Exam 20: Managing Small Business Start-Ups

A(n) ____________________ is an artificial entity created by the state and existing apart from its owners.

A(n) ____________________ locus of control is the belief by individuals that their future is not within their control but rather is influenced by external forces.

Which of these means that people are motivated to excel and pick situations in which success is likely?

Currently, ____ out of every 12 businesses in the U.S. is franchised.

The owner should start implementing more structured control systems by Stage 3 of growth for an entrepreneurial firm.

Entrepreneurship and small business in the United States is an engine for ____________________ and ____________________.

____ refers to borrowing money that has to be repaid in order to start a business.

Formal planning, such as a strategic plan, is usually instituted during which stage?

The first stage of growth for an entrepreneurial company is the investment stage.

Name five of the ten characteristics of a successful business plan.

Small firms that file for patents typically produce ____ more patents per employee than large patenting firms.

Janelle is very innovative and attentive to detail. As she starts her own company, she leads her employees and ensures that every detail is attended to. As her company grows, she finds it more difficult to deal with and motivate her employees. She is more interested in the product. What stage of growth is Janelle's company going through?