Mie 201 Chapter 6 questions – Flashcards
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_____ is a combination of private and public funding, in which an entrepreneur invites people to fund a share business venture or a new product
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crowd funding
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A business plan is a written document that summarizes the_______
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proposed business venture, goals and plans for achieving those goals
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Which of the following is TRUE about creating a new, independent business?
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The customer base must be built from the ground up
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Which of the following is a quality that a successful entrepreneur is most likely to have?
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views failure as a chance to grow
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T/F Among all firms that apply for US patents on new inventions, small businesses receive 13 times more patents per employee than larger firms
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True
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At the federal level, small businesses can apply for loans backed up by the ______
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Small Business Administration
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Which of the following is an example of a lifestyle business?
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A self employed landscape designer
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T/F Baskin Robbins gives its franchisees the right to resell its trademarked goods that must be purchased from Baskin Robbins. This is an example of a product franchise
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true
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Which one of the following statements does NOT pertain to "business incubators?"
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In exchange for an equal share of ownership, Y Combinator makes investments in companies
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Funding a new business with credit cards or a personal line of credit ________.
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Is a widely available form of financing
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Invites people to fund the business project and states that donors will be honored on the organizations website... This is ______
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Crowdfunding
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Which of the following is TRUE about a small business
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A small business is one that is NOT dominant in its field
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Which of the following statements does NOT accurately represent franchising
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Franchisors pay the initial cost of buying a franchise, and franchisees pay based on a percentage of sales revenue
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Entrepreneurs can get advice and support from a wide variety of sources, which does NOT include which of the following ?
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US Census Bureau
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______ provide a small business with a wide array of support resources and services during its early growth phase
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Business Incubators
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T/F Outsourcing reduces opportunities for small businesses and entrepreneurs
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False
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T/F A business plan summarizes the proposed business venture, goals and plans for achieving those goals
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True
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Which of the following is a quality that a successful entrepreneur is most likely to have?
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Views failure as a chance to grow
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Preparing a business plan serves which of the following functions?
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It helps persuade lenders and investors to finance the business
