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Business Principles

Chapter 6 T/F

Small business owners often have the goal of expansion and growth. F
The major responsibility of an entrepreneur is to use the resources of their organizations in order to accomplish their goals T
Merely owning a business makes you an entrepreneur F
An entrepreneur is an employee of a large organization F
Managers are employees who direct the efforts of others to achieve an organization’s goals. T
In a recent year, roughly 565,000 new businesses were created each month in the United States T
According to the U.S. Small Business Administration, most newly created jobs come from small businesses, with a significant share of those jobs coming from new companies. T
In the beginning of their new career, entrepreneurs often find themselves working longer and harder than ever before T
Entrepreneurs are wealth creators T
Working for large corporations generally provides more job security than becoming an entrepreneur F
Lifestyle entrepreneurs are drawn by the prospect of working fewer hours. F
The third step in starting a new business is to create a business plan F
Buying a franchise is a less risky way to begin a business than starting a new firm. T
Most new ventures are formed to solve problems that people have experienced at work or in their personal lives. T
Equity financing means using borrowed funds to finance a business venture. F
Benefits to buying an already existing business is that the proper licensing is already obtained and a pool of workers is already in place F
A successful entrepreneur always follows his or her business plan T
A good idea for a business should aim to satisfy an unmet need in the marketplace T
The U.S. Small Business Administration encourages entrepreneurs to use credit cards for their business startup funds F
Large firms can encourage intrapreneurship by using dedicated programs such as skunkworks. T
Once you have a great idea for a new product, it is generally unnecessary to determine if there is a need or desire for that product in the marketplace. F
Countries whose economies are driven by innovation have a much higher average rate of entrepreneurship F
Entrepreneurial firms find they really can’t compete effectively in an economy based on knowledge and information technology F
A serial entrepreneur recognizes a societal problem and uses business principles to develop innovative solutions F
Many entrepreneurs start a business because they have created something new and want to make it a market success themselves. T
An increasing number of small businesses are started by professionals and managers who separated from large corporations when those firms downsized. T
Once your new business is off the ground, you can expect to work fewer hours than you would at a regular job. F
Entrepreneurs often believe that they control their own destinies and refrain from blaming others for their hardships T
Once financing has been secured for a new business venture, the entrepreneur should then create a business plan F
The main aim of a social entrepreneur is to start a business with the hope of maximizing profit. F
The aging of the population and growth of dual-income families create opportunities for entrepreneurs to market new goods and services. T
Classic entrepreneurs identify business opportunities and allocate available resources to tap those markets. T
Entrepreneurs tend to avoid using social media as a marketing tool F
Created by: tiffanie1719
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