Management Study Set 18

Entrepreneurship is the process of planning,organizing,leading,and controlling.

A small business can only have one owner.

Professional managers,whose job is running someone else's business,are entrepreneurs.

Most U.S.workers are employed by large firms.

The strong presence of small businesses in the United States is typical of the rest of the mature economies.

According to the Small Business Administration,small businesses account for a small percentage of all U.S.exports.

Small business¾especially in certain industries¾is an important source of new (and often well-paid)jobs in the United States.

History has shown that major innovations are as likely to come from small businesses (or individuals)as from big businesses.

The more resources an industry requires,the harder it is to start a business and the less likely that the industry is dominated by small firms.

More than any other industry,manufacturing lends itself to small business.

A first-mover enters a segment of a market that offers a new opportunity because it is not currently being satisfied.

The business plan should describe the match between the entrepreneur's abilities and the requirements for producing and marketing a particular product or service.

The business plan is made up of a cash budget,an income statement,balance sheets,and a breakeven chart.

Market research is a key step in building a business plan.

The Internet has virtually rewritten all of the rules for starting and operating a small business.

Entrepreneurs who decide to start from scratch rather than buy an existing business have better odds of success.

If someone is technically challenged,they should avoid starting a business because e-commerce is where small businesses are finding success.

The purpose of the SBA's SCORE program is to evaluate the managerial performance of small businesses and then to assign scores that are used to determine the amount of loans that individual businesses can obtain.

The purpose of the SBA's SBDC program is to consolidate information from various disciplines and institutions,including technical and professional schools.

A franchise usually involves less uncertainty and less risk than starting a business from scratch.