The primary reason people choose to become entrepreneurs is to:

Richard, an employee in an investment firm, was dissatisfied with the way his superiors handled business dealings. For that reason, he quit his job and started his own business so that he is able to make all management decisions without interference from anyone. Which advantage of entrepreneurship is highlighted in the given scenario?

Technological tools such as the Internet and email have:

Mabel has a business idea of starting a store that would only sell hair products. Although she needs to raise capital to start her business, she does not want to share the ownership of her firm with anyone else. With a good appetite for risk, which of the following financing resources would be most ideal for her to start her business?

Small business start-ups are likely to find that getting commercial loans are:

In the context of funding options for small businesses, the _____ assists entrepreneurs by partially guaranteeing loans from local commercial lenders.

Maurice wants to make a documentary film on the unequal distribution of money in the world and its effect on different social classes. Instead of approaching a production house, he creates a website for the project where he pitches his idea through a short video and requests the viewers to donate any amount of money to cover the production cost. In the given scenario, which of the following is Maurice using to get the capital for his film?

In the context of various funding options for small businesses, which of the following statements is a difference between angel investors and venture capital firms?

Identify a true statement about angel investors.

Which of the following funding options provides advice and guidance to start-up businesses along with the funds?

Rahul owns a guitar store that is famous for customizing guitars. From choosing the wood for the body to the type of pickups, everything can be selected by the customer. This feature attracts beginners and professionals alike to Rahul’s store. The specific nature of the business makes it unique and results in fewer competitors. This allows Rahul to choose the prices for his services. The opportunity of _____ is highlighted in the given scenario.

Tina owns a workshop that specializes in making intricate wooden decorative items. She makes scale models of most of the existing objects around the world. She faces virtually no competition in her business and thus enjoys a stable growth. The opportunity of _____ is highlighted in the given scenario.

In the context of small business opportunities, because of their size, many small firms can:

Rudy, a food truck owner, has sizable followers on his website where he personally interacts with them and thanks them for their support. He also lets his followers know his location and the menu for a day in advance. The opportunity of _____ is highlighted in the given scenario.

Olivia runs a spa for women. She employs only two helpers and one receptionist. This enables her to focus most of her resources on procuring products required to provide comfort and high-quality services to customers. The opportunity of _____ is highlighted in the given scenario.

Angela runs a fashion boutique for women. Her customers can use an online editing software to create a rough image of the design and style they want Angela to use. The opportunity of _____ is highlighted in the given scenario.

Which of the following is a threat that a small business is most likely to face?

Mohit is very passionate about music and opens a recording studio of his own. However, he does not know much about running a business and within a short period, starts running into losses. Therefore, he shuts down the business. Which of the following threats is highlighted in the given scenario?

David wants to open a new gymnasium with state-of-the-art equipment and qualified trainers. However, he can only afford either of the two. He decides to get the equipment first to start the gym. However, without qualified trainers to operate the equipment, David loses his customers and is forced to shut down the gym. Which of the following threats is most likely highlighted in the given scenario?

Which of the following is an advantage of starting a business from scratch?

Which of the following is a disadvantage of starting a business from scratch?

Which of the following statements is true of starting a business from scratch?

Which of these is a benefit of buying an established business over creating one from scratch?

Natalie is a professional baker who dreams of owning her own cake business. She does not have any ideas or concepts for starting a cake shop, but her wealthy uncle is ready to fund her initial capital. Natalie’s risk appetite is low and she wants to run a business that has less than 10 percent chances of first-year failure. Which of the following could be the best solution for Natalie to pursue her dream of owning a cake shop?

Which of the following is a drawback of buying a franchise?

Maude worked as a lead animator in an animation company. However, she could not exercise her freedom while working on projects because she was bound by the decisions made by the company. Fed up with this, Maude quit her job and started an animation firm where she accepts only those projects that allow her free rein in terms of creativity. In the given scenario, Maude most likely started her own firm because it offered _____.

Suresh quits his nine-to-five job at a multinational company and starts his own event management company. In his new company, he does not practice a nine-to-five work regime. Instead, he organizes meetings with clients by making appointments that favor his schedule. Which of the following advantages of entrepreneurship is highlighted in the given scenario?

Felix lost his job at an investment firm because of downsizing during a period of recession. To keep himself financially stable, he opened a food truck that became a huge success. Which of the following advantages of entrepreneurship initially motivated Felix to start the food truck?

Julian wants to open a bakery. He uses his savings and borrows some funds from his family to start his business. In the given scenario, Julian uses _____ to fund his business.

people who risk their time, money, and other resources to start and manage a business.

individuals who invest in start-up companies with high growth potential in exchange for share of ownership.

a small segment of a market with few competitors than the market as a whole. Market niches tend to be quite attractive to small firms.

a formal document that describes a business concept, outlines core business objectives, and details strategies and timelines for achieving those objectives.

local offices- affiliated with the Small Business Administration- that provide comprehensive management assistance to current and prospective small business owners.

companies that invest in start-up businesses with high growth potential in exchange for share of ownership

an organization-affiliated with the SBA- that provides free, comprehensive business counseling for small business owners from qualified volunteers.

an agency of the federal government designed to maintain and strengthen the nation's economy by aiding, counseling, assisting, and protecting the interests of small businesses.