Exam 10: Fostering Entrepreneurship

The first organizing decision that an entrepreneur must make is the ________.

Nadine is ready to retire after many years building her business. Another entrepreneur has indicated an interest in buying it so Nadine must set a selling price. Which one of the methods below should she use?

Which one of the following items is found in the financial data section of the business plan?

By the time the new company has grown to the point that the founder can no longer make all the decisions, s/he is typically glad to hand off some of that responsibility.

Entrepreneurships are more likely than large businesses to generate patentable ideas.

Annabel operates a local hardware store that she inherited from her parents. When she took over, she updated the point-of-sale equipment and installed a customer database. Annabel is a(n) ________

Arthur Fry thought his glue was a failure because it didn't stick permanently, but when applied to small squares of paper, it became the popular Post-It ® note. Arthur Fry took advantage of ________.

Despite their overall importance to the economy, small businesses account for fewer new jobs than large corporations.

The financial data section of the business plan should contain projections for the first five years and a breakeven analysis.

Brandon is examining the state of the economy, the regulatory situation, social trends, and the local labor supply. This would indicate Brandon is ________.

Explain the differences between an entrepreneurial venture and a small business.

Although important at every stage of the business life cycle, controls are especially important during periods of growth.

When fully empowered, employees enjoy a greater variety of work that is more interesting and challenging.

The profits of an S corporation are taxed as a partnership.

Emily is calculating her annual revenues, balance sheets, and breakeven points so she can write the ________ section of her business plan.

According to Max DePree, leadership combines the unpredictability of the future with the gifts of the individuals.

Farrah has created a computer-generated mockup of her new product for inclusion in the ________ section of her business plan.

Sam Walton knew exactly how he wanted his business to operate. He saw WalMart as the cost leader in the discount department store industry. He took every opportunity to emphasize his corporate goals to his employees and became literally a cheerleader at store meetings. We would consider Sam Walton to be a(n) ________ leader.

When the entrepreneur is ready to exit the business, s/he should personally determine the business value.

Lucille's venture is finally taking off. To make sure the business grows as she would like, Lucille should consider ________.