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

Which is not one of the reasons small business fail?

not enough employees to do the work

A competitive advantage that small businesses have over larger businesses is

attention to unique customer needs

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Entrepreneurship and Small Business Management

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Questions 20

Answers

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

Entrepreneurship and Small Business Management Flashcards | StudBud