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Exam 6: Entrepreneurship and Starting a Small Business

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Question 121

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

A) is expected to recruit new managerial talent for his firm.
B) will use the firm's existing resources to develop new products.
C) is concerned mainly with improving the firm's public image.
D) will concentrate on creating new ventures that can be spun off to become independent firms.

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Question 122

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Luis is a partner in a firm that specializes in producing vitamins and health food products. While the business is considered small by U.S. standards, he is attempting to persuade his partner to expand internationally. Luis would list which of the following as an advantage of going global?

A) Exporting can help sell excess inventory.
B) Marketing programs benefit from the cultural similarities in prospective markets.
C) Financing can easily be obtained to expand internationally.
D) Selling your products in other markets reduces their life cycle, making them more attractive.

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Question 123

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Entrepreneurial teams increase the cooperation between marketing, production and other functional areas of a business venture.

As opposed to venture capitalists, angel investors prefer to target their investments in new firms requiring large sums of money.

Business incubators provide assistance to established companies attempting to generate foreign sales.

The most important difference between entrepreneurs and micropreneurs is the focus placed by micropreneurs on balancing the demands of work and family.

Marina has just completed her business degree. She should focus her job search to only include large corporations.

Exporting offers small businesses opportunities to reduce their dependence on domestic sales and extend product lives.

The U.S. government offers investor visas to attract more entrepreneurs.

Discuss the benefits exporting offers to small businesses. Given these benefits, why don't more small firms sell in international markets?

Jason, Robin, and Ian currently work in the marketing department of a large corporation. They have similar backgrounds and training and are thinking about leaving their company to start their own business. Successful entrepreneurial teams are comprised of these types of people because similarities in knowledge and skill ensure harmony and consistency in their new business.

Felicia decided to work for a floral design studio before opening her own shop. This approach to learning the business is okay, but her time would be put to better use starting her own business.

Venture capitalists provide funds for start-up businesses in exchange for part ownership in the new firm.

While the first job for many people is working for a small business, larger corporations create most of the permanent new jobs.

Successful entrepreneurial teams:

A __________ is a written document that details the business idea, the target market and the business's competitive advantage, financial resources available for the business, and the qualification of the management

Successful entrepreneurs are self-nurturing. This means they:

The SBA may guarantee loans made by a financial institution and repay them if the borrowers stop making payments.

Hiring family members offers the best answer to the problem of attracting qualified employees.

State governments create new start-up business organizations called enterprise zones that are later sold to private investors.