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Exam 7: Entrepreneurship and Starting a Small Business

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Question 41

Multiple Choice

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Anthony,a small business owner,is considering marketing his product in Brazil.If he enters the Brazilian market,he is likely to face all of the following problems except:

A) the cultural differences between Canada and Brazil.
B) difficulties in obtaining adequate financing.
C) convincing foreign firms to do business with a small firm,rather than a large corporation.
D) the heavy burden of bureaucratic paperwork.

E) A) and C)
F) A) and B)

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Question 42

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Most entrepreneurs prefer working for someone else.

A) True
B) False

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Question 43

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Sally Wright has just taken early retirement,including a substantial retirement allowance.She wishes to continue working and wants to invest her retirement allowance in her own small business,and feels comfortable doing so with an established product and process.She worked for the same employer in the same job all of her working career and therefore has no experience in running her own business.In starting her own business she would be well-advised to:

Maria has just completed her business degree.Her best job search strategy would be to concentrate on looking for work with a major corporation.

Working at home has its challenges.In setting up a home-based business,what kinds of major challenges could you expect?

Studies show that seniority is the most important criteria when selecting employees for promotion to management positions.

As a prospective entrepreneur,Gregory benefited from his experience working for an established florist.He now feels that he is ready to start his own shop,but he lacks the necessary capital.Which of the following would best help Gregory achieve his goal of business ownership?

Business incubators are government-funded facilities intended to:

Because of the stress of being in business for yourself,it's important that entrepreneurs have people around them to help replenish their enthusiasm.

As their firms grow and prosper,busy entrepreneurs take pleasure in delegating authority to others.

As his college graduation nears,Manny has focused his attention on finding full time employment in the export business.He has decided to narrow his job search to jobs with a major corporation employing over 100 people.His job search strategy:

About 50% of businesses that enter the marketplace survive for one full year.

Today,small business ventures are far more capable of expanding globally,with relatively minimal effort and cost because of:

The best way to learn about small business is to start your own.

About 86% of Canadian exporters are small businesses.

The goal of an intrapreneur is to:

Many small business owners report that the most important assistance they needed in starting and managing their business involved accounting.

Luis is a partner in a firm that specializes in producing vitamins and health food products.While the business is considered small by Canadian standards,he is attempting to persuade his partner to expand internationally.Luis would list all of the following as advantages of going international except:

What advantages do small businesses have over large businesses in international trade?

Renee,a manager at a small manufacturing firm,has offered to help manage a local branch of the YMCA.Unfortunately,Renee will find that the skills acquired managing a small business will not be useful in managing a nonprofit organization.