Exam 6: Entrepreneurship and Small Business

In 1984,Suzanne Pogell wanted to learn to sail,but she could find no one to teach her.She finally convinced someone to teach her to sail,and after mastering sailing,she started an all-woman sailing school called Womanship.Pogell started small and plans to stay small.Which type of entrepreneur is Suzanne?

Gord Larose and his friend David Allan worked in Ottawa at Nortel Networks,a giant telecommunications equipment maker.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?

What is the first step in starting a new business?

One of the reasons that there has been a dramatic increase in the number of small business start-ups is rapidly changing technology.

Which of the following describes the trend in entrepreneurship in recent years?

What is one of the main reasons the number of people starting businesses has decreased?

What is one advantage of owning a small business?

When buying an existing business,the prospective buyer should ask questions about the operation of the business.Which of the following would be an INAPPROPRIATE question to ask?

Marc Adler is the owner of Macquarium,a multimillion-dollar communications company.Macquarium has done work for several large companies.Even though these companies could have prepared their videos and created their websites in-house,these tasks were handled in which of the following ways?

Which of the following is a disadvantage associated with the ownership of a 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 opened the business with his own money and that of investors who saw profit potential in his idea.Dworkin is an example of which of the following?

How are baby boomers expected to affect the economy in the future?

Which of the following is a characteristic of small businesses?

Because large businesses are more efficient than small ones,they can keep total costs down and make larger profits.

What is the first step in starting your own business?

A positive aspect of opening a small business is that it takes very little management skill because it is small.

For fees of 5 to 15 percent of gross sales and multi-year contracts,a/an ____________________ handles all aspects of exporting for small businesses.

____________________ do not own their own companies but apply their creativity,vision,and risk taking within a large corporation rather than starting a company of their own.

Which of the following is an agency of the federal government that offers both managerial and financial assistance to small businesses?

What is the most common use for a business plan?