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Chapter 01 - Small Business: Its Opportunities and RewardsChapter 01Small Business: Its Opportunities and RewardsTrue / False Questions1.About fifty percent of the adults in the U.S. think around owning their very own business, however only oneperboy in 50 that thinks about it actually starts a service.TrueFalse2.When reasoning about owning their own business, one hurdle human being need to conquer istaking the right action.TrueFalse3.The UNITED STATE government agency that helps human being begin businesses is the UNITED STATE Department ofCommerce.TrueFalse4.Imitative firms are characterized as prepackaged businesses that are bought, rented, or leasedfrom one more agency.TrueFalse5.Truly entrepreneurial businesses are identified by imitativeness in their products,solutions or organization models.TrueFalse6.Small businesses emphasis on efficiency whereas high-expansion endeavors emphasis on efficiency.TrueFalse7.People starting high-expansion endeavors should recognize how to seek and also acquire undertaking funding.TrueFalse1-1 Chapter 01 - Small Business: Its Opportunities and also Rewards8.Nat an early stage all entrepreneurs talk about 3 universally mentioned rewards: flexibility, fame,and also fortune.TrueFalse9.Growth rewards are what human being gain from dealing with and also beating obstacles.TrueFalse10.Flexibility rewards describe the money made from owning your own organization.TrueFalse11.More than 75 percent of the millionaires in the United States are entrepreneurs.TrueFalse12.A few of the difficulties challenged by people that are reasoning around founding little businessesare: (1) tbelow is not enough financing to start businesses, and also (2) they need to make somepoint tomake money.TrueFalse13.In order to begin a service, you need four elements to come together: boundary, factor,idea, and exreadjust.TrueFalse14.The the majority of frequently developing aspect of the BRIE version is the intention.TrueFalse1-2 Chapter 01 - Small Business: Its Opportunities and Rewards21.According to the message, little business involves _____ world and has its owner managingthe organization on a day-to-day basis.A.100-200B.1-50C.between 200 to 500D.at leastern 50022.Identify the 2 hurdles that civilization should overconcerned relocate from reasoning aboutowning their very own organization to achieving it.A.Moving from inaction to activity and taking the right activity.B.Financing the business and also government regulation.C.Experience from huge corporations for essential skill sets and also company abilities.D.Family assistance and finding the ideal world for the organization.23.According to the Small Business Administration, around _____ of brand-new firms withemployees survive 4 years, and also for owner-only firms this price is _____ percent survivingfour years.A.one-fourth; 30B.one-half; 75C.two-thirds; 50D.two-fifths; 6024.A facility which offers subsidized room and also service advice to providers in their earlieststages of procedure is dubbed a(n)A.tiny company management facility.B.franchise.C.little organization breakthrough center.D.incubator.25.What percent of firms acquiring help in incubators were still going at 4 years?A.50B.81C.66D.871-4 Chapter 01 - Small Business: Its Opportunities and also Rewards26._____ are the offices co-sponsored by claims and also the federal federal government, that market totally free orlow-price help to existing and also potential little businesses.A.Small Company Growth CentersB.Small Company Administration OfficesC.Research and also Outreach ServicesD.Occupational structures27.The UNITED STATE federal government company that helps world begin organization is theA.Small Firm Administration.B.U.S. Department of Business Advancement.C.Department of Company Advancement.D.UNITED STATE Entrepreneurial Administration.28.The Small Business Administration categorizes a service in the U.S. as tiny, if it hasfewer than _____ employees.A.50B.500C.300D.1,00029.Amongst SMEs, medium enterprises have actually _____ human being.A.51-500B.251-500C.1-50D.1-2030.A company owned by an individual or small group is described as a(n)A.franchise.B.incubator.C.team-dependent service.D.independent small business.1-5 Chapter 01 - Small Business: Its Opportunities and Rewards36.A person who becomes an owner with inheriting or being offered a stake in a familycompany is called a(n)A.founder.B.manager.C.heir.D.buyer.37.People beginning high-development venturesA.need key industry knowledge that focuses on their prompt marketlocation andareas.B.focus on just how to start tiny, via sources from the owner, family members, and friends.C.need to recognize how to seek and also achieve external financing.D.need a vital type of knowledge of exactly how to grow on the schedule set by and for thefunctions of the owner.38.The essential sector knowledge for a tiny businessA.is to recognize exactly how to look for and achieve outside financing.B.concentrates on its immediate marketarea and communities.C.is