Small Business Management quiz answers:
The first step in the small business development process is:
(a) Planning
(b) Organizing
(c) Controlling
(d) Retaining
Essential elements needed to develop successful business model in any field are __
(a) Value proposition
(b) Revenue model
(c) Competitive advantage
(d) All the above
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The distinction between an “entrepreneur” and “small business owner” , if made, revolves around:
(a) really nothing; they are truly one and the same
(b) the Small Business Administration definitions
(c) whether the business is an Internet based one or not
(d) the risk taking or re-invention of a business vs. someone who “simply” starts a business or buys an existing one
Why are small businesses important to a country’s economy?
(a) They give an outlet for entrepreneurs.
(b) They can provide specialist support to larger companies.
(c) They can be innovators of new products.
(d) All the above
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The technical characteristics of the small business would include all of the following except:
(a) independently managed
(b) owned by an individual or a small group of investors
(c) based locally, even though the market might be widespread
(d) significant influence in its industry
A model describes how the firm will earn revenue, make profit and produce a better return on invested capital is
(a) Revenue model
(b) Competitive advantage
(c) value proposition
(d) Markets strategy
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One reason for the growth in small businesses relates to the trend for larger business to downsize by contracting with smaller firms to do many of the functions once done internally. This is referred to as:
(a) concentrating
(b) outsourcing
(c) specializing
(d) entrepreneuring
Which of the following might be termed a disadvantage faced by the small business?
(a) greater flexibility
(b) greater ability to serve specialized markets
(c) extreme personal commitment of the owner
(d) more personal service
