chapter 18 review Flashcards
An entrepreneur who thrives on uncertainty displays ________________.
high tolerance for ambiguity
___________ is a personality characteristic common among entrepreneurs.
self confidence
When a new business is quick to capture a market niche before competitors, this is _______________.
first mover advantage
Almost _______% of U.S. businesses meet the definition of “small business.”
99
A small business owner who wants to pass the business to other family members after retirement or death should prepare a _____________ plan.
succession
A common reason small business start-ups often fail is ______________________________.
the owner lacks experience and business skills
A pressing problem faced by a small business in the birth or start-up stage is _________________.
gaining acceptance in the marketplace
A venture capitalist that receives an ownership share in return for investing in a new business is providing ______________ financing.
equity
In ____________ financing, the business owner borrows money as a loan that must be repaid.
debt
If you start a small business and want to avoid losing any more than the original investment, what form of ownership is best?
limited partnership
The first element in a good business plan is ____________.
an executive summary
Trends in U.S. small businesses show _________________.
a growing number owned by minorities
A ____________ protects small business owners from personal liabilities for losses.
corporations
_______________ take ownership shares in a new venture in return for start-up funds.
angel investors
_______________ makes social entrepreneurship unique.
commitment to solving social problems
