Exam 7: Small Business Entrepreneurship: Economic Rocket Fuel

Which of the following is an intimidating obstacle that small businesses face?

Paul worked as an artisan at a furniture company where a set of artisans were required to produce a specific part of a product, and the product was later assembled. Paul quit his job and started a small furniture business where he crafts unique products based on the demands of his customers. He feels that the constant need to adapt and outperform himself keeps him focused and motivated to improve his craft. Which advantage of entrepreneurship is highlighted in the given scenario?

Samuel has an innovative idea for better disposal of garbage. Hence, he starts a business to implement this idea that he believes will succeed. He is also aware of the risks involved in starting the business. However, Samuel puts in only six hours a day into building his business. Some days, he finds it difficult to put in any time at all. Which of the following entrepreneurial characteristics does Samuel lack?

In the context of opportunities and threats, overhead costs for small businesses:

External locus of control is a deep-seated sense that the individual is personally responsible for what happens in his or her life.

David wants to open a new gymnasium with state-of-the-art equipment and qualified trainers. However, he can only afford either of the two. He decides to get the equipment first to start the gym. However, without qualified trainers to operate the equipment, David loses his customers and is forced to shut down the gym. Which of the following threats is most likely highlighted in the given scenario?

In the context of the U.S. economy, small businesses:

Ted's new company is experiencing a steady decline in profit. He needs external financing to prevent his company's profits from declining further. Considering the fact that he wants to exercise sole ownership and control over the firm for as long as possible, Ted is likely to find angel investors who are interested in helping him meet his financial needs.

In the context of launching a new venture, the prime age for entrepreneurship is late 40s to early 50s.

Which of the following statements is true of necessity entrepreneurship in high-income countries?

Dominic feels that an incredible string of bad luck has affected his personal life. He also feels that his boss is subjecting him to unfair treatment at work for no fault of his. Dominic's perceptions suggest that he has an internal locus of control.

Tina owns a workshop that specializes in making intricate wooden decorative items. She makes scale models of most of the existing objects around the world. She faces virtually no competition in her business and thus enjoys a stable growth. The opportunity of _____ is highlighted in the given scenario.

Which of the following statements is true of buying an established business?

Lowell runs a unisex salon and has six 10-hour workdays. If a customer requests him to stay open on the seventh day, he always obliges. He also provides home services if requested. Which entrepreneurial characteristic is most likely highlighted in the given scenario?

_____ are local offices-affiliated with the U.S Small Business Administration-that provide comprehensive management assistance to current and prospective small business owners.

The Small Business Administration (SBA) supports the _____, which provides free, comprehensive counseling for small businesses from qualified volunteers.

Which of the following is a disadvantage of starting a business from scratch?

In the context of protecting your start-up, which of the following statements is true of growth hackers?

An advantage of starting a business from scratch is that the entrepreneur has the freedom to use his or her own ideas and concepts.

Jacob is in urgent need of financing for his rapidly-growing online travel business Travelmunch. As Jacob does not usually pay off his loans on time, his credit score is very low. He feels overwhelmed and thinks that it would be ideal if he receives some guidance on how to run the business. Given his situation, which of the following key sources of funding would be ideal for Jacob?