Exam 2: Entrepreneurship

Which of the following is not a reason that prevents some people from starting a business?

The key to coming up with a great business idea is to:

The monthly fee that a franchisee must pay to keep the company's trade name is called a(n)_____.

The most important step in the process of starting a business is _____

Because Green Thumb Landscapers buys goods from other firms and sells them to consumers,the company is a retailer.

Entrepreneurs typically copy what is being done by others rather than take changing situations into account.

Entrepreneurs usually start _____,beginning with _____ resources.

Under the Small Business Administration's _____ program,a businessperson needing advice is matched with a team of retired executives who work on a volunteer basis.

The question "What is the outlook for the industry?" is taken up in the _____ section of the business plan.

Mary Gonzalez recently expanded her chain of flower shops. As the only small flower shop located in major airports in the Midwest, she has a unique operation. She has 72 employees in 30 shops, and although her company isn’t dominant in its industry, her shops are busy year round. To accommodate her unique clientele, Mary developed the idea of packaging flowers in small waterproof pots that won’t leak either in the airport or aboard planes. -Small businesses like Gonzalez's account for about 50 percent of the U.S.gross domestic product each year.

The past two decades have seen a _____ in the number of businesses owned by women and minorities.

A business plan explains the goods and services that you intend to sell and specifies the qualifications of your management team.

When you believe in what you're doing and make a strong personal commitment to your business,you are displaying:

"To preserve and improve human life" best illustrates a _____.

Brothers Ronnie and Jacob are both in college; Ronnie is a senior and Jacob a sophomore. They’re both majoring in business administration and want to open a small business a few years after graduation. They understand that it’s important to gain more management experience and build good credit ratings. Ronnie wants more security in his work and would be satisfied working with an older partner until he “learns the ropes.” More than Jacob, he’d prefer a business that’s been established for a few years. Although he likes a certain degree of independence, he’s willing to follow directions and take advice. Jacob, on the other hand, wants more freedom to make his own choices and to succeed or fail on his own merits. He’s quite creative and likes to set his own rules. -By following your advice,Ronnie would probably enjoy all of the advantages of small business ownership except _____.

Manufacturing is primarily the domain of _____ businesses.

A local bakery is acting as a _____ when it sells desserts to a restaurant.

Franchises generally don't include such complex products as hotels.

Which of the following is an advantage to starting a business?

Buying a franchise is the most common,though riskiest,option for starting a new business.