PBMF Ch 6 Review

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

Money provided by large investors to finance new products and new business is called

Entrepreneurs

Small business owners

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

Everyone who manages a business is an entrepreneur.

Which of the following does NOT describe a typical small business?

According to the SBA, a small business is an independent business with fewer than _ employees.

Money needed to pay for the current operating activities through the first year.

The amount of money needed to open a business

Which of the following would NOT be discussed in the operations section of a business plan?

What does SBA stand for?

If you start a new business you need information about

Of all new business

Clean X detergent has been around for a while. They decide to add new ingredients to the mix.

The most important step in starting a business is preparation.

Once a business plan is written, it should never be revised and should never be updated.

Location is important to small retail businesses becasue

Financing that is needed for the main resources of a business that will last for many years.

Most business plans are developed for ____ years.

Small businesses have an advantage over big businesses when customers

In the US nearly as many small businesses close as begin each year.

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

The most successful small business owners

The first step in developing a business plan is to

The most popular use of business plan is to persuade investors to finance the venture.

An invention or creation that is brand new

Successful entrepreneurs tend to have all of the following characteristics EXCEPT

Short term financing is obtained for a period of less than

It is easier for a small business to meet the precise needs of customers than a large business.

Which of the following is probably the LEAST important factor in becoming an entrepreneur?

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