Exam 6: Managing Start Ups and New Ventures

Connie, a single mother and home-business entrepreneur, enjoys running her own business. However, because she is busy balancing work and family, she does not foresee her home business growing significantly in the near future. Connie can best be described as what type of entrepreneur?

The owner should start implementing more structured control systems by Stage 3 of growth for an entrepreneurial firm.

Entrepreneurs see themselves as being less in control of their environment, generally speaking, and can be expected to have an external locus of control.

Tracy's Trikes believes that each employee should enjoy the idea of working on something that is new, creative, or personally meaningful. Tracy's Trikes exemplifies which of the categories of small business owners?

Social entrepreneurs are leaders who are committed to both good business and ensuring high profitability.

A business plan for a small business should be detailed, encompassing at least 100 pages.

The process of initiating a business venture, organizing it, and assuming its risks is known as _____.

Ginger likes to set her own goals, which have an intermediate level of difficulty. Which of the entrepreneurial characteristics does she probably possess?

A group of companies or individuals that invests money in new or expanding businesses for ownership and potential profits is known as:

The first step in becoming an entrepreneur is to have a viable marketable idea. But, what's next? Think of some type of business you might like to start, and write a short essay that outlines the steps you would take when planning to become a business owner. Prepare a sample business plan along with your essay.

A(n) _____ is a group of companies or individuals that invests money in new or expanding businesses for ownership and potential profits.

Approximately 600,000 new businesses are launched in the U.S. each year by entrepreneurs.

Which of the following is the process of starting a business venture, organizing the resources, and taking the risks?

In 2012, which country had the largest percentage of individuals age 18 to 64 that were active in starting or managing a business?

Before opening his own business, Kareem was writing a report that details the specifics of his ideas and future business operations. This document is known as a:

Two principle advantages of forming a corporation are continuity and limits on the owners' liability.

By _____, an entrepreneur has the advantage to develop and design the business in his/her own way.

In some parts of the world, female entrepreneurship is catching up with that of men; and minority-owned businesses in the Unite States are also on the rise. Write a short essay that supports your conclusion regarding how these small business owners are impacting the economy.

The most common source of new business ideas comes from in-depth understanding of an industry or profession.

Scenario - Holly and Trent While many others dreamed about owning their own business, Holly Gabrel decided to do something about it. Holly knew that being self-employed required long hours and hard work, but with the help of her husband, Trent, Holly was positive that the hours and the work would be rewarded. First, she and Trent developed a new concept in sunglasses that could be used by athletes better than the sunglasses now on the market. Holly and Trent obtained a patent on their invention, and began production and marketing. -With the entrepreneurial personality, Holly can be expected to have all of the following traits except: