37 terms

BUGB 101 Exam 2

Approximately ________ percent of all U.S. firms employ 100 or fewer workers
________ 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
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 ________
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?
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
A(n) ________ program is initiated by an employee who conceives of an idea
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 ________
Today, approximately ________ percent of Americans access the Internet at home, school, work, or public-access sites
Worldwide, the number of Internet users is most nearly ________ billion
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
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 ________
The electronic barrier between a company's internal network and the Internet is called a(n) ________
An estimated ________ of online shoppers abandon their shopping carts before they check out
Many Internet users utilize ________ to automatically eliminate junk email from being sent to their "in" box
________ 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