Small Businesses in America
Part 1 (1pt):
A small business is considered any business with fewer than __
_
__employees
Part 2 (1pt):
Explain why small businesses are an important part of the American economy?
2.
Entrepreneur vs Entrepreneurship: What are the differences between an “entrepreneur” and
“entrepreneurship”?
1.
An entrepreneur is
2.
Entrepreneurship is
3.
Types of Businesses: Sole Proprietorships
Part 1 (1pt
): Describe one advantage of a sole proprietorship.
1.
Advantage:
Part 2 (1pt):
List at least one disadvantage of a sole proprietorship.
1.
Disadvantage:
4.
Types of Businesses: LLC
Part 1 (1pt
): What does LLC stand for?
Part 2 (1pt):
Explain how an LLC is different from a sole proprietorship.
5.
Define “
risk management”
and identify key aspects.
Part 1 (1pt):
Define risk management:
Part 2 (1pt):
What are the 3 key aspects of good risk management and provide a short
description of each:
1.
2.
3.
6.
Even when economic indicators show that the economy is down, small businesses often thrive.
Think of a small business in your community that would do well, even if people did not have a
lot of extra money to spend and explain the advantages it has over larger businesses.
7.
Of the different reasons given that people choose to become entrepreneurs (following a
passion, filling a need, running a better business, and inventing a new product), which do you
think is most likely to lead to a successful business? Justify your choice.
8.
A florist who has been in business for several years finds himself facing several problems
simultaneously. First, he has a large order for a wedding in three days and just found out that,
due to an unexpected frost, the tulips the bride was adamant had to be in the bouquets are not
going to be available. Second, his top employee has informed him that she must schedule a
surgery in two weeks and has to take the following six weeks off. Then he heard a rumor that
the building where he rents his shop is for sale, meaning he may have a new landlord and higher
rent. Finally, the largest refrigerator in his store is making funny noises, and he suspects it will
soon stop working. If this happens, he may lose inventory.
Part 1 (1pt):
Prioritize the problems described by putting the most immediate problem first and
the least pressing last.
Part 2 (1pt):
Explain the order you chose. Then suggest actions that could be taken to address
the problems.
hy does Herold feel it is important that we should train people to be entrepreneurs?
10.
What are some ways that parents or society can nurture entrepreneurial skills in childre