Family and Small Business

Instructions

This is a short-answer exam that tests your understanding of and ability to apply the concepts from the course. Answers are to be no longer than one paragraph but are expected to be substantive as well. Keep in mind this exam is worth nearly half your grade in the course. Add your name and date above and return the exam to your advisor once complete.

Unit 1 Small Business Ventures

In what way do job stability and the rates of part-time work affect new small business creation?

Unit 2 Ethical Considerations

Which business approach is intrinsically related to business ethics and why?

Unit 3 Role of the Small Business Administration

Describe the different roles of the Small Business Administration?

Unit 4 Marketing

John opened a car repair shop a year ago, but sales have not grown. His shop is located in a metropolitan area with a lot of cultural diversity. What marketing plan strategy would you recommend to improve his sales?

Unit 5 Management

What is the main responsibility of a business's executive management?

Unit 6 Financial Planning

What are business incubators, and how can they help entrepreneurs?

Unit 7 The Business Plan

Robert runs a bike shop in an area that is now considered to be an environmentally-friendly zone. He knows that the green product trend is extending to adjacent areas and has begun to take orders from people in other towns.

Robert is curious about the size of the potential market so that he can open another shop a few miles away. What type of research should he conduct, and what should be included?

Unit 8 Conflict Management and Resolution

What are some of the ways you can avoid conflict in entrepreneurial partnerships?