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82) Which of the following terms describes a plan to exit a small business?
A) Harvest plan
B) Business plan
C) Entrepreneurial plan
D) General departure plan
83) You should not use a cookie-cutter business plan program because:
A) each business plan should have its own voice, feel, and presentation.
B) a good plan is best developed by the individual contemplating the business, not by a paid
consultant.
C) potential investors are often family members, which makes it critical that the entrepreneur seeks
to ensure the chances of success by doing thorough planning and thinking.
D) All of these
84) Which of the following is a defining characteristic of venture capital start-ups?
A) The businesses are well-funded by angel investment.
B) The development plan of the business is oriented around positive cash flow.
C) The management structure of the business is designed to take advantage of the skills of the
founder.
D) The business is oriented toward the personal goals of the founder.
85) Identify a defining characteristic of venture capital start-ups.
A) They are inherently safe operations whose growth is dependent on the exploitation of knowns
in the market.
B) They tend to develop operations in multiple locations very shortly after the initial investment.
C) They generally have a developing organizational structure that is subject to frequent change.
D) They are usually self-funded or closely funded.
86) Identify a defining characteristic of entrepreneurial firms.
A) These businesses either start or grow quickly to employ a relatively large number of employees.
B) They tend to develop operations in multiple locations very shortly after the initial investment.
C) They tend to be oriented toward the personal goals of the founder.
D) They are inherently risky operations whose growth is dependent on the exploitation of
unknowns in the market.
87) Identify a true statement about entrepreneurial firms.
A) Such businesses tend to develop operations in multiple locations very shortly after the initial
investment.
B) Such businesses generally hire an experienced president to grow the company.
C) The organizational structure in such businesses is often well-developed.
D) The number of employees in such businesses is unexpected to grow to more than 50 to 100.
88) In the context of a harvest plan, which of the following is the deciding metric in a potential
public offering of a business?
A) Location
B) Nature
C) Size
D) Capital
89) The U.S. Census tracks employment by number of employees (among many other statistics)
and the latest census reports indicate that ________.
A) firms with fewer than 99 employees represent the majority of all firms in the United States
B) firms with more than 500 employees represent approximately 35 percent of all full-time
employees in the United States
C) there is an extensive presence of venture capital for start-ups outside of the United States
D) firms with fewer than 99 employees represent 35 percent of all part-time employees in the
Unites States
90) Which of the following statements is true about venture capital start-ups?
A) They refrain from developing operations in multiple locations very shortly after the initial
investment.
B) They are funded by angel investors who invest more than $2 million and expect extraordinary
returns.
C) They have a management structure designed to take advantage of the skills of the founder or
founders.
D) They ensure that the business is oriented toward the personal goals of the founders.
91) ________ is a list published annually by Fortune magazine of the largest corporations in the
United States.
92) During the 1970s and 1980s, the ________ occupied the dominant economic position in the
world.
93) ________ are individuals or other organizations that impact the success of a business.
94) In their book The Millionaire Next Door, Dr. Thomas Stanley and William Danko state that
________ percent of self-employed millionaires are entrepreneurs.
95) ________ are now the largest single group of new business founders.
96) ________ are often worth only a few dollars and they are given to entrepreneurs, especially
women.
97) Why is small business the growth engine of the U.S. economy?
98) What is "economies of scale"? Compare the impact of economies of scale on both large and
small businesses.
99) Describe a brief history of small businesses in the United States.
100) What are stakeholders? What impact do stakeholders have on a small business?
101) Why does a small business act as a catalyst for social change?
102) Describe how a small business is critical globally.
103) Define what a small business is.
104) What are the three goals for a business plan?
105) Describe the characteristics of a venture capital start-up.
106) Describe the characteristics of a small business start-up.
107) Compare the business plans of a high-growth venture with those of a small business start-up.
What are the differences?
108) What are the three goals that one should keep in mind when developing a business plan for an
entrepreneurial business?
109) What is a lean startup?
