Small Business Management: Launching & Growing Entrepreneurial Ventures 19th Edition by Longenecker

 
85. Explain how a small business can be more innovative than a large firm.
ANSWER:  Research departments of big businesses tend to focus on improving existing products. Creative ideas may be sidetracked because they are not related to existing products or because they are unusual. Smaller companies do not have these disadvantages.
 
Match the term with its definition.
a. attractive small firm
b. corporate refugee
c. entrepreneur personality
d. high-potential venture (gazelle)
e. manager personality
f. microbusiness
g. niche market
h. reluctant entrepreneur
i. social entrepreneurship
j. technician personality
 
86. A person who becomes an entrepreneur to escape an undesirable job situation
ANSWER:  b
 
87. A personality that is pragmatic and likes order and planning operations
ANSWER:  e
 
88. A personality that focuses on an already developed technical skill, wants to be left alone to get the job done, and is primarily concerned about the present
ANSWER:  j
 
89. A specific group of customers with an identifiable but narrow range of product or service interests
ANSWER:  g
 
90. A small firm that provides substantial profits to its owner
ANSWER:  a
 
91. Entrepreneurial activity whose goal is to find innovative solutions to social needs, problems, and opportunities
ANSWER:  i
 
92. A small firm that has great prospects for growth
ANSWER:  d
 
93. A person who becomes an entrepreneur because of some severe hardship
ANSWER:  h
 
94. A small firm that provides minimal profits to its owner
ANSWER:  f
 
95. A personality that focuses on the business and providing results for the customer
ANSWER:  c
 
Match the term with its definition.
a. bootstrap
b. entrepreneur
c. entrepreneurial legacy
d. entrepreneurial team
e. franchisee
f. lifestyle business
g. intrapreneurship
h. paradigm shift
i. small business
j. technician personality
 
96. Material assets and intangible qualities passed on to both heirs and society
ANSWER:  c
 
97. A process within an existing corporation involving an employee who assumes the responsibility for taking a new idea and converting it into a profitable product, service, or a process
ANSWER:  g
 
98. Two or more people who work together as entrepreneurs on one endeavor
ANSWER:  d
 
99. A change in how we fundamentally see a situation
ANSWER:  h
 
100. A person willing to create value, in either a new or an existing business, while assuming both the risks and the reward for his or her efforts
ANSWER:  b
 
101. A business with growth potential that is small compared to large companies in an industry, has geographically localized operations, is financed by only a few individuals, and has a small management team
ANSWER:  i
 
102. An entrepreneur whose power is limited by a contractual relationship with a franchising organization
ANSWER:  e
 
103. A personality that focuses on an already developed technical skill, wants to be left alone to get the job done, and is primarily concerned about the present
ANSWER:  j
 
104. A microbusiness that permits the owner to follow a desired pattern of living
ANSWER:  f
 
105. Doing more with less in terms of resources invested in a business, and, where possible, controlling the resources without owning them
ANSWER:  a