Exam 7: Small Business and Entrepreneurship: Economic Rocket Fuel

Angela runs a fashion boutique for women. Her customers can use an online editing software to create a rough image of the design and style they want Angela to use. The opportunity of _____ is highlighted in the given scenario.

Rudy, a food truck owner, has sizable followers on his website where he personally interacts with them and thanks them for their support. He also lets his followers know his location and the menu for a day in advance. The opportunity of _____ is highlighted in the given scenario.

A__________is a formal document that describes a business concept, outlines core business objectives, and details strategies and timelines for achieving those objectives.

__________are local offices-affiliated with the U.S Small Business Administration-that provide comprehensive management assistance to current and prospective small business owners.

Nestor wants to open a new event management company. Deveon, a multinational company, agrees to fund his business on the condition that Deveon be given 50% ownership in the company. In the given scenario, Deveon is most likely a(n) _____.

Rahul owns a guitar store that is famous for customizing guitars. From choosing the wood for the body to the type of pickups, everything can be selected by the customer. This feature attracts beginners and professionals alike to Rahul's store. The specific nature of the business makes it unique and results in fewer competitors. This allows Rahul to choose the prices for his services. The opportunity of _____ is highlighted in the given scenario.

Suresh quits his nine-to-five job at a multinational company and starts his own event management company. In his new company, he does not practice a nine-to-five work regime. Instead, he organizes meetings with clients by making appointments that favor his schedule. Which of the following advantages of entrepreneurship is highlighted in the given scenario?

Brian had started a new business venture using majority of his savings. However, his divorce affected him monetarily because of which he had to shut down his business. Which of the following threats is highlighted in the given scenario?

James is always keen on putting his ideas into action regardless of the outcome. He perfects his craft by trying out different possibilities. If he is dissatisfied with the result, he tries out a different method but does not give up. Which entrepreneurial characteristic is highlighted in the given scenario?

In the event that a large company has to downsize, the middle-aged workers who are laid off find it difficult to find new jobs. When such workers decide to start their own businesses, they:

Maurice wants to make a documentary film on the unequal distribution of money in the world and its effect on different social classes. Instead of approaching a production house, he creates a website for the project where he pitches his idea through a short video and requests the viewers to donate any amount of money to cover the production cost. In the given scenario, which of the following is Maurice using to get the capital for his film?