Reference no: EM13187402

Potential lenders and investors believe that an entrepreneur who lacks the discipline to develop a good business plan likely lacks the discipline to run a business.
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False

The ideal strategic planning process for a small company should start with setting objectives.
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False

Primary research data is less time consuming and less costly to gather than secondary research data.
True
False

The opportunity to reap impressive profits is the primary motivation for most entrepreneurs.
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False

An important factor helping to drive the entrepreneurial trend in our economy is the favorable attitude Americans have towards entrepreneurs.
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False

When an employee in a business treats a customer poorly, that customer usually does not complain; however, she does tell her "horror story" about that business to more than 10 other people.
True
False

Most dissatisfied customers complain about rude or discourteous service to the owner or the manager.
True
False

The specific group of customers at whom a company aims its goods and services is its target market.
True
False

Market research is a valuable tool for defining the firm's target market, its needs, and its potential profitability.
True
False

The market need and the relatively low startup costs make service businesses popular with entrepreneurs.
True
False

A major advantage of launching a business part-time is the lower risk it offers in case the business fails.
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False

The majority of new business owners work fewer than 40 hours per week.
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False

A business plan is a written statement of what an entrepreneur plans to accomplish in both quantitative and qualitative terms and how she plans to accomplish it.
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False

Small businesses actually create more jobs than do big businesses.
True
False

The most effective way for a small business to establish a competitive advantage is by offering lower prices.
True
False

The most effective way to communicate the values of a company to everyone it touches is to formulate an effective mission statement.
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False

Large companies have a natural advantage over small firms when it comes to preparing a strategic plan.
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False

A business plan is a written summary of an entrepreneur's proposed venture, its operational and financial details, its marketing opportunities and strategy, and its managers' skills and abilities.
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False

A marketing plan should identify a small company's target customers and describe how the business will attract and keep them.
True
False