Exam 6: Entrepreneurship and Starting a Small Business

Arturo is a partner in a firm that specializes in producing vitamins and health food products. While the business is considered small by U.S. standards, he is attempting to persuade his partner to expand internationally. Arturo would list which of the following as an advantage of going global?

When seeking financial backing from a venture capitalist, a small business owner should realize that the venture capitalist will

One reason why many U.S. small businesses are not involved in exporting is

Northeast City College received a government grant to create a business incubator. Once completed, Northeast City College's facility will offer

One advantage enjoyed by small businesses in international markets is that overseas buyers like dealing with individuals rather than large corporate bureaucracies.

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.

One of the hurdles small businesses face when deciding to export is

While the Small Business Administration provides management advice to new business owners, it is not empowered to provide financial assistance.

It is important for an entrepreneur to be highly energetic.

Which of the following statements explains one of the reasons that people in the U.S. take the entrepreneurial challenge?

Prior to creating a business plan, discussions with bankers and investors can help entrepreneurs determine the amount of financing available.

Pepe is confident that Pepe's Pizzazzeria will be a success, but only if he has enough money to do things right. Since Pepe has very little personal wealth, he knows he must find financial assistance. In order prepare for meetings with bankers and potential investors, Pepe should

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

Preston believes his family-run business is more likely to avoid many of the problems growing businesses have with managing employees. His attitude will likely hinder the growth of his company.

Employees of small businesses often have greater job satisfaction than do employees of larger firms. One reason for this difference in job satisfaction is that employees of small businesses often

An entrepreneurial team consists of

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

Austin, Aiden, and Zara wanted to open A₂Z Sports Bar that serves a unique offering of beer, weekend entertainment, and a limited menu of appetizers. In one of the preliminary meetings, Zara presented a list of reasons that small businesses fail. Although many of the ideas on this list were applicable to many types of business, one challenge pertained specifically to the restaurant and bar business. The challenge he referred to was

A firm or individual providing financial capital to small businesses in exchange for an ownership stake in the company is called a

Ryan was called by one of his regular customers asking if he had time to repair some broken sprinkler heads on that customer's underground sprinkling system. Although it was already 6:00 p.m. and he already put in a full day of work, he turned his car around and headed for the customer's house. As a small business owner, Ryan demonstrates