Entrepreneurship 1 Final Exam Review

1. Paying _______ is way that small businesses contribute to society.

• Wages

• Health care

• Taxes

• Worker’s compensation

An example of a barrier to small business/entrepreneurial success requires this in order to grow.

• Owner

• People

• Money

• Customer

A reason for entrepreneurial growth is:

• Entrepreneurs come up with new ideas

• Entrepreneurs try to do something that’s never been done before

• Entrepreneurs get venture capital funding

• All of the above

Entrepreneurial venture is quite different from small business in the following ways except:

• Innovation

• Information chaos

• Risk

• Amount of wealth creation

Time needed to plan and manage growth, running the business and delegating responsibility is what time of barrier to small business/entrepreneurial success?

• Customers

• Money

• Processes

• Owner

______________ are the wheel of the company. If not documented, you will constantly be reinventing.

• Customers

• Employees

• Owners

• Processes

A business that helps out education or funds a child in an orphanage is this type of contributor.

• Donators

• Sponsor

• Charitable institution

• Advisor

A business that is operated by one or a few individuals, employees <100 people, and represents 99.7% of all employers is called a:

• Small business

• Venture

• Entrepreneur

• Corporation

Good information should be correct, current and consistent. If it is isn’t, it is called:

• Planning

• Processes

• Information chaos

• Bad information

For a prospective entrepreneur, what is necessary to determine the existence of goods and services?

• Demographic changes

• Product standards

• Entrepreneurial discovery

• Raw materials