to recognize how to cash out with the sale of an initial public supplying of stock or throughthe sale of the company to a larger company.D.focuses on the should recognize exactly how to dominate the market and also prosper significantly andeasily.39.Which of the complying with is a characteristic of a little business?A.Preferred capital source is various other people"s moneyB.Focus is on efficiencyC.Approach to huguy reresource is to professionalizeD.Delegation is essential40.Which of the adhering to is an attribute of a high-growth venture?A.When the firm is in trouble, it cuts costsB.Metastrategy is noveltyC.High-development ventures thrive when necessaryD.Delegation is difficult1-7 Chapter 01 - Small Business: Its Opportunities and Rewards41.Identify the characteristic of a little organization.A.When the firm is in trouble, it concentrates on offering even more products/servicesB.Approach to humale resources is to professionalizeC.Focus is on effectivenessD.Metastrategy is imitation42.Identify the characteristic of a high-tech undertaking.A.Owner"s very own money is the preferred resources sourceB.Focus is on efficiencyC.Delegation is essentialD.Sales are more necessary than marketing43.Which of the following refers to the ultimate dimension of the industry, which have the right to variety from alittle, regional, or niche industry to somepoint offered by millions or even billions?A.InnovativenessB.MindshareC.Potential for growthD.Occupational structure44.Rating firms high or low on innovativeness and also potential for expansion helps recognize thevarious types of businesses in what is calledA.Dynamic Capitalism Typology.B.General Equilibrium Economics.C.Creative destruction.D.PICS Model of Entrepreneurship.45.Identify the most countless and widely accessible kind of firm, ranging from low tomoderate levels of invention and also development.A.Resource constrained sectorB.Ambitious firm sectorC.Glamorous sectorD.Economic core sector1-8 Chapter 01 - Small Business: Its Opportunities and also Rewards51.All of the complying with are the well-known reward kinds for tiny organization owners EXCEPTA.adaptability.B.power.C.revenue.D.expansion.52.Which of the following is a reward that is rarely stated by entrepreneurs?A.Building great wealthB.FlexibilityC.Continuing a family heritage in businessD.Personal growth53._____ rewards are what world gain from encountering and beating or finding out from difficulties.A.RecognitionB.FlexibilityC.IncomeD.Growth54.These rewards refer to the money made from owning your very own service.A.Growth rewardsB.Flexibility rewardsC.Income rewardsD.Performance rewards55.For entrepreneurs, maybe the a lot of quickly flourishing type of reward is _____ rewards.A.recognitionB.flexibilityC.incomeD.growth1-10 Chapter 01 - Small Business: Its Opportunities and also Rewards56.The capacity of company owners to framework life in the way that suits their requirements ideal referstoA.versatility rewards.B.household rewards.C.expansion rewards.D.wealth rewards.57.Which of the adhering to is NOT a myth around small businesses?A.Tright here is not sufficient financing to start businesses.B.You need to make somepoint if you are going to make money.C.You can never try again if you fail when.D.There is no adaptability as soon as you own your very own company.58.Funding invested for a share of a firm or provided as loans or crmodify from family members, friends, andother businesses supplied to help start or prosper a firm is well-known asA.committed resources.B.informal resources.C.mezzanine capital.D.formal social capital.59.According to Sageworks, in 2008, amid a recession, which of the complying with representedthe most profitable sectors for tiny businesses?A.Manufacturing industriesB.Financial servicesC.Service industriesD.Software industries60.According to the BRIE version, in order to start a organization, you need all of these elementsto come together EXCEPTA.boundary.B.resources.C.intention.D.experience.1-11 Chapter 01 - Small Business: Its Opportunities and Rewards66.The BRIE version can aid an individual address among the greatest hurdles in starting acompany, which isA.getting resources.B.being inactive.C.setting borders.D.making an exreadjust.67.According to the latest statistics, tiny businesses have developed _____ percent of the newwork.A.75B.25C.50D.9568.The sequence or organization of jobs and also careers in the economy refers toA.franchising.B.creative damage.C.work framework.D.incubators.69.The method newly produced items, solutions, or firms can hurt existing goods, services, orfirms refers toA.franchising.B.imaginative destruction.C.occupational structure.D.incubators.1-13 Chapter 01 - Small Business: Its Opportunities and Rewards70.Mandarin is a restaurant which has actually opened up recently. People from anywhere tvery own flock toMandarin to uncover out exactly how great it is. This offers a large boost to the restaurant"s initial service.But it causes the other restaurants in the location to lose business temporarily.


