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Exam 6: Entrepreneurship and Starting a Small Business

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Question 71

Multiple Choice

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

A) arbitrator.
B) micropreneur.
C) macropreneur.
D) intrapreneur.

E) A) and B)
F) A) and C)

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Question 72

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Many micropreneurs operate home-based businesses in the service industry.

A) True
B) False

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Question 73

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

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

Although successful entrepreneurs are more tolerant of uncertainty,

Although corporate managers often exhibit the skills required of successful entrepreneurs,they seldom have the desire to give up the perks and fringe benefits of corporate life and start their own business.

The Small Business Administration's microloan program awards loans to entrepreneurs based primarily on their:

Entrepreneurs applying for a bank loan should realize that bankers will:

Questions about how much authority to delegate,and to whom,are easier issues for a family-run businesses since they "can't fire family."

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

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.

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

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:

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:

There are several ethical considerations when starting a business,but competing against current and former work relationships is always fair game.

Because college students realize the importance of nursing homes for our aging population,students comprise an attractive market for nursing home insurance policies.

Choosing to cater to the locavore lifestyle is easy for restaurateurs and other business owners - like grocers.

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

The best way to learn about small business is to "bite the bullet" and start your own.

Entrepreneurs are motivated by the desire to earn a profit.