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Exam 6: Entrepreneurship and Starting a Small Business

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Question 101

True/False

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A good business plan describes the nature of the proposed business, the target market, the competitive advantages, and the qualifications of the owners.

A) True
B) False

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Question 102

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Offering to manage an established business for a percentage of the profits plus a salary offers experience to the would-be entrepreneur and free time to the business owner.

A) True
B) False

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Question 103

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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. -Given Peppy's willingness to accept the risks of opening and running Peppy's Pizzazzeria, he is clearly an example of a(n) :

The size of the world market is about:

Small businesses have not significantly participated in web-based online sales.

Jacques has eliminated the risk of entrepreneurship by preparing a detailed business plan.

After graduation, Manny focused his attention on finding full-time employment. He has decided to narrow his job search to jobs with a major corporation. His job search strategy:

Labels Plus, LLC, exports specialty printing equipment for the labeling, flexible packaging, and carton industry. Due to increased support from ________, this company's sales to Brazilian companies and other global opportunities have significantly increased

Entrepreneurship is:

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 has inquired about the possibility of obtaining a microloan from the SBA. This type of loan is awarded primarily on the basis of the:

Entrepreneurs looking for a business that gives them the best opportunity to get rich should consider starting a business in:

While entrepreneurs frequently earn significant profits for themselves, their impact on society is quite small.

One reason we have seen continued growth in home-based businesses is:

Yesterday, on Facebook, one of Sarah's friends suggested that she spread the word about Mia Bella Boutique, an online company that designs hats and shoes. If Sarah's efforts generate 25 more people to spread the word, Sarah will receive 30% off her order. Mia Bella is utilizing ______________ , an effective strategy for increasing awareness and market share for web-based businesses

The Small Business Administration's microloan program offers small businesses very small loans.

The easiest businesses to start also have the least growth potential and the greatest failure rates.

The business plan will include ______________

You can negotiate a win-win situation by offering to manage an established small business. You win from the experience; the owner wins with free time.

Located at Monsanto's world headquarters, 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, Saint 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

Business plans are necessarily a bit vague since these are prepared prior to the beginning of business operations.