The general environment is very narrow and includes the forces that directly impact a
firm and its competitors.
The forecasting process can be characterized by the point at which the process is started
and the nature of the predicting variable.
Name the six categories of major product strategies.
Given the complexity of the task, entrepreneurs must use an attorney to conduct a
trademark search.
Real property excludes anything physically attached to land, such as buildings.
Despite the limited resources of a typical small business, this type of firm should
formalize the product development process.
The balance sheet shows a firm’s assets, liabilities, and owners’ equity at a specific point
in time.
Discuss the relationship between profits and social responsibility in the small firm.
High productivity and excellence in quality are conflicting goals.
Because of its complexity, modern technology has had no noticeable effect in
expanding the number of home-based businesses.
In many cases, a franchisor will receive payments in the form of royalties that are based
on a percentage of the franchisee’s gross income.
Product testing is the last step in the product development process.
Entrepreneurs who are professional in their work are sometimes described as using an
approach that is scientific in nature.
List five techniques for responding to customers’ objections.
In the past, most American entrepreneurs started their businesses with the home market
in mind and with no interest in ever penetrating international markets.
A firm’s distribution network is the primary driving force behind future asset needs.
The appeal of foreign markets is substantial, but the task of franchising abroad is not
easy.