Intro to Business- Chapter 6

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

Would you invest?

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

money provided by large investors to finance new business that have a good chance to succeed

The process of starting, organizing, and assuming the responsibility for business is called?

Products or raw materials a business keeps on hand to do business are referred to as

Many small businesses fail simply because they are not located in the right spot

Everyone who owns a business is an entrprenuer

Almost all people starting small businesses have graduated from

In the U.S., nearly as many small businesses close as begin each year?

All entrepreneurship opportunities emerge from inventions and innovations

Entrepreneurs

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

Which element of a business plan discusses the entrepreneur's short and long term goals?

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

How many passes does the team in white make?

Most business plans are developed for how many years?

Successful entrepreneurs tend to have all of the following characteristics EXCEPT?

The source of owner supplied money depends on the business's ownership structure

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

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

The amount of money needed to open a business is called _____ financing

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

A(n) invention or creation that is brand new