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BUSI 101 Chapter 7A Flashcards | StudBud
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BUSI 101 Chapter 7A
BUSI 101 Chapter 7A
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1
Technological tools such as the Internet and email have:
made it harder for small businesses to compete against large businesses.
increased the number of legal regulations that small businesses should comp
made it easy for small business owners to manage their firms on the go.
decreased the importance of entrepreneurship in the national economy.
2
In the context of the US economy small firms tend to be effective innovators because of revolutionary new ideas.
False
True
3
Statistics from the US Small Business Administration, small businesses account for 78% of all private sector employees
False
True
4
Which of the following statements is true of entrepreneurs who are tolerant of uncertainty?
They view the world in shades of gray.
They never stake their reputation on the success of an unproven product.
They do not accept financial risk willingly.
They are not self-reliant but are extremely confident.
5
In the context of launching a new venture, the prime age for entrepreneurship is late 40s to early 50s.
False
True
6
Small businesses generate 50% of total employment in American inner cities.
True
False
7
Which of the following is an appealing benefit that entrepreneurs enjoy?
The guarantee of a fixed income
Minimal workload
The ability to set their own hours
Minimal risk
8
For research purposes, the U.S. Small Business Administration (SBA) defines small business as companies with up to 1000
True
False
9
An effective business plan is usually 25 to 50 pages long.
True
False
10
Advantage of starting a bus from scratch is that the entrepreneur has the freedom to use his or her own ideas & concepts
False
True
11
Which of the following is a characteristic of successful entrepreneurs?
Tolerance of uncertainty
Intolerance of failure
Apathy
Superciliousness
12
The primary reason people choose to become entrepreneurs is to:
avoid difficult challenges.
avoid uncertainty.
earn more money.
develop evolutionary business models.
13
Statistics from the US Small Business Administration shows ,small businesses comprise 49.9% of all businesses in the US
False
True
14
Some businessmen called necessity entrepreneurs, launch their bus because they believe it is their only economic option
False
True
15
Which of the following categories of people is most likely to step into entrepreneurship?
People who are skeptical about taking financial risks
People who lack the characteristic of self-reliance
People who have trouble being subordinates because of their personalities
People who have minimal knowledge about the use of technology
