Exam 6: Entrepreneurship and Small Business

David Dworkin is the founder and owner of Swoozie's, a chain of stores that carry eclectic lines of wrapping paper, stationery, invitations, and gifts for affluent women. He is a classic entrepreneur who envisions having stores across the United States and Canada. Which of the following type of entrepreneurs best describes David?

Which of the following terms would be used to identify the person who takes the risk of starting and managing a business to make a profit?

Those who provide equity financing to a firm usually get which of the following in return?

What is the difference between small business owners and entrepreneurs?

Small businesses tend to have greater flexibility than large businesses.

What is the first step in starting a new business?

Pim Bouwman quit his lucrative job as a consultant to start a retail website that specializes in marketing Dutch tulip bulbs. He finds it very satisfying and believes that it will provide him with an adequate income. Bouwman is an example of which of type of entrepreneur?

One way to ease some of the burden of managing a small business is to hire outside consultants.

According to Industry Canada, what percentage of all employer businesses are small businesses?

The most common motivation cited by CEOs in the Fortune 500 for being an entrepreneur is the challenge of building a business.

Small businesses are based locally and independently managed.

What is one advantage of owning a small business?

Gord Larose and his friend David Allan worked at Oracle, a giant company. They dreamed up a scheme for renting software over the Internet. Instead of quitting their jobs, they reported to work on Monday, explained their plan to their boss, and began working to make their idea a reality. Larose and Allan are examples of which of the following type of entrepreneur?

Which of the following receives greater focus from web-driven entrepreneurs than from traditional entrepreneurs?

What is one advantage of owning a small business?

Pim Bouwman quit his lucrative job as a consultant to start a retail website that specializes in Dutch tulip bulbs. To fund his website, he borrowed money from his friends and relatives. In other words, he used which type of financing?

Which of the following is financing obtained from investment companies that specialize in financing small, high-growth companies and receive an ownership interest and a voice in management in return for their money?

One of the most common reasons for business failures is lack of experience.

One of the reasons women start their own companies is a frustration with their current work environment.

Some entrepreneurs apply their creativity, vision, and risk taking within a large corporation rather than starting a company of their own. They enjoy a high degree of autonomy while receiving a regular salary and financial backing from their employer. What type of entrepreneur are they?