Chapter 6: Entrepreneurship and Starting a Small Business

Many entrepreneurs started with small businesses and then grew them into large corporations

• True

• False

A creative person who works an an entrepreneur within a corporation.

• Entrepreneur

• Auditor

• Production Analyst

• Intrapreneur

Small businesses account for over 50% of the US GDP?

• True

• False

Small businesses have generated less than 45% of new jobs in the US since 1995.

• True

• False

Which of the following is an advantage that small businesses have over larger businesses.

• Small businesses allow for more personal customer service

• Small businesses provide less stress for its owners

• Small businesses allow owners to give a smaller time committment

• Small businesses allows owners to reduce undesirable duties

When starting a small business, it's important to remember:

• an affinity for taking large amounts of risk is the critical factor in achieving small business success.

• doing things differently from previous entrepreneurs is the real key to success.

• learning from others and gaining relevant business experience improves the odds for success.

• to avoid burnout, limit the number of hours you work each week as you adapt to the rigors of self-employment.

A detailed written statement that describes the nature of the business, the target market, the advantages the business will have over competition, and the resources and owners’ qualifications.

• Franchise

• Entrepreneurship

• Business Plan

• Business Report

Individuals or companies that invest in new businesses in exchange for partial ownership.

• Venture Capitalists

• Entrepreneurs

• Intrapreneurs

• Sharks

A well designed business plan with guarantee a successful business.

• True

• False

Less than 40% of U.S. workers had their first jobs in small businesses.

• True

• False