Exam 5: Entrepreneurship: Starting and Managing Your Own Business

In 2000, Eric Baker and Jeff Fluhr came up with a concept that would do away with scalping if they had their wish, and everyone used StubHub.com.The Internet company brings people who want tickets and people who have tickets that they are not using together.The company has assisted in the sale of tens of millions dollars worth of tickets annually and is always trying to sell more.It charges a small fee for its assistance.Baker and Fluhr would be classified as:

Many small businesses that sell their products internationally use the services of export management companies (EMCs).

Andy Yocom saw prime advertising space on the flags on the golf course.He reasoned that any marketing messages would get prominent attention if they were placed on the flags since golfers focus on them when they take their shots.As a result Yocom used his own initiative and money to start Invision Golf Group Inc.Yocom is an example of a(n):

What is the most common use for a business plan?

Navim Jain sold stock to investors in order to finance Sparkart, LLC, a company that markets software to track how many times music is played and shared among peers.Jain used _____ financing.

Angel investors:

The Small Business Administration (SBA) offers a broad range of aids to small businesses.They include:

Amex Inc.is a worldwide company that specializes in high growth industries.It acts as a global marketer for small manufacturers of medical products, telecommunications products, and data management products.Amex Inc.is an example of a(n):

All of the following are examples of disadvantages associated with the ownership of a small business EXCEPT:

The two sources for debt financing are angel investors and venture capitalists.

_____ are entrepreneurs who start a series of companies.

When Suzanne Pogell wanted to learn to sail, but she could find no one to teach her because men were the ones who sailed, and women were their crew.She finally convinced someone to teach her to sail, and after mastering sailing, she started an all-woman sailing school called Womanship.Pogell started small and plans to stay small.She would be correctly called a(n):

Entrepreneurial activities are not influenced by changes in the external environment.

Gord Larose and his friend David Allan worked in Ottawa at Nortel Networks, a giant telecommunications-equipment maker.One Friday afternoon, over a few beers in Larose's kitchen, they dreamed up a scheme for renting software over the Internet.Instead of quitting their jobs, they reported to work on Monday, explained their plan to their boss, and began working to make their idea a reality.Four years later, their idea has evolved into an important division of Nortel called Channelware.Larose and Allan are examples of:

In the management assistance area, the Small Business Administration (SBA) provides all of the following EXCEPT:

Inadequate early planning is often at the core of small business failures.

Once Arnold Patel had decided he wanted to quit working as a Web designer for a large advertising agency and go into some kind of business for himself, he did a self-assessment, which indicated that he had an entrepreneurial spirit.His next step will be to:

Minorities are not interested in becoming entrepreneurs.

Jill Hansom borrowed $40,000 from a credit union to start a company that makes and sells peach salsa.Hansom used _____ financing.

Venture capital: