Entrepreneurship and Small Business Management Review

Question 1

Someone who takes a risk in starting a business to earn a profit.

Answer 1

Entrepreneur

Question 2

The process of starting, organizing, managing, and assuming the responsibility for a business.

Answer 2

Entrepreneurship

Question 3

Money provided by large investors to finance new products and new business that have a good chance to be very profitable.

Answer 3

Venture Capital

Question 4

an invention or creation that is brand new.

Answer 4

Innovation

Question 5

a designed change that increases the usefulness of a product, service, or process.

Answer 5

Improvement

Question 6

an independent business with fewer than 500 employees

Answer 6

Small Business

Question 7

a government agency that helps small businesses plans and obtain financing and other support for their companies

Answer 7

Small Business Administration (SBA)

Question 8

a written description of the business idea and how it will be carried out,including all major business activities

Answer 8

Business Plan

Question 9

the amount of money needed to open the business

Answer 9

Start-up financing

Question 10

the money needed to pay for the current operating activities of a business

Answer 10

Short-term financing

Question 11

the money needed for the main resources of a business

Answer 11

Long-term financing

Question 12

a business owned and run by just one person

Answer 12

Proprietorship

Question 13

a business owned and controlled by two or more people who have entered into a written agreement

Answer 13

Partnership

Question 14

a separate legal entity formed by documents filed with your state. it is owned by one or more shareholders and managed by a board of directions

Answer 14

Corporation

Question 15

a written contact granting permission to operate a business to sell products and services an in a set way

Answer 15

Franchise

Question 16

a written argument among all owners detailing the rules an produces the guide ownership and operations

Answer 16

Partnership agreement

Question 17

a written legal document that defines ownership and operating procedures and conditions for the business

Answer 17

Articles of incorporation

Question 18

Most entrepreneurs get money to start of their business from these people

Answer 18

Family and Friends

Question 19

Most small businesses in the US are______________

Answer 19

Service Business

Question 20

Most small businesses fail because they do not keep ________________________

Answer 20

Adequate Records

Question 21

The most important step in starting up a business is________________

Answer 21

Coming up with an idea

Question 22

Nearly ________ percent of all Americans aged 18-64 is involved in some type of entrepreneurial activity

Answer 22

10 percent

Question 23

_____________ or more of small businesses are owned by women

Answer 23

25 percent

Question 24

Small businesses have a better chance at winning over customers because they give their customers _____________________________

Answer 24

Individual Attention

Question 25

This part of the business plan includes the business idea, ownership structure, and the businesses long-term goals

Answer 25

Description of Business

Question 26

Most business plans are updated __________________

Answer 26

Annually

Question 27

This part of the business plan includes description of the customers, information about their customers, and sales forecast

Answer 27

Customer Analysis

Question 28

This part of the business plan includes organization of the company, description of major operations, and analysis of resources needed

Answer 28

Operations Plan

Question 29

This part of the business plan includes the major marketing activities, description of resources needed, and schedule of marketing activities.

Answer 29

Marketing Plan

Question 30

This part of the business plan includes start-up costs, short and long term financial needs, sources of financing, and budgets and financial statements.

Answer 30

Financial Plans