Entrepreneurship and Small Business

More than __________________ new businesses are created in the United States every year.

• 500 thousand

• 750 thousand

• 1 million

• 3 million

The first step in developing a business plan is to

• identify alternative plans for production and marketing

• write the introductory section

• develop a "game plan"

• gather and review information

Short-term financing is obtained for a period of less than

• 3 months

• six months

• one year

• two years

Successful entrepreneurs tend to have all of the following characteristics EXCEPT

• energetic

• goal-oriented

• creative

• hesitant

Small businesses have an advantage over big businesses when customers

• are willing to buy standard products

• prefer low cost and efficient delivery

• want more individual attention

Which of the following does NOT describe a typical small business?

• The owner is usually the manager

• It serves a small market

• It is dominant in its field

• All of the above

If you start a new business, you need information about

• competitors

• customers

• government regulations

• all of the above

Most of the money needed to start a new business comes from

• the sale of stock

• personal business loans

• the entrepreneur and his/her family and friends.

A small business is an independent business with fewer than_________ employees.

• 10

• 50

• 100

• 500

In the U.S., women own close to this percentage of small business.

• 25 percent

• 35 percent

• 50 percent

• 90 percent