Small Business
This type of business represents 99% of all U.S. business.
Small business
Two personality traits of entrepreneurs
Any two:
Builders tend to excel at attracting talent, investors and:
Customers
Choosing to be an entrepreneur, or any other career for that matter, depends on:
An individual’s values and priorities
You are considering creating your own startup business and are weighing the advantages and disadvantages of doing so. According to the author, what would be your most important consideration before making the decision?
Having what it takes both personally and professionally to deal with both the freedom and the responsibility of creating a business
The crucial role small business plays in the U.S. economy is demonstrated by the fact that small business is responsible for half of the Gross Domestic Product (GDP) and roughly half of:
U.S. employees in the workforce
An important step in starting a new business is conducting market research. What two areas do the SBA suggest should be the focus of this research?
Market and competitive
Specialists are experts in their field, but their major shortcoming as an entrepreneur is:
Demand-generation.
What is the gender pay gap?
Women earn 20% less than men on average
One of the biggest advantages of owning your own small business is:
The freedom to choose your business’s purpose and goals
What is the “multiplier” benefit small business provides to their local community?
Dollars spent at a locally-owned small business stay in the community.
According to the author, creativity, vision and ________ are the elements without which there is no entrepreneurial venture.
Ability to identify opportunities
One powerful motivation for people to become entrepreneurs is that becoming one is not just a job, but a:
Lifestyle
The author cites Carol Denbow in stating this as the primary reason for small business failure:
Lack of planning
Disadvantages of owning your own small business:
Any One:
The “size standard” used to determine if a business can be classified as a Small Business:
Number of employees or annual revenue based on the industry.
What is meant by the term “entrepreneurial DNA”?
Characteristics and traits of an entrepreneur
The author cites startup expert Anne Dwane who states that the most important quality an entrepreneur can have to start a business is:
Adaptability
What is the first section to be included in a business plan as recommended by the SBA?
Executive Summary
“Failing forward” refers to:
Learning from mistakes
In addition to meeting the relevant numerical size standard, a business must also meet the following criteria in order to be eligible for SBA and government contracting programs...
Any of the three:
The author states that the Merriam Webster definition of an entrepreneur “one who organizes, manages, and assumes the risks of a business or enterprise” is missing the following trait:
Initiative
The BOSI framework, as defined by Abraham, groups entrepreneurs into the following 4 categories:
Builder, Opportunist, Specialist, and Innovator
In the Financial Projections section, the SBA recommends this for the projections for the first year:
quarterly or monthly projections
Reasons for the failure of some small business ventures is due to:
Any of the following:
Inability to execute..
On the business concept
Lack of or insufficient market demand
Inability to manage growth
Insufficient management experience or product/services expertise
According to the SBA list of 10 steps to start a business, which of these would be among the last tasks to do on the list?
Open a bank account for your business
At the end of this section, the author provides links to self-assessments to help determine if an individual has what it takes to be an entrepreneur. He also refers to the “Miles Davis” test. Considering these, and the psychological and personal toll that entrepreneurs endure, would lead you to conclude that:
Entrepreneurs are born, not made
Having “what it takes” is an essential consideration in deciding to start a business. Without these, an entrepreneur will have difficulty with the daily stress of day-to-day business:
Motivation and passion
According to the SBA, the first 3 steps to starting a business are:
1. Conduct market research,
2. Write a business plan and
3. Fund your business
The business structure you choose as a step for starting your new business affects the following:
day-to-day operations, personal liability, and taxes
Registration of your business is one of the 10 steps to start your business. What are the items needed from Federal and State government in order for you to start your business according to the SBA?
Permits, licenses, and tax IDs
Reid Hoffman is one of the greatest innovators in the last 30 years. He was the founder of:
The process of creating something new that makes life better is called..
Innovation
Of the 9 elements suggested by the SBA to be contained in a business plan, how many are solely focused on financial factors?
2
Outline
What is the purpose of a business plan?
It states your Vision and Purpose