Business Management Chapter 5

Who would NOT be considered an entrepreneur?

• Chef who just wrote a new cookbook

• An accountant who just opened their own practice

• A lawyer who started working for the largest firm in the US

• Businesswoman who inherited a company from her parents

Which is NOT a characteristic of a successful entrepreneur?

• Creative

• Inquisitive

• Goal-Oriented

• Procrastination

What is a new business undertaking that involves risks?

• Venture

• Sole Proprietorship

• Small Business

• Entrepreneurship

What U.S. government agency provides support to entrepreneurs and small businesses?

• Department of Labor

• Small Business Administration

• Environmental Protection Agency

• National Business Register

What is a corporation?

• a business with many owners

• a person owned by two people

• a business owned by one person

• a business owned by AI ready to take over the planet

Which is NOT a reward of entrepreneurship?

• being the boss

• being creative

• being isolated

• potential for lots of money

___ out of 5 small businesses fail in the first 5 years

• 25%

• 40%

• 70%

• 80%

Small businesses typically employ fewer than ____ employers and serve a limited geographic area.

• 50

• 100

• 500

• 2500

It is estimated that ____ of all new jobs are generated by small businesses.

• 25%

• 33%

• 67%

• 75%

What is the most important reason for having a business plan?

• to do market research

• to help you focus on how to succeed in your new venture

• to make a checklist

• to find out what to produce in your business