Exam 20: Managing Small Business Start-Ups

An artificial entity created by the state and existing apart from its owners is known as

Being interested in computers, Jose Cohata came up with an idea of personalizing the screen saver programs with family pictures. After trying a couple of programs, Jose started marketing this service to neighbors and area businesses. Jose's activities can be described as a(n)

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

Idealists, who are rewarded by chance to work on something new and creative, consist of 15% of small business owners.

List the five stages of growth for an entrepreneurial company.

A document specifying the business details prepared by an entrepreneur prior to opening a new business is known as a business plan.

In the next decade, ____________________ and ____________________ businesses could end up being the emerging growth companies.

____ refers to the belief by individuals that their future is within their control and that external forces will have little influence.

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

Which of the following is the psychological characteristic that allows a person to be untroubled by disorder and uncertainty?

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

Entrepreneurs are able to deal easily with delays and exhibit high levels of patience, knowing that the results will be worth the wait.

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 a

What is tolerance for ambiguity? Why is it an important trait?

What are the two principal advantages of forming a corporation?

A(n) ____________________ recognizes a viable idea for a business product or service and carries it out.

Social entrepreneurs have a primary goal of improving society rather than maximizing profits.

Which of these refers to the financing that consists of funds that are invested in exchange for ownership in the company?

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. -After fully developing their new business idea, Holly and Trent recognize the need to develop a business plan. Typical business plans will include all of the following, EXCEPT

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