Exam 6: Managing Small Business Start-Ups

CASE Scenario - Bianca and Bijal While many others dreamed about owning their own business, Bianca Babson decided to do something about it. Bianca knew that being self-employed required long hours and hard work, but with the help of her husband, Bijal, Bianca was positive that the hours and the work would be rewarded. First, she and Bijal developed a new concept in sunglasses that could be used by athletes better than the sunglasses now on the market. Bianca and Bijal obtained a patent on their invention, and began production and marketing. -If the business is legally Bianca's, then the business form would be

Tolerance for ambiguity is the psychological characteristic that allows a person to be untroubled by disorder and uncertainty.

In the ____________________ stage, the main problems for entrepreneurial firms are producing the product or service and obtaining customers.

The belief by individuals that their future is not within their control, but rather is influenced by some external force is considered

A(n)______ is a popular small business form because it is easy to start and has few legal requirements.

Borrowing from family and friends is a common source of debt financing for a start-up business.

At which stage of growth is the company if it is solidly based and profitable?

Today, inspired by the growth of companies such as Amazon.com, entrepreneurs are flocking to the __________ to start new businesses.

The first stage of growth for an entrepreneurial company is the investment stage.

According to Manager's Shoptalk in Chapter 6, successful business plans generally share which of these characteristic(s)?

Which of these offers the advantage that the entrepreneur has the ability to develop and design the business in the entrepreneur's own way?

A human quality linked to entrepreneurship in which people are motivated to excel and pick situations in which success is likely is called the _________________________.

The driving force during the early stages of development of a business is

__________ refers to the financing that consists of funds that are invested in exchange for ownership in the company.

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

List and briefly describe the stages of growth for an entrepreneurial company.

A tolerance for ambiguity is a psychological characteristic that enables a person to accept the threat of competition and potential risk.

Unlocking Innovative Solutions through PEOPLE in Chapter 6 describes how White Dog Enterprises does well by doing good. Owner Judy Wicks believes all business should strive to be humane, sustainable, small, and local.

An advantage of which of these tactics is that there is a shorter start-up time and an existing track record?

Since a corporation is a legal structure reserved for large firms, small businesses have two basic choices for legal structure of their company: proprietorship and partnership.