Exam 6: Managing Start-Ups and New Ventures

Which of the following statements about a business incubator is true?

The process of initiating a business venture, organizing the necessary resources, assuming the associated risks, and enjoying the rewards is known as __________.

Which of the following is not a typical source of equity financing?

Is there a formula for a successful entrepreneur? While their backgrounds differ, entrepreneurs often have common characteristics. In a short essay, describe characteristics typically displayed by entrepreneurs. Next, contrast these characteristics with those that you have learned will help to make a manager in an established organization successful.

Which of the following means that people are motivated to excel and pick situations in which success is likely?

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. -If the business is legally Holly's and she assumes unlimited liability, then the business form would be:

Name the three ways that entrepreneurs can become business owners.

A(n) __________ is an open office environment that is shared by multiple freelance entrepreneurs as well as corporate telecommuting employees or others who don't have a regular office.

Which of the following are high-energy people who like the chance that a small business gives them to handle everything themselves?

People who believe that outside forces determine what happens to them have a high internal locus of control.

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

An unincorporated business owned by an individual for profit is known as a(n) __________.

Blake, Madison and Sean started selling computer software on college campuses under the name Student Software Company. Each person contributed $1,500toward start-up costs and agreed on dividing costs and profits equally. The legal structure for the company can best be described as:

The advantage of buying an existing business is the ability to develop and design the business in the entrepreneur's own way.

The first step in pursuing an entrepreneurial dream is to come up with a viable idea.

If a small-business owner enjoys the chance to balance work and personal life, he would be considered a(n):

In the United States, entrepreneurship and small business are the engines behind __________ and __________.

Which of the following is a popular small-business form because it is easy to start and has few legal requirements?

IndieGoGo, Kickstarter, and GoFundMe are all examples of crowdfunding platforms.

What is entrepreneurial sacrifice? Why is it an important trait?