What are traits of a successful entrepreneur

competitive, creative, determination

a contract granting permission to sell products and in set way

Changing a product to fit the needs and wants of customer

What kind of products would Baby Boomers be interested in?

health, fitness, retirement housing, financial planning, etc

Which of the following are trends that may be opportunities for small business

baby boomers, technological advances, rising immigration

studbud

ADMN1000 Chapter 5 Review

19 termsStudBud Administration233 plays

Imported from external platform

Flashcards19 cardsFPractice quizPHost liveL

Questions 19

Answers

1
Every business begins with a(n):
Invention
Customer
Idea
Profit
2
Who takes responsibility for the development of innovations within a larger organization?
intrapreneur
mompreneur
outerpreneur
ultrapreneur
3
Which of the following is NOT a characteristic of a small business
Organized for profit
Government-funded
Independently owned and operated
Not dominant in its field
4
What are traits of a successful entrepreneur
risk-taking, understand failures, lack of condfidence
Open-minded, demotivated, extrovert
competitive, creative, determination
Passionate, Ability to sell and promote, afraid
5
All of the following are disadvantages of Entrepreneurship EXCEPT
higher taxes
limited financial rewards
high failure rate
high stress level
6
Small businesses generally have less than 500 employees
True
False
7
When is the Connect for Chapter 5 due?
Wednesday at 6:00 pm
Wednesday at 8:00 am
NEVER!
Thursday at 8:00 am
8
What is franchise?
buying an existing business
a contract granting permission to sell products and in set way
The explosion of organic and eco-friendly products
a business presence on the Internet
9
Services represent one of the fastest growing sectors in the Canadian economy
True
False
10
Which generation has the most disposable income to spend on products?
Baby boomers
Millennials
Generation Y
Generation X
11
Customizing
Declining the value of a product
Changing entertainment
sports channels
Changing a product to fit the needs and wants of customer
12
What kind of products would Baby Boomers be interested in?
farming supplies, tools, building supplies, etc
health, fitness, retirement housing, financial planning, etc
Hotels, suits, office supplies, work related technology, etc
Sports gear, video games, technology products, music, etc
13
This type of business sells goods to the public in "small" quantities
Supplier
Servicer
Retailer
Wholesaler
14
When were the Baby Boomers born?
1946-1964
1945-1956
1947-1958
1951-1963
15
Small business failure rate is higher than the success rate?
False
True
16
Two key strengths of small business are
location and innovation
reputation and equipment
innovation and job creation
profitability and guarateed success
17
What is a NOT a common reason for business failure
inexperienced management
economic downturn
clear exit plan
lack of funds
18
All of the following are advantages of Entrepreneurship EXCEPT
Can choose a business that interests them
Are their own bosses
Can make lots of money
May work long hours
19
Which of the following are trends that may be opportunities for small business
the internet, declining immigration, alternate fuel sources
baby boomers, technological advances, rising immigration
millennials, interest rates, baby boomers
millennials, animals, minimals

ADMN1000 Chapter 5 Review Flashcards | StudBud