8. For Forensic Pathways to be considered to have a first-mover advantage, which of the following describes the most likely result of its search of the Intellectual Property Office's website? A patent for similar technology did exist, but the product made by Forensic Pathways would be a more expensive option. Patents existed for software similar to what Forensic Pathways was developing, but luckily, they had expired. No other company had a patent on software that was similar to the software Forensic Pathways was developing. 9. Which of the following can an entrepreneur expect when buying an existing business? Check all that apply. The entrepreneur will not benefit from business and financial projections made by the prior owner. The entrepreneur will have the benefit of learning from the business's past successes and failures. The business will have working relationships with vendors and suppliers. The entrepreneur is less likely to make mistakes that will cause the business to lose money. 10. Which of the following are benefits of using your own money, rather than getting loans? Check all that apply. You can avoid going through the approval process for a loan. If the business is not successful, you may have used up your savings, but you will not have to repay a loan. Your business plan will need to meet stringent requirements, so your chances of success are Improved. As long as you have living expenses covered for at least 1 month, using personal savings is probably the best way to finance a new business. 11. Which of the following are true about SBA financial programs? Check all that apply. You should not assume that an SBA loan will be available to your business. SBA loans are not a major source of new business funding, due to restrictions on who can obtain S8A-backed loans and to budget cutbacks at the SBA If you cannot get a loan through a bank, the SBA has a variety of lending programs that might help you obtain a loan. If you are denied a bank loan, the SBA ensures that you will have access to capital. The SBA has a program through which it quarantees loans made by commercial lenders 12. Which of the following should you consider before seeking venture capital? Check all that apply. The goals of a venture capital company may be different from the goals of the entrepreneur who started the business. A venture capital company usually receives an ownership interest in the business in exchange for its investment Seeking funds from venture capital companies should be considered only as a last resort. Venture capital companies are making a financial investment with the goal of caring a profit for themselves. 13. What should you tell Alex are possible reasons his restaurant is not achieving the success he desires? Check all that apply. Hard work alone does not guarantee success, it is also important to have the necessary business skills. Running a successful business requires a large amount of time; it may not be realistic to both work as a waiter at the original restaurant and operate the new restaurant A restaurant cannot be successful if it is open only 4 nights per week; it must be open at least 5-6 days. Alex's experience as a waiter is completely irrelevant to whether his restaurant will succeed 14. Imagine that a friend wants to start a new business and has asked you what it takes to succeed as an entrepreneur, Drawing on the guidance provided by the SBA. Vou would explain that successful entrepreneurs possess which of the following characteristics and skies? Check all that apply They are creative thinkers They are decisive. They are risk averse. They are supported by mentors 8. For Forensic Pathways to be considered to have a first-mover advantage, which of the following describes the most likely result of its search of the Intellectual Property Office's website? A patent for similar technology did exist, but the product made by Forensic Pathways would be a more expensive option. Patents existed for software similar to what Forensic Pathways was developing, but luckily, they had expired. No other company had a patent on software that was similar to the software Forensic Pathways was developing. 9. Which of the following can an entrepreneur expect when buying an existing business? Check all that apply. The entrepreneur will not benefit from business and financial projections made by the prior owner. The entrepreneur will have the benefit of learning from the business's past successes and failures. The business will have working relationships with vendors and suppliers. The entrepreneur is less likely to make mistakes that will cause the business to lose money. 10. Which of the following are benefits of using your own money, rather than getting loans? Check all that apply. You can avoid going through the approval process for a loan. If the business is not successful, you may have used up your savings, but you will not have to repay a loan. Your business plan will need to meet stringent requirements, so your chances of success are Improved. As long as you have living expenses covered for at least 1 month, using personal savings is probably the best way to finance a new business. 11. Which of the following are true about SBA financial programs? Check all that apply. You should not assume that an SBA loan will be available to your business. SBA loans are not a major source of new business funding, due to restrictions on who can obtain S8A-backed loans and to budget cutbacks at the SBA If you cannot get a loan through a bank, the SBA has a variety of lending programs that might help you obtain a loan. If you are denied a bank loan, the SBA ensures that you will have access to capital. The SBA has a program through which it quarantees loans made by commercial lenders 12. Which of the following should you consider before seeking venture capital? Check all that apply. The goals of a venture capital company may be different from the goals of the entrepreneur who started the business. A venture capital company usually receives an ownership interest in the business in exchange for its investment Seeking funds from venture capital companies should be considered only as a last resort. Venture capital companies are making a financial investment with the goal of caring a profit for themselves. 13. What should you tell Alex are possible reasons his restaurant is not achieving the success he desires? Check all that apply. Hard work alone does not guarantee success, it is also important to have the necessary business skills. Running a successful business requires a large amount of time; it may not be realistic to both work as a waiter at the original restaurant and operate the new restaurant A restaurant cannot be successful if it is open only 4 nights per week; it must be open at least 5-6 days. Alex's experience as a waiter is completely irrelevant to whether his restaurant will succeed 14. Imagine that a friend wants to start a new business and has asked you what it takes to succeed as an entrepreneur, Drawing on the guidance provided by the SBA. Vou would explain that successful entrepreneurs possess which of the following characteristics and skies? Check all that apply They are creative thinkers They are decisive. They are risk averse. They are supported by mentors