses create about __________ percent of the new jobs in the United States.

Small businesses can provide more personalized service than a large corporation to overseas customers.

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