study guide

U.S. businesses with just a single owner and no staff account for more than $990 billion in annual sales.

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 If the business owner needs help from others, especially for financing the new business, a business plan usually will be required.

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• false

Many small businesses fail simply due to their location.

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Everyone who owns a business is an entrepreneur.

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It is easier for a small business to meet the precise needs of customers than a large business.

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All entrepreneurship opportunities emerge from inventions and innovations.

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In the United States, nearly as many small businesses close as begin each year.

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The most important step in starting a business is preparation.

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The process of starting, organizing, managing, and assuming the responsibility for a business is called capitalism.

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 Once a business plan is written, it should never be revised nor updated.

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