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Exam 6: Entrepreneurship and Starting a Small Business

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Question 131

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Apple's legendary smart team is an example of a company that succeeded by

A) encouraging each manager to focus on a well-defined area of the business and build his own specialized department.
B) bringing together a group of talented and experienced managers to conceive, develop, and market products.
C) emphasizing a low price and low-cost strategy right from the beginning.
D) assembling a group of employees whose inexperience was a plus, because they did not come with the baggage and institutional ideas of larger companies.

E) B) and C)
F) None of the above

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Question 132

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Entrepreneurs seeking financial support from bankers and potential investors should

A) be vague regarding their creative business plan to avoid having their idea stolen.
B) seek the bankers' and investors' assistance in developing their business plan.
C) create a detailed business plan to help the bankers and investors understand why this business will succeed.
D) ask for a relatively small amount of capital initially, postponing a full funding request until the investors better understand the business concept.

E) C) and D)
F) A) and B)

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Question 133

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Maya opened a bakery in a seaside resort town. She was positive she had the perfect location as plenty of hotels and inns were within walking distance of her storefront. She planned to use her grandmother's recipes and only the finest ingredients for her upscale resort customers. During her first week of business, she was disappointed with lackluster sales. When she drove past the regular breakfast-style restaurants and even the nearby Starbucks, she noticed they were rather bustling. Maya most likely

Management includes attention toward financing the business, hiring employees, marketing, and record keeping.

Because college students realize the importance of nursing homes for our aging population, students comprise an attractive market for nursing home insurance policies.

Of all nonfarm businesses in the United States, almost 97% are considered small by the Small Business Administration (SBA) standards.

Ariel wants to start and run her own business. Although she acknowledges it would be helpful to earn a healthy profit, her main motivation is the exhilaration and challenge of starting and running a business. Ariel's attitude is different from most small business owners, who usually focus solely on the earnings potential of their ventures, as well as the opportunity to acquire power and prestige.

Victor is a dreamer rather than a doer. This will make him an ideal entrepreneur since their job is to be creative and develop new ideas that are then implemented by others.

Attracting qualified workers presents a problem for small businesses since they usually offer less money, fewer benefits, and less room for advancement than larger firms offer.

Many small business owners report that they needed assistance with accounting when they first started businesses.

As a small business owner, Jasmine can't afford to provide her employees with the high wages and benefits offered by big corporations. One way to keep her employees and create a high level of motivation would be to

A creative person working within a corporation to launch new products and generate new profits is known as a(n)

The SBA's ________ program provides export-financing opportunities for small businesses.

________ are private individuals who invest their own money in potentially hot new companies before these firms become larger, publicly traded companies.

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

Identifying poor management as the cause of a small business failure likely covers a variety of problems.

If you plan to meet face-to-face with a banker or venture capitalist, it is not necessary to submit a business plan.

List and discuss at least three causes of small business failure. 

A good business plan will

Successful small business owners are