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Exam 6: Entrepreneurship and Starting a Small Business

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Question 111

Multiple Choice

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Kenya recently quit a job with a large corporation to start her own business.While she realizes that her decision comes with risk,she is excited for the chance to be independent and by the challenges of running her own firm.Kenya is an example of a(n) :

A) intrapreneur.
B) entrepreneur.
C) venture capitalist.
D) raconteur.

E) None of the above
F) C) and D)

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Question 112

Multiple Choice

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Yesterday,on Facebook™,one of Pam's friends suggested that she spread the word about Mia Bella Boutique™,an online company that designs hats and shoes.If Pam's efforts generate 25 more people to spread the word,Pam will receive 30% off her order.Mia Bella is utilizing ______________,an effective strategy for increasing awareness and market share for web-based businesses.

A) affiliate marketing
B) viral voice
C) friend to foe marketing
D) guerilla marketing

E) A) and B)
F) A) and C)

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Question 113

Multiple Choice

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Which of the following best describes entrepreneurial personality traits?

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?

Jake wants to sell his workout DVDs in European,Asian,and Latin American countries._______________ will help him reach vendors abroad,without the expense of traveling to meet them face-to-face.

Jake is an innovative engineering graduate who works for a large company that makes adhesive products for commercial and consumer use.One of his primary responsibilities is to initiate and develop new products to complement the firm's current product line.Jake's company is __________.

Most entrepreneurs get the ideas for their products and services from a flash of inspiration.

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

State and local governments often act as venture capitalists.

The principles of management of a large business are similar to the principles of management of a small business.

One way to get into business is to buy an existing company.The value of the business used to determine a fair purchase price is based on:

Entrepreneurs looking for a business that gives them the best opportunity to get rich should consider starting a business in:

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

Jennifer,a talented photography major started a corporate photography business.She planned to solicit jobs from large corporations who needed pictures for their annual reports and websites.Although filling a unique niche,Jennifer needed the security that the business would thrive and that she would earn enough to support herself and her child.She also hoped that she would spend less time each day calling on potential clients and more time doing the actual shoots.As her small business consultant,which of the following suggestions would you have for Jennifer?

Venture capitalists prefer investing in smaller start up businesses in order to reduce their overall risk.

The position of our government is to restrict foreign entrepreneurs from operating within the U.S.

Which of the following is a characteristic of successful entrepreneurs?

Successful entrepreneurs accept the risk of failure.

Small businesses lack the resources to compete directly with big businesses.

If you are trying to prevent failure,it is a good idea to go into the business with good record-keeping techniques.