Managing Start-ups And New Ventures

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Question 21
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 Since a corporation is a legal structure reserved for large firms, small businesses have two basic choices for legal structure of their company: proprietorship and partnership.

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Question 22
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 A sole proprietorship is an unincorporated business owned by two or more people.

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Question 23
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 The drawbacks of proprietorship include unlimited liability and difficulty in obtaining financing.

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Question 24
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 Two principle advantages of forming a corporation are continuity and limits on the owners' liability.

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Question 25
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 People who believe that outside forces determine what happens to them have a high internal locus of control.

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Question 26
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 All entrepreneurs are motivated by building larger, more profitable businesses.

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Question 27
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 Borrowing from family and friends is a common source of debt financing for a start-up business.

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Question 28
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 Equity financing consists of funds that are invested in exchange for ownership in the company.

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Question 29
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 A venture capital firm is a group of companies or individuals that invest money in new or expanding businesses for ownership and potential profits.

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Question 30
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 The advantage of buying an existing business is the ability to develop and design the business in the entrepreneur's own way.

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Question 31
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 An attractive option for entrepreneurs who want to start a business from scratch is to join a business incubator.

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Question 32
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 To succeed in the competitive online market, the entrepreneur needs to identify a market niche that isn't being served by other companies.

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Question 33
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 Entrepreneurs see themselves as being less in control of their environment, generally speaking, and can be expected to have an external locus of control.

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Question 34
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 One of the biggest mistakes that new entrepreneurs is in not knowing when to pivot, which means knowing when to abandon a failing business.

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Question 35
True/False

 A domain name gives a company an address on the Web and a unique identity.

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Question 36
Multiple Choice

 Which of the following is the process of initiating a business venture, organizing the necessary resources, assuming the associated risks, and enjoying the rewards?

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A
Intrapreneurship
B
Entrepreneurship
C
Small business administration
D
Venture capital
E
Equity financing
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Question 37
Multiple Choice

 A(n) __________ is someone who recognizes a viable idea for a business product or service and carries it out by finding and assembling the necessary resources to undertake the business venture. 

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A
intrapreneur
B
entrepreneur
C
manager
D
leader
E
optimizer
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Question 38
Multiple Choice

 Being interested in computers, Jose Cohata came up with an idea of personalizing the screen saver programs with family pictures. After trying a couple of programs, Jose started marketing this service to neighbors and area businesses. Jose's activities can be described as:

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A
an entrepreneurship.
B
an intrapreneurship.
C
franchising.
D
a business plan.
E
a partnership.
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Question 39
Multiple Choice

 Entrepreneurs who aspire to start an online or mobile business:

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A
follow the usual steps required to start a traditional business.
B
should be savvy with technology.
C
need to be unusually nimble.
D
must know when to pivot.
E
all of these.
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Question 40
Multiple Choice

 Tracy's Trikes believes that each employee should enjoy the idea of working on something that is new, creative, or personally meaningful. Tracy's Trikes exemplifies which of the categories of small-business owners?

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A
Optimizers
B
Idealists
C
Hard workers
D
Sustainers
E
Jugglers
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