POB Chapter 6

Most successful entrepreneurs have low self-confidence.

• True

• False

Many entrepreneurs own their first business while in their teens.

• True

• False

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

• True

• False

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

• True

• False

Most Americans are employed by a small business.

• True

• False

A large number of small businesses in the U.S. are service businesses.

• True

• False

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

• True

• False

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.

• True

• False

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

• True

• False

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

• True

• False