Exam 6: Entrepreneurship and Starting a Small Business

Scarlett is graduating from culinary school soon and she often imagines opening her own comfort food restaurant. Her other passion is skiing in Colorado, where she travels to four or five times every year. As her small business advisor, you believe it necessary to provide her with information that will help her make good business decisions. Which of the following would be helpful for Scarlett to know?

Valerie wants to start her own small business. If her primary goal is to grow quickly and earn high profits, her best chances would be in the manufacturing sector.

A small business management course at a community college may offer entrepreneurs an opportunity to

The two primary concerns of an entrepreneur starting a new business are planning and record keeping.

Small business owners often struggle in attracting qualified workers. Which of the following contributes to this problem?

The small business sector that has the best chance of significant growth is legal services.

Most entrepreneurs prefer working for someone else.

Successful entrepreneurs are self-nurturing. This means they

Small Business Administration loans help firms finance their domestic operations. These funds, however, cannot be used to finance exports since the money is provided by U.S. taxpayers.

One reason why many U.S. small businesses are not involved in exporting is

Arturo is a partner in a firm that specializes in producing vitamins and health food products. While the business is considered small by U.S. standards, he is attempting to persuade his partner to expand internationally. Arturo would list which of the following as an advantage of going global?

Enterprise zones are

A National Business Incubator Association study indicates that over 85 percent of incubator graduates remain in business.

Historically entrepreneurs in the U.S.

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.

State and city governments have promoted facilities where new businesses can open up shop and share common services such as secretarial, accounting, and legal services. Due to their remarkable success rate, ________ continue to grow in popularity.

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

The primary concern of micropreneurs is to balance the risk of starting your own business with the desire to build a powerful organization earning significant profits.

Corporate downsizing reduces the opportunities for home-based businesses.

Laila created a new piece of workout gear. She's calling it the Toned Tushie. Although she couldn't initially find potential investors, she secured a personal loan and borrowed additional money from her parents. Her drive to continue believing in her idea and to remain enthusiastic shows that Laila is