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Exam 6: Entrepreneurship and Starting a Small Business

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Question 131

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Business incubators provide assistance to established companies attempting to generate foreign sales.

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Question 132

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From a competitive standpoint,small businesses cannot expect to successfully compete with large corporations in international markets.

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Question 133

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Entrepreneurial teams increase the cooperation between marketing,production and other functional areas of a business venture.

Small Business Administration loans help firms finance their domestic operations.These funds however,cannot be used to finance exports since the money is provided by U.S.taxpayers.

Which of the following government agencies is responsible for encouraging the development of small business?

An intrapreneur is the creative person who starts and manages a nonprofit organization.

One advantage enjoyed by small businesses in international markets is that overseas buyers like dealing with individuals rather than large corporate bureaucracies.

Which of the following statements is not a challenge for home-based businesses?

After several years of volunteering to play the piano and sing at a local nursing home,Callie decided the time was right to tap into the growing elder care market.She started Music and Memories,Inc. ,a nonprofit corporation that would hire local talent to perform her own music productions directed toward this market.In order to write and produce several productions each year,Callie needed start-up funds.An instructor at the local community college suggested that she begin by ______________,because this effort would serve as her "calling card" for interested investors,as well as government grant applications that Callie might pursue.

Similar to how large businesses proceed,small businesses make marketing decisions ______________.

The goal of an intrapreneur is:

Compared to small businesses,large firms have a greater ability to provide personalized customer service.

A __________ is a written document that details the business idea,the target market and the business's competitive advantage,financial resources available for the business,and the qualification of the management.

Juan recently completed 20 years of service in the Army.During this time,he managed to save a little money.He is also entitled to a government pension.His goal is to go back to his home state of Colorado and start a business making small,solar powered panels for residential use.He learned the technique while serving,and he strongly believes there is a need.Although he knows he needs a store front and manufacturing site,he is not 100% convinced about where to locate.He knows for certain that one of his top priorities is to limit his tax liability associated with this new business.Your suggestion for Juan is:

Renee,a manager at a small manufacturing firm,has offered to help manage a local branch of the YMC A.Unfortunately,Renee will find that the skills acquired managing a small business will not be useful in managing a nonprofit organization.

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

For the past twenty-five years,state and city governments have promoted facilities where new businesses can open-up shop and share common services such as secretarial,accounting,and legal services.Due to their remarkable success rate,_______________ continue to grow in popularity.

Venture capitalists provide funds for startup businesses in exchange for part ownership in the new firm.

Big businesses do not serve all the needs of a market.

Because of the stress of being in business for yourself,it's important that entrepreneurs have people around them to help replenish their enthusiasm.