Question 1

One of the first characteristics or points of a successful business plan is

Accepted Answer

A)  a profile of potential customers and market needs. 
B)  demonstrate a clear, compelling vision that creates an air of excitement. 
C)  the key ingredient of the business that will attract million of customers. 
D)  the entrepreneur's background and role in the company. 
E)  essential information about funding received so far. 
A)  a profile of potential customers and market needs. 
B)  demonstrate a clear, compelling vision that creates an air of excitement. 
C)  the key ingredient of the business that will attract million of customers. 
D)  the entrepreneur's background and role in the company. 
E)  essential information about funding received so far.

Question 2

The fastest growing segment of small business is sole proprietorships.

Accepted Answer

A) True 
 B)False

Question 3

What is a business incubator? How can it help a business?

Accepted Answer

A business incubator is an innovation th

Question 4

In the start-up stage of an entrepreneurial business, formal planning tends to be nonexistent except for the business plan.

Accepted Answer

A) True 
 B)False

Question 5

Advances in technology, given the high cost, inhibits small companies to compete in a global economy.

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

The answer of By ______________________________, an entrepreneur has the advantage...

Question 7

In order to be a successful entrepreneur,

Accepted Answer

A)  an individual must have certain skills. 
B)  an individual must have experience. 
C)  there must be a need in the marketplace. 
D)  all of these 
E)  an individual must have certain skills and certain experience. 
A)  an individual must have certain skills. 
B)  an individual must have experience. 
C)  there must be a need in the marketplace. 
D)  all of these 
E)  an individual must have certain skills and certain experience.

Question 8

Felix is an entrepreneur. At this stage of his company's growth, his main concerns are do we have enough customers and money. What stage of growth is Felix's company in?

Accepted Answer

A)  Start-up 
B)  Survival 
C)  Takeoff 
D)  Resource maturity 
E)  Success 
A)  Start-up 
B)  Survival 
C)  Takeoff 
D)  Resource maturity 
E)  Success

Question 9

When funds are invested in exchange for ownership in the company, it is called equity financing.

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

Trueoleran

Question 11

In the next decade, _________________________ and _________________________ businesses could end up being the emerging growth companies.

Accepted Answer

women-owne

Question 12

A functional organization structure will start to evolve with managers in charge of finance, manufacturing, and marketing, describes which stage of growth?

Accepted Answer

A)  Start-up 
B)  Survival 
C)  Takeoff 
D)  Success 
E)  Resource maturity 
A)  Start-up 
B)  Survival 
C)  Takeoff 
D)  Success 
E)  Resource maturity

Question 13

What is the primary goal of the social entrepreneur?

Accepted Answer

A)  maximizing profits 
B)  improving society 
C)  reaching social circles 
D)  finding funding 
E)  writing grants 
A)  maximizing profits 
B)  improving society 
C)  reaching social circles 
D)  finding funding 
E)  writing grants

Question 14

Which of the following demographic factors distinguish entrepreneurs from others?

Accepted Answer

A)  They are likely the youngest child in their family. 
B)  Most entrepreneurs launch their businesses between the ages of 35 and 55. 
C)  Their parents likely worked for large companies. 
D)  They are likely the children of immigrants. 
E)  All of these. 
A)  They are likely the youngest child in their family. 
B)  Most entrepreneurs launch their businesses between the ages of 35 and 55. 
C)  Their parents likely worked for large companies. 
D)  They are likely the children of immigrants. 
E)  All of these.

Question 15

During the latter stages of entrepreneurial growth, the manager

Accepted Answer

A)  must learn to delegate and decentralize authority. 
B)  must institute greater use of rules and procedures. 
C)  must hire sufficient management to handle the growth. 
D)  all of these. 
E)  none of these. 
A)  must learn to delegate and decentralize authority. 
B)  must institute greater use of rules and procedures. 
C)  must hire sufficient management to handle the growth. 
D)  all of these. 
E)  none of these.

Question 16

Hard workers, who thrive on the challenge of building a larger more profitable business, consist of 20% of small business owners.

Accepted Answer

A) True 
 B)False

Question 17

An unincorporated business owned by two or more people is called a proprietorship.

Accepted Answer

A) True 
 B)False

Question 18

What are the two principal advantages of forming a corporation?

