Exam 5: Entrepreneurship: Starting and Managing Your Own Business

Andy Yocom was looking to start a small business so he could be his own boss.While golfing one day, he saw prime advertising space on the flags on the course.He has decided to call his new venture Invision Golf Group Inc.What should he include in his business plan?

In buying an existing business, the prospective buyer should ask questions about the operation of the business.Which of the following would be an inappropriate question to ask?

An entrepreneur is a person who opens and manages his or her own business.

_____ are individual investors or groups of experienced investors who provide funding for start-up businesses.

Unlike large corporations, sole proprietorships do not need a business plan.

One of the reasons why there has been a dramatic increase in the number of small business startups is rapidly changing technology.

One way to ease the burden of managing a business is to:

Who provides the start-up financing for the majority of new small businesses?

Which of the following is a trend that is changing the face of entrepreneurship and small business ownership?

A company has used ______ if it hires a mailing house to stuff its multi-part advertising message into envelopes and make sure that its mailings comply with government regulations.

Many classic entrepreneurs are _____ who start small and plan to keep their business small.

A business plan:

_____ is financing obtained from investment companies that specialize in financing small, high-growth companies and receive an ownership interest and a voice in management in return of their money.

_____ do not own their own companies but apply their creativity, vision, and risk taking within a large corporation rather than starting a company of their own.

List three disadvantages that small businesses have over larger, more complex companies.

International trade specialists that buy goods at a discount from small businesses and resell them abroad are called:

When Art Baer read that Singapore would lift its ban on chewing gum, he thought to himself, "There has to be a market there." Baer, 26, knew if he was going to move beyond the daydreaming stage, he had to move fast.After investing $20,000 of his own money into developing a product he called Impress Gum, Baer quit his job, flew to Singapore, talked to the right people in the government, lined up a manufacturer, and hired a marketing firm to promote his gum, which fights tooth decay.Baer is an example of a(n) ______ entrepreneur.

Small Business Investment Companies (SBICs):

All of the following are characteristics of an entrepreneurial personality EXCEPT:

Which of the following is a reason why small business thrives in the United States?