BUGB 101 Exam 2

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98%

Approximately ________ percent of all U.S. firms employ 100 or fewer workers

Women

________ are the largest group of minority business owners in the United States

$6 million

Retailers who generate up to ________ in sales are considered to be small businesses

1 in 3

________ newly launched businesses fail within two years after commencing operations

82%

What percentage of new businesses fails within the first ten years

Create a Business Plan

If you are considering starting your own business, what should you do first?

Management shortcomings, inadequate financing, and government regulations

What is the leading cause of today's small business failures

franchiser and franchisee

The two principals in a franchising agreement are ________

general partnership

Pharmaceutical giants Merck and Amgen decide to form another company to develop new drugs. Both companies own 50 percent of the new company. This is an example of a ________.

Public Ownership

When a government unit owns and operates an organization, the arrangement is known as ________

Entrepreneur

A person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business is a(n) ________

Characterstics of an entrepreneur

Vision, high energy level, need to achieve, self-confidence, optimism, tolerance for failure, creativity, tolerence for ambiguity, and internal locus of control

Classic entrepreneur

Someone who looks for opportunities in the market place and use their resources to take advantage of that opportunity

Serial entrepreneur

Someone who will start a new business and once it is up and going, will start another business

Social entrepreneur

Someone who focuses on solving societies problems

Advantage of buying an existing business

The business plan has already been created, your reputation has already been made, your advertisements have already been tested and modified, etc

ways to fund your business

Trade credit, personal credit card, commercial bank, business credit card, line of credit, motor vehicle loan, owner loan, mortgage loan, financial lease, equipment loan, family & friends are examples of what?

Loans

Kayla is opening a home health care business that she knows will do well in her community based on prior research. Although she must repay borrowed funds, Kayla chooses ________ to maintain complete control over the business without having to answer to investors or partners

Angel Investors

Michael is a successful financial advisor looking to invest thousands of dollars into a new consulting business in return for equity in the company. Michael is an example of a(n) ________

Clean energy incubator

The ______ promotes the development of businesses focusing on clean energy

Enterprise Zones

_____ are specific geographic areas designated for economic revitalization

Geek Squad

What company has the longest and best-known record of encouraging intrapreneurship

Skunkworks

A(n) ________ program is initiated by an employee who conceives of an idea

Pacing

A(n) ________ program consists of company-initiated projects

Pacing program

Car companies often initiate projects that focus on specific products and technologies in which management sees potential for success. This type of intrapreneurship is called a ________

60%

Today, approximately ________ percent of Americans access the Internet at home, school, work, or public-access sites

7

Worldwide, the number of Internet users is most nearly ________ billion

E-tailing

is the selling of retail goods on the Internet

Electronic data intercharge (EDI)

Best Buy's ________ Web site offers basic company information, but primarily includes an online store selling everything from appliances to computer games

90%

By some estimates, close to ________ percent of all e-commerce activity consists of business-to-business transactions

Lower prices, convenience, and personalization

According to consumer surveys, one of the main reasons customers shop online is the ________

Firewall

The electronic barrier between a company's internal network and the Internet is called a(n) ________

50%

An estimated ________ of online shoppers abandon their shopping carts before they check out

Spam

Many Internet users utilize ________ to automatically eliminate junk email from being sent to their "in" box

Blogs

________ can be used to post shared answers to common questions without having to respond to individual inquiries

Planning and preparation

What is the first thig to consider when developing a Web site

Banner Advertising

Display advertising is the online equivalent of what type of traditional advertising

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