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Chapter 10--Managing New Venture Formation and
Entrepreneurship
Student: ___________________________________________________________________________
1. Entrepreneurship is the process of planning, organizing, leading, and controlling.

True False
2. A small business can only have one owner.

True False
3. Professional managers, whose job is running someone else's business, are entrepreneurs.
True False
4. Most U.S. workers are employed by large firms.

True False
5. The strong presence of small businesses in the United States is typical of the rest of the mature economies.
True False
6. According to the Small Business Administration, small businesses account for a small percentage of all U.S.
exports.
True False
7. Small business¾especially in certain industries¾is an important source of new (and often well-paid) jobs in
the United States.
True False
8. History has shown that major innovations are as likely to come from small businesses (or individuals) as
from big businesses.
True False
9. The more resources an industry requires, the harder it is to start a business and the less likely that the industry
is dominated by small firms.
True False
10. More than any other industry, manufacturing lends itself to small business.
True False
11. A first-mover enters a segment of a market that offers a new opportunity because it is not currently being
satisfied.
True False
12. The business plan should describe the match between the entrepreneur's abilities and the requirements for
producing and marketing a particular product or service.
True False
13. The business plan is made up of a cash budget, an income statement, balance sheets, and a breakeven chart.
True False
14. Market research is a key step in building a business plan.

True False
15. The Internet has virtually rewritten all of the rules for starting and operating a small business.
True False
16. Entrepreneurs who decide to start from scratch rather than buy an existing business have better odds of
success.
True False
17. If someone is technically challenged, they should avoid starting a business because e-commerce is where
small businesses are finding success.
True False
18. The purpose of the SBA's SCORE program is to evaluate the managerial performance of small businesses
and then to assign scores that are used to determine the amount of loans that individual businesses can obtain.
True False
19. The purpose of the SBA's SBDC program is to consolidate information from various disciplines and
institutions, including technical and professional schools.
True False
20. A franchise usually involves less uncertainty and less risk than starting a business from scratch.
True False
21. Less and less often businesses are being started by people who have opted to leave big corporations and put
their experience and know-how to work for themselves.
True False
22. Women tend to start their own businesses because they really like being their own bosses.
True False
23. More people are discouraged to test their skills as entrepreneurs because the failure rate among small
businesses has been increasing in recent years.
True False
24. Starting a new business requires an overwhelming time commitment.

True False
25. New businesses need six to twelve months of capital before they launch.
True False
26. Few successful entrepreneurs succeed alone or straight out of college.

True False
27. Luck plays a role in the success of some firms.
True False
28. An entrepreneur does all of the following EXCEPT

A. organize.
B. plan.
C. hire professional managers.
D. assume risk.
E. operate.
29. Teresa Walsh and Bonnie Kelly started Silpada Designs, jewelry sold through home parties. They are best
classified as
A. intrapreneurs.
B. franchisers.
C. venture capitalists.
D. entrepreneurs.
E. franchisees.
30. Which of the following describes an entrepreneur?

A. Richard Ames, an investor in Red Raider, which is run by his two partners
B. Chad Olsen, who hired a consulting firm to research his business idea and help him set up Help-Doc, which
he now manages
C. James Hill, who owns Midtown TV but works as a Motorola engineer
D. Sidney Pell, who runs Midtown TV for its owner, James Hill
E. None of these choices
31. Sara Blakely developed the idea to make Spanx undergarments. She filed a patent and researched
production. She now sells Spanx through department stores. She is an example of a(n)
A. intrapreneur.
B. leaseholder.
C. venture capitalist.
D. entrepreneur.
E. franchisee.
32. Which of the following is NOT an example of an entrepreneur?
A. Madeline runs a neighborhood lemonade stand by herself.
B. Diane Molberg started By Request, a successful home bakery business that guarantees that any item it sells is
no more than 24 hours old.
C. Elmer Olsen created the successful Bayfield Apple Jam Company using a recipe from his wife and some
investment capital.
D. Cindy has a yard sale once a year.
E. Donna Cook wanted to start a little home business 10 years ago; now she has a company that produces and
markets more than 150 dry cooking mixes.
33. Kristen owns and operates a photography studio. She has no employees. She is a(n)
A. small business owner.
B. intrapreneur.
D. networker.
E. leaseholder.
34. A small business

A. is publicly owned.
B. creates jobs faster than big businesses.
C. has less than 100 employees.
D. is easily discernible from a big business.
E. has sales so small it cannot influence its environment.
35. Which of the following statements comparing small businesses to large businesses is FALSE?
A. More new jobs are created by small than by large businesses.
B. Large businesses show better financial performance than small businesses.
C. Small businesses represent the majority of new businesses started each year.
D. Small businesses can typically produce and deliver specialty products more efficiently than large businesses.
E. Small businesses outnumber large businesses by nearly 100 to 1.
36. Which of the following is NOT generally considered to be a role performed by small businesses?
A. Creation of new jobs
B. Development of new products
C. Manufacture of materials for large businesses
D. Distribution of products made by large businesses
E. Provision of capital for expansion of large businesses
37. In terms of the number of new jobs formed each year, how does small business compare to big business?
A. Small business creates more than 99 percent of the new jobs.
B. Big business loses the most jobs each year.
C. Small business was recently passed by big business in creating new jobs
D. Business success creates jobs regardless of size.
E. Big business is responsible for nearly all of the new jobs created.
38. Which of these statements comparing large and small businesses is TRUE?
A. Big businesses outnumber small businesses by a wide margin.
B. Tax policies favor medium-sized businesses.
C. Small businesses show consistently lower financial performance than big businesses.
E. Small business formations are on the decline, but the rate for big businesses is increasing.
39. While watching her Dad cook bacon in the microwave, 10-year-old Abby Fleck asked, "Wouldn't it be less
messy if you hung the bacon to cook?" After breakfast, she and her Dad went to the basement and created the
Makin Bacon, a gadget for making bacon cooking less messy. Abby, her parents, and her grandparents own and
operate a company that makes and sells Makin Bacon trays. Her first big customer was Armour Bacon, which
purchased the gadget to sell as a premium on its packages of bacon. This is a small business that has contributed
by its
A. innovation and its importance to a big company.
B. financial performance and impact on its external environment.
C. innovation and its impact on the internal environment of Armour.
D. job creation, innovation, and importance to big business as a whole.
E. job creation and innovation.
40. If an entrepreneur were considering a new business, which of the following would be a DESIRABLE
characteristic of the industry being considered?
A. Several companies are engaged in highly competitive advertising, which indicates that the product is
desirable.
B. The new company will sell a newly patented invention that is not yet well known but is expected to dominate
the market.
C. Start-up costs are high, so only a few companies are in business.
D. The new company will be able to sell only to selected buyers.
E. Customers have substitute products from which to choose if the new company cannot produce the products
as rapidly as needed.
41. In which of the following industries are you most likely to find small business success?
A. Retailing
B. Department store retailing
C. Wholesaling
D. Airline
E. Manufacturing
42. Service businesses are the fastest growing segment of small-business enterprises primarily because of
A. low labor requirements.
B. lack of owner commitment.
C. favorable tