Identify a characteristic of venture capital start-ups. - ANS They are inherently risky operations whose growth is dependent on the exploitation of unknowns in the market.
True or false: Unlike entrepreneurial businesses, large organizations will regularly pursue smaller markets even if ...
Identify a characteristic of venture capital start-ups. - ANS They are inherently risky
operations whose growth is dependent on the exploitation of unknowns in the market.
True or false: Unlike entrepreneurial businesses, large organizations will regularly pursue
smaller markets even if they do not believe the results will generate profits. - ANS This is
false. Large organizations will regularly ignore business opportunities if they do not believe the
results will generate profits. Entrepreneurial businesses are more flexible and willing to pursue a
wider range of opportunities.
The ____ ceiling refers to the fact that women and minorities may be hired by large firms but
they experience limits placed on their advancement within the firm. - ANS Glass
According to the World Bank, the presence of entrepreneurial small- and medium-sized
enterprises is one of the strongest factors in the growth of any nation's______ - ANS gross
national product
Which of the following descriptions are characteristics of entrepreneurial firms? (Check all that
apply.)
Multiple select question. - ANS The start-up is self-funded or closely funded.
The number of employees will not be expected to grow beyond 100.
The operation is designed in the image of the founder.
A difference between entrepreneurial businesses and venture capital-backed firms is that _ -
ANS entrepreneurial businesses' resources are more constrained than those of venture
capital-backed businesses
The business plan for a new entrepreneurial business is developed to serve as a guide to
manage the business, to provide potential investors with critical information to evaluate the
business, and to: - ANS provide a self-evaluation
True or false: The one-page pitch created by a new entrepreneur while developing a business
plan should offer an effective starting point for every potential supplier, employee, or investor.
True false question. - ANS This is true. The one-page pitch created by a new entrepreneur
while developing a business plan should provide crucial information about the new business
idea and offer an effective starting point for every potential supplier, employee, or investor.
,Which of the following are reasons why entrepreneurial businesses are successful? (Check all
that apply.) - ANS Free to place energy into satisfying the needs of customers
Fewer layers of management
Tend to be more focused than large corporations
Identify a finding of the federal General Accounting Office's (GAO's) analysis of the impact of the
closure of military bases.
Multiple choice question. - ANS In cities with base closings, several new businesses rose
up to fill the economic gap that had resulted from the closings.
The European Union considers any business with fewer than _____ employees to be a small
business. - ANS 50
What are the critical elements that an entrepreneur must solve for success? (Check all that
apply.) - ANS Sustainable operating profit margin
Develop an ability to generate consistent and growing sales
Sufficient resources to get the business to a point where it is self-funding
A business plan for a small business typically runs _____ pages long.
Multiple choice question. - ANS from 15 to 25
Which of the following statements is true of venture capital start-ups? - ANS They are often
formed as high-tech ventures consisting of unique characteristics.
Economies of scale is the condition that allows the long-run average cost to continue _______
as production _______. - ANS downward; increases
According to the 2019 statistics from the United States Small Business Administration, 99.9
percent of all businesses in the United States are - ANS small
The success of entrepreneurial businesses occurs because they are simply more _____ than
their larger corporate counterparts. - ANS focused
Identify the findings of the federal General Accounting Office's (GAO's) analysis of the impact of
the closure of military bases. (Check all that apply.) - ANS In cities with base closings, the
areas around the bases had income growth higher than the national average.
Cities with base closings offered tax breaks and programs to support new business
development.
The U.S. government considers any business with fewer than _____ employees to be a small
business. - ANS 500
The Fortune 500 is published annually by Fortune magazine and documents the 500 largest
corporations (by ______) in the United States? - ANS sales
, True or false: Every business in the Fortune 500 started out as a large corporation. - ANS
False. Every business in the Fortune 500 started out as an entrepreneurial business
Which of the following are characteristics of venture capital-backed firms? (Check all that apply.)
- ANS They have a developed organizational structure.
They either start or grow quickly to employ a relatively large number of employees.
They are formed with a harvest plan in place.
Along with being properly financed and developing sustainable profit margins, in order to be
successful, entrepreneurs must: - ANS develop an effective sales generation model.
The process of ______ a new business is unique and has developed into a popular area of
study at colleges around the globe. (Check all that apply.) - ANS developing
initiating
running
Large firms can obtain economies of _____ in some industries because of their ability to operate
on a larger scale than can a small firm. - ANS Scale
When was the initial development of the large industrial base of the United States? - ANS
1880s
True or false: Robber barons were responsible for the collapse of small businesses in the
1880s. - ANS False. Small businesses continued to thrive as they served the needs of the
large industrial sector.
____include key suppliers, customers, and employees. These individuals are critical to the
success of a business. - ANS Stakeholders
Civic leaders often look to ______ as a means to promote economic strength for a community,
region, or state.
Multiple choice question. - ANS entrepreneurs
Silicon Valley and Boston's 128 corridor are well known for: (Check all that apply.) - ANS
generating new employment with entrepreneurial ventures.
providing a growing tax revenue base.
providing a basis to the area's economic vitality.
Which of the following are ways entrepreneurial businesses can act as catalysts for societal
change? (Check all that apply.) - ANS Entrepreneurial businesses have an understanding
of the local community.
Entrepreneurial businesses are willing to pursue smaller markets ignored by large corporations.
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