Intro to Business Ch. 6 Review

Small businesses

The part of a businees plan that discuss sales forecasts and the location and number of potential patrons

Business ideas can come from

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

Nearly _______ percent of all Americans aged 18-64 are involved in some type of entrepreneurial activity.

The business idea, ownership structure, and the business's goals are discusses in this section of the business plan.

Most of the money needed to start a new business comes from the entrepreneur and his/her family and friends.

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

An invention or creation of a new brand

The first step in developing a business plan is to gather and review information.

Most Americans are employed by small business.

Money needed to pay for the current operating activities of a business.

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

A good example of an entrepreneur is a(n)

Many entrepreneurs own their first business while in their teens.

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

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

The part of a business plan that discusses the organization of the company and describes its major operations.

Most business plans are updated...

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

Most successful entrepreneurs have a low tolerance for ambiguity.

New businesses are are often discontined because of

Products or raw materials a business keeps on hand.

Money provided by large investors to finance new products and new businesses

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

It is not wise to start a new business when demand for the product or service you plan to sell is high.

A group of retired local businesspeople who volunteer their services to counsel and mentor new business owners

Personal characteristics of sucessful entrepreneurs include

What percentage of U.S. small businesses are owned by women?

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