Exam 1: The Entrepreneurial Lifethe Entrepreneurial Life

Carmen operates a franchise tanning salon. Negative publicity about the effects of tanning has diminished her ability to grow the business. Carmen has a(n)

In a small business, there is no more important issue than

Match the term with its definition. -Two or more people who work together as entrepreneurs on one endeavor

Although Abner started the business by making his own product, his greater talent is planning for the future and preparing the business for growth. Abner has a(n) _____ personality.

Which of the following has helped level the playing field for small firms competing with larger companies?

Match the term with its definition. -A personality that focuses on an already developed technical skill, wants to be left alone to get the job done, and is primarily concerned about the present

Which of the following types of small businesses makes up the largest sector of the U.S. economy?

Match the term with its definition. -A microbusiness that permits the owner to follow a desired pattern of living

Small businesses have a greater potential to provide good customer service than larger firms do.

Valerie has been described as a "free spirit." She has tolerated but seldom appreciated parental, academic, or even job authority. The factor most likely to lure her to entrepreneurship is

Franchisees have limited power because they have a contract and relationship with a franchising organization.

Match the term with its definition. -Doing more with less in terms of resources invested in a business, and, where possible, controlling the resources without owning them

Self-employed individuals are less likely to create greater personal wealth than persons who work for others.

One of the richest rewards of owning a small business comes from offering goods or services that improve the lives of customers.

Oscar wants everything in his restaurant to be perfect so he points out every little mistake his servers make. He has high turnover among his staff. Which of the following best explains why?

Match the term with its definition. -An entrepreneur whose power is limited by a contractual relationship with a franchising organization

Which of the following is NOT a characteristic of the entrepreneur personality?

Match the term with its definition. -A small firm that provides minimal profits to its owner

Small enterprises hire 43 percent of all _____ employees.

Kevin developed a clever marketing campaign that increased his sales by 48%. Kevin is high in