Chapter 6 - Entrepreneurship

Many small businesses fail simply due to their location.

All entrepreneurship opportunities emerge from inventions and innovations.

Who can be part of an entrepreneur's team?

Which of these are sources of financing for a new business?

This is the invention or creation of a new product or service.

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

Most of the money needed to start a new business comes from _______.

Money needed to pay for the current operating activities of a business is referred to as ____________________ financing.

A designed change that increases the usefulness of a product, service, or process is called a(n) ____________________.

Once a business plan is written, it should never be revised nor updated.

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

This is the first step in developing a business plan.

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

Small businesses account for ________________ of GDP in the U.S.

A small business is defined as having ___________ employees.

This is the process of starting, organizing, managing a new business.

Everyone who owns a business is an entrepreneur.

This is money provided by large investors to finance new products and new businesses.

In a(n) ____________________, one person will supply the money.

These are all characteristics of entrepreneurs EXCEPT for:

Entrepreneurs...

This is a written description of the business and how it will operate.

These are all reasons small businesses fail EXCEPT for:

This is someone who takes a risk in starting a business to earn a profit.

This is the federal agency created to assist small businesses.