PBM Chapter 6: Entrepreneurship & Small Business Management

Front

The process of starting, organizing, managing, and assuming the responsibility for a business is called capitalism.

Back

False

Front

Do all entrepreneurship opportunities emerge from inventions and innovations?

Back

False

Front

Is it easier for a small business to meet the precise needs of customers than a large business?

Back

True

Front

Many small businesses fail simply because they are not located in the right spot.

Back

True

Front

The most important step in starting a business is preparation.

Back

True

Front

Once a business plan is written, it should never be revised and should never be updated.

Back

False

Front

The most popular use of business plans is to persuade lenders and investors to finance the venture.

Back

True

Front

Which of the following is probably the LEAST important factor in becoming an entrepreneur?

• living in a major U.S. City
• having special skills and abilities
• having a real desire to be your own boss
• developing a good initial business plan

Back

living in a major U.S. City

Front

In the United States, about how many women own their own businesses?

Back

6 million

Front

Characteristics of successful entrepreneurs: energetic, goal-oriented, creative, and _______.

Back

hesitant