Exam 1: Small Business: an Overview

The ability to remain flexible and innovative is an inherent factor in the favor of small businesses.

A manufacturer with fewer than 500 employees is classified as a small business.

You have a small business that offers printing services. One of the services you offer is a high-speed color copier. You are currently the only printing service in a tristate area that offers such a service. You currently have ______.

The stronger and more sustainable the competitive advantage a small business maintains, the better the chances of ______.

External factors beyond a small business owner's control are to blame for most business failures.

Industry classification codes that are based on annual sales revenue or number of employers are abbreviated as ______.

Briefly discuss the value of diversity in business.

According to the Small Business Administration, 50 percent of all small businesses are home based.

Ronald Meese is the owner and operator of Meese Mining. To be considered a small business for crediting purposes, what is the maximum number of employees that Ronald can employ?

What is the annual revenue currently generated by Hispanic-owned businesses?

The stronger and more sustainable the competitive advantage, the better the chance of winning and consequently keeping customers.

Since 2002, the share of women owning their own business increased by what percent?

The industry that employs the greatest number of people in small business is which of the following?

Which percentage of small businesses are actually forced out of business with financial loss to creditors?

The lifeblood of any new business is cash/sufficient startup capital.

The most common cause of business failure is inadequate management and financing.

Service innovation involves offering a new or altered service for sale.

Scenario 1-2. Franky Ferguson has just reached a turning point in his business. He can no longer retain quality employees because he cannot meet his payroll, he does not have an adequate cash flow to pay his current bills, and he is three months behind in his loan payment to the bank. He must close the doors of this business. -In Scenario 1-2, Franky joins what percentage of small businesses that have failed?

Businesses owned by women make up 25 percent of privately owned businesses.

Sam closed the doors to her home-based consulting company only two years after opening because she was tired of working 80-hour weeks. This is an example of which mistake leading to business failure?