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BAD 10 Ch 6

QuestionAnswer
Small Organization has fewer than ____ employees? 500
How many employees does a small business employ? Less than 500.
How many small business are in the US? 24 million
What percent do small business provide to new employment? 75%
Entrepreneur is a person who risks his or her wealth, time and effort to develop for profit an innovative product or way of doing something.
Entrepreneurship is the process of creating and managing a business to achieve desired objectives.
The entrepreneurship movement is accelerating and many new smaller businesses are emerging True.
Small Business Any independently owned and operated business that is not dominate in its competitive area and does not employ more than 500 people.
Small Business Administration an independent agency of the federal government that offers and Managerial and financial assistance to small businesses.
Small Businesses are ____ to the US economy? Vital
What is vital to the US Economy? Small Businesses.
More than 99% of all US business firms are classified as small businesses True
What percent of US businesses are classified as small businesses? 99%
Small Businesses employ what percent of the work force? 50%
What percentage of goods exportation does small business provide? 97%
How much value of exported goods do small businesses contribute? 29%
How many Women-owned businesses are there in the US? 10.5 million
Half of all Women-owned businesses employ over ____ million people. 12.5 Million.
Women Owned Businesses generate how much money in sales? 1.9 trillion.
Women owned businesses are growing twice the average rate over the last 20 years True.
The average rate of growth of a firm is? 10%.
Women-owned businesses make up ___% of privately owned firms? 41%
Minority owned businesses have been growing faster than women owned businesses. True.
Minority owned businesses represent ___ of all small business? 17.6%
Minority owned businesses are growing at a rate of ___? 30%.
What percentage of small businesses are owned by Hispanics? 7%
Afican Americans own 5.3% of small businesses. True.
American Indians and Native Alaskans own ___ of small businesses? 0.9%
Native Hawaiian and Pacific Islanders own what percentage of small businesses? 0.1%
Over the last 10 years 60 to 80 percent of jobs were created by small business. True.
___ of businesses employ less than 500 employees? 99.7%
Businesses employing 19 or less people account for what percentage of all business 89%
Many new jobs are being created from big/small business partnerships. True.
The reward of collaborative relationships are doing what? Creating many jobs for small business owners.
Perhaps one of the most significant strengths of small business is their ability to? Innovate.
Entrepreneurs provide? Fresh ideas and usually have great flexibility to change than do large companies.
Retailers acquire goods from producers or wholesalers and sell them to customers.
Wholesalers supply products to industrial, retail and institutional users for resale or for use in making other products.
Wholesaling activities range from planning and negotiating from supplies, promoting and distributing (whare hosing and transporting) to providing management and merchandising assistance to clients.
Service based products are one of the fastest growing sectors in the US. True.
Services account for what percentage of the economy? 66%.
Service based firms employ about ___ of the workforce. 66%.
Small businesses can have an advantage over large firms because they can customize products to meet specific customer needs and wants.
COO Chief Operating Officer.
Small Business often require less ___ to start and maintain than do large ones. Money
With small size comes the flexibility to adapt to changing market demands. True.
How many layers do small businesses usually have? One - the owner.
Small firms can focus their efforts on? a precisely defined market niche.
Many ___ must compete in mass market or for large market segments. Large corporations
Small businesses can sometimes avoid the competition of larger firms by Focusing on small parts of a market.
Small business owners tend to be victims of physical and psychological stress.
Many creative people fail because they lack management skills.
About 90% of businesses fail within the first 5 years.
The three major causes of business failure are under-capitalization, managerial inexperience or incompetence and the inability to cope with growth.
Under-capitalization is the lack of founds to operate a business normally.
All most all business suffer from a seasonal variation in sales. True.
Growth requires specialized skills in areas such as credit analysis and promotion
Poorly Managed growth probably affects a company's reputation more than anything else.
The principle immediate threats to small and mid-sized businesses include rising inflation, collapse of the dollar's value, energy and other supply shortages, excessive household and or corporate debt and the growing federal deficit.
The business plan should include an explanation of the business, an analysis of the competition, estimates of income and expenses and other information.
Many financial institutions decide whether to loan a small business money based on the firm's business plan.
Business plan is a precise statement of the rationale for business and a step by step explanation of how it will achieve its goals.
The Small Business Administration Web site provides an overview of a plan for small businesses to use to gain financing. True.
The most important source of funds for a small business is the owner.
Equality Finace is the owners real personal assets used to run the business.
The owner can also provide working capital by reinvesting profits into the business or simply by not drawing a profit.
Banks are the main supplier of ____ for small businesses. outside funds.
On the federal level, the Small Business Administration provides ___ assistance to qualifying business. financial
Anyone lending a friend or family member money for a venture should state the agreement clearly in writing before any money changes hands.
Venture Capitalists are persons or organizations that agree to provide some funds for a new business in exchange for an ownerships interest or stock.
Banks will often require that entrepreneurs to put up a collateral.
Collateral is a financial interest in the property or fixtures of the business to guarantee payment of the debt.
Banks and other financial institutions can also promise to lend small businesses a line of credit.
A line of credit is an agreement by which the financial institution promises to lend the business a predetermined sum on demand.
Small businesses may obtain funding from their supplier called trade credit.
Trade Credit is when a supplier allows the business to take possession of a needed good or service and pay for it at a later date.
Bartering is trading their own product for the goods and services offered by other businesses.
Entrepreneurs may also buy a company. True.
Many small-business owners find their entry in to the business world through franchising.
Franchise is a license to sell another's product or to use another's name in buesiness or both.
Franchiser is the company that sells a franchise.
Franchisee is the purchaser of a franchise.
The advantages of a franchise are Management, training support, brand name appeal, standardized quality of goods + service, National advertising programs, financial assistance, proven products and business format, centralized buying power, site selection and greater chance of success.
The disadvantages of a franchise are franchise fees and profit sharing with the franchiser, strict adherence to standardized operations, restrictions on purchase, market saturation and less freedom in business decisions.
Small businesses are more vonruible to economic turbulence.
The boomer generation numbers about 76 million or 28% of US citizens.
Downsizing is a buzzword beginning from the 1980s and continuing through today.
Right Sizing is the same as Downsizing.
Intrapreneurs are individual in large firms who take responsibility for the development of innovations within the organizations.
Created by: vbrobert