Small Business Basics
A business that is independently owned and operated and is not dominating in its field of operation.
What is a small business
First to market computers on the internet
Who is Michael Dell
1/3 of U.S. small businesses are owned by _____.
What are minorities
The ease of start up, existing customer bases, and financing opportunities are all ____ of buying an existing business
What are advantages
A method of business where the business sells its products under the company's name to an independent third party operator
What is a franchise
Nearly 90% of small businesses have _____ or less employees
What is 20
Who are Larry page and Sergey Brin
Hispanic owned businesses make up how much of the small business statistic in the United States?
What is 12%
A business that starts with a base revenue of at least $100,000 and experiences at least 2-% sales growth every year for 5 years is a
What is a gazelle business
The traditional royalty fee that a franchisee pays to a franchiser is ____
What is 6%-10%
What type of business does a small business frequently partner with?
What is a bigger business
This entrepreneur created Facebook out of a Harvard dorm room
Who is Mark Zuckerberg
Black owned businesses make up how much of the small business statistic in the United States?
What is 9%
High purchase prices, inheriting previous mistakes made by the old owners, and unknowns in transitions are ____ to buying a new business.
What are disadvantages
These people are go to funders due to not requiring high rates of return on money and they do not demand a business return a quick profit
What are family and friends
____ exports about 1/3 of the total good exported in the United States
What are small businesses
Jeff Bezos is the founder and CEO of which internet superstore?
What is Amazon
Asian owned businesses make up how much of the small business statistic in the United States?
Considering the likelihood of success before deciding whether to take a particular risk is ______
What is calculated risk
Roughly half of all small businesses use _____ and lines of credit as a part of their financial strategy
What are bank loans
In general, most small businesses have less than ____ employees
What is 500
This entrepreneur is the CEO of Nike
Who is John Donahoe
Female owned businesses make up how much of the small business statistic in the United States?
What is 5.3%
A well thought out technology and a business ______ plan is an important aspect of a business's overall strategy
What is social media
There are five reasons for wanting to start your own business: Opportunity, Control, Flexibility, Unemployment, and _______
What is Financial Independence