Entrepreneurship

Big boss

100

This type of business represents 99% of all U.S. business.

• Small business.
• Multinational corporations.
• Not-For-Profit enterprises.
• Mom and Pop shops.

What is small business?

200

The “size standard” used to determine if a business can be classified as a Small Business:

• is based on either number of employees or annual revenue based on the industry.
• Is based on the legal structure of the business.
• is based on the number of locations the business occupies.
• Is based on the number of affiliates and subsidiaries of the business.

What is is based on either number of employees or annual revenue based on the industry?

300

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 EXCEPT:

• be a public company.
• be physically owned and operated in the U.S.
• be a For-Profit enterprise.
• be Independently Owned and Operated.

What is be a public company?

400

The author cites startup expert Anne Dwane who states that the most important quality an entrepreneur can have to start a business is:

• adaptability.
• heart of gold.
• vision.
• consistency.

What is adaptability?

500

The BOSI framework, as defined by Abraham, groups entrepreneurs into the following 4 categories:

• Buoyant, Opportunist, Specialist, and Innovator.
• Builder, Outcast, Specialist, and Innovator.
• Builder, Opportunist, Specialist, and Innovator.
• Builder, Opportunist, Specialist, and Ingenious.

What is Builder, Opportunist, Specialist, and Innovator?

Sole owner

100

What is meant by the term “entrepreneurial DNA”?

• The chromosome structure of Jobs, Gates, and Bezos.
• The motivation to work hard.
• Dynamic Natural Attitude.
• The characteristics and traits of an entrepreneur.

What is the characteristics and traits of an entrepreneur?

200

The 5 common traits of successful entrepreneurs, as stated by the Harvard Business Review, include the following EXCEPT:

• Entrepreneurial background.
• Work style.
• Financial savvy.
• Attention to detail.

What is attention to detail?

300

What is the first section to be included in a business plan as recommended by the SBA?

• Table of Contents.
• Executive Summary.
• Acknowledgements.
• Preface.

What is executive summary?

400

According to the SBA, the first 3 steps to starting a business are:

• conduct market research, write a business plan, and fund your business.
• select your investors, conduct market research, and fund your business.
• conduct market research, write a business plan, and interview prospective employees.
• conduct market research, create your web site, and fund your business.

What is conduct market research, write a business plan, and fund your business?

500

Additional reasons for the failure of some small business ventures is due to:

• Inability to execute on the business concept, lack of or insufficient market demand, inability to manage growth, and insufficient management experience or product/services expertise.
• Inability to execute on the business concept, mis-understanding competitor’s strategy, inability to manage growth, and insufficient management experience or product/services expertise.
• Inability to raise funds, lack of or insufficient market demand, inability to manage growth, and insufficient management experience or product/services expertise.
• Inability to execute on the business concept, lack of or insufficient market demand, inability to manage growth, and lack of marketing savvy.

What is inability to execute on the business concept, lack of or insufficient market demand, inability to manage growth, and insufficient management experience or product/services expertise?

All by myself

100

Builders tend to excel at attracting talent, investors and:

• Regulators.
• Capital.
• Researchers.
• customers.

What is customers?

200

Choosing to be an entrepreneur, or any other career for that matter, depends on:

• an individual’s values and priorities.
• an individual having connections to the boss.
• an individual’s education and degree attainment.
• an individual being in the right place at the right time.

What is an individual's values and priorities? 

300

Specialists are experts in their field, but their major shortcoming as an entrepreneur is:

• financial savvy.
• Operations.
• Delegation.
• demand-generation.

What is deman-generation?

400

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?

• Choose a business structure.
• Choose a name for your business.
• Pick your business location.
• Open a bank account for your business. 

What is open a bank account for your business?

500

How many of the 10 steps deal with government regulation as listed by the SBA for starting a business?

• Three.
• Two.
• Four.
• One.

What is three?

Team effort

100

One powerful motivation for people to become entrepreneurs is that becoming one is not just a job, but a:

• lifestyle.
• regular paycheck.
• Adventure.
• fated event.

What is lifestyle?

200

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 sound financial backing from several sources.
• Having a sound business plan.
• Having what it takes both personally and professionally to deal with both the freedom and the responsibility of creating a business.
• Having an Ivy League M.B.A.

What is having what it takes both personally and professionally to deal with both the freedom and the responsibility of creating a business?

300

The author cites Carol Denbow in stating this as the primary reason for small business failure:

• Lack of marketing promotion.
• Lack of planning.
• Lack of expertise.
• Lack of hard work.

What is lack of planning?

400

Business registration requirements are based on business structure and location. The following could all be in play when you register your business EXCEPT:

• domain name.
• trademark.
• country of origin.
• entity name.

What is country of origin?

500

The business structure you choose as a step for starting your new business affects the following:

• succession plan, personal liability, and taxes.
• day-to-day operations, personal liability, and business name.
• day-to-day operations, personal liability, and taxes.
• day-to-day operations, business location, and taxes.

What is day-to-day operations, personal liability, and taxes?

On my own again

100

What is the gender pay gap?

• Women earn 20% less than men on average.
• Men receive their paychecks earlier in the month.
• Women usually are docked for daycare expenses.
• Men are forced to work longer hours than women.

What is women earn 20% less than men on average?

200

One of the biggest advantages of owning your own small business is:

• The size of your bank account.
• The ability to work from home.
• The freedom to choose the business location.
• the freedom to choose your business’s purpose and goals.

What is the freedom to choose your business’s purpose and goals?

300

“Failing forward” refers to:

• Learning from mistakes.
• Avoiding failure at all costs.
• Procrastination.
• Looking for opportunities tomorrow.

What is learning from mistakes?

400

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:

• employee enrichment programs.
• all U.S. employees in the workforce.
• Consumer complaints sent to the Better Business Bureau.
• all online sales.

What is all U.S. employees in the workforce?

500

This is the section of the business plan where the business structure is described, the team is introduced, and an organization chart may be displayed.

• Marketing and Sales.
• Organization and Management.
• Financial Projections. 
• Company Description.

What is organization and management?