Intro To Business Chapter 6

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

A large number of small businesses in the United States are service businesses.

Many entrepreneurs own their first business while in their teens.

Personal characteristics of successful entrepreneurs include.

Small businesses are responsible for __percent of the U.S. gross domestic product each year

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

An invention or creation that is brand new.

Most business plans are updated

The part of a business plan that discusses the location and number of potential patrons

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

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

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

Products or raw materials a business keeps on hand.

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

Nearly _____ percent of all Americans aged 18–64 is involved in some type of entrepreneurship.

A small business is an independent business with fewer than __employees

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

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

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

A good example of an entrepreneur is a(n)

The business idea and ownership structure are discussed in this section of a business plan.

Business ideas can come from

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

New businesses are often discontinued because of

It isn't wise to start a new business when demand for the product you plan to sell is high.