Exam 6: Entrepreneurship and Small Business Ownership

One of the general characteristics of a small business is that it typically sells fewer products ________.

Business start-ups decline when the economy sours.

You have decided to open a pet store and signed an agreement with Dogz-N-Catz Centers Inc.You and the company have drawn up an agreement that allows you to use the Dogz-N-Catz name and its business format,to receive training,and to use its advertising materials.Under this agreement,Dogz-N-Catz Inc.is the ________.

A business plan summarizes the proposed business venture,goals,and plans for achieving those goals.

Technical Solutions Inc.,a leading software solutions firm in Dallas with 1000 employees,is facing a financial crunch because of the economic downfall.Several of its key investors have backed out,and it has lost some projects to its competitors.The SEO of the company considers cost-cutting measures to turn around the organization.An analysis of the situation reveals that many of its employees have become redundant as their work roles have reduced considerably.The firm also employs a large number of people who are almost at the retirement age.Which of the following measures will be most appropriate for the company,from a business perspective?

Which of the following statements is true about the Service Corps of Retired Executives (SCORE)?

The institution that actually provides the money for an SBA-backed loan is the ________.

If you invest in a successful franchise,you know you are getting a viable business model,one that has worked many times before.

Identify and briefly describe at least 3 sources of financial aid that are available to small businesses.

If customer demand for the goods or services sold by your franchise changes,you have the ability to quickly adapt your business in response.

Todd D.Morrison is the manager of an advanced research team at LCM Inc.,a pharmaceutical company.Todd is keen to introduce process improvements aimed at making the business unit more profitable.He also uses innovative leadership methods,such as giving team members greater flexibility and freedom.Todd takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation.Todd Morrison's efforts are an example of ________.

Discuss banks and microlenders as sources of private financing.How does it differ from seeking funds by going public?

A(n)________ enables the buyer to use a larger company's trade name and sell its goods or services in a specific territory.

Describe the qualities of a successful entrepreneur.How is an intrapreneur different from an entrepreneur? What are the unique challenges faced by an intrapreneur?

A company that licenses elements of its business system to other companies is called a ________.

How do downsizing and outsourcing influence the number of small businesses?

Unlike venture capitalists,angel investors tend to ________.

Barbara owns a small florist shop that employs a couple of part-time floral designers.She doesn't expect her business to grow much,but it provides her with a comfortable income and she enjoys what she does.Barbara's business would be described as a ________.

Which of the following is most likely to encourage entrepreneurship?

An advisory board is a form of "group mentoring" in which you assemble a team of people with subject-area expertise or vital contacts to help review plans and decisions.