T F Income uncertainty is one of the most challenging aspects of starting a new business. T F The conclusion after more than 30 years of research on personal characteristics is that successful entrepreneurs cannot be predicted.
T F The typical entrepreneur tends to accept moderate risk only after careful examination. T F Entrepreneurs tend to have a weaker internal locus of control than do people in general. T F Entrepreneurs and small business owners typically have higher education levels than the general public.
T F The most common form of business in the United States today is the corporation. T F A sole proprietorship is owned by two or more persons. T F A major advantage of a sole proprietorship is that the owner has complete control over the business. T F The major disadvantage of a sole proprietorship is limited liability. T F The biggest advantage of partnerships is the pooling of talents and resources.
T F In a partnership, if both partners bring the same qualities to the business, then one of them is probably not needed. T F Although the ability to raise capital is better with a partnership than with a proprietorship, a partnership still cannot usually gather as many resources as a corporation.
T F In a partnership, the partners will be held liable only for their own negligence. T F If a partner leaves, the partnership is dissolved and the remaining partners can either find a new partner or terminate the business. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password -protected website for classroom use.
T F One of the most serious problems that can threaten a partnership is managerial conflict. T F Foresight in writing articles of partnership can solve many partner problems in the future. T F A closely held corporation publicly trades its shares of stock on a major auction market. T F A form of business ownership where the business is owned by a limited group of people and the stock is not traded publicly is called a closely held corporation.
T F Limited liability is the major advantage of forming a business as a corporation. T F C corporations and S corporations are taxed the same. T F A document describing a business that is filed with the state in which a business is formed is referred to as articles of incorporation.
T F C corporations provide individuals with limited-liability protection of a corporation while allowing the tax advantages of a partnership. T F LLCs can be an attractive form of ownership for small businesses. Jasper has developed a concept for a start-up company that involves developing a new process for priming and painting automobile panels.
Based on this example, Jasper is focusing on which entrepreneurial behavior? Which of the following behaviors was not cited as being included in most definitions of an entrepreneur? A small business manager faces which of the following environmental forces? Entrepreneurship primarily involves which phase of business? The entrepreneurial process in the startup process model begins with a A visit to the local banker for startup funds b A visit to the local library for more information on the business c A visit to a favorite business professor for advice d An innovative idea that is refined as the idea is thought through Ans: d LO: 2 Page: 26 AACSB: Analytic.
Sue Pallen is a partner in a cake-decorating company. The phase of implementation in the entrepreneurial process involves all but which of the following?
Which of the following is the key element needed to bring the entrepreneurial idea to reality during the implementation stage? When does the entrepreneurship stage end and the small business management stage begin?
Which stage of the startup process is characterized by relative certainty that the business will survive? In the growth stage of the startup process model, what is the primary goal of the small business? In the triggering event and the implementation stages of the startup process model, which of the following environmental factors will affect the small business?
An entrepreneur faces which of the following environmental forces? In the triggering event stage of the startup process model Figure 2. In the innovation and triggering event stages of the startup process model see Figure 2.
In the growth stage of the startup process model Figure 2. Which of the following is not prerequisite for becoming a successful entrepreneur?
The personal quality linked to entrepreneurship in which people are motivated to excel and choose situations where success is likely is known as a Locus of control b Need to achieve c Need to succeed d High performance goals Ans: b LO: 2 Page: 33 AACSB: Analytic.
I have tried to avoid excessive use of jargon by explaining topics in simple, understandable language. The book is written in the first person, present tense, because I, the author, am speaking directly to you, the student. I believe that a good example can help make even the most complex concept more understandable and interesting to read. To strengthen the flow of the material and reinforce important points, examples have been carefully selected from the business press and small business owners I have known.
New to This Edition In preparing this fifth edition, I incorporated suggestions from teachers and students who used the previous edition. In addition, an advisory board of educators from around the country helped me determine the best ways to meet the needs of students in this course. Topics critical to small business have been added or updated. For example, since the economic recession has lingered like an unwanted houseguest, multiple boxes and examples have been included on running a small business in times of economic downturn.