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The means in whichMandarin hurts existing restaurants is an example ofA.creative devastation.B.performance.C.innovative disruption.D.market penetration.71.According to the UNITED STATE Small Business Administration, little businesses geneprice _____the variety of patents per employee than substantial businesses.A.13 to 14 timesB.about twiceC.40 to 50 timesD.around half72.A nation where the major pressures for jobs, earnings and also taxes come from farming orextractive industries prefer foresattempt, mining, or oil production is a(n)A.factor-pushed economic climate.B.efficiency-moved economic situation.C.innovation-pushed economic climate.D.competency-moved economic climate.73.A country wbelow industrialization is ending up being the significant force giving jobs, profits andtaxes, and wbelow minimizing expenses while maximizing efficiency is a significant goal is a(n)A.factor-propelled economic situation.B.efficiency-propelled economic climate.C.innovation-pushed economic climate.D.dynamic-propelled economic climate.1-14 Chapter 01 - Small Business: Its Opportunities and Rewards78.The develop of entrepreneurship in which a person or team very own their very own for-profitcompany isA.independent entrepreneurship.B.social entrepreneurship.C.public entrepreneurship.D.corpoprice entrepreneurship.79.The entrepreneurial emphasis which describes doing the the majority of job-related via the fewest resourcesisA.innovation.B.development.C.effectiveness.D.customer-focus.80.The entrepreneurial focus which looks at a brand-new thing or a new way of doing things isA.customer-focus.B.invention.C.development.D.performance.81.Public entrepreneurshipA.focuses frequently on customer-focus and development, bringing brand-new commodities or solutions tomarket, or opening up brand-new sectors to your firm.B.entails developing new charitable and also public institutions which are financially selfadequate.C.requires all 4 facets, and that is what renders little organization so vital as the rolemodel for the other creates.D.entails revitalizing federal government agencies, so it often tends to emphasis on the customer-focus andperformance facets of entrepreneurship.1-16 Chapter 01 - Small Business: Its Opportunities and Rewards82.Identify the kind of entrepreneurship which concentprices commonly on development andcustomer-emphasis.A.Public entrepreneurshipB.Corporate entrepreneurshipC.Independent entrepreneurshipD.Social entrepreneurship83.Which of the adhering to ideal defines a corpoprice create of entrepreneurship?A.It is a type of entrepreneurship entailing the creation of self-sustaining charitable andcivic establishments.B.It is a form of entrepreneurship that involves revitalizing government agencies.C.It is a form of entrepreneurship in which a perchild or team owns their very own for-profitservice.D.It is a kind of entrepreneurship which takes area in existing businesses approximately newproducts, services or sectors.84.Social entrepreneurshipA.involves producing new charitable and also public establishments which are financially selfadequate.B.involves bringing brand-new commodities or solutions to sector.C.involves a perkid or team that owns their very own for-profit organization.D.requires revitalizing government agencies.85.This is the level of attention your target market pays to your principle or organization.A.EfficiencyB.IdentityC.MindshareD.GrowthScenario: Jamie Johnboy and also "For Kidz"Taking classes at a local university, Jamie heard a regular design template from many kind of professors,students, and parental fees in the community: "Tbelow is nopoint for kids in this rural area."Jamie constantly chosen youngsters and believed of founding a organization "For Kidz" targeting children12 and under.1-17 Chapter 01 - Small Business: Its Opportunities and also RewardsEssay Questions91.Define small business. Differentiate in between little businesses and high-expansion endeavors.92.Briefly describe the 3 universally mentioned and 4 rarely pointed out rewards.93.What are the many common myths around small businesses? What are the realities?Explain.94.Briefly define the BRIE model.1-19 Chapter 01 - Small Business: Its Opportunities and also Rewards95.What roles carry out tiny businesses play in brand-new jobs? Exsimple.96.What is artistic destruction? Exordinary via an instance.97.What is a factor-propelled economy?98.What is VIGE? Exsimple.1-20