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Exam 6: Entrepreneurship and Starting a Small Business

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Question 141

Multiple Choice

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Effective entrepreneurial teams combine:

A) creativity with marketing and production experience.
B) venture financing,tax benefits,and production economies.
C) scientific abilities,capital investment,and marketing skills.
D) risk tolerance,debt financing,and international experience.

E) None of the above
F) A) and B)

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Question 142

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A(n) ________________ is a group of experienced professionals from different areas of business who join together to develop,make,and market a new product.

A) entrepreneurial team
B) joint venture
C) self-directed functional team
D) managerial task force

E) C) and D)
F) A) and B)

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Question 143

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While the Small Business Administration provides management advice to new business owners,it is not empowered to provide financial assistance.

The goal of an intrapreneur is:

If you were to begin gathering information on a particular type of business,it is doubtful that a community college class would benefit your search because the information you would gain is too generic in nature. Many community colleges bring together would-be entrepreneurs from diverse backgrounds.These resources will often connect students with a network of other entrepreneurs and small business owners.However,many tips for prospective small business owners are universal in nature,such as keeping accurate financial records and finding out where to go to learn how to do these things.

Mini-Case Peppy Roaney believes that pizza is a much more versatile dish than most people realize.As the national marketing manager for Pizza Guys,he observed how consumers were delighted with barbecue pizza,Hawaiian pizza,Mexican pizza and other unique combinations.His suggestions for other unusual pizzas,however,were met with a negative response by his superiors.Even some of his colleagues laughed at his ideas.Peppy's confidence in his ability to understand the market has led him to focus on planning a business of his own.Peppy realizes that he will take a risk when he leaves his job with Pizza Guys and embarks upon a new venture: Peppy's Pizzazzeria.Peppy is excited about the potential of profitably catering to the unmet desires of pizza consumers. -Peppy is confident that Peppy's Pizzazzeria will be a success,but only if he has enough money to do things right.Since Peppy has very little personal wealth,he knows he must obtain financial assistance.In order to prepare for meetings with bankers and potential investors,Peppy should:

Which of the following explains why individuals accept the risks of business ownership?

In discussions with bankers,entrepreneurs should be prepared to personally guarantee the loan for their business.

Your brother,a family dentist,has opened a new office in your home town.As a business student you know that this type of business experiences low failure rates. Many of the businesses with the lowest failure rates require advanced degrees to start.This would include veterinary services and dentists' offices.However,while training and degrees may buy security,they do not tend to produce high growth rates.

Micropreneurs are exempt from the local ordinances that restrict home-based businesses from operating in residential areas.

Whitney wants to start her own business,but she is concerned about her limited financial resources.She would be well advised to save money by delaying her meeting with lawyers and accountants until the business has been operating for a few years. Consulting with lawyers,accountants,and loan officers may be expensive,but their advice may be invaluable.If Whitney waits for a few years before asking for legal and financial advice,the money she saves on consulting fees is likely to be more than offset by losses due to poor decisions and avoidable mistakes.

Which of the following U.S.issues does entrepreneurship most directly affect?

A presence on the Internet can benefit a business even if their product can't be sold to customers from the Web.

Pete inherited a thriving dry cleaning business from his father and mother.He continued the tradition of offering quality service to the customers he served.As the surrounding towns expanded,several people suggested that Pete expand the business to offer service in new locations.He chose to maintain only one operation,so as not to lose control and to keep his work life and home life balanced.Pete is a good example of a(n) _____________.

In order to finance The Shortbread Shack,a mobile bakery business that services several large Silicon Valley companies,Marcy demonstrated her steadfast desire to get her bakery off the ground by visiting several bankers with ____________.

Most entrepreneurs prefer working for someone else.

Enterprise zones offer lower tax rates and government assistance to attract private business investment.

A Small Business Investment Company (SBIC) is a(n) :

A major advantage of preparing a formal business plan is that prospective entrepreneurs must identify the resources and activities required to successfully operate their proposed venture. Developing a business plan forces an entrepreneur to think carefully about all aspects of the business he or she intends to start.

Intrapreneurs make use of __________ to develop and launch new products and generate new profits.