Question 1 0.2 pts What are the five basic issues to consider when starting up a business? Identify your motives, practice patience, determine if there is a global market, realize that the venture is an experience in solitude, and learn the basics of accounting. Identify your motives, build clients, practice humility, surround yourself with the right people, and learn the basics of accounting. Realize that most startups fail, practice determination, hire the appropriate staff, and surround yourself with people who understand finance, and remember that clients will come if you do all these. Identify your clients, practice humility, network, surround yourself with people who have contrary perspectives, and identify appropriate financing institutions. Identify your motives, build clients, practice self-promotion, surround yourself with the right people, and learn the basics of accounting. Question 2 0.2 pts Who would you identify as the most likely entrepreneur? (vs. self-employed, managers, freelancers, or so on) a massage therapist who performs massages in people's homes a construction contractor who owns his own business and focuses on renovating landmarked homes a writer who sells her articles to various magazines O a doctor who develops a high-protein drink to sell and for each sale donates another bottle to people in developing nations a driver who uses his own car to drive the elderly to and from their appointments or social engagements Question 3 0.2 pts How is a self-employed person different from an entrepreneur? A self-employed person delegates responsibilities to trusted people. A self-employed person does most of the work. O A self-employed person enjoys taking risks. A self-employed person must follow a broad set of legal requirements. A self-employed person seeks to influence markets or industries. Question 4 0.2 pts What might be a challenge for someone wanting to become a successful entrepreneur? emotional stability a desire to control one's own destiny a willingness to take risks an external locus of control the ability to tolerate ambiguity Question 5 0.2 pts A business plan does not include O a detailed account of expenditures. sales strategies. an executive summary. funding requirements. organization and management design. Question 6 0.2 pts Which section of a business plan includes the information on how much money is required to start the business-how much will be provided by the owner, how much from "love money," and how much from a bank loan? Funding Requirements Executive Summary Sales Strategies Market Analysis Financial Projections Question 7 0.2 pts Which person would be considered an intrapreneur? Sally previously worked as a copyeditor at a national magazine. She leaves the company to begin her own small publishing company. Frank is a talented drummer who starts his own band, composes his own music, and records at his own studio. John worked for the federal government in the Internal Revenue Department for 30 years, learning the ins and outs of corporate taxes. After retiring, he starts his own tax-advisory business. Fiona worked at many restaurants as a short-order cook; she leaves to start her own diner. Cassandra works for a medical supply company as an engineer. After she perceives the medical community needs for a new surgical laser device, she designs a new product for the company. D Question 8 0.2 pts A is the simplest form of business structure. sole proprietorship small business limited liability company (LLC) O corporation partnership Question 9 0.2 pts was the most frequent source of financing for start-ups in 2017. O Venture capital O "Love money" "Love money" Crowdfunding Bank lending Personal funding Question 10 0.2 pts Brent made a great deal of money in the broadcasting business and has recently retired. Frances has been a producer of a local newscast but has long wanted to be a radio talk-show host. Brent, as a silent partner, invests in Frances's dream, providing the majority of the money to help her start the show. In return, Brent receives 15 percent of all advertising sales. Frances's talk-show is a sole proprietorship. O general partnership. limited partnership. corporation. limited liability company (LLC). Question 1 0.2 pts What are the five basic issues to consider when starting up a business? Identify your motives, practice patience, determine if there is a global market, realize that the venture is an experience in solitude, and learn the basics of accounting. Identify your motives, build clients, practice humility, surround yourself with the right people, and learn the basics of accounting. Realize that most startups fail, practice determination, hire the appropriate staff, and surround yourself with people who understand finance, and remember that clients will come if you do all these. Identify your clients, practice humility, network, surround yourself with people who have contrary perspectives, and identify appropriate financing institutions. Identify your motives, build clients, practice self-promotion, surround yourself with the right people, and learn the basics of accounting. Question 2 0.2 pts Who would you identify as the most likely entrepreneur? (vs. self-employed, managers, freelancers, or so on) a massage therapist who performs massages in people's homes a construction contractor who owns his own business and focuses on renovating landmarked homes a writer who sells her articles to various magazines O a doctor who develops a high-protein drink to sell and for each sale donates another bottle to people in developing nations a driver who uses his own car to drive the elderly to and from their appointments or social engagements Question 3 0.2 pts How is a self-employed person different from an entrepreneur? A self-employed person delegates responsibilities to trusted people. A self-employed person does most of the work. O A self-employed person enjoys taking risks. A self-employed person must follow a broad set of legal requirements. A self-employed person seeks to influence markets or industries. Question 4 0.2 pts What might be a challenge for someone wanting to become a successful entrepreneur? emotional stability a desire to control one's own destiny a willingness to take risks an external locus of control the ability to tolerate ambiguity Question 5 0.2 pts A business plan does not include O a detailed account of expenditures. sales strategies. an executive summary. funding requirements. organization and management design. Question 6 0.2 pts Which section of a business plan includes the information on how much money is required to start the business-how much will be provided by the owner, how much from "love money," and how much from a bank loan? Funding Requirements Executive Summary Sales Strategies Market Analysis Financial Projections Question 7 0.2 pts Which person would be considered an intrapreneur? Sally previously worked as a copyeditor at a national magazine. She leaves the company to begin her own small publishing company. Frank is a talented drummer who starts his own band, composes his own music, and records at his own studio. John worked for the federal government in the Internal Revenue Department for 30 years, learning the ins and outs of corporate taxes. After retiring, he starts his own tax-advisory business. Fiona worked at many restaurants as a short-order cook; she leaves to start her own diner. Cassandra works for a medical supply company as an engineer. After she perceives the medical community needs for a new surgical laser device, she designs a new product for the company. D Question 8 0.2 pts A is the simplest form of business structure. sole proprietorship small business limited liability company (LLC) O corporation partnership Question 9 0.2 pts was the most frequent source of financing for start-ups in 2017. O Venture capital O "Love money" "Love money" Crowdfunding Bank lending Personal funding Question 10 0.2 pts Brent made a great deal of money in the broadcasting business and has recently retired. Frances has been a producer of a local newscast but has long wanted to be a radio talk-show host. Brent, as a silent partner, invests in Frances's dream, providing the majority of the money to help her start the show. In return, Brent receives 15 percent of all advertising sales. Frances's talk-show is a sole proprietorship. O general partnership. limited partnership. corporation. limited liability company (LLC)