Entrepreneurship, Chapter 1 The Twenty-First-Century Entrepreneur (Bamford)

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Entrepreneurship,Chapter 1 The Twenty-First-Century Entrepreneur (Bamford) Entrepreneurial business is not important to the U.S. economy. Answer: FALSE Explanation: The evidence of the importance ... of entrepreneurial businesses to the U.S. economy can be seen in statistics from the United States Small Business Administration (SBA). Difficulty: 1 Easy Topic: Why Start a Business? Learning Objective: 01-01 Explain the rationale behind starting an entrepreneurial business. Bloom's: Remember AACSB: Analytical Thinking Accessibility: Keyboard Navigation 2) The United States Small Business Administration (SBA) provides a wealth of information and assistance at all levels of organizational development and management for new entrepreneurial businesses. Answer: TRUE Explanation: The United States Small Business Administration (SBA) provides a wealth of information and assistance at all levels of organizational development and management for new entrepreneurial businesses. It is the agency officially organized in 1953 as a part of the Small Business Act of July 30, 1953, to "aid, counsel, assist, and protect, insofar as is possible, the interests of small business concerns." Difficulty: 1 Easy Topic: Why Start a Business? Learning Objective: 01-01 Explain the rationale behind starting an entrepreneurial business. Bloom's: Remember AACSB: Analytical Thinking Accessibility: Keyboard Navigation 3) A critical element that an entrepreneur must solve for success is to develop the ability to generate consistent and growing sales. Answer: TRUE Explanation: One of the three critical elements that an entrepreneur has to solve for success is the ability to generate consistent and growing sales. The other critical elements are having sustainable operating profit margins and being properly financed. Difficulty: 1 Easy Topic: Why Start a Business? Learning Objective: 01-01 Explain the rationale behind starting an entrepreneurial business. Bloom's: Remember AACSB: Analytical Thinking Accessibility: Keyboard Navigation [Show More]

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