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Exam 6: Entrepreneurship and Starting a Small Business

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Question 101

Multiple Choice

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A review of small business successes and failures indicates that the:

A) businesses that are easiest to start offer the greatest potential for long term growth and profits.
B) restaurant industry offers the least risk for entrepreneurs.
C) businesses with potential of high profit levels tend to be difficult to start and hard to keep going.
D) reason the service sector is rapidly growing is that these firms are easy to start and keep going,and offer high levels of security and growth potential.

E) A) and B)
F) All of the above

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Question 102

Multiple Choice

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John,James,and Frank wanted to open J₂F Sports Bar that offers unique brands of beer,weekend entertainment,and a limited menu.In one of the preliminary meetings,James presented a list of reasons that small businesses fail.Although many of the ideas on this list were applicable to many types of business,one challenge pertained specifically to the restaurant and bar business.The challenge he referred to was:

A) Underestimating how much time it will take to build a market.
B) Borrowing money without planning just how and when to pay it back.
C) Carrying habits of personal extravagance into the business.
D) Some of the easiest businesses to start have the least growth and greatest failure rate.

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

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Question 103

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As a prospective entrepreneur,Ebony considered a variety of financing sources.Her discussions with a venture capitalist revealed that this type of investor expects to receive a significant ownership interest in her firm.

Successful micropreneurs require self-discipline to separate work from family responsibilities.

Entrepreneurial teams combine the creative marketing and production ideas of a group of experienced people.

One of the challenges of running a home-based business is:

Because of their superior financial resources and specialized staffs,big corporations can almost always outperform small businesses.

Which of the following statements explains one of the reasons that people in the U.S.take the entrepreneurial challenge?

State governments create new startup business organizations called enterprise zones that are later sold to private investors.

A successful web-based strategy that helps a business spread the word about its web site and products is called _____________.

Software designed to help create business plans has proven to be of little value because it is difficult to apply it to every business situation.

Large multinational firms dominate the international market,leaving few opportunities for small businesses.

Antoine is considering marketing his bicycles in Brazil.If he enters the Brazilian market,he is likely to learn that ___________.

Pete inherited a thriving dry cleaning business from his father and mother.He continued the tradition of offering quality service to the customers he served.As the surrounding towns expanded,several people suggested that Pete expand the business to offer service in new locations.He chose to maintain only one operation,so as not to lose control and to keep his work life and home life balanced.Pete is a good example of a(n) _____________.

Small businesses create 60 - 80% of the new jobs in the United States each year.

Exporting offers small businesses opportunities to reduce their dependence on domestic sales and extend product lives.

Entrepreneurs take calculated risks.

Enterprise zones are:

One of the best places for young entrepreneurs to start shopping for a SBA loan is a:

The Internet has slowed small businesses participation in international markets.