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Business Principles
Chapter 6 T/F
| Term | Definition |
|---|---|
| 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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