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Mie 201 Chapter 6 questions

_____ is a combination of private and public funding, in which an entrepreneur invites people to fund a share business venture or a new product
crowd funding
A business plan is a written document that summarizes the_______
proposed business venture, goals and plans for achieving those goals
Which of the following is TRUE about creating a new, independent business?
The customer base must be built from the ground up
Which of the following is a quality that a successful entrepreneur is most likely to have?
views failure as a chance to grow
T/F Among all firms that apply for US patents on new inventions, small businesses receive 13 times more patents per employee than larger firms
True
At the federal level, small businesses can apply for loans backed up by the ______
Small Business Administration
Which of the following is an example of a lifestyle business?
A self employed landscape designer
T/F Baskin Robbins gives its franchisees the right to resell its trademarked goods that must be purchased from Baskin Robbins. This is an example of a product franchise
true
Which one of the following statements does NOT pertain to “business incubators?”
In exchange for an equal share of ownership, Y Combinator makes investments in companies
Funding a new business with credit cards or a personal line of credit ________.
Is a widely available form of financing
Invites people to fund the business project and states that donors will be honored on the organizations website… This is ______
Crowdfunding
Which of the following is TRUE about a small business
A small business is one that is NOT dominant in its field
Which of the following statements does NOT accurately represent franchising
Franchisors pay the initial cost of buying a franchise, and franchisees pay based on a percentage of sales revenue
Entrepreneurs can get advice and support from a wide variety of sources, which does NOT include which of the following ?
US Census Bureau
______ provide a small business with a wide array of support resources and services during its early growth phase
Business Incubators
T/F Outsourcing reduces opportunities for small businesses and entrepreneurs
False
T/F A business plan summarizes the proposed business venture, goals and plans for achieving those goals
True
Which of the following is a quality that a successful entrepreneur is most likely to have?
Views failure as a chance to grow
Preparing a business plan serves which of the following functions?
It helps persuade lenders and investors to finance the business

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