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Exam 6: Entrepreneurship and Starting a Small Business

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Question 81

True/False

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In order to qualify for a microloan from the SBA,an entrepreneur must have adequate collateral,and a proven track record of success.

A) True
B) False

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Question 82

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An entrepreneurial team is a group of experienced managers who share the same skills and abilities.

A) True
B) False

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Question 83

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A(n) ________________ is a group of experienced professionals from different areas of business who join together to develop,make,and market a new product.

The burst of the dot com bubble caused venture capitalists to limit their funding of new businesses.

Success in running a business depends on knowing your customers,managing your employees,and keeping efficient records.

Jacques has eliminated the risk of entrepreneurship by preparing a detailed business plan.

Anthony is an employee of a textbook publisher.However,his desire is to establish a home-based business providing his services to a variety of publishers.Anthony's primary motivation is to escape the 9 to 5 world of corporate publishing and to enjoy the opportunity of working for himself.Anthony is an example of a micropreneur.

A major advantage of preparing a formal business plan is that prospective entrepreneurs must identify the resources and activities required to successfully operate their proposed venture.

Which of the following U.S.issues does entrepreneurship most directly affect?

Compared to small businesses,large firms have a greater ability to provide personalized customer service.

Bad luck is the most often reported cause for small business failure.

In order to finance The Shortbread Shack,a mobile bakery business that services several large Silicon Valley companies,Marcy demonstrated her steadfast desire to get her bakery off the ground by visiting several bankers with ____________.

Motivated by his desire to operate his own business,Nick considers purchasing an existing business.As he carefully weighs this option,he is likely to find that:

The Internet provides a resource for entrepreneurs for information regarding the steps needed to take their business online.

The Small Business Administration's microloan program offers small businesses very small loans.

A(n) ____________ is a valuable source of information regarding techniques to reduce a firm's exposure to risk.

Offering to manage an established business for a percentage of the profits plus a salary offers experience to the would-be entrepreneur and free time to the business owner.

Angel investors are the government agencies that invest money in new companies before they go public.

Small Business Administration microloans are based on the borrowers' integrity rather than collateral and credit history.

Successful small business owners are: