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Setting Up a Business Flashcards | StudBud
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Setting Up a Business
Setting Up a Business
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Setting up a business. Business start-up
Flashcards
14 cards
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Practice quiz
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Questions
14
Answers
1
T/F: Franchisors and franchisees are the same thing
True
False
2
T/F: Innovative small business owners are more likely to be successful
True
False
3
T/F: A franchise is less likely to be successful than a business started from scratch.
False
True
4
Which is NOT a stakeholder in a business?
Customers
Employees
Shareholders
The Global Economy
5
Which is the LEAST true statement about entrepreneurs:
Entrepreneurs take risks to develop / exploit their concept
Entrepreneurs require a capacity to work hard
Entrepreneurs may experience failure
Entrepreneurs always invent new ideas and concepts
6
Which of the following statements is NOT correct?
Small business owners must be able to adapt to change
Good decision making skills are key for small business owner
An advantage of small business is flexible working hours
Communicationskills are less important than financial skills
7
Which is NOT a reason an entrepreneur might start a small business?
To have a 9 - 5 job
To be their own boss
To follow in family tradition
To become wealthy
8
Which is not a skill required for small business success?
Flexibility
Negotiation
Marketing and Promotion
Communication
9
T/F: Viable business ideas will always lead to business success
True
False
10
Which is the least likely decision to be made before starting a small business?
Is the business viable?
Am I suitable to run a small business?
Who will make my television advertisements?
Where should the business be located?
11
Which statement is most correct?
Franchised businesses will always succeed
All franchises sell fast food
A franchise is generally a riskier option
Franchises are generally safer options for entrepreneurs
12
Which is least likely to be character trait of a successful entrepreneur?
Determination
A preparedness to take risks
Confidence
A laid back attitude
13
Which is not part of the external operating environment of a small business?
Suppliers
Customers
Competitors
Employees
14
T/F: Entrepreneurs must be prepared to take risks
True
False
