Exam 10: Fostering Entrepreneurship

________ is what distinguishes an entrepreneurial venture.

Identify and describe the six sections of the business plan, including the type of information that should appear in each section

Entrepreneurship is important to every industry sector in the United States.

Corporations look for candidates who match job requirements; entrepreneurs look for candidates to fill skills gaps.

The purpose of a business plan is to secure financing for the start-up.

In a business plan, the analysis of the context is most closely related to the environmental scan.

When Michele had only three employees, she performed most of the records-keeping tasks herself and kept a general idea of finances in her head. Now that her business has expanded, she is having money problems. What should Michele do?

As her business grew and competitors entered the market, Inez knew she had to step up her game. What had worked well when the company was brand new no longer enabled her company to meet its goals. Inez realizes she must become a(n) ________ if her company is to continue to grow and prosper.

In what ways does empowering employees benefit the entrepreneurial venture? How can employees be empowered?

Gaston knows he cannot be physically present at his new restaurant every hour it is open, so he has decided to share management responsibility and profits equally with two others. Gaston has formed a ________.

The risk propensity is higher for entrepreneurs concerned with providing a family income than for those whose primary goal is growth of the business.

The marketing plan becomes a part of the ________ section of the business plan.

Organizing an entrepreneurial venture involves, among other activities, choosing a legal form of business organization.

Nearly half of all workers in the U.S. are employed by small businesses.

"There is absolutely no reason why I, the founder of this enterprise, should be making the choice of floor cleaner. The housekeepers know what works and what doesn't. Let them choose." So said Juan, owner of Miller's Office Cleaning. Juan's comment indicates he believes in ________.

Limited liability partners have the right to inspect the business and make copies of company records.

Because small businesses cannot usually compete with the salaries offered by large corporations, they tend to focus on psychological rewards for their employees.

Why is it advisable for entrepreneurs to plan for growth? How can they do this?

Which one of the following would most likely be a source for ideas for the would-be entrepreneur?

The purpose of examining the state of the economy, the regulatory situation, social trends, and the local labor supply is to ________.