Exam 9: Managing Start-Ups and New Ventures

Jay wants to start a new business. With which of the following methods will he pay a share of the income from the business in return for the use of trademarks and business formulas?

Free

(Multiple Choice)

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Question 1

Correct Answer:

Verified

B

Research has shown that manufacturing costs often fall as the number of units produced by an organization increases. This relationship between cost and production is called

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(Multiple Choice)

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Question 2

Correct Answer:

Verified

A

The three strategic challenges facing small firms are choosing an industry in which to compete, emphasizing distinctive competencies, and ____________________.

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(Short Answer)

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Question 3

Correct Answer:

Verified

writing a business plan

____________________ businesses supply over half of all "innovations" introduced into the U.S. marketplace each year.

(Short Answer)

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Question 4

Which of the following statements explains why small businesses are generally more effective than large companies in specialty retailing?

(Multiple Choice)

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Question 5

Special Exercises
Jennifer Laurash was a middle manager in corporate America. She switched to work as a full time mother when her children were young. Then she started the Tiny Little T-shirt Company in her basement. Her clothing line is now international.
Match the following. You may use a response once, more than once, or not at all.

She was having a problem deciding on what went in her business plan and heard of other businesses getting college business classes to design a plan for them. Where did she go to locate such a program?

The National Association of Women Business Owners (NAWBO)

Where can she go to network?

Active Corps of Executives (ACE)

If she wanted to ask advice later from someone currently in business who would be unbiased and able to give her an honest answer, which agency should she contact?

Small Business Institute (SBI)

Correct Answer:

Verified

She was having a problem deciding on what went in her business plan and heard of other businesses getting college business classes to design a plan for them. Where did she go to locate such a program?

Where can she go to network?

If she wanted to ask advice later from someone currently in business who would be unbiased and able to give her an honest answer, which agency should she contact?

Where should she go for a loan if she is unable to get private financing at reasonable terms?

Because she has a start-up business, she needs a business mentor, preferably one who is familiar with the retail distribution business and who is not caught up in running his or her own business. Where can she find such a person?

(Matching)

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Question 6

While watching her d ad cook bacon in the microwave, 10-year-old Abby Fleck asked, "Wouldn't it be less messy if you hung the bacon to cook?" After breakfast, she and her dad went to the basement and created the Makin Bacon, a gadget for making bacon cooking less messy. Abby, her parents, and her grandparents own and operate a company that makes and sells Makin Bacon trays. Her first big customer was Armour Bacon, which purchased the gadget to sell as a premium on its packages of bacon. This is a small business that has contributed by its

(Multiple Choice)

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Question 7

Small business is a strong presence in the U.S.economy, but that is not true of most of the world's mature economies.

(True/False)

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Question 8

The Internet has virtually rewritten all of the rules for starting and operating a small business.

(True/False)

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Question 9

Why should a new entrepreneur, who has to be careful about how she spends every penny, join the National Federation of Independent Businesses (NFIB)?

(Multiple Choice)

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Question 10

The purpose of the SBA's SBDC program is to consolidate information from various disciplines and institutions, including technical and professional schools.

(True/False)

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Question 11

Jeff wants to start a company that makes the medical consent forms patients are required to sign easier to understand. Jeff is a doctor with medical sales experience; his partner Gina has the technical abilities to make the product. Where should they look first for financing?

(Multiple Choice)

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Question 12

How has e-commerce affected entrepreneurship?

(Short Answer)

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Question 13

In which of the following ventures would a small business operator be most effective?

(Multiple Choice)

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Question 14

Which of the following statements is TRUE about the industries that small business owners may consider entering?

(Multiple Choice)

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Question 15

The media often portray big business as crushing small business. In fact, what is the relationship between big and small business more likely to be like?

(Short Answer)

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Question 16

Kristen owns and operates a photography studio. She has no employees. She is a(n)

(Multiple Choice)

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Question 17

The first step for the entrepreneur in planning his or her business is to

(Multiple Choice)

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Question 18

List and briefly describe the major causes of small business failure and success.

(Essay)

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Question 19

Which of the following is NOT considered to be a distinctive competency for small business?

(Multiple Choice)

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Question 20

Jay wants to start a new business. With which of the following methods will he pay a share of the income from the business in return for the use of trademarks and business formulas?

Research has shown that manufacturing costs often fall as the number of units produced by an organization increases. This relationship between cost and production is called

The three strategic challenges facing small firms are choosing an industry in which to compete, emphasizing distinctive competencies, and ____________________.

____________________ businesses supply over half of all "innovations" introduced into the U.S. marketplace each year.

Which of the following statements explains why small businesses are generally more effective than large companies in specialty retailing?

Small business is a strong presence in the U.S.economy, but that is not true of most of the world's mature economies.

The Internet has virtually rewritten all of the rules for starting and operating a small business.

Why should a new entrepreneur, who has to be careful about how she spends every penny, join the National Federation of Independent Businesses (NFIB)?

The purpose of the SBA's SBDC program is to consolidate information from various disciplines and institutions, including technical and professional schools.

Jeff wants to start a company that makes the medical consent forms patients are required to sign easier to understand. Jeff is a doctor with medical sales experience; his partner Gina has the technical abilities to make the product. Where should they look first for financing?

How has e-commerce affected entrepreneurship?

In which of the following ventures would a small business operator be most effective?

Which of the following statements is TRUE about the industries that small business owners may consider entering?

The media often portray big business as crushing small business. In fact, what is the relationship between big and small business more likely to be like?

Kristen owns and operates a photography studio. She has no employees. She is a(n)

The first step for the entrepreneur in planning his or her business is to

List and briefly describe the major causes of small business failure and success.

Which of the following is NOT considered to be a distinctive competency for small business?

Managing and the Managers Job

Traditional and Contemporary Opportunitieschallenges

Understanding the Organizations Environment

Responding to the Ethical and Social Environment

Navigating the Global Environment

Basic Elements of Planning and Decision Making

Managing Strategy and Strategic Planning

Managing Decision Making and Problem Solving

Basic Elements of Organizing

Managing Organization Design

Managing Organization Change and Innovation

Managing Human Resources

Basic Elements of Individual and Interpersonal Behavior

Managing Employee Motivation and Performance

Managing Leadership and Influence Process

Managing Interpersonal Relations and Communication

Managing Work Groups and Teams

Basic Elements of Control

Managing Operations, Quality and Productivity

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