Speaking of highlight boxes, they are great for focusing attention, but we understand that there should not be too many of them, nor should they be too long. The best examples of small business practices have been presented in chapter-opening vignettes and feature boxes, then discussed further in the body of the text. Of the 68 highlight boxes, 57 are brand new, and the 11 others have been updated. Of the 18 chapter openers, all 18 are brand new.
Believe it or not, a rumor exists that some students actually skip reading these highlight boxes. Of course, you would never do this, as you would miss some of the juiciest stories. Here are some examples of each type of highlight box: Entrepreneurial Snapshot New to this fifth edition, these boxes reveal fascinating behind-the-scenes stories of people who have created some very interesting businesses. Buck, of Buck Knives Lorena Garcia, Big Chef Little Chef Competitive Advantage: Innovation and Sustainability One of the most important if not the most important things you create in your small business is your competitive advantage—the factor that you manage better than everyone else.
Each chapter begins with Learning Objectives, which directly correlate to the chapter topic headings and coverage.
These same objectives are then revisited and identified in each Chapter Summary. A running glossary in the margin brings attention to important terms as they appear in the text. Questions for Review and Discussion allow you to assess your retention and comprehension of the chapter concepts. Questions for Critical Thinking prompt you to apply what you have learned to realistic situations. End-of-chapter What Would You Do?
Chapter Closing Cases present actual business scenarios, allowing you to think critically about the management challenges presented and to further apply chapter concepts. Complete Package of Support Materials This edition of Small Business Management provides a support package that will encourage student success and increase instructor effectiveness. A Video Guide is also included at the end of the manual. Instructors can import questions directly from the test bank, create their own questions, or edit existing questions.
CourseMate This new and unique online Web site makes course concepts come alive with interactive learning, study, and exam preparation tools supporting the printed text. CourseMate delivers what students need, including an interactive eBook, dynamic flashcards, interactive quizzes and video exercises, student PowerPoints, and games that test knowledge in a fun way.
Interactive video exercises allow students to relate the real-world events and issues shown in the chapter videos to specific in-text concepts. Interactive quizzes reinforce the text with rejoinders that refer back to the section of the chapter where the concept is discussed.
Student Companion Site The Student Companion Site includes interactive quizzes, a glossary, crossword puzzles, and sample student business plans. It can be found at www. At the home page, students can use the search box at the top of the page to insert the ISBN of the title from the back cover of their book. This will take them to the product page, where free companion resources can be found. DVD This diverse collection of professionally produced videos can help instructors bring lectures to life by providing thought-provoking insights into real-world companies, products, and issues.
Acknowledgments There are so many people to thank—some who made this book possible, some who made it better. Projects of this magnitude do not happen in a vacuum.
Even though my name is on the cover, a lot of talented people contributed their knowledge and skills. Michele Rhoades has been visionary and insightful as the acquisitions editor in bringing this book into the Cengage list. I am so fortunate to have been reunited with Joanne Dauksewicz as my patient, nurturing development editor— she is fabulous.
Emily Nesheim, content project manager, and Devanand Srinivasan, senior project manager, were wonderful in coordinating the production process. There are many other people whose names I unfortunately do not know who worked their magic in helping to make the beautiful book you hold in your hands, and I sincerely thank them all.
Of course, the entire group of Cengage sales reps will have a major impact on the success of this book. I appreciate all of their efforts. Want to Read. Check nearby libraries Library. Share this book Facebook.
July 30, History. Subjects Management , New business enterprises , Small business , Entrepreneurship , Small business, management. Libraries near you: WorldCat. Essentials of entrepreneurship and small business management , Prentice Hall. Paperback in English - 5 edition. Classifications Library of Congress HD Z55 Dewey Community Reviews 0 Feedback? Lists containing this Book.
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