Exam 6: Managing Small Business Start Ups

Optimizers are rewarded by chance to work on something new and creative.

A venture capital firm wants to invest in businesses with a high rate of return. In return, they will:

_____ entrepreneurs are committed to both good business and changing the world for the better.

_____ is an arrangement by which the owner of a product or service allows others to purchase the right to distribute the product or service with help from the owner.

A(n) _____ is someone who recognizes a viable idea for a business product or service and carries it out.

Blake, Madison and Sean started selling computer software on college campuses under the name Student Software Company. Each person contributed $1500 toward start-up costs and agreed on dividing costs and profits equally. The legal structure for the company can best be described as:

At Stage 3 of growth for an entrepreneurial firm, managers often are hired to take over duties performed by the owner.

A(n)_____ is a document specifying the business details prepared by an entrepreneur in preparation for opening a new business.

Dawn, the finance manager of a sporting goods manufacturing company, uses accounting records to track monthly operational budgets to ensure that the company's financial targets are being met. This is an important task in which stage of the managerial process?

Wendy enjoys making crafts and giving these away as gifts to friends and family. One day, she decided to quit her job and make crafts full-time, selling them on her new company Web site. Which tactic of becoming a business owner did Wendy use?

The Swingset Company is at the stage where if financing is available and it is properly managed, rapid growth can occur. What stage is the Swingset Company experiencing?

Which of these offers the advantage that the entrepreneur has the ability to develop and design the business in the entrepreneur's own way?

Max is the Web site manager for a local florist. The company's owner would like Max to redesign the Web site so that customers can connect directly with florist employees on a daily basis about products and specials. This relates to which step in establishing an online business?

An advantage of which of these tactics is that there is a shorter start-up time and an existing track record?

_____ combines creativity, business smarts, passion, and hard work of the traditional entrepreneur with a mission to change the world for better.

Which of the following is the process of starting a business venture, organizing the resources, and taking the risks?

_____ refers to an arrangement by which the owner of a product or service allows others to purchase the right to distribute the product or service with help from the owner.

The majority of the incubators are operated by _____.

Ginger likes to set her own goals, which have an intermediate level of difficulty. Which of the entrepreneurial characteristics does she probably possess?

CASE Scenario - Holly and Trent While many others dreamed about owning their own business, Holly Gabrel decided to do something about it. Holly knew that being self-employed required long hours and hard work, but with the help of her husband, Trent, Holly was positive that the hours and the work would be rewarded. First, she and Trent developed a new concept in sunglasses that could be used by athletes better than the sunglasses now on the market. Holly and Trent obtained a patent on their invention, and began production and marketing. -With the entrepreneurial personality, Holly can be expected to have all of the following traits except: