Chapter 10 - Influences in establishing an SME

Multiple Choice

Which of the following is a key factor that influences the establishment of a small to medium enterprise (SME)?

• Personal qualities of the business owner

• The weather conditions

• The color of the business logo

• The owner's favorite food

Open Ended

Discuss the potential positive and negative outcomes of motivation for business owners, using examples from the text and diagrams.

Open Ended

Why do you think personal qualities such as motivation and entrepreneurship are important for someone starting a new business?

Multiple Select

Which of the following are considered essential skills for entrepreneurs to transform a business opportunity into a real business?

• Technical ability

• Management and communication skills

• Formal qualifications

• Familiarity with handling similar products and services

Multiple Choice

Which of the following is NOT a requirement to start a business, according to the text?

• Formal qualifications

• Skills in management and communication

• A business plan

• Technical ability

Fill in the Blank

Personal or intrinsic ___ are those that are natural to a person and generally cannot be taught.

Open Ended

How has the increasing use of technology and inventory management systems impacted the way Australian businesses operate?

Multiple Choice

According to Source 10.6, which skill is used by the highest proportion of businesses with 200 or more employees?

• IT technical support

• Marketing

• Financial

• Business management

Multiple Choice

Which of the following is NOT considered an entrepreneurial quality according to the party test in Source 10.11?

• Self-motivation

• Optimism

• Technical expertise

• People skills

Fill in the Blank

Anh Do’s memoir is titled The ___ Refugee.

Multiple Select

Which of the following factors can contribute to the success of business migrants in Australia, as described in the text?

• Persistence and hard work

• Support from people of the same cultural background

• Access to compulsory superannuation

• Overcoming language barriers

Multiple Choice

Which of the following is NOT typically a source of information that entrepreneurs need when starting a business?

• Legal issues and requirements

• Potential suppliers of inputs and business services

• Personal hobbies and interests

• Government regulations

Multiple Choice

According to the text, what is one reason why businesses owned by women may have a lower failure rate than those owned by men?

• Women have more access to funding

• Women are more likely to seek professional help and advice

• Women are more likely to start businesses in manufacturing

• Women have more formal business training

Open Ended

Discuss the potential advantages and disadvantages for a new business owner in attending trade shows and business breakfasts.

Multiple Select

Which of the following are ways government and private sector organisations assist small businesses in Australia?

• Providing financial grants

• Offering advisory services

• Supplying raw materials

• Delivering business statistics

Open Ended

Discuss the importance of up-to-date information for entrepreneurs when establishing a business. How can different sources of information contribute to business success?

Fill in the Blank

A ___ is a limit on the quantity of a product that can be imported.

Multiple Choice

According to the business idea challenge, what is the typical outcome for most business ideas over time?

• Most ideas are realised and become successful businesses

• A few ideas are deemed viable and realised

• All ideas are abandoned quickly

• Most ideas are copied by competitors

Open Ended

Based on Jessica's experience, what factors contributed to the success of her small business, and how did she identify a gap in the market?

Multiple Choice

Which of the following is NOT an establishment option for starting a business?

• Starting a business from scratch

• Entering into a franchise agreement

• Purchasing an existing business

• Merging with a competitor

Open Ended

Discuss the factors that have made it easier for entrepreneurs to establish a new business in recent years.

Fill in the Blank

A business that is ready to open and begin operating with all systems, procedures, and policies in place is called a ___ business.

Open Ended

List two advantages and two disadvantages of purchasing an existing business compared to starting a new business from scratch.

Multiple Select

Which of the following are well-known franchises in Australia?

• Boost Juice

• Woolworths

• Coffee Club

• Gelatissimo

Multiple Select

Which of the following are advantages of buying a franchise?

• Reduced risk of failure

• Expert backing and advice provided by the franchisor

• No ongoing fees or charges

• Exclusive access to a geographic area

Multiple Choice

Which of the following is NOT considered a personal quality important for new business owners?

• Motivation

• Qualifications

• Market competition

• Entrepreneurship

Open Ended

Reflecting on what you have learned about the influences in establishing a small to medium enterprise, what is one factor you think is most important for success and why?