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Homework answers / question archive / Ch 6 1

Ch 6 1


Ch 6

1.             A ---------  consists of people with unsatisfied wants and needs who have both the resources and willingness to buy.


2.             Governments try to attract private business investment to specific geographic areas known as ------- by offering lower taxes and other government support.


3.             A group of experienced people from different areas of business who join together as a(n) ----------- form a managerial team with the skills needed to develop, make, and market a new product.


4.             A --------- is independently owned and operated, not dominant in its field of operation, and meets certain standards of size in terms of employees or annual receipts.


5.             Individuals or companies known -------------- invest in new businesses in exchange for partial ownership of those businesses.


6.             Centers called ------------ offer new businesses low-cost offices with basic business services.


7.             The SBA office known as the ---------- has volunteers from industry, trade associations, and education who counsel services for small businesses at no cost, except for expenses.


8.             ------ is accepting the risk of starting and running a business.


9.             Creative people known as  ------ work as entrepreneurs within corporations.


10.          A ----------  is a detailed written statement that describes the nature of the business, the target market, the advantages the business will have in relation to competition, and the resources and qualifications of the owners.


11.          The program through which private investment companies are licensed by the Small Business Administration to lend money to small businesses is called the -------


12.          -----------  are entrepreneurs willing to accept the risk of starting and managing the type of business that remains small, lets them do the kind of work they want to do, and offers them a balanced lifestyle.


13.          The U.S. government agency called the --------  advises and assists small businesses by providing management training and financial advice and loans.


14.          An internet-based marketing strategy in which a business rewards individuals or other businesses (affiliates) for each visitor or customer sent to its web site is known as ---------


Learning Goal 1

1.             Entrepreneurs take the risk of starting a business for all of the following reasons except


2.             Steve Jacobie is an entrepreneur to the max.  Steve has started three businesses, two of which he sold for a great deal of money.  He is now involved in running his third business, with plans to sell it shortly and start yet another one.  When commenting on his success as an entrepreneur, he says that once an idea comes to him, he just can’t wait to start working on it and bring it to reality, and that is what he focuses on.  Which of the traits of successful entrepreneurs does this suggest is characteristic of Steve?


3.             An entrepreneurial team is:


4.             Federico Romero is a business owner who works from home as a freelance video producer.   He really enjoys his work, but isn’t looking to “set the world on fire” with his company.  He just wants to make a good living and spend time with his family when he can. Federico would be classified as a(n)

5.             An incubator is:

6.             Which of the following is among the challenges faced by those with home based businesses?

7.             Affiliate marketing is:

8.             Which of the following is a false statement about small business?

9.             A small business:

10.          Miriam Njunge wants to start a small business importing some products from her native Kenya. Before she starts, some good advice to Miriam would be:

11.          In measuring the value of a small firm, which of the following would not be included?

12.          The primary concerns when first starting your business are:

13.          A business plan for a new business does not need to include:

14.          What are the primary sources of funding for entrepreneurs?

15.          For a market to exist there must be potential buyers:

16.          According to the text, one of the drawbacks of using venture capital is that:

17.          Small business owners often say that the most important assistance they need is in


18.          SCORE is:


1. ____      One benefit of encouraging entrepreneurship is job creation.


2.  ---------- Entrepreneurs will sometimes look for opportunities by determining what customers don’t need.

3. _____    One of the easier elements of working at home is that it is easier to find customers, because you can start in your own neighborhood.

4. _____    A Web-based business will be more successful if it offers the same products available in local stores at better prices.

5. _____    The Immigration Act of 1990 created investor visas which allow 10,000 people to come to the U.S. if they invest $1 million in an enterprise that creates 10 jobs.

6. _____    The majority of new jobs in the United States are created by big business.

7. _____    Many of the businesses with the lowest failure rates require advanced training to start.

8. _____    Small business owners report that their greatest advantages over big companies are their more personalized customer service and the ability to respond quickly to opportunities.      

9. _____    The Small Business Administration reports that a vast majority of small business failures are the result of poor management.

10. _____  An effective business plan should catch the reader’s interest right away.

11. ____    Angel investors will ask for a stake in your business in exchange for the cash to start up.

12. ___      The SBA offers a lot of advice, but no financial assistance to small business owners.

13. ____    Small business owners could consider borrowing from a potential supplier.

14. ____    A market is basically anyone who wants to buy your product.

15. ____    Employees of small businesses are often more satisfied with their jobs than counterparts in big business.

16. ____    Most small businesses can’t afford to hire experts as employees, so they need to turn to outside assistance for help.

17. ____    It is best to stay away from other small business owners for counsel, as they are likely to use your ideas before you can get started.

18. ____    It is not necessary to obtain legal advice when operating a small business, as it is unlikely that your business will be involved in legal matters.


19. ____    The growth potential for small businesses internationally is minimal.


20. ____                One of the major hurdles for a small business in going international is cultural differences.              


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