Entrepreneurial Characteristics
One key to success with a business startup is to begin with enough a) capital b) sales c) accounts payable d) suppliers
a) Capital
More businesses fail because of ___ than for any other reason a) incompetent management b) theft c) insufficient capital d) poor choice of location
a) incompetent management
The form of ownership with the greatest ability to accumulate capital is the: a) sole proprietorship b) partnership c) joint venture d) corporation
d) corporation
Joan is seeking to answer a series of questions such as: how do competitor's cost structures compare to ours? What new competitors are entering the industry? What do our customers say about competitors? By asking these questions, Joan is a) identifying her company's key success factors b) performing a competitive analysis c_ formulating strategic options d) conducting a swot
b) performing a competitive analysis
Survey's show that owners of a small business believe that: a) they work harder on their own time b) they earn less than what they would if they worked for someone else c) they're less qualified d) venture capital is easy to raise
a) they work harder on their own time
which of the following is true about avoiding business failure a) You must understand financial statements b) You need to learn how to manage others c) You must differentiate d) You must do all of these
d) You must do all of these
Common ownership interest in a business, sharing profits, and the right to participate in managing the operations of the business are characteristics of a) corporation b) sole proprietorship c) partnership d) s-corporation
c) partnership
___ are broad attributes to small businesses; __ are the specific measurable milestones a) goals; objectives b) goals; strategies c) objectives; goals
a) goals; objectives
A key characteristic of a successful small business owner is: a) never having failed b) expert technical knowledge c) learning to fail intelligently d) earning at least 25% on ROI
c) learning to fail intelligently
Corey notices a "backlash" against health food among people who eat out. He decide to open a restaurant that stresses "good home cooking,". Corey has identified and is trying to capitalize on a/an ___ in a market environment. a) strength b) weakness c) threat d) opportunity
d) opportunity
Acme corporation is chartered in Delaware, but its primary area of operation is in South Carolina. In SC, Acme would be considered a ___ corporation. a) Alien b) Domestic c) foreign d) local
c) foreign
Rather than attempting to serve the total market, the small firm pursing a ___ strategy specializes in serving a specific target segment a) cost leadership b) differentiation c) focus d) head-to-head
c) focus