Exam 5: Small Business and the Entrepreneur

An advisory board is responsible for making and implementing recommendations concerning varied aspects of a small business.

A(n)________ is a type of entrepreneur who prefers to keep his or her business small.

A system thinker is someone who focuses on the entire process of turning an idea into reality.

Kyle is an entrepreneur who runs his own advertising agency.He can see the whole picture of what is involved in growing his company,and he has developed a solid plan for every aspect of the business,including production,financing,and marketing.This approach to his business indicates that Kyle is a ________.

What is the most common reason small business owners neglect to seek outside help when starting a business?

In determining the value of an existing business,one of the potential sources of value is the current owner's goodwill.In this case,goodwill refers to ________.

Credit cards are not suitable sources of long-term funding for start-up companies.

If you needed significant funds to start a new business,what options would you have for borrowing start-up funds? What would be the trade-offs you would consider in deciding how to finance your new business? In an ideal case,which type or types of borrowing would you use to fund your start-up?

If you're purchasing an existing business or a franchise,banks may offer lines of credit to help you ________.

The government agency whose sole purpose is to cater to the needs of small businesses is ________.

An entrepreneurial team is ________.

Which of the following statements about small business failure is FALSE?

Which of the following is an example of the role that small businesses can play in fostering innovation?

Because entrepreneurs can hire other people to manage their business for them,they do not need strong leadership skills.

Marge designs an innovative and fashionable laptop bag,but feels she lacks experience to turn her creation into a viable business.Marge's BEST option is to ________.

Janet planned to purchase a McDonald's franchise.Meanwhile,Jason decided to open his own sandwich shop.Both decided to finance their new business ventures by applying for bank loans.Janet's loan application was approved,but Jason's was denied.Which of the following is the most likely explanation for these results?

What are the major traits that successful entrepreneurs have in common? Briefly describe how each of those traits contributes to entrepreneurial success.

The major advantage of borrowing money from friends or family to start a business is ________.

To qualify for Small Business Administration programs and benefits specifically targeted for small businesses,a business must generally have fewer than 20 employees.

Which of the following statements is TRUE?