Chapter 6: Entrepreneurship and Small Business Management

Most business plans are updated

Money needed to start a new business often comes from the entrepreneur or their family/friends.

The part of a business plan that covers sales forecasts

A government agency that helps entrepreneurs develop business plans and obtain financing

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

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

It's not wise to start a business when demand is high and other businesses already exist.

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

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

A good example of an entrepreneur is a(n)

A small business is an independent business with fewer than ____ employees.

Most successful entrepreneurs have a low tolerance for ambiguity.

Most Americans are employed by a small business.

Many entrepreneurs own their first business while in their teens.

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.

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

Products or raw materials a business keeps on hand

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

The money needed to open a new business is called