Exam 6: Entrepreneurship and Starting a Small Business

The Internet has slowed small businesses' participation in international markets.

The business plan will include ________.

Small businesses are important to the U.S. economy because

Entrepreneurial spirit is unique to a small business environment.

As a future entrepreneur, Brooke considered a variety of financing sources. Her discussions with a venture capitalist revealed that this type of investor expects to receive a large ownership interest in her firm.

Although successful entrepreneurs are more tolerant of uncertainty,

Bankers and investors require entrepreneurs to present a well-conceived business plan.

For several years, Addison has volunteered to play the piano and sing at a local nursing home. Now, Addison has decided the time was right to get into the growing eldercare market. She created Music and Memories, a nonprofit corporation that would hire local talent to perform her own music productions directed toward this market. In order to write and produce several productions each year, Addison needed start-up funds. An instructor at the local community college suggested that she begin by ________, because this effort would help introduce her idea to interested investors as well as suggest government grant applications that Addison might pursue.

For prospective entrepreneurs, enrolling in an introduction to business or small business management course offered through their community college

Entrepreneurs learn that there are many legal and financial issues involved in starting their business. The best way for the small business owner to resolve these issues and protect the firm's resources is

Two key management functions that need particular attention when starting a business are

The easiest businesses to start also have the least growth potential and the greatest failure rates.

Luca has eliminated the risk of entrepreneurship by preparing a detailed business plan.

A new business that sets up a(n) ________ from the start is saving itself time and grief later.

Exporting offers small businesses opportunities to reduce their dependence on domestic sales and extend product lives.

Small businesses create 65% of the new jobs in the United States each year.

Jin Yang wants to start a small business. But he has not yet uncovered an opportunity that would offer him security and the possibility of high profits. Jin Yang will likely find that one must risk more in order to attain high profits.

An entrepreneurial team consists of

Mini-Case Pepe Pieman believes that pizza is a much more versatile meal than most people realize. As the national marketing manager for Pizza Pals, he has watched how consumers ate up barbecue pizza, Hawaiian pizza, Mexican pizza, and other new and unique combinations. His superiors, however, met his suggestions for other unusual pizzas with a negative response. Even some of his teammates laughed at his ideas. Pepe's confidence in his ability to understand the market has led him to focus on planning a business of his own. Pepe realizes that he will take a risk when he leaves his job with Pizza Pals and sets off on a new endeavor: Pepe's Pizzazzeria. Pepe is excited about the potential of profitably catering to the unmet desires of pizza consumers. -Given Pepe's willingness to accept the risks of opening and running Pepe's Pizzazzeria, he is clearly an example of a(n)

One reason we have seen continued growth in home-based businesses is