Accepted Answer

A)  Unlimited liability and potential conflicts with partners 
B)  Freedom from debt and relatively simple structure 
C)  Continuity and limits on owner's liability 
D)  Unlimited liability and continuity 
E)  Continuity and non-tax structure 
A)  Unlimited liability and potential conflicts with partners 
B)  Freedom from debt and relatively simple structure 
C)  Continuity and limits on owner's liability 
D)  Unlimited liability and continuity 
E)  Continuity and non-tax structure

Question 19

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.
-With the entrepreneurial personality, Bianca can be expected to have all of the following traits EXCEPT

Accepted Answer

A)  internal locus of control. 
B)  tolerance for ambiguity. 
C)  high need to achieve. 
D)  patience. 
E)  all of these. 
A)  internal locus of control. 
B)  tolerance for ambiguity. 
C)  high need to achieve. 
D)  patience. 
E)  all of these.

Question 20

A(n) ____________________ locus of control is the belief by individuals that their future is not within their control but rather is influenced by external forces.

Accepted Answer

The answer of A(n) ____________________ locus of control is the...

One of the first characteristics or points of a successful business plan is

The fastest growing segment of small business is sole proprietorships.

What is a business incubator? How can it help a business?

In the start-up stage of an entrepreneurial business, formal planning tends to be nonexistent except for the business plan.

Advances in technology, given the high cost, inhibits small companies to compete in a global economy.

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

In order to be a successful entrepreneur,

Felix is an entrepreneur. At this stage of his company's growth, his main concerns are do we have enough customers and money. What stage of growth is Felix's company in?

When funds are invested in exchange for ownership in the company, it is called equity financing.

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

In the next decade, _ and _ businesses could end up being the emerging growth companies.

A functional organization structure will start to evolve with managers in charge of finance, manufacturing, and marketing, describes which stage of growth?

What is the primary goal of the social entrepreneur?

Which of the following demographic factors distinguish entrepreneurs from others?

During the latter stages of entrepreneurial growth, the manager

Hard workers, who thrive on the challenge of building a larger more profitable business, consist of 20% of small business owners.

An unincorporated business owned by two or more people is called a proprietorship.

What are the two principal advantages of forming a corporation?

A(n) ____________________ locus of control is the belief by individuals that their future is not within their control but rather is influenced by external forces.

Managing in Turbulent Times

The Evolution of Management Thinking

The Environment and Corporate Culture

Managing in a Global Environment

Ethics and Social Responsibility

Managerial Planning and Goal Setting

Strategy Formulation and Implementation

Managerial Decision Making

Designing Adaptive Organizations

Managing Change and Innovation

Human Resource Management

Meeting the Challenge of Diversity

Dynamics of Behavior in Organizations

Leadership

Motivation

Communication

Teamwork

Managerial and Quality Control

Information Technology and E-Business

Operations and Value Chain Management

Filters

Exam 6: Managing Small Business Start-Ups

One of the first characteristics or points of a successful business plan is

The fastest growing segment of small business is sole proprietorships.

What is a business incubator? How can it help a business?

In the start-up stage of an entrepreneurial business, formal planning tends to be nonexistent except for the business plan.

Advances in technology, given the high cost, inhibits small companies to compete in a global economy.

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

In order to be a successful entrepreneur,

Felix is an entrepreneur. At this stage of his company's growth, his main concerns are do we have enough customers and money. What stage of growth is Felix's company in?

When funds are invested in exchange for ownership in the company, it is called equity financing.

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

In the next decade, _________________________ and _________________________ businesses could end up being the emerging growth companies.

A functional organization structure will start to evolve with managers in charge of finance, manufacturing, and marketing, describes which stage of growth?

What is the primary goal of the social entrepreneur?

Which of the following demographic factors distinguish entrepreneurs from others?

During the latter stages of entrepreneurial growth, the manager

Hard workers, who thrive on the challenge of building a larger more profitable business, consist of 20% of small business owners.

An unincorporated business owned by two or more people is called a proprietorship.

What are the two principal advantages of forming a corporation?

A(n) ____________________ locus of control is the belief by individuals that their future is not within their control but rather is influenced by external forces.

Managing in Turbulent Times

The Evolution of Management Thinking

The Environment and Corporate Culture

Managing in a Global Environment

Ethics and Social Responsibility

Managerial Planning and Goal Setting

Strategy Formulation and Implementation

Managerial Decision Making

Designing Adaptive Organizations

Managing Change and Innovation

Human Resource Management

Meeting the Challenge of Diversity

Dynamics of Behavior in Organizations

Leadership

Motivation

Communication

Teamwork

Managerial and Quality Control

Information Technology and E-Business

Operations and Value Chain Management

Filters

In the next decade, _ and _ businesses could end up being the emerging growth companies.