Entrepreneurship and Small Business

In General, which 2 characteristics define a "small business"? (Choose 2)

• No more than $200,000 in sales

• Fewer than 1500 employees

• Less than $35.5 Million revenue

• Non-Profit

• Between 500 and 2500 employees

Rachel owns a summer camp for children. Based on a survey she gave to parents, she learned that her customers want their children to have a healthy lifestyle. What is a legitimate value proposition for potential customers?

• A Providing flexible hours for picking up and dropping off the children

• Sending parents daily photographs of the children’s activities

• Serving fresh, organic meals and nutritious snacks

• Offering discounts during different times of the year

Determining if the potential customer can afford your product is part of prospecting.

• True

• False

Shauna works at a restaurant. She wants to own her own restaurant someday. Which is one of GREATEST risks of entrepreneurship?

• Less freedom

• Less challenges

• Loss of investment

• Loss of flexibility in schedule

Paid form of ideas, goods and services are called _____

• publicity

• goodwill

• public relation

• advertisement

Startup

• A new venture trying to discover a profitable business for success.

• the process of starting, organizing, managing, and assuming the responsibility for a business

• What entrepreneurs might gain when starting a business, including money, personal satisfaction, independence, or positive impact on the economy or community

This is the person or organization purchasing the franchise.

• franchisee
• franchisor     

What does the franchisor provide for those purchasing the franchise?

• advice
• training
• advertising
• all of these are provided 

Entrepreneurs who guide and support their employees to grow the business and be a role model for others are

• A leader

• A risk taker

• Creative

• Ambitious

The business space has a limited capacity to entertain many customers at the same time.

• Strength

• Weaknesses

• Opportunities

• Threats