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Question 1

Potential lenders and investors believe that an entrepreneur who lacks the discipline to develop a good business plan likely lacks the discipline to run a business.
True
False

5 points
Question 2

The ideal strategic planning process for a small company should start with setting objectives.
True
False

5 points
Question 3

Primary research data is less time consuming and less costly to gather than secondary research data.
True
False

5 points
Question 4

The opportunity to reap impressive profits is the primary motivation for most entrepreneurs.
True
False

5 points
Question 5

An important factor helping to drive the entrepreneurial trend in our economy is the favorable attitude Americans have towards entrepreneurs.
True
False

5 points
Question 6

When an employee in a business treats a customer poorly, that customer usually does not complain; however, she does tell her “horror story” about that business to more than 10 other people.
True
False

5 points
Question 7

Most dissatisfied customers complain about rude or discourteous service to the owner or the manager.
True
False

5 points
Question 8

The specific group of customers at whom a company aims its goods and services is its target market.
True
False

5 points
Question 9

Market research is a valuable tool for defining the firm’s target market, its needs, and its potential profitability.
True
False

5 points
Question 10

The market need and the relatively low startup costs make service businesses popular with entrepreneurs.
True
False

5 points
Question 11

A major advantage of launching a business part-time is the lower risk it offers in case the business fails.
True
False

5 points
Question 12

The majority of new business owners work fewer than 40 hours per week.
True
False

5 points
Question 13

A business plan is a written statement of what an entrepreneur plans to accomplish in both quantitative and qualitative terms and how she plans to accomplish it.
True
False

5 points
Question 14

Small businesses actually create more jobs than do big businesses.
True
False

5 points
Question 15

The most effective way for a small business to establish a competitive advantage is by offering lower prices.
True
False

5 points
Question 16

The most effective way to communicate the values of a company to everyone it touches is to formulate an effective mission statement.
True
False

5 points
Question 17

Large companies have a natural advantage over small firms when it comes to preparing a strategic plan.
True
False

5 points
Question 18

A business plan is a written summary of an entrepreneur’s proposed venture, its operational and financial details, its marketing opportunities and strategy, and its managers’ skills and abilities.
True
False

5 points
Question 19

A marketing plan should identify a small company’s target customers and describe how the business will attract and keep them.
True
False

5 points
Question 20

The primary purpose of building a business plan is to raise capital.
True
False