Exam 5: The Challenges of Starting a Business

_____ tend to offer environments that appeal to individuals with the talent to invent new products or improve the way things are being done.

A local bakery is acting as a _____ when it sells desserts to a restaurant.

A new business owner can expect to work _____ hours a week on average.

At the end of the day, entrepreneurs' successes will depend on their ability to manage and grow the organizations that they created to implement their visions.

The _____ section of the business plan tells the reader what the organization is committed to doing.

When it has more than one ____, a business can operate as a partnership or a corporation.

A ____ is considered a blueprint for a company.

Mary Gonzalez recently expanded her chain of flower shops. As the only small flower shop located in major airports in the Midwest, she has a unique operation. She has 72 employees in 30 shops, and although her company isn’t dominant in its industry, her shops are busy year round. To accommodate her unique clientele, Mary developed the idea of packaging flowers in small waterproof pots that won’t leak either in the airport or aboard planes. -Gonzalez's company should be considered a small business.

A company is considered large if it _____.

The "Executive Summary" provides an overview of your business plan by paraphrasing key sentences from each section of the plan.

Among small businesses, the service-producing sector is larger than the goods-producing sector.

Before asking for a $155,000 bank loan, Shelia Pataki must include a(n) _____ in her business plan.

As a business owner, if you need individualized advice from experienced executives on how to manage your business, you can get it through the Service Corps of Retired Executives (SCORE).

Small business output in the United States generates about _____ of our gross domestic product.

Owners of small businesses are responsible for much of the _____ of U.S. business.