BP Ch. 6 Test

Most successful entrepreneurs have a low tolerance for with dealing with people.

• True

• False

If you fail at your first business, do you give up?

• No

• Yes

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

• True

• False

Innovative products are new products that no one has seen before.

• True

• False

Most Americans are employed by a small business.

• True

• False

A large number of small businesses in the United States 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