A distinctive profile: a matter of attitude
Tolerance of uncertainty
Tolerance of failure
Finding the money
Personal customer service
Lower overhead costs
Too little money
Bigger regulatory burden
Higher health insurance costs
Learn from others
Access SBA resources
Vitalizing inner cities
Around the world
Per capita income
a. It involves fewer risks compared to conventional employment.
b. It offers individuals more flexibility to control their own schedules than conventional employment.
c. It offers little independence and less scope for learning compared to conventional employment.
d. It provides less scope for achieving financial success than conventional employment.
a. They believe it is their only economic option.
b. Starting a business offers them endless opportunities for learning.
c. Starting a business provides them independence from managers.
d. They have the ability to control their own schedule.
a. Tolerance of uncertainty
b. Learned helplessness
c. Culture of silence
d. Internal locus of control
a. Tolerance of failure
b. Learned optimism
c. Entrepreneurial self-reliance
d. External locus of control
a. are more likely to take responsibility for their own failure.
b. feel that they have complete control over their lives.
c. feel buffeted by forces like random luck.
d. are extremely self-reliant.
a. a low tolerance of failure
b. learned optimism
c. entrepreneurial self-reliance
d. an external locus of control
a. attribute success and failure to her own actions
b. believe that everything happens because of luck and coincidence
c. believe that the actions of others play a major role in her fate
d. have no confidence in her own abilities
a. external locus of control
b. low tolerance of failure
c. culture of silence
d. internal locus of control
a. They require a lot of paperwork and often a fairly long waiting period.
b. They provide 100% of the required start-up money.
c. They are free of interest.
d. They are easy to get
a. Alternative lenders
b. Angel investors
c. Formal investors
d. Venture capitalists
a. alternative lender
b. small business development center
c. angel investor
d. small business administration
a. Angel investors provide interest-free loans to help small businesses.
b. The SBA partially guarantees loans from local commercial lenders to help small businesses.
c. Venture capital firms are federal agencies that provide microloans to small businesses.
d. Getting commercial loans from banks is the quickest way to get funds for small businesses.
a. angel investor
b. venture capitalist
c. corporate philanthropist
d. alternative lender
a. Nonprofit organizations
b. Credit unions
c. Trade unions
d. Venture capital firms
a. nonprofit organization
b. credit union
c. trade union
d. venture capital firm
a. Service Corps of Retired Executives
b. Small Business Development Centers
c. Nonprofit organizations
d. Venture capital firms
a. Debra should start from scratch as she can implement her own concepts, designs, and structures.
b. Debra should buy a franchise of a well-known pub as she will have more opportunities for creativity.
c. Debra should know that starting a small business will mean very high overhead costs.
d. Debra should buy a pub that is already established as there are better chances of implementing her own ideas.
a. be characterized by the presence of several competitors.
b. offer potential for small, specialized companies.
c. offer potential for large, high-profile companies.
d. be characterized by the presence of monopolistic large companies
a. they face lower risks of failure.
b. they have lower health insurance costs.
c. they have lower overhead costs.
d. they face minimal federal regulations.
a. Marsha tells her that starting a new business involves very little risk and that her company will thrive even if she doesn’t put in much effort.
b. Belinda tells her that Handy Baskets, being a small business, will have lower health insurance costs making it easier to offer coverage to its employees.
c. Julian tells her that Handy Baskets, being a small business, will have low overhead costs as she can hire only a few managers and specialized employees.
d. Sylvester tells her not to worry about regulatory burdens as small businesses face minimal federal regulations.
a. tend to avoid niche markets.
b. are exempted from federal regulations.
c. have higher health insurance costs than large businesses.
d. tend to have higher overhead costs than large businesses.
a. Small Business Funding Bank
b. Fair Trade Federation
c. Economic Development Corporation
d. Small Business Administration
a. The entrepreneur gets to develop creative organizational structures and procedures.
b. The entrepreneur faces fewer challenges when it comes to getting financing.
c. The entrepreneur will not have to deal with the mistakes made by the previous owner.
d. The entrepreneur gets to pursue his or her own business concepts.
a. The entrepreneur may inherit old mistakes that can range from poor employee relations to pending lawsuits.
b. The entrepreneur can face challenges while securing permits to hiring employees.
c. The entrepreneur will need to invest a lot of time, money, and sheer sweat equity to build a customer base.
d. The relationships of the entrepreneur with customers, suppliers, and other stakeholders are not stabilized.
a. The franchisee is faced with the challenge of building a brand image.
b. The franchisee is tied to the requirements of an agreement and has little scope for creativity.
c. The franchisee receives no assistance in terms of management expertise and consulting.
d. The franchisee faces the task of building a customer base.
a. The Service Corps of Retired Executives
b. A Small Business Development Center
c. A venture capital firm
d. An angel investor
a. contribute to a very small percentage of the gross domestic product.
b. are often the first to contract when times are tough.
c. have an insignificant impact on the state of the economy.
d. do not create a significant percentage of new jobs.
a. came into existence because of a new idea.
b. have an established bureaucracy that promotes invention.
c. employ the best scientists and innovators in the country.
d. have easy access to research funds.
a. Lack of regulations can stop entrepreneurship from thriving.
b. Entrepreneurs owning small businesses are in favor of strict regulations.
c. Regulations and entrepreneurship are not interdependent.
d. Extensive regulations can impede entrepreneurship.
a. a low national income causes the business to have less financial risks.
b. the required start-up money is less.
c. the impact of federal regulations is less.
d. they have no other economic options.
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