Question 1

Venture capitalists typically do not invest more than $2 million.

Accepted Answer

A) True 
 B)False

Question 2

________ are now the largest single group of new business founders.

Accepted Answer

The answer of ________ are now the largest single group...

Question 3

Define what a small business is.

Accepted Answer

For classification purposes, the U.S.gov...

Question 4

The U.S.Census tracks employment by number of employees (among many other statistics) and the latest census reports indicate that ________.

Accepted Answer

A)  firms with fewer than 99 employees represent the majority of all firms in the United States
B)  firms with more than 500 employees represent approximately 35 percent of all full-time employees in the United States
C)  there is an extensive presence of venture capital for start-ups outside of the United States
D)  firms with fewer than 99 employees represent 35 percent of all part-time employees in the Unites StatesE) A) and B)
F) B) and C)

Question 5

You should not use a cookie-cutter business plan program because:

Accepted Answer

A)  each business plan should have its own voice, feel, and presentation.
B)  a good plan is best developed by the individual contemplating the business, not by a paid consultant.
C)  potential investors are often family members, which makes it critical that the entrepreneur seeks to ensure the chances of success by doing thorough planning and thinking.
D)  All of theseE) B) and D)
F) None of the above

Question 6

The business time line demonstrates both constants and natural evolution in the development of the United States.

Accepted Answer

A) True 
 B)False

Question 7

What are the critical elements that an entrepreneur must solve for success?

Accepted Answer

A)  An effective sales generation model
B)  Sustainable operating profit margins
C)  Being properly financed
D)  All of theseE) A) and B)
F) B) and C)

Question 8

In the context of a harvest plan, which of the following is the deciding metric in a potential public offering of a business?

Accepted Answer

A)  Location
B)  Nature
C)  Size
D)  CapitalE) A) and B)
F) B) and D)

Question 9

________ lead(s) to a condition where a single firm making 100 percent of the product is the most efficient.

Accepted Answer

A)  Harvest plan
B)  Stakeholders
C)  Economies of scale
D)  Business strategyE) A) and D)
F) B) and C)

Question 10

Small companies have flourished for all the following reasons EXCEPT:

Accepted Answer

A)  they respond more quickly.
B)  they operate more effectively.
C)  they employ more skilled people.
D)  they often expand easily in mature industries.E) All of the above
F) None of the above

Question 11

Years ago, economists mistakenly predicted that small businesses would

Accepted Answer

A)  be replaced by a smaller number of big businesses.
B)  replace bigger businesses.
C)  be replaced by franchises.
D)  replace franchises.E) B) and D)
F) A) and D)

Question 12

Describe a brief history of small businesses in the United States.

Accepted Answer

Small businesses have always been a crit...

Question 13

Describe the characteristics of a venture capital start-up.

Accepted Answer

Venture capital start-ups can be charact...

Question 14

A critical element that an entrepreneur must solve for success is to develop the ability to generate consistent and growing sales.

Accepted Answer

A) True 
 B)False

Question 15

An entrepreneurial business's resources are less constrained than those of venture capital-backed business.

Accepted Answer

A) True 
 B)False

Question 16

Small business growth is important in the United States and the world.

Accepted Answer

A) True 
 B)False

Question 17

The presence of venture capital for start-ups is limited outside of the United States.

Accepted Answer

A) True 
 B)False

Question 18

According to the book, the development and implementation of a new business is

Accepted Answer

A)  part art and part science.
B)  part planning and part money.
C)  a combination of creativity and art.
D)  none of these.E) C) and D)
F) A) and C)

Question 19

Throughout U.S.history, from the 1800s to today, how would you characterize the role and impact of small businesses?

Accepted Answer

A)  Small businesses in general had a real roller coaster ride and suffered along with everyone else during the downturns.
B)  Small businesses were not impacted much by either economic downturns or increased prosperity.
C)  The number of small businesses decreased more than big businesses.
D)  Small businesses have proven to be more resilient than big businesses and have actually helped to improve the economy.E) A) and D)
F) None of the above

Question 20

What are the three goals that one should keep in mind when developing a business plan for an entrepreneurial business?

Accepted Answer

A business plan for a new entrepreneuria...

Exam 1: The Twenty-First-Century Entrepreneur

An entrepreneurial business's resources are less constrained than those of venture capital-backed business.

Correct AnswerverifiedShow Answer

Venture capitalists typically do not invest more than $2 million.

Correct AnswerverifiedShow Answer

________ lead(s) to a condition where a single firm making 100 percent of the product is the most efficient.

Correct AnswerverifiedShow Answer

The U.S.Census tracks employment by number of employees (among many other statistics) and the latest census reports indicate that ________.

Correct AnswerverifiedShow Answer

The presence of venture capital for start-ups is limited outside of the United States.

Correct AnswerverifiedShow Answer

Describe a brief history of small businesses in the United States.

Correct AnswerverifiedSmall businesses have always been a crit...View AnswerShow Answer

You should not use a cookie-cutter business plan program because:

Correct AnswerverifiedShow Answer

A critical element that an entrepreneur must solve for success is to develop the ability to generate consistent and growing sales.

Correct AnswerverifiedShow Answer

________ are now the largest single group of new business founders.

Correct AnswerverifiedShow Answer

According to the book, the development and implementation of a new business is

Correct AnswerverifiedShow Answer

Throughout U.S.history, from the 1800s to today, how would you characterize the role and impact of small businesses?

Correct AnswerverifiedShow Answer

Define what a small business is.

Correct AnswerverifiedFor classification purposes, the U.S.gov...View AnswerShow Answer

The business time line demonstrates both constants and natural evolution in the development of the United States.

Correct AnswerverifiedShow Answer

Describe the characteristics of a venture capital start-up.

Correct AnswerverifiedVenture capital start-ups can be charact...View AnswerShow Answer

Small companies have flourished for all the following reasons EXCEPT:

Correct AnswerverifiedShow Answer

In the context of a harvest plan, which of the following is the deciding metric in a potential public offering of a business?

Correct AnswerverifiedShow Answer

What are the critical elements that an entrepreneur must solve for success?

Correct AnswerverifiedShow Answer

Years ago, economists mistakenly predicted that small businesses would

Correct AnswerverifiedShow Answer

Small business growth is important in the United States and the world.

Correct AnswerverifiedShow Answer

What are the three goals that one should keep in mind when developing a business plan for an entrepreneurial business?

Correct AnswerverifiedA business plan for a new entrepreneuria...View AnswerShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Small businesses have always been a crit...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
For classification purposes, the U.S.gov...
View Answer

Correct Answer
verified

Correct Answer
verified
Venture capital start-ups can be charact...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
A business plan for a new entrepreneuria...
View Answer