PBMF Chapter 6 Review

Many entrepreneurs own their first business while in their teens.

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Most Americans are employed by a small business.

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Most of the money needed to start a new business comes from the entrepreneur and his or her family and friends.

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The American private enterprise system discourages risk-taking and innovation.

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Most successful entrepreneurs have a low tolerance for ambiguity.

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The first step in developing a business plan is to gather and review information.

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A large number of small businesses in the United States are service businesses.

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Many small businesses fail simply because the owners do not keep adequate records.

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It is not wise to start a new business when demand for the product or service you plan to sell is high, because already-established companies will have a clear advantage over you.

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The most important step in starting a business is developing confidence.

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