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Exam 6: Entrepreneurship and Starting a Small Business

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Question 21

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Entrepreneurship is another name for management.

A) True
B) False

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Question 22

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Justin's favorite part of Introduction to Business class was marketing. As he brainstorms about starting a car detailing business, he recalls that it is important to:

A) open for business and start collecting information about what customers want.
B) find the most affordable location for the business.
C) only agree to serve a high-end market.
D) analyze the market before making the service available.

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

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Question 23

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The U.S. government offers "investor visas" to attract more entrepreneurs.

Economist Bruce Kirchhoff contends that business failures are much lower than traditionally reported.

Only about 10% of all businesses qualify as small businesses using the definition of the Small Business Administration.

Located on Monsanto's world headquarters campus, the Nidus Center is a unique facility. The tenants are biotechnology companies who are at various stages of product development. The agricultural giant, Monsanto, the Danforth Foundation, Washington University St. Louis, St. Louis University, and several venture capital firms contribute seed money for these small start-up ventures that receive approval to further develop their ideas at the Nidus Center.

The only real barrier preventing small businesses from exporting is insufficient knowledge of the opportunities available.

Jake is an innovative engineering graduate who works for a large company that makes adhesive products for commercial and consumer use. One of his primary responsibilities is to initiate and develop new products to complement the firm's current product line. Jake's company is .

The small business sector that has the best chance of significant growth is legal services.

Commercial loan officers serve as a resource for small business owners for information regarding risk management.

The United States government views entrepreneurship as a result of an individual's self-motivation. The government can do very little to encourage an individual to become an entrepreneur.

Which of the following statements is characteristic of entrepreneurs?

Venture capitalists provide funds for small businesses as part of their philanthropy programs.

Bad luck is the most often reported cause for small business failure.

One advantage enjoyed by home-based businesses is the relative ease in attracting new customers.

Micropreneurs is a term used to describe entrepreneurs who focus on the continued growth of their businesses.

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

Carrie, a student at Metropolitan Community College, dreams of starting her own business. In an effort to learn as much as she can about small business management, she talked to four friends who each offered their advice. Which of these suggestions is likely to help Carrie the most?

After retiring as a telecommunications executive, Chad joined SCORE. As a SCORE counselor Chad will:

Independence, challenge, and opportunity are among the key reasons given by those who assume the risks of entrepreneurship.