Exam 5: Small Business, Entrepreneurship, and Franchises

The type of person likely to start a small business is independent, has a desire to determine his or her own destiny, and is willing to find and accept a challenge.

An advantage to the franchisor is that he or she gains fast and selective distribution of the product.

Planning is one vital element in the success of a small business.

The individual or firm that grants a franchise is known as the

Small businesses provide

If you haven't started a business by the time you are 30, you are too old.

It is better to be creative than self-disciplined.

You don't need a lot of money to start a business.

The primary reason for small-business failure is mismanagement resulting from lack of business know-how.

The bigger the risk, the bigger the reward!

It is important to have a great idea.

One advantage a small business has is

A group of retired businesspeople who volunteer their time to help small-business owners is known as

A privately-owned company that provides venture capital to small firms is a(n)

The person or firm that purchases a franchise is called a(n)

Most entrepreneurs are ethical people.

A government agency that was created to assist, counsel, and protect the interests of small busi-nesses in the United States is called

Most people start their own business to make lots of money.

The SBA is more likely to help nonminority small businesses.

Franchising is the actual granting of a franchise.