Exam 10: Entrepreneurial Ventures

The purpose of examining the state of the economy, the regulatory situation, social trends, and the local labor supply is to ________.

Geneva needs additional capital to launch her business but does not want to share management responsibility with partners. Neither does she want to pay the high taxes often assessed on businesses. Her best option may be a(n) ________.

When fully empowered, employees enjoy a greater variety of work that is more interesting and challenging.

Because small businesses cannot usually compete with the salaries offered by large corporations, they tend to focus on psychological rewards for their employees.

In a business plan, the analysis of the context is most closely related to the environmental scan.

Identify and describe the six sections of the business plan, including the type of information that should appear in each section

The purpose of a business plan is to secure financing for the start-up.

Nearly half of all workers in the U.S. are employed by small businesses.

Fallon wants total control over the decisions related to his business but is concerned that should the business fail, his personal assets are at risk. Fallon has chosen the ________ form of ownership.

The limited liability company has advantages for the new venture that neither the C or S corporation do.

Hortense and a few of her family members want to launch a new venture but don't want to place their personal assets at risk. For this privilege they are willing to incur the higher taxes associated with the ________ form of organization.

________ is what distinguishes an entrepreneurial venture.

Decades ago only former military personnel and hoodlums sported tattoos. Today tattoos are considered an art form, giving rise to a plethora of tattoo shops. These body artists have taken advantage of changes in ________.

Why is it advisable for entrepreneurs to plan for growth? How can they do this?

The first organizing decision that an entrepreneur must make is the ________.

Hobart is at the point in his new venture that he needs to hire more people. He comes to you for advice on the type of candidate he should seek. You tell him, "________."

Nadine is ready to retire after many years building her business. Another entrepreneur has indicated an interest in buying it so Nadine must set a selling price. Which one of the methods below should she use?

Competitive advantage is a necessary ingredient for an entrepreneurial venture's long-term success and survival.

Recognizing the increase in birth rates since 1946, and disliking the task of changing his grandchildren's diapers, Victor Mills began developing a disposable diaper. Pampers were introduced to consumers in 1961. Mills saw opportunity in ________.

Before Henry Ford and Frederick W. Taylor collaborated, automobiles were built by craftsmen, one at a time. After the establishment of the assembly line, Ford was able to produce automobiles faster than his competitors. but with equivalent quality. and sell them for a fraction of the cost. Ford saw opportunity in ________.