Exam 2: Entrepreneurship

Even though the _____ is often the first thing that readers consider, it's usually written _____ the other sections of the plan are completed.

The majority of Americans entered the business world by working for _____, which are constantly creating jobs and providing opportunities for a vast number of workers.

The most important step in the process of starting a business is creating a business plan-a document that identifies a company's goals and explains how they'll be achieved.

The _____

Because an owner can delegate both authority and responsibility, entrepreneurs often have more free time than people who work for someone else.

James Brolen is a man of many talents and abilities.After six months in business, however, things aren't going well, and Brolen doesn't quite understand why.Among other things, he sometimes worries more about problems at home than about customer needs, spends a little too much time poring over e-mails, and tries to balance work and life by keeping up with a couple of hobbies.What's Brolen's biggest problem?

If you want to start a new business, which of the following enterprises would be the best choice?

While many _____ ventures are based on innovative ideas, others revolve around improvements to existing goods or services.

_____ tend to offer environments that appeal to individuals with the talent to invent new products or improve the way things are being done.

Which of the following is a reason that many business fail?

Because Gonzalez's company is independently operated, the Small Business Administration would consider it a large business.

A new business owner can expect to work _____ hours a week on average.

Although the split between those working in small companies and those working in big companies is about even, large companies:

Marcia Kilgore's first business was called "Bliss Spa." After selling this business for $30 million, she launched two more companies, Soap and Glory and FitFlops.Her newest company is Beauty Pie.Marcia Kilgore is:

Accounting, finance, management, marketing, and production are the _____ areas of business.

Scenario-Based 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 _____.

Jones knows that busy loan officers don't have the time to read his entire plan and prefer instead a synopsis or a condensed version that summarizes it.To address this fact, Jones:

The most common use of a business plan is to persuade potential customers to buy your goods or services.

Which of the following is the most common but riskiest option in becoming a small business owner?

A franchise business is appealing because franchisers _____.