MGMT1001 Chapter 5: Small Business, Entrepreneurship, and Franchising 1. Megha is a taekwondo expert who starts her own martial arts training academy. She conducts taekwondo classes for women and teaches them the art of self-defense. Megha can be regarded as a: B. Entrepreneur 2. Vernon run Buzz, his own event management company, which frequently organizes large corporate events. He has built a good reputation for organizing corporate events with a fair degree of professionalism at reasonable costs. He works out of his old house with a staff of about 55 employees. Vernon’s company can be categorized as a: E. Small Business 3. The Small Business Administration (SBA) is a: B. independent agency of the federal government that offers managerial and financial assistance to small businesses. 4. Which of the following reasons makes retailing an attractive industry for small businesses? D. Retailing requires low initial financing. 5. Which is a trait of an entrepreneur? C. Frugality 6. Which of the following is a disadvantage of small businesses? C. They have a high failure rate 7. If a small business has to cope with growth, it requires the owner to: A. Give up a certain amount of direct authority 8. Penelope is a very talented software engineer who starts her own small software development
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- Fall '13