Principles Chapter 6

Money provided by large investors to finance new products and new businesses is...

According to the SBA, a small business is an independent business with fewer than __ employees

An invention or creation that is brand new is...

A desired change that increases the usefulness of a product or service is...

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

Many small businesses fail because owners do not keep adequate records.

It is not wise to start a new business when the demand is high due to established competitors

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

Most business plans should be updated...

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

What percentage of U.S. small businesses are owned by women?

SBA stands for....

The business idea, ownership structure, & long term goals are in what section of the biz plan?

New businesses are often discontinued because of

The part of a business plan that discusses sales forecasts & # of potential customers is...

Many entrepreneurs own their first business while in their teens.

Business ideas can come from

Small businesses are responsible for almost ___% of the U.S. gross domestic product each year.

The American private enterprise system discourages risk taking and innovation.

A good example of an entrepreneur is...

Most successful entrepreneurs have a low tolerance for ambiguity.

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

Personal characteristics of successful entrepreneurs include

A written description of a business idea and how it will be carried out is called a _____.

_________ is the money needed to open a new business.

The part of a business plan that discusses the characteristics of the industry and economy

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

__ is the process of starting, organizing, managing, and assuming the responsibility for a biz.

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

Products or raw materials a business keeps on hand

Most Americans are employed by a small business.