Essay on business enterprise

2412 Words Sep 9th, 2014 10 Pages
Small Business, Entrepreneurship, and Franchises

ACTIVITY:
This activity is designed to encourage students to appreciate the process of generating business idea with limited funds. Anybody can come up with a good business idea regardless of their age, race, experience and others.

Time Limit: 35 minutes

What to Do:
1. Place students in 3 or 4 member per group and ask each group to come up with a business idea that will work. For this activity, each group has to come up with a business idea that will limit funding of only RM50, 000. Groups should consider the following questions: (30 minutes)

What is my product or service?
Who are my customers?
Where are my customers located?
Is my business idea easily copied? Do I
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e. service business.
ANSWER: E

11. Megan's business sells souvenirs and craft items to tourists in Myrtle Beach, South Carolina. This is an example of a ____ business.
a.
service
b.
communication
c.
production
d.
distribution
e.
Wholesaling
ANSWER: D

12. Dana owns and operates a catering business. This is an example of a
a.
distribution business.
b.
production business.
c.
service business.
d.
retailer.
e.
manufacturer.
ANSWER: C

13. Small businesses are typically managed by
a.
relatives.
b.
professional managers.
c.
friends.
d.
the people who start and own them.
e.
a board of directors.
ANSWER: D

14. All of the following are reasons people go into business except the
a.
desire to create a new business.
b.
willingness to accept a challenge.
c.
guaranteed return on investment.
d.
desire for independence.
e.
desire to determine one's own destiny.
ANSWER: C

15. Which of the following statements is correct?
a.
The risk of failure for women-owned businesses is lower than average.
b.
Women are starting businesses at about the same rate as men.
c.
Women are almost always sure to succeed.
d.
Women own 7.7 million businesses in the United States.
e.
Minority business owners pay lower federal tax on profits than men do.
ANSWER: A

16. Steven Jobs and David Wozniak, the founders of Apple Computer, Inc., are creative, free-spirited individuals who decided that being corporate underlings

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