Question Details

MGT 101 Chapter 6--Managing Small Business Start-Ups PART 8

120.	Entrepreneurs in the idealist category like the idea of working on something that is new, creative, or personally meaningful. 
 
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121.	The process of initiating a business venture, organizing it, and assuming its risks is known as entrepreneurship. 
 
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122.	A(n) entrepreneur recognizes a viable idea for a business product or service and carries it out. 
 
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123.	Entrepreneurship and small business in the United States is an engine for job creation and innovation. 
 
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124.	In the next decade, women owned and minority owned businesses could end up being the emerging growth companies. 
 
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125.	A human quality linked to entrepreneurship in which people are motivated to excel and pick situations in which success is likely is called the need to achieve. 
 
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126.	Tolerance for amibiguity is the psychological characteristic that allows a person to be untroubled by disorder and uncertainty. 
 
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127.	Social entrepreneurs are committed to both good business and changing the world for the better. 
 
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128.	A(n) business plan is a document specifying the business details prepared by an entrepreneur in preparation for opening a new business. 
 
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129.	An unincorporated business owned by an individual for profit is known as a(n) sole proprietorshop. 
 
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130.	A(n) partnership is an unincorporated business owned by two or more people. 
 
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131.	A(n) corporation is an artificial entity created by the state and existing apart from its owners. 
 
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132.	Borrowing money that has to be repaid at a later date in order to start a business is debt financing. 
 
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133.	Equity financing consists of funds that are invested in exchange for ownership in the company. 
 
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134.	A(n) venture capital firm is a group of companies or individuals that invests money in new or expanding businesses for ownership and potential profits. 
 
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135.	Venture capitalist firms are groups of companies or individuals that invest money in exchange for a stake in the company. 
 
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136.	By starting a business, an entrepreneur has the advantage to develop and design the business in his/her own way. 
 
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137.	Franchising is an arrangement by which the owner of a product or service allows others to purchase the right to distribute the product or service with help from the owner. 
 
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138.	The business incubator provides shared office space, management support services, and management advice to entrepreneurs. 
 
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139.	The majority of the incubators are operated by non profit organizations. 
 
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140.	In the start-up stage, the main problems for entrepreneurial firms are producing the product or service and obtaining customers. 
 
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