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Getting a business plan into the hands of the right people is nearly as important as getting the right information in the plan.

A) True
B) False

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In the business world, a market consists of those people who have a willingness to buy a particular product.

A) True
B) False

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Micropreneurs is a term used to describe entrepreneurs who focus on the continued growth of their businesses.

A) True
B) False

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What is an entrepreneurial team? What benefits does a team offer compared to an individual entrepreneur?

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a. Entrepreneurial teams bring experienc...

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A good business plan will


A) focus on the big picture and omit the small details of operating the business.
B) describe all aspects of the business, including product, the target market, the nature of the competition, any financial resources, and the owner's qualifications.
C) be purposefully vague, since specifics can restrict creativity and flexibility.
D) focus on the nature of the business and the target market, omitting personal information about the owner in order to avoid personality issues.

E) A) and C)
F) B) and D)

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One of the greatest advantages that small businesses have over larger ones is the ability to know their customers better and to adapt quickly to the customers' needs.

A) True
B) False

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Business owners who prefer to maintain their businesses at a manageable size are called


A) macropreneurs.
B) intrapreneurs.
C) micropreneurs.
D) home workers.

E) B) and C)
F) A) and D)

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Antonio works for a textbook publisher. However, his dream is to establish a home-based business providing his services to a variety of publishers. Antonio's primary goal is to escape the 9 to 5 world of corporate publishing and to enjoy the opportunity of working for himself. Antonio is an example of a micropreneur.

A) True
B) False

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Many small business owners report that they needed assistance with accounting when they first started businesses.

A) True
B) False

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The SBA may guarantee loans made by a financial institution and repay them if the borrowers stop making payments.

A) True
B) False

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Isaac benefited from his experience working for an established private company that provided state-of-the-art lighting for music venues around town. Although confident that he could start his own lighting business, he had limited capital to buy the necessary equipment needed to successfully compete with established companies. Which of the following strategies would best help Isaac achieve his goal of business ownership?


A) Begin by offering to take over management of his employer's business, allowing the owner to enjoy some leisure time.
B) Consider working for a major corporation, live modestly, and save until he has sufficient funds to start his business.
C) Enroll in the closest university and apply for student loans.
D) Open his business and trust that his work experience will bring him success even with insufficient capital.

E) A) and D)
F) A) and C)

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Which of the following best describes entrepreneurial personality traits?


A) Tolerant of uncertainty and highly energetic
B) Risk averse and self-nurturing
C) Appreciative of direction from others and risk averse
D) Preference for working fewer hours and letting others do the footwork

E) A) and B)
F) A) and C)

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The easiest businesses to start are those that offer the greatest profit potential.

A) True
B) False

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Successful entrepreneurial teams


A) quickly organize themselves like large corporations.
B) assign only one person to new product innovation.
C) bring a variety of talent to the business venture.
D) outsource most of the details of innovation.

E) B) and C)
F) B) and D)

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Francisco came to the U.S. on a swimming scholarship. After a few months of frustration with trying to find the swim goggles he prefers from home, he created a website that selling specialty goggles for swimming, skiing, and snowboarding. Before launching the website and filling orders, Francisco spent a few months going to swim meets and gathering preferences about goggles from other international swimmers. Francisco's actions


A) showed that he had a ready market for this product.
B) demonstrated that he had little experience with this product.
C) showed that he was promoting the website before it launched.
D) demonstrated his need to better understand the market.

E) A) and C)
F) C) and D)

Correct Answer

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Antoine is considering marketing his bicycles in Brazil. If he enters the Brazilian market, he is likely to learn that


A) some cultures like dealing with individuals from smaller companies rather than large companies.
B) he will not be able to keep up with demand.
C) most foreign cultures prefer large company relationships to small company relationships.
D) there is strong resistance of Brazilian firms with respect to American products.

E) A) and B)
F) A) and C)

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Entrepreneurship is


A) managing businesses for others.
B) a controlling interest in the ownership of a corporation.
C) managing businesses that operate in multiple countries.
D) accepting the risk of starting and running a business.

E) A) and C)
F) B) and C)

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Prior to creating a business plan, discussions with bankers and investors can help entrepreneurs determine the amount of financing available.

A) True
B) False

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Enterprise zones and investor visas are examples of


A) government policies that favor large corporations rather than small businesses.
B) government programs that encourage economic growth through entrepreneurship.
C) government policies designed to encourage intrapreneurs.
D) examples of private initiatives to reduce the government's role in the economy.

E) A) and B)
F) None of the above

Correct Answer

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Which of the following is a characteristic of successful entrepreneurs?


A) Power-seeking
B) Relies heavily on others who believe in the business
C) Willingness and desire to follow others
D) Action-oriented

E) A) and B)
F) A) and D)

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Showing 161 - 180 of 302

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