Entrepreneurship and Small Business Management

An independent business with fewer than 500 employees

a business plan doesn't have to be written bc the owner is well aware of the info in the plan

An independent business with 200 employees is considered a small business.

A brand new invention

Start-up financing is money needed to pay current operating costs of the business.

Purchase of the equipment to open a business

A change that increases the usefulness of a product

Successful entrepreneurs have many personal characteristics in common

Every business begins with a(n)

The process of starting, organizing, managing, & assuming the responsibility for a business

Gov't agency that helps small business owners develop business plans & obtain financing 

Most new business owners obtain start-up money to finance their business from banks

The SBA considers a business small if it employs fewer than ? employees

Money to pay for current operating costs of the business

A business plan includes a description of the strengths and weaknesses of competitors 

Large amounts of money paid over many years

An entrepreneur is someone who takes a risk by starting his/her own business

The license to operate a business

The primary reason that businesses started by entrepreneurs close is disagreements w/ partners

Which of the following is not a characteristic of entrepreneurship in the US?

The land that the business is built on

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

Small businesses employ only 10% of U.S. workers.

A written description of the business idea 

Most small business owners enjoy being part of a team

The process of starting, organizing, and managing a business

$$ provided by big investors to finance new products & businesses that are likely profitable 

Financing that is obtained for less than a year

A competitive advantage that small businesses have over large businesses is

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

Money used to open the business

One of the main reasons that businesses started by entrepreneurs fail is inadequate capital

$ needed for the important resources of a business (land, buildings, & equipment)

The amount of money needed to open a business

Everyone who owns or manages a business is an entrepreneur

Someone who takes a risk in starting a business to earn a profit

Money provided by large investors to finance new businesses

An invention or creation that is brand new

Written description of a business idea & how it will be carried out (major business activities)