Which is NOT a characteristic of entrepreneurship in the US?

about 3% of people 18-64 are entrepreneurs

Marketing plan does not include

budgets and financial statements

A competitive advantage that small businesses have over larger businesses is

attention to unique customer needs

Which is not one of the reasons small business fail?

not enough employees to do the work

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Entrepreneurship and Small Business Management

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Questions 20

Answers

1
Which is NOT a characteristic of entrepreneurship in the US?
about 25% of job growth comes from bus. w less than 20 empl
about 625000 new businesses are created each year
1 in 5 Americans has invested in a bus. of someone they know
about 3% of people 18-64 are entrepreneurs
2
Money provided by large investors to finance new products &businesses 4 potential profit
credit
venture capital
loan
start-up funding
3
Elements of a business plan
Description of the Business
Customer Analysis
Operations Plan
Profit plan
4
Operations Plan is
organization of the company
All of the above
description of major operations
analysis of resources needed
5
Every business begins with a(n)
profit
customer
idea
invention
6
What are reasons businesses started by entrepreneurs close?
all of the above
Higher than expected expenses
low sales
lack of adequate sales
7
Strategic alternatives are alternative plans for production, staffing, financing, etc.
False
True
8
Everyone who owns or manages a business is an entrepreneur.
False
True
9
Financial plans are:
short- and long-term financial needs
All of the above
start-up costs
sources of financing
10
Which is NOT a characteristic of Entrepreneurs?
Competitive
Creative
Shy/uninformed
Self-confident
11
Marketing plan does not include
description of major marketing activities
schedule of marketing activities
budgets and financial statements
description of resources needed
12
Customer analysis is...
sales forecasts
description of customers
location, number, and resources of customers
all of these
13
Where do entrepreneurship opportunities begin?
Television suggestions
ideas for changes to existing products, services, or process
Both of these
Innovations (ideas about new products & services)
14
A business plan is a written or oral description of the business idea & how it bill be handled
True
False
15
Which are reasons for businesses failure?
all of these
lack of management experience
not keeping adequate records
not having enough start-up money
16
A competitive advantage that small businesses have over larger businesses is
attention to unique customer needs
lower costs
more consumer research
lower prices
17
Which are characteristics that entrepreneurs have?
strong integrity
all of the above
ability to spot opportunity
ability to partner
18
Which is not one of the reasons small business fail?
not enough employees to do the work
poor customer credit practices
a poor business location
the owner does not have adequate experience
19
Most small business owners enjoy being part of a team.
True
False
20
The amount of money needed to open the business.
Short-term financing
Start-up financing
Long-term financing

Entrepreneurship and Small Business Management Flashcards | StudBud