Chap001 - Chapter 01 - Small Business: Its Opportunities...

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Chapter 01 - Small Business: Its Opportunities and Rewards Chapter 01 Small Business: Its Opportunities and Rewards True / False Questions 1. (p. 4) About half of the adults in the U.S. think about owning their own business, but only one person in 50 who thinks about it actually starts a business. FALSE Difficulty: Medium 2. (p. 4) When thinking about owning their own business, one hurdle people need to overcome is taking the right action. TRUE Difficulty: Easy 3. (p. 5) The U.S. government agency that helps people start businesses is the U.S. Department of Commerce. FALSE Difficulty: Medium 4. (p. 6) Imitative firms are defined as prepackaged businesses that are bought, rented or leased from another company. FALSE Difficulty: Medium 1-1
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Chapter 01 - Small Business: Its Opportunities and Rewards 5. (p. 6) Truly entrepreneurial businesses are characterized by imitativeness in their products, services or business models. FALSE Difficulty: Hard 1-2
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Chapter 01 - Small Business: Its Opportunities and Rewards 6. (p. 7) Small businesses focus on efficiency whereas high growth ventures focus on effectiveness. TRUE Difficulty: Hard 7. (p. 7) People starting high-growth ventures need to know how to seek and obtain venture capital. TRUE Difficulty: Easy 8. (p. 9) Nearly all entrepreneurs talk about three universally mentioned rewards: flexibility, fame and fortune. FALSE Difficulty: Medium 9. (p. 9) Growth rewards are what people get from facing and beating challenges. TRUE Difficulty: Easy 10. (p. 10) Flexibility rewards refer to the money made from owning your own business. FALSE Difficulty: Medium 1-3
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Chapter 01 - Small Business: Its Opportunities and Rewards 11. (p. 10) More than 75 percent of the millionaires in the United States are entrepreneurs. TRUE Difficulty: Hard 12. (p. 11) Some of the problems faced by people who are thinking about starting small businesses are: (1) there is not enough financing to start businesses and (2) they must make something to make money. TRUE Difficulty: Medium 13. (p. 12) Service industries represent the single biggest business sector in terms of the number of businesses, the number of people employed and the amount of revenue generated. TRUE Difficulty: Medium 14. (p. 13) In order to start a business, you need four elements to come together: boundary, reason, idea and exchange. FALSE Difficulty: Easy 15. (p. 13) The most frequently occurring element of the BRIE model is the intention. TRUE Difficulty: Medium 1-4
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Chapter 01 - Small Business: Its Opportunities and Rewards 16. (p. 13) In the BRIE model, exchange refers to moving resources, products or services to others in exchange for money or other resources. TRUE Difficulty: Easy 17. (p. 15) The BRIE model can help individuals with one of the biggest hurdles of starting a business, which are resources. FALSE
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This note was uploaded on 11/21/2009 for the course MNGT 422X taught by Professor Godsey during the Spring '09 term at UNL.

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Chap001 - Chapter 01 - Small Business: Its Opportunities...

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