Small Business

Which is a key trait of an entrepreneur?

• Flexibility

• Risk Taking

• Creative Thinking

• All of the above

Sally stated her business five years ago. The business brings organic produce to food banks and has grown 15% each year. What type of entrepreneur best describes Sally?

• Social

• Lifestyle

• Growth

• Gazelle

One of the first things someone needs to do before starting a business is to write which of the following?

• A business plan

• A loan application

• A partnership statement

• A franchise agreement

Which of the following is not a characteristic of a small business?

• Less than 500 employees

• Annual revenue no more than $7 million

• Independently owned & operated

• Considered dominant player in its industry

Steve wants to start a company. He has a rough draft of his business plan. He needs advice to help him through the start up process. The best source for Steve is

• an angel investor

• a SCORE volunteer

• his parents

• a bank loan officer

Kazuto is interested in starting a business. Which is a reason he should consider buying an existing business versus starting one from scratch?

• He will operate a business which is tried and tested

• He will work fewer hours

• He will need less capital up front

• All of the above

Weyland wants to buy a deli that is for sale, but the owner has put too high a value on the business's goodwill. Goodwill is

• the value of the leftover products the deli gives to the foodbank

• the value of the donations given to charity

• the value of the business's reputation under the current owner

• all of the above

Rebecca owns a business and has an idea for a new product but needs about $125,000 to take it to market. Her personal credit and savings are maxed out.

• Credit cards

• New business grant

• Angel investor

• Venture capital financing

Which of the following factors commonly leads to small business failure?

• Not enough planning

• Too much accumulated debt

• Unanticipated personal sacrifice

• All of the above

Rashid wants to start a consulting business. He needs a receptionist, a place to meet clients, and other aspects of an office. Which is a solution?

• a mentoring group

• an advisory board

• a business incubator

• an entrepreneurial team