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Exam 6: Entrepreneurship and Starting a Small Business

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Question 151

True/False

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According to the Adapting to Change box, one uspide to crowdfunding is that potential future investors will be attracted to companies that already have large numbers of investors.

A) True
B) False

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Question 152

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Successful entrepreneurs are exclusively motivated by the desire to become rich.

A) True
B) False

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Question 153

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Since entrepreneurs are starting new businesses, experience gained from working for an established business isn't particularly helpful.

Renee, a manager at a small manufacturing firm, has offered to help manage a local branch of the YMCA. Unfortunately, Renee will find that the skills acquired managing a small business will not be useful in managing a nonprofit organization.

The Making Ethical Decisions box "Should You Stay or Should You Go?" addresses a dilemma worthy of consideration. It describes:

What is an entrepreneurial team? What benefits does a team offer compared to an individual entrepreneur?

Individuals desiring to learn about small business operations are advised to learn from other entrepreneurs.

The Spotlight on Small Business box "Earning While Learning" features students who

Entrepreneurs are motivated by the desire to earn a profit.

The goal of an intrapreneur is:

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

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

Many small business owners report that they needed assistance with accounting when they first started businesses.

A(n) ________________ is a group of experienced professionals from different areas of business who join together to develop, make, and market a new product

If you go through the exercise of preparing a business plan, only to determine that you need twice the amount of money to start the business than you have, the SBA and other expert organizations encourage you to go ahead with your plans because if you understand the market, you can use the revenues you accrue to make up the shortfall.

The best way to learn about small business is to "bite the bullet" and start your own.

If you have managerial skills and leadership ability, you also posses the personality to be an entrepreneur.

Pete inherited a thriving dry cleaning business from his father and mother. He continued the tradition of offering quality service to the customers he served. As the surrounding towns expanded, several people suggested that Pete expand the business to offer service in new locations. He chose to maintain only one operation, so as not to lose control and to keep his work life and home life balanced. Pete is a good example of a(n) ______________

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

Ramsey is a dreamer rather than a doer. This is an important attribute for an entrepreneur since their job is to be creative and develop new ideas that are then implemented by others.