Exam 17: Teams and Teamwork

Research shows that entrepreneurs are born, not made.

The two types of partnerships are __________ and __________.

When an entrepreneur is forced to open a business due to conditions like layoffs from previous jobs, a low likelihood of employment, the inability to grow in the current career, or simply to put food on the table, he or she is engaged in __________.

A _________ is the most common form of U.S. small business ownership.

In the maturity stage of business development, an entrepreneur experiences market success and financial stability but also has to face competitive challenges in a dynamic environment.

The vast majority of small businesses employ less than __________ people.

When two or more people agree to contribute resources to start and operate a business together, it is called a __________.

When people start new businesses because they have few or no other employment options, it is called __________.

Research suggests that a college degree is necessary to be a successful entrepreneur.

The __________ in entrepreneurship includes strong organizational skills and tolerance for risk.

A(n) __________ comes from being first to exploit a niche or enter a market.

Most ___________ are set up with legal and written agreements that document what each party contributes as well as how profits and losses are to be shared.

A _________ is a business entity that exists separately from its owners.

A(n) __________ has a life of its own and separates the owners from personal liability.

A ____________ is an individual pursuing business for profit.

Individuals or groups who make money by providing funds to new companies in exchange for equity stakes are called __________.

__________ involves developing a business to solve pressing societal needs at home or abroad.

The fastest growing segment in minority entrepreneurship in the United States constitutes businesses owned by __________.

In which of the following life-cycle stages of small businesses does an entrepreneur struggle to get the new venture established and survive long enough to test the real marketplace?

According to the U.S. Small Business Administration, a small business is a(n) __________.