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Exam 6: Entrepreneurship and Starting a Small Business

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Question 21

Multiple Choice

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Successful entrepreneurial teams

A) quickly organize themselves like large corporations.
B) assign only one person to new product innovation.
C) bring a variety of talent to the business venture.
D) outsource most of the details of innovation.

E) All of the above
F) None of the above

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Question 22

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Individuals wanting to learn about small business operations are advised to learn from other entrepreneurs.

A) True
B) False

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Question 23

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Potential suppliers can be an excellent source of financing for a new business since lending money to a new customer may be very much in their own interest.

In order to improve his chances of small business success, DeMarcus worked hard to prepare his business plan. Most often, a positive outcome of this exercise is

Located at Monsanto's world headquarters, the Nidus Center is a unique ________ facility. The tenants are biotechnology companies who are at various stages of product development. The agricultural giant, Monsanto, the Danforth Foundation, Washington University-St. Louis, Saint Louis University, and several venture capital firms contribute seed money for these small start-up ventures that receive approval to further develop their ideas at the Nidus Center.

Grant received an e-mail stating that HE COULD EARN THOUSANDS!!!! just working a few hours from home. Most likely Grant's e-mail was a work-at-home scam.

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.

Pepe is positive he knows a lot about marketing. But he is not as confident in his skills within the legal or financial aspects of starting a new business. He wants to consult with a lawyer and accountant, but his budget is tight with all of the expenses involved in getting Pepe's Pizzazzeria up and running. Pepe should

Micropreneurs is a term used to describe entrepreneurs who focus on the continued growth of their businesses.

Which of the following explains why individuals accept the risks of business ownership?

The size of the world market is about

Which of the following best describes entrepreneurial personality traits?

Corporate downsizing reduces the opportunities for home-based businesses.

Which of the following best describes the difference between an intrapreneur and an entrepreneur?

When Marley created the Mar's Cookie Bars Company, she took advantage of a state-supported incubator that offered her new business low-cost office space and basic services such as accounting, legal advice, and secretarial help. Joining the incubator helped her company to survive because it provided assistance in the critical stage of its early development.

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

Which of the following employment statistics about small businesses is true?

Advancements in computer technology put home-based businesses at a disadvantage.

Independence, challenge, and opportunity are among the key reasons given by those who assume the risks of entrepreneurship.

A business is considered small by comparing its size to others in the same industry.