The results of small business innovation

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Reference no: EM132284014

1. United States law grants exceptions for small businesses. Such a business ________ .

may be a sole proprietorship, partnership, or any other legal form

must be a sole proprietorship

must be a partnership

2. Which of the following is one of the results of small business innovation?

The invention of new products and the way we do things

Greater competition between small and large companies

Large companies becoming less innovative and going out of business

3. One trait of successful entrepreneurs is that they are good at

Customer relationships.

Perceiving new business opportunities.

Negotiating with suppliers.

4. Entrepreneurs who start businesses with the purpose of helping others and giving back to society are known as

Social entrepreneurs

Lifestyle entrepreneurs

Serial entrepreneurs

5. Customers tastes change and some things are beyond a company’s control. Entrepreneurs must be

prophetic.

flexible and respond to changes.

Ambitious.

6. Individuals who decide to become entrepreneurs usually have done which of the following?

Lacked the drive and determination to work for others

Made a conscious decision to become entrepreneurs

Failed at everything that they have ever done

7. Andy has started a garage. Two of the negative elements are

risk and uncertainty.

prestige and control.

Financial gain and equity.

8. Which of the following is a reason why small businesses often fail?

As a small business they are expected to fail

They fail to do adequate planning

They don’t grow fast enough or they grow too quickly too fast

9. Heidi is enthusiastic about her business plans and talks to other business owners and experts about the pros and cons. Friends say she has been developing her ideas for more than a year. Based on the considerations for an entrepreneur, Heidi’s business may be

poor investment.

a long-shot for an investor.

worth an investor’s consideration.

10. A business hiring new employees will need to report to

the state government.

the federal and state and local government.

the federal government.

11. Forms of business entities include: sole proprietorship, partnership, limited liability company (LLC), corporation, S corporation, nonprofit or cooperative. The type of entity you select for your business will determine ________.

what types of taxes your business will have to pay.

how many products or services you can produce.

which sales tax you must collect.

12. A business plan is like a map of how you will run your business successfully. It will include:

how you will run your business

which insurance agent to call to buy liability insurance.

whether to use Fedex, UPS, or the USPS.

13. A market analysis section includes an industry description and outlook, information about your target market, distinguishing characteristics, pricing and gross margin targets, competitive analysis, regulatory restrictions and ________.

size of the primary target market

research and development activities

plans to be a market leader

Reference no: EM132284014

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