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Exam 6: Entrepreneurship and Starting a Small Business

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Question 81

True/False

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

A) True
B) False

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Question 82

Multiple Choice

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Which of the following is not a recommended source of small business advice for persons contemplating a new business?

A) Successful small business owners
B) University internship programs
C) Other prospective small business owners
D) SCORE [Service Corps of Retired Executives]

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

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Question 83

Multiple Choice

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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) :

Entrepreneurship involves accepting the risk of starting and running a business.

Large organizations encourage intrapreneurship as a strategy to improve their profitability through new products.

Effective entrepreneurial teams combine:

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 prepare for meetings with bankers and potential investors, Peppy should:

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. -As a former classmate of Peppy's at the nearby university, you remind him what you both learned in your small business management class several years ago:

One way to get into business is to buy an existing company. The value of the business used to determine a fair purchase price is based on:

A creative person working within a corporation to launch new products and generate new profits is known as a(n) :

Samantha recently applied for a microloan from the SBA. Although several criteria are important, the Small Business Administration's decision to grant or deny the loan will largely depend upon

The size of the world market is:

Large multinational firms dominate the international market, leaving few opportunities for small businesses.

Entrepreneurial teams combine the creative marketing and production ideas of a group of experienced people.

Success in running a business depends on knowing your customers, managing your employees, and keeping efficient records.

Which of the following statements explains one of the reasons that people in the U.S. take the entrepreneurial challenge?

Studies show that seniority is the most important criteria when selecting employees for promotion to management positions.

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 knows a lot about marketing, but not much about the legal or financial aspects of starting a new business. He wants to consult with a lawyer and accountant, but his budget is tight with all of the expenses involved in getting Peppy's Pizzazzeria up and running. Peppy should:

are private individuals who invest their own money in potentially hot new companies before these firms become larger, publicly traded companies.

Successful micropreneurs require self-discipline to separate work from family responsibilities.