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Mgmt 371 chapter 10

an entrepreneur does all of the following EXCEPT
hire professional managers
Alan Mckim stated Clean Harbors an environmental cleanup firm that specializes in toxic waste clean up. He is best classified as
entrepreneur
Which of the following describes an entrepreneur
Chad Olsen, who hired a consulting firm to research his business idea and help him set up Help-Doc, which he now manages
Karyn Corani developed the idea to make Tohos, pantyhose
entrepreneur
Which of the following is NOT an example of a entrepreneur
cindy has a yard sale once a year
Kristen owns and operates a photography studio. She has no employees. she is a
small business owner
A small business
has sales so small it cannot influence its environment
Which of the following statements comparing small businesses to large businesses is FALSE
Large businesses show better financial performance then small businesses
Which of the following is NOT generally considered to be a role performed by small businesses
provision of capital for expansion of large businesses
In terms of the number of new jobs formed each year, how does small business compare to big business
Small business was recently passed by big business in creating new jobs
Which of these statements comparing large and small businesses is TRUE
business success creates jobs regardless of size
While watching her dad cook bacon in the microwave
innovation and its importance to a big company
If an entrepreneur were considering a new business, which of the following would be a DESIRABLE characteristic of the industry being considered
The new company will sell a newly patented invention that is not yet well known but is expected to dominate the market
In which of the following industries are you most likely to find small business success
retailing
Service businesses are the fastest growing segment of small business enterprises primarily because of
size of initial capital investment required
Which of the following statements about service businesses that are classified as small businesses is TRUE
all of these
In which of the following ventures would a small business operator be most effective
personal financial advisor
In which of the following areas of retailing are small businesses most likely to create jobs through success
organic health care
Which of the following statements explains why small businesses are generally more effective than large companies in specialty retailing
speciality retailing relies on customization, which is not cost effective for large companies
Which of the following statements is TRUE about the industries that small business owners may consider entering
Barriers to entry are generally small
Why are some small business owners successful in the wholesaling industry
small business owners are able to develop personal working relationships with their buyers
In which of the following industries are you LEAST likely to find a small business owner performing well due to a lack of economies of scale
manufacturing
In which of the following industries are small businesses typically poorer performers than large businesses
manufacturing
Research has shown that manufacturing costs often fall as the number of units produced by an organization increases. Relationship between cost and production is called
economy of scale
Large businesses are more likely to succeed in manufacturing industry than small businesses due to
economies of scale
Which of the following is NOT considered to be distinctive competency for small business
ability to achieve economies of scale
Which of the following is an example of identifying a new niche in an established market
modifying a cell phone keyboard to alphabetical order
An entrepreneur looking to enter the manufacturing industry is more likely to fail due to
all of these
Anderson Windows has succeeded in bringing mass customization to the windows segment.
established market competitor
Which of the following is an example of a first mover advantage
Orange county choppers builders of custom motorcycles
Webkinz was the first top company to sell stuffed animals with codes to play on the internet game site
company with first mover advantage
Susan Medlin builds small chicken coops for urban backyards. This is an example of
identifying a niche
The overall purpose of a business plant to
identify all actions required up to the point when the firm opens its doors
which activity in developing a business plan is the most important
researching the market
Patina Home was a quaint shopper with high end items that never attracted many customers. Its failure was probably attributed to failure to
do more market research
The text lists several questions that the business plan should answer for the entrepreneur who is planning to open a business. Which of the following is one of those questions
what does she or he want to accomplish
The first step for the entrepreneur in planning his or her business is to
engage in self analysis
The most important part of the small business financial plan us the
cash budget
The _____ tells how much money is needed to operate a new business
cash budget
therese wants to start her own running race management company. To help her determine whether this is a good idea, she needs to find the answers to which question
all of these
What is the most common source of funds for the entrepreneurs
personal financial resources
______ are a group of small investors seeking to make profits on companies with rapid growth potential
venture capitalists
Therese wants to start her own race management company. Where should she look first
personal resources
Which of the following is NOT a source of management advice for an entrepreneur
Securities and Exchange Commission (SEC)
Federal Trade Commission (FTC)
Anns dog kennel is in danger of failing where does she get help from
Small business development center (SBDC)
Under the guidance of the _____, veteran business professors and students seeking advanced degrees work with small business owners to help solve problems
Small business institute (SBI)
Anns dog kenel has ineffective advertising where should she go for help
Small business institute (SBI)
Why should a new entrepreneur who has to be careful how she spends every penny joint the NFIB
the organization offers excellent networking opportunities
Jay wants to start a new business. With which of the following methods of starting new business will pay a share of income in return for trademarks
franchising
Which of the following statements about recent trades in franchising is TRUE
franchising is growing rapidly and is projected to account for half of all retail sales
The most significant disadvantage to franchising as a means of acquiring business is
high start up costs
The most significant change in small business is
the rapid emergence of electronic commerce
Four general factors contribute to the failure rate of small businesses. They include
managerial inexperience
Most experts say that anyone opening a new business should be financially strong enough to operate without business income for
6-12 months
Four general factors contribute to the failure rate of small businesses. Which of the following is NOT one of those factors
low start up costs
Four general factors contribute to the success rate of small businesses. which of the following is NOT one of those factors
empathy with customers

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