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Chapter 6 - Entrepreneurship and Small Business Management Flashcards | StudBud
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Chapter 6 - Entrepreneurship and Small Business Management
Chapter 6 - Entrepreneurship and Small Business Management
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Personal Characteristics and Skills needed to be a successful entrepreneur.
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Answers
1
75% of startup capital comes for small businesses comes from bank loans, credit card debt and
owner savings
family and friends
venture capital
stocks
2
Characteristics of a small business include all of the following EXCEPT
owner is usually the manager
dominate in field
typically serves a small market
operates in 1 or few locations
3
The most common type of Small Business in the United States is
Real Estate
Retail Trade
Professional Services
Construction
4
A designed change that increase the usefulness of a product, service or process.
Venture Capital
Add-on
Improvement
Innovation
5
Being accountable for your actions and doing what is required.
Self-confident
Persistant
Responsible
Risk-taker
6
Which characteristic means that an entrepreneur is not afraid to ask a lot of questions?
Responsible
Creative
Inquisitive
Independent
7
Which of the following is an advantage of small businesses:
providing unique services
serves a large market
low cost leader
dominant in field
8
A written description of the business idea and how it will be carried out.
mission statement
goals
business agreement
business plan
9
$ needed for the important resources of a business (land, buildings and equipment) is called
short-term financing
start-up financing
credit
long-term financing
10
Government agency that helps small business owners develop business plans & obtain financing.
Small Business Administration
OSHA
MCPA
Business Professionals of America
11
An invention or creation that is brand new.
improvement
innovation
12
Money provided by large investors to finance new products and new businesses is known as
credit
venture capital
start-up financing
a loan
13
Business plans don't have to be written because business owners are aware of info in their plan
True
False
14
Entrepreneurs look for challenging opportunities and are not afraid to take risks. They are:
Risk-takers
Persistent
Self-conscious
15
Which characteristic describes working until the job is done, being determined.
Creative
Persistent
Inquisitive
Goal-oriented
16
Every business begins with a(n)
customer
profit
idea
invention
17
Which of the following is not one of the reasons small business fail?
poor customer credit practices
not enough employees to do the work
the owner does not have adequate experience
a poor business location
18
An individual who undertakes the risk of creating and owning a business.
Manager
Employer
Entrepreneur
Contractor
19
An independent business with fewer than 500 employees is known as a(n)
corporation
large business
small business
partnership
20
Entrepreneurs make their own decisions, set their own schedules, and work without supervision.
Goal-Oriented
Risk-taker
Self-Motivated
Persistent
