DECA sample exam entrepreneurship part 2

Dan is in the process of determining the types of computer software and telephone service the would best suit his new business and get it up and running. Dan is considering his business's

• financial constraints

• technical needs

• competitive advantages

• staffing requirements

which of the following statements is true about business startup requirements

• new business owner usually need to register for patent protection

• the financial needs to start a new business depend on the nature of the venture

• purchasing a franchise is usually easy and inexpensive for startup business owners

• equipment is the least expensive requirement for a startup business

why is it important for entrepreneurs to talk with industry experts when developing new business concepts

• the industry experts usually improve your management skills

• the industry experts typically provide useful information

• the industry experts commonly enhance your confidence

• the industry experts frequently offer financial support

if an entrepreneur obtains a commercial bank loan to finance a new venture, she/he is often required to

• provide collateral

• close savings accounts

• relinquish contracts

• charge the prime interest rate

to determine their human resource needs, new business owners often find it helpful to

• list all the tasks involved in operating the business

• ask a technical recruiter for advice

• hire consultants or freelancers

• allocate funds for additional payroll taxes

the type of capital resources that a startup business needs to begin operating usually depends on

• vendors lead time

• location

• owners preferences

• industry

which of the following statements is true about new venture risk taking

• when an entrepreneur seeks a high profit, the risk is usually higher

• when the entrepreneur seeks to limit risk, the reward tends to increase

• an entrepreneur's financial risk is not closely related to rewards

• the entrepreneur who does not care about profit is a high risk taker

small business owners develop and use operating procedures so that everyday tasks are preformed in a(n)___way

• innovative

• imprecise

• diverse

• standard

to develop repeat business and customer loyalty, a business owner might

• update equipment

• increase prices

• ridicule the competition

• offer a new service

by joining a community organization, such as the local chamber of commerce, an entrepreneur can network with others to

• evaluate personal skills and abilities

• obtain selling experience

• identify new venture opportunities

• improve goods and services