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The two primary concerns of an entrepreneur starting a new business are planning and record keeping.

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Discuss several ways the Small Business Administration assists entrepreneurs.

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a.The SBA is a valuable source of inform...

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The Connecting with Small Business box is testimonial to the fact that entrepreneurs are problem solvers.

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Many small business owners report that they needed assistance with accounting when they first started businesses.

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When Krystal Ginger graduates from culinary school she dreams of opening her own Asian fusion restaurant.Her other passion is skiing in Colorado,where she schedules four or five trips each year.As her small business advisor,you believe it necessary to provide her with information that will help her make good business decisions.Which of the following would be helpful for Krystal to know?


A) Restaurants are relatively easy businesses to start,but are labor intensive and also have the greatest failure rate.
B) Restaurants are not the easiest type of business to start,but once you get it going,you will have plenty of time for skiing.
C) Most restaurant owners get rich if they open their own,independent restaurant as opposed to starting a franchised operation.
D) Franchised operations will take less time on the part of the owner than a regular independently owned operation.If she opens a franchise,she will have more time for creativity in the business,and more time for skiing too.

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Which of the following statements is characteristic of entrepreneurs?


A) They like certainty.
B) They have the ability to visualize a clear path.
C) They look at problems and see opportunities.
D) They prefer to be inventive rather than worry about whether the invention solves a customer neeD.

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After graduation,Manny focused his attention on finding full time employment.He has decided to narrow his job search to jobs with a major corporation.His job search strategy:


A) makes sense because managerial skills are best developed by working for big firms.
B) is smart because major corporations represent the most important source of employment growth in the United States.
C) indicates that Manny's passion is to fulfill his dream of owning his own business.
D) will likely limit his job prospects since most new jobs are with small businesses.

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Which of the following suggestions would an experienced business owner offer to help someone who is thinking about starting a business venture?


A) Avoid the temptation of buying an existing firm.Build your own reputation and make your own mistakes.
B) Gain experience by working for a successful businessperson.
C) Postpone consulting with an accountant or lawyer until you can afford their services.
D) Jump in quickly,before the market conditions change and opportunities are lost.

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Labels Plus,LLC,exports specialty printing equipment for the labeling,flexible packaging,and carton industry.Due to increased support from _______,this company's sales to Brazilian companies and other global opportunities have significantly increased.


A) its newly revised web site
B) Department of Commerce's Bureau of Industry and Security
C) the FDA
D) local politicians

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The entrepreneur's integrity is not relevant to bankers when determining the credit worthiness of a business loan.

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


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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When Kelsey began the Cookie Kitchen,she located the operation at a small business center to get help with accounting,legal advice,and secretarial help for a very low cost.Electing to join the incubator helped her company to survive because it provided assistance while her company was in its infancy.

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Erin developed a new type of exercise equipment she calls the Tush N' Tone.After unsuccessfully searching for potential investors,she arranged a personal loan and borrowed additional money from her parents.Her willingness to continue believing in her idea and to remain enthusiastic shows that Erin is:


A) characteristically self-nurturing.
B) better suited to managing a nonprofit organization.
C) unaware of the risks she was taking.
D) not a true entrepreneur.

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Entrepreneurial spirit is unique to a small business environment.

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Corporate downsizing reduces the opportunities for home-based businesses.

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Justin's favorite part of Introduction to Business class was marketing.As he brainstorms about starting a car detailing business,he recalls that it is important to:


A) open for business and start collecting information about what customers want.
B) find the most affordable location for the business.
C) only agree to serve a high-end market.
D) analyze the market before making the service available.

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Which of the following statements accurately depicts an advantage that small business has over big business?


A) If the small business owner can project his business as being big,if not very similar to big businesses that sell in the same industry,then he will realize a significant advantage.
B) The size of the business (small being better in this case) is an important consideration in the management of legal,payroll,and tax concerns.
C) A small business can maneuver and change quicker than most large businesses can.It can react to market conditions and customer concerns much faster.
D) The slower pace of small businesses translates into better quality for its customers.

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The easiest businesses to start are those that offer the greatest profit potential.

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

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An entrepreneur's personal financial position will have a minor impact on negotiations with bankers for a small business loan.

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