Chapter 6 - Review - General Business

Most of the money needed to start a new business comes from the entrepreneur and his family

Personal characteristics of successful entrepreneurs include

Most business plans are updated

Many entrepreneurs own their first business while in their teens.

A written description of a business idea and how it will be carried out is called a(n)

New businesses are often discontinued because of

Part of a business plan that discusses industry characteristics and condition of the economy.

?? is the money needed to open a new business

?? the process of starting, organizing, managing, and assuming responsibility for a business

A good example of an entrepreneur is a(n)

Most Americans are employed by a small business.

Business ideas can come from

The American private enterprise system discourages risk-taking and innovation.

Many small businesses fail simply because the owners do no keep adequate records.

The most important step in starting a business is developing confidence.

Money needed to pay for the current operating activities of a business

Most successful entrepreneurs have a low tolerance for ambiguity.

A government agency that helps entrepreneurs develop business plans and obtain financing

Nearly ?? % of all Americans aged 18-64 is involved in some type of entrepreneurial activity.

According to SBA, a small business is an independent business with fewer than ?? employees.

Money provided by large investors to finance new product and new businesses

What percentage of US small businesses are owned by women?

Part of a business plan that discusses sales forecasts and the location and number of patrons.

Money needed for the main resources of a business that will last for many years.

A designed change that increases the usefulness of a product or service

The business idea, ownership structure, and business's long-term goals are discussed in

A group of retired business people who volunteer their services to counsel new business owners.

Professional, scientific and ?? services account for the largest % of small business in the US.

The first step in developing a business plan is to gather and review information.

Products or raw materials a business keeps on hand

An invention or creation that is brand new

Small businesses are responsible for almost ?? percent of the US GDP each year

A large number of small businesses in the US are service businesses.