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BADM Chapter 6

After personal savings, the next largest source of capital for entrepreneurs is from:
Friends and family
Historically entrepreneurs in the U.S.
started many small firms that later became major corporations employing thousands of workers
Which of the following best describes entrepreneurial personality traits?
Tolerant of uncertainty and highly energetic
The executive summary section of the business plan contains:
information that will capture the attention of bankers and other investors who receive many business plans every day
The goal of an intrapreneur is:
to develop new products and generate new profits for the corporation
The SBA’s_________ program provides export-financing opportunities for small businesses.
Export Express loan
Using the analogy of boulders vs. sand for filling a hole, the textbook points out that:
small businesses can serve niche markets that larger firms do not serve well
A____________ refers to the people with unsatisfied wants and needs who are willing and able to buy a product or service.
market
One reason why many U.S. small businesses are not involved in exporting is:
many of these firms do not know how to get started
Which of the following best describes the outlook for small businesses in international markets?
the world is a larger, and potentially a more lucrative market than the U.S. domestic market
Which of the following statements in NOT a challenge for home-based businesses?
affordable technology such as the Internet
Which of the following statements accurately depicts an advantage that small business has over big business?
A small business can maneuver and change quicker than most large businesses can. It can react to market conditions and customer concerns much faster
Entrepreneurs applying for a bank loan should realize that banks will:
expect the entrepreneur to provide a business plan
A market consist of potential buyers of a good or service. However, for a market to exist:
people must have unsatisfied wants and needs as well as a willingness and ability to buy
Entrepreneurs looking for a business that gives them the best opportunity to get rich should consider starting a business in:
the manufacturing sector
A good business plan will:
describe all aspects of the business, including product, the target market, the nature of the competition, any financial resources, and the owner’s qualifications
Small business owners often struggle in attracting qualified workers. Which of the following contributes to this problem?
Many jobs in small firms have low pay and few benefits
Which of the following best describes the difference between an intrapreneur and a entrepreneur?
Intrapreneurs work within existing corporations while entrepreneurs assume the risk of starting their own business
One reason we have seen continued growth in homes-based businesses is:
affordable computer and information technology makes it easier to compete
Small businesses:
deal with similar management issues that large companies face
An entrepreneurial team consist of:
experienced professionals from different areas of business
Bankers and potential investors are likely to read_________ first.
the executive summary
Which of the following suggestions would an experienced business owner offer to help someone who is thinking about starting a business venture?
Gain experience by working for a successful businessperson
Enterprise zones are:
specific locations across the U.S. where entrepreneurs can set-up shop and receive tax breaks for operating in these areas
Due to the credit crunch during the recent recession, many small businesses found that_________________ were more willing to lend money to smaller operations.
smaller, community banks
A Small Business Investment Company (SBIC) is a(n):
private investment company that is licensed by the SBA to make loans to small businesses
Affiliate marketing is a web-based business strategy that:
rewards individuals who are willing to link a company’s website to their blog or social network
A successful web-based strategy that helps a business spread the world about its website and products is called_________________.
affiliate marketing
One of the challenges of running a home-based business is:
keeping work and family separate
______________ are private individuals who invest their own money in potentially hot new companies before these firms become larger, publicly traded companies.
Angel investors
Small businesses create about__________ percent of the new jobs in the U.S.
60-80
The Spotlight on Small Business box “Earning While Learning” features students who
turned a social passion into a business opportunity
Successful small business owners are:
valuable sources for information since you can learn from their experiences
A business’s size is measured:
in relation to other firms in its industry
A firm or individual providing financial capital to small businesses in exchange for an ownership stake in the company is called a:
venture capitalist
The business plan will include_________________.
an analysis of the competition
Employees of small businesses often have greater job satisfaction than do employees of large firms. One reason for this difference in job satisfaction is that employees of small businesses often:
get more respect from their bosses
A review of small business success and failures indicates that the:
businesses with potential of high profit levels tend to be difficult to start and hard to keep going
Successful entrepreneurs are self-nurturing. This means they:
believe in themselves and their ideas
One of the hurdles small businesses face when deciding to export is:
financing is often difficult to find
Which of the following statements explains one of the reasons that people in the U.S. take the entrepreneurial challenge?
It’s about independence and the opportunity to share in the American dream
Conversation with people who start their own business often reveal that:
many small business owners got their entrepreneurial idea from a previous job
Intrapreneurs make use of___________ to develop and launch new products and generate new profits.
their employer’s existing human, financial, and physical resources
A small business management course at a community college may offer entrepreneurs an opportunity to:
meet with experienced entrepreneurs and learn from their advice
Which of the following is NOT a reason stated for small business failure?
Buying too little on credit and not being lenient enough with your credit paying customers
A creative person working within a corporation to launch new products and generate new profits is known as a(n):
intrapreneur
Business owners who prefer to maintain their businesses at a manageable size are called:
micropreneurs
A(n)_____________ is a valuable source of information regarding techniques to reduce a firm’s exposure to risk.
insurance agency
Similar to how large business proceed, small businesses make marketing decisions_______________.
before a product is developed or store is opened
Small businesses often have advantages in international markets. One advantage is:
individualized customer service as opposed to impersonal corporate bureaucracies

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