Management 1: Chapter 6 Quiz – Flashcards

A __________ is a written document that details the business idea, the target market and the business's competitive advantage, financial resources available for the business, and the qualification of the management. a. business plan b. marketing plan c. statement of intent d. feasibility product

________ are private individuals who invest their own money in potentially hot new companies before these firms become larger, publicly traded companies. a. Leveraged buyout specialists b. Venture investors c. Angel investors d. Corporate raider investors

Small business owners often struggle in attracting qualified workers. Which of the following contributes to this problem? a. Many jobs in small firms have low pay and few benefits. b. Owners will not often listen to ideas suggested by the workers. c. Bosses in small firms tend to be disrespectful to the workers. d. Employee relations are especially poor in small firms.

A new business that sets up a(n) _____________ from the start is saving itself time and grief later. a. good accounting system b. angel investment network c. vertical marketing system d. detailed supplier network

Increased participation in small business exporting owes credit to ________. a. technological advances such as the Internet and PayPal for safely fulfilling orders b. large events such as the Olympics that have brought attention to the potential in world markets c. political constituents who have made in-roads abroad d. partnerships that small businesses have formed with large businesses

Micropreneurs is a term used to describe entrepreneurs who focus on the continued growth of their businesses. True False