Question 1

Small business¾especially in certain industries¾is an important source of new (and often well-paid)jobs in the United States.

Accepted Answer

A) True 
 B)False  True

Question 2

The business plan should describe the match between the entrepreneur's abilities and the requirements for producing and marketing a particular product or service.

Accepted Answer

A) True 
 B)False  True

Question 3

The first step for the entrepreneur in planning his or her business is to

Accepted Answer

A) forecast sales revenues. 
B) develop an organizational plan. 
C) choose a business location. 
D) develop an organizational chart. 
E) engage in self-analysis. 
A) forecast sales revenues. 
B) develop an organizational plan. 
C) choose a business location. 
D) develop an organizational chart. 
E) engage in self-analysis. E

Question 4

What is the current trend for minority and women-owned businesses? Why is it happening?

Accepted Answer

The current trend for minority and women

Question 5

In terms of the number of new jobs formed each year,how does small business compare to big business?

Accepted Answer

A) Small business creates more than 99 percent of the new jobs. 
B) Big business loses the most jobs each year. 
C) Small business was recently passed by big business in creating new jobs 
D) Business success creates jobs regardless of size. 
E) Big business is responsible for nearly all of the new jobs created. 
A) Small business creates more than 99 percent of the new jobs. 
B) Big business loses the most jobs each year. 
C) Small business was recently passed by big business in creating new jobs 
D) Business success creates jobs regardless of size. 
E) Big business is responsible for nearly all of the new jobs created.

Question 6

Few successful entrepreneurs succeed alone or straight out of college.

Accepted Answer

A) True 
 B)False

Question 7

Describe the four major types of information presented in a business plan.

Accepted Answer

The four major types of information pres

Question 8

The more resources an industry requires,the harder it is to start a business and the less likely that the industry is dominated by small firms.

Accepted Answer

A) True 
 B)False

Question 9

Four general factors contribute to the failure rate of small businesses.They include

Accepted Answer

A) managerial inexperience. 
B) overcapitalization. 
C) rapid growth. 
D) the lack of an innovative spirit. 
E) managerial competence. 
A) managerial inexperience. 
B) overcapitalization. 
C) rapid growth. 
D) the lack of an innovative spirit. 
E) managerial competence.

Question 10

Insead is a business school in France.Half of its alumni go on to start their own business or purchase one.Describe recent trends in small-business start-ups and how an Insead education could help an entrepreneur.

Accepted Answer

Recent trends in small-business start-up

Question 11

Which of these statements comparing large and small businesses is TRUE?

Accepted Answer

A) Big businesses outnumber small businesses by a wide margin. 
B) Tax policies favor medium-sized businesses. 
C) Small businesses show consistently lower financial performance than big businesses. 
D) Business success creates jobs regardless of size. 
E) Small business formations are on the decline, but the rate for big businesses is increasing. 
A) Big businesses outnumber small businesses by a wide margin. 
B) Tax policies favor medium-sized businesses. 
C) Small businesses show consistently lower financial performance than big businesses. 
D) Business success creates jobs regardless of size. 
E) Small business formations are on the decline, but the rate for big businesses is increasing.

Question 12

Describe the role of entrepreneurship in society.

Accepted Answer

Entrepreneurship plays a crucial role in

Question 13

The most common causes of small business success are hard work,____________________,managerial competence,and luck.

Accepted Answer

The answer of The most common causes of small business...

Question 14

The SBA program that is designed to help small businesses that cannot afford consultants is called ____________________.

Accepted Answer

The answer of The SBA program that is designed to...

Question 15

Imagine you are working for 3M,a company known for supporting innovation.In your private time you create a new product.Will you start your own company? Why or why not?

Accepted Answer

As an employee of 3M, a company known fo

Question 16

Why should a new entrepreneur who has to be careful how she spends every penny join the National Federation of Independent Businesses (NFIB)?

Accepted Answer

A) The organization offers excellent networking opportunities. 
B) The organization is the source of financial resources. 
C) The organization is full of venture capitalists. 
D) The organization provides generic promotional campaigns free of charge to new businesses. 
E) There is no good reason for wasting money on this organization. 
A) The organization offers excellent networking opportunities. 
B) The organization is the source of financial resources. 
C) The organization is full of venture capitalists. 
D) The organization provides generic promotional campaigns free of charge to new businesses. 
E) There is no good reason for wasting money on this organization.

Question 17

The distinctive competencies of small business usually fall into three areas.Briefly discuss each of those areas.

Accepted Answer

The distinctive competencies of small bu

Question 18

Entrepreneurship is the process of planning,organizing,leading,and controlling.

Accepted Answer

A) True 
 B)False

Question 19

Market research is a key step in building a business plan.

Accepted Answer

A) True 
 B)False

Question 20

The purpose of the SBA's SBDC program is to consolidate information from various disciplines and institutions,including technical and professional schools.

Accepted Answer

A) True 
 B)False

Exam 10: Managing New Venture Formation and Entrepreneurship

Small business¾especially in certain industries¾is an important source of new (and often well-paid)jobs in the United States.

The business plan should describe the match between the entrepreneur's abilities and the requirements for producing and marketing a particular product or service.

The first step for the entrepreneur in planning his or her business is to

What is the current trend for minority and women-owned businesses? Why is it happening?

In terms of the number of new jobs formed each year,how does small business compare to big business?

Few successful entrepreneurs succeed alone or straight out of college.

Describe the four major types of information presented in a business plan.

The more resources an industry requires,the harder it is to start a business and the less likely that the industry is dominated by small firms.

Four general factors contribute to the failure rate of small businesses.They include

Insead is a business school in France.Half of its alumni go on to start their own business or purchase one.Describe recent trends in small-business start-ups and how an Insead education could help an entrepreneur.

Which of these statements comparing large and small businesses is TRUE?

Describe the role of entrepreneurship in society.

The most common causes of small business success are hard work,____________________,managerial competence,and luck.

The SBA program that is designed to help small businesses that cannot afford consultants is called ____________________.

Imagine you are working for 3M,a company known for supporting innovation.In your private time you create a new product.Will you start your own company? Why or why not?

Why should a new entrepreneur who has to be careful how she spends every penny join the National Federation of Independent Businesses (NFIB)?

The distinctive competencies of small business usually fall into three areas.Briefly discuss each of those areas.

Entrepreneurship is the process of planning,organizing,leading,and controlling.

Market research is a key step in building a business plan.

The purpose of the SBA's SBDC program is to consolidate information from various disciplines and institutions,including technical and professional schools.

Managing and the Managers Job

Traditional and Contemporary Issues and Challenges

The Environment and Culture of Organizations

The Ethical and Social Environment

The Global Environment

The Multicultural Environment

Basic Elements of Planning and Decision Making

Managing Strategy and Strategic Planning

Managing Decision Making and Problem Solving

Basic Elements of Organizing

Managing Organization Design

Managing Organization Change and Innovation

Managing Human Resources in Organizations

Basic Elements of Individual Behavior in Organizations

Managing Employee Motivation and Performance

Managing Leadership and Influence Processes

Managing Interpersonal Relations and Communication

Managing Work Groups and Teams

Basic Elements of Control

Managing Operations, Quality, and Productivity

Managing Information and Information Technology

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