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Exam 6: Entrepreneurship and Starting a Small Business

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Question 91

Multiple Choice

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As a small business owner, Tanika can't afford to provide her employees with the high wages and benefits offered by big corporations. One way to retain her employees and create a high level of motivation would be to:

A) constantly communicate with them that "at least they have a job."
B) adopt a policy of promoting workers who have been employed the longest.
C) empower her employees to develop their own ideas.
D) hire only family members, since they are more loyal.

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Question 92

Multiple Choice

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Successful entrepreneurs are self-nurturing. This means they:

A) look to others for strength and encouragement.
B) self-finance their business with no assistance from others.
C) perform all business operations by themselves.
D) believe in themselves and their ideas.

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Question 93

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With fewer employees and less revenue, small businesses have less need for detailed records than do larger business organizations.

Austin's interest in computers helped fuel his design of a new hard drive that is far superior to anything on the market. Austin's product and business plan will likely attract several sources of financing if he is willing to give up part ownership in his company.

Small businesses account for over 50% of the U.S.'s gross domestic product (GDP).

Entrepreneurial spirit is unique to a small business environment.

The Internet provides a resource for entrepreneurs for information regarding the steps needed to take their business online.

Historically entrepreneurs in the U.S.

Potential suppliers can be an excellent source of financing for a new business since lending money to a new customer may be very much in their own interest.

As a result of corporate downsizing, Alex lost his job as an information systems manager for a large telecommunications company. A bonafide computer geek in his own right, Alex knew that several of his past company contacts often outsourced their computer problems. He decided it was a good time to test the waters and see if he could secure enough computer clients to be in business for himself. His success demonstrated that:

The Small Business Administration's microloan program awards loans to entrepreneurs based primarily on their:

Entrepreneurship is:

Shopping widgets allow Internet users to become for e-retailers.

Ketan is an intrapreneur for a multinational electronics company. As an intrapreneur Ketan:

Recent evidence suggests that the small business failure rate is significantly much higher than previously reported.

A business is considered small by comparing its size to others in the same industry.

Ming's three employees have been with her since she started Employment Recruiters, Inc., nearly 10 years ago. As she contemplates the staffing for her new branch office, she senses that none of these three are ready to manage the office. Faced with this difficult situation, she should:

If you have managerial skills and leadership ability, you also posses the personality to be an entrepreneur.

Successful entrepreneurs are exclusively motivated by the desire to become rich.

Identifying "poor management" as the cause of a small business failure likely covers a variety of problems.