Exam 7: Small Business Entrepreneurship: Economic Rocket Fuel

Ophelia opened a boutique that specializes in creating custom trousseaux for brides. She conceived the idea in her senior year at school, and despite receiving criticism for the idea, she went ahead and opened the boutique. Which entrepreneurial characteristic is highlighted in the given scenario?

Rahul owns a guitar store that is famous for customizing guitars. From choosing the wood for the body to the type of pickups, everything can be selected by the customer. This feature attracts beginners and professionals alike to Rahul's store. The specific nature of the business makes it unique and results in fewer competitors. This allows Rahul to choose the prices for his services. The opportunity of _____ is highlighted in the given scenario.

A thriving cowboy culture encourages entrepreneurship. The term "cowboy culture" refers to a culture where:

Ethan is in the process of launching his new business venture that specializes in electronic waste recycling. During this period, he has been in constant touch with Lois Inc., who has seen success in this niche market. In this scenario, which of the following entrepreneurial development strategies is Ethan utilizing?

Loren LLC is a small bicycle store that competes effectively with much larger companies as its focus lies exclusively on selling bicycles for senior citizens and patients with orthopedic ailments. The company has been successful as it has:

Ronit has been involved in many start-up projects. However, none of his ventures have been successful because of severe competition in the market and personal issues such as poor health and lack of dedication. Which of the following threats is highlighted in the given scenario?

Tobin starts a catering company of his own and earns a substantial profit in the first year itself. His total earnings are more than what he used to earn as a salaried person. Which of the following advantages of entrepreneurship is highlighted in the given scenario?

Peter decides to open a large store that sells organic farm products, but he is unsure about how to obtain the funding he needs to get started. He calculates the start-up funding that he will need as $50,000. What type of funding would be appropriate for this type of business? What are the advantages and disadvantages of this type of funding?

Nestor wants to open a new event management company. Deveon, a multinational company, agrees to fund his business on the condition that Deveon be given 50% ownership in the company. In the given scenario, Deveon is most likely a(n) _____.

Nuno owns a recording studio with high-quality equipment. He allows artists to schedule sessions based on their flexibility, and he also allows them to bring their own sound engineer and work with him or her to achieve the desired result. As a result, his customers frequent his studio and recommend it to their friends and colleagues. The opportunity of _____ is highlighted in the given scenario.

In the context of the various strategies that can help a small business owner succeed, a _____ provides an invaluable way to keep an entrepreneur and his or her team focused on success; it is also absolutely crucial for obtaining outside funding.

Maude worked as a lead animator in an animation company. However, she could not exercise her freedom while working on projects because she was bound by the decisions made by the company. Fed up with this, Maude quit her job and started an independent animation firm where she accepts only those projects that allow her a free rein in terms of creativity. In the given scenario, Maude most likely started her own firm because it offered _____.

Which of the following statements is true of entrepreneurs who are tolerant of uncertainty?

In the event that a large company has to downsize, the middle-aged workers who are laid off find it difficult to find new jobs. When such workers decide to start their own businesses, they:

Angela runs a fashion boutique for women. Her customers can use an online editing software to create a rough image of the design and style they want Angela to use. The opportunity of _____ is highlighted in the given scenario.

Runion Bank is well-known for providing funds to start-ups. The bank lends money to an entrepreneur at an interest rate of 5%, which is to be repaid only after the business earns a sizable profit. If the business fails, then only the primary amount needs to be returned. In the given scenario, which of the following statements is true of Runion Bank?

In the context of becoming a successful small business owner, which of the following is a good rule to follow?

In the context of small business opportunities, because of their size, many small firms can:

Lester owns a small law firm and has a 10-hour workday. Despite keeping long hours, he is open to working on weekends and holidays if required. He also responds to late-night calls from clients. Which of the following entrepreneurial characteristics is highlighted in the given scenario?

In the context of small businesses and the economy of a country, entrepreneurship rates are significantly lower in countries where it is hard to get fired.