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Homework answers / question archive /  1)  Entrepreneurs emphasize the importance of believing in your own ideas because in the process of developing those ideas you are likely to hear from skeptics

 1)  Entrepreneurs emphasize the importance of believing in your own ideas because in the process of developing those ideas you are likely to hear from skeptics



 Entrepreneurs emphasize the importance of believing in your own ideas because in the process of developing those ideas you are likely to hear from skeptics. Characteristically, they also know that success or failure is “on them.” These attributes are described as _____________.

  • action-oriented and highly energetic
  • self-directed and self-nurturing
  • self-contained and self-centered
  • a high-stakes roller and highly energetic

Self-directed entrepreneurs know they must be self-disciplined. Success or failure is in their hands. Self-nurturing entrepreneurs believe in their own ideas.


 Reed Hastings created Netflix. His inspiration came from the fact that he had to pay a sizeable late fee for returning a DVD beyond the due date at a rental store. It took a few tries to develop the winning business model. Which statement accurately describes his key to success?

  • His idea solved a problem.
  • The government increased the charges on late fees to consumers.
  • No other business had the capability to offer the same product.
  • He obtained the only streaming video license available in the U.S.

Hastings turned his problem into an opportunity. He knew if he was interested in a better way of renting movies others likely would also have the same need.


 Leveling the playing field for home-based businesses, ___________ has (have) made starting a home-based business much more affordable.

  • broadband Internet connections and other technologies
  • cultural acceptance
  • tax laws
  • opportunities to export to China and other global markets

Computer technology, including broadband Internet connection and smart phones, has leveled the playing field between big business and small business.


 Pam logged onto her Facebook account and noted that Sallie liked two different websites. Since Sallie is a good friend of Pam’s and a reliable source of information, Pam checked out these websites and decided to purchase products from one of them. A common strategy for web-based business is _______________.

  • strong-arm marketing
  • strategic alliance marketing
  • dendritic marketing
  • affiliate marketing

Affiliate marketing is a popular strategy for web-based businesses. As described in the scenario, friends direct friends to websites that they believe provide value. The friend becomes the referent.


  Andre works for a company that promotes an entrepreneurial culture. Employees are encouraged to discuss new ideas. Development time is provided on the job for those ideas that float to the top. Employees who use their creative talents to generate ideas and create products within large companies are called ________.

  • brainstormers
  • intrapreneurs
  • analyzers
  • patent directors

Intrapreneurs are employees who are encouraged to perform entrepreneurial activities within a large business.


 When Parker started his business, he knew he had to keep costs to a minimum and he worried about taxes. He planned to build and distribute safety goggles for construction workers and military personnel. He realized most of his business would not be through walk-in customers but rather large orders from companies. He chose to locate in a government-subsidized area called a(n) ________________, where he would receive tax breaks.

  • affective designation
  • immigration zone
  • enterprise zone
  • intrapreneurial territory

Enterprise zones are government-subsidized regions. Usually they are locations that the state or local government would like to see improved and revived.


 Why do incubator facilities continue to remain very popular with start-up businesses?

  • They are essentially loan offices that provide funding.
  • They team up with large corporations who are willing to buy out the small businesses.
  • They almost always provide strong visibility and walk-in customers.
  • By providing essential services to entrepreneurs, they have a very strong success rate.

It is reported that 87% of all businesses that start in incubators succeed.


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

  • Small businesses account for more than 50 percent of GDP (Gross Domestic Product).
  • The vast majority of nonfarm businesses in the U.S. are considered small.
  • The first job for most Americans is unlikely to be in a small business.
  • The majority of the country’s new jobs are in small business.

Small businesses generate 60-80 percent of the new jobs each year.


 A small business:

  • must have fewer than 100 employees to be considered small.
  • is considered small relative to other businesses in its industry.
  • cannot be a C or S corporation.
  • should not have more than three locations in a region.

A small business is considered small only in relationship to other businesses in its industry.


 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:

  • talk to others who have been or are in the import business.
  • get a loan from a bank right away.
  • find a business to buy as soon as possible.
  • incorporate the business immediately.

Before starting a business, it’s helpful to take classes in business and entrepreneurship and talk to others who have already done it.






 While on a trip to South Africa, Erin was impressed with colorful woven outdoor placemats, floor mats, chair cushions, and umbrellas that local artisans were weaving. Upon returning to the U.S., she was confident that U.S. consumers would be as intrigued by these accessories as she was. Erin decided to explore the possibility of starting an importing business to bring these products to the U.S. Which of the following statements seems to be good advice for Erin?

  • Learn from others who import goods from abroad, and particularly from Africa.
  • Make certain that you have twice the cash necessary to make your first purchases.
  • Before performing a feasibility study, form your legal business status.
  • Since most import businesses are also export businesses, find a U.S. product South Africans would be willing to buy.

Good advice is to try to find others in the same or similar business and learn from them. Also, there might be opportunities to apprentice with others in the import business before venturing on your own.


 The primary concerns when first starting your business are:

  • marketing and accounting.
  • planning and human resources.
  • financing and planning.
  • financing and marketing.

Although knowing your customers, managing employees and keeping records are vitally important, planning and financing are the primary concerns when first starting your business.


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

  • a marketing plan.
  • a discussion of the purpose of the business.
  • a description of the company background.
  • the names of the prospective lending companies.

A business plan forces potential small-business owners to be quite specific about the product/service. They must also analyze the competition, calculate funds needed, and explain the purpose of the business. Since potential owners are seeking funds, they will not yet have the name of potential lending institutions.


 Although the business plan has a great amount of detail and requires thoroughness, a well-explained business idea will come to life almost immediately in which part of this document?

  • The financial plan
  • The executive summary
  • The marketing plan
  • The explanation of the management team

The well-conceived and well-explained executive summary will attract the attention of more readers than any other part of the Business Plan. It is a summary of the highlights of the document and strongly advocates the product’s or service’s competitive advantage.


 For a market to exist there must be potential buyers:

  • and a product that is safe and inexpensive.
  • who have a willingness and the resources to buy.
  • and retail stores which are willing to carry the product.
  • who are looking for reasonable prices and financing.

When starting your business, you must have customers with unsatisfied wants who have the resources and desire to buy.



 SCORE is ____________.

  • a government agency that helps establish empowerment zones and incubators to assist small businesses during their initial start-up stage
  • a program similar to CDIF, where private lenders provide start-up funds for small business
  • an organization affiliated with the Small Business Administration where retired experts volunteer to provide free advice to small businesses that are just getting started
  • a group of individuals or companies that invest in new businesses in exchange for partial ownership

An important source of information for small businesses is the Service Corps of Retired Executives (SCORE). Volunteers from industry, trade associations, and education counsel small businesses at no cost (except for expenses).


 Small businesses have an advantage over large business in international trade in all these ways except:

  • they can begin shipping faster.
  • their prices are usually lower due to low overhead.
  • overseas buyers like dealing with individuals rather than large bureaucracies.
  • they can provide a wide variety of services.

Small businesses have a few advantages over big business in international trade like (1) overseas buyers like dealing with individuals, (2) small companies can usually ship faster, (3) small companies can provide a wide variety of suppliers, and (4) small companies can give personal service. Price is not included in this list.


 Small businesses often have advantages in international markets. One advantage is:

  • a greater expertise in managing the paperwork required to sell goods in international markets.
  • a better understanding of the cultural differences involved.
  • the ability to obtain financing through the International Monetary Fund.
  • individualized customer service as opposed to impersonal corporate bureaucracies.

Small companies can give more personal service and more undivided attention, because each overseas account is a major source of business to them.


 There are many reasons why small-business owners don’t go international. Which of the following is not one of those reasons?

  • They don’t know how to get started.
  • Financing is often difficult to find.
  • Paperwork is often overwhelming.
  • The market doesn’t have great potential.

The global market is made up of over 7 billion potential customers with many emerging economies with eager buyers.


 While cultural differences and bureaucratic paperwork for foreign governments make the prospect of global trade difficult for small businesses, there is one bright spot on the horizon that has brought global trade closer to home. Small businesses can now ________.

  • buy health insurance for employees abroad that is much cheaper than in the U.S.
  • avoid U.S. labor laws that do not permit them to employ child labor
  • use technology such as PayPal to fulfill orders, which gives them some assurance of payment
  • delegate the details of going global to U.S. government employees who are mandated to assure small businesses succeed abroad

Technological advances have made it much more feasible for small businesses to trade abroad. PayPal, for one, allows for prompt international payments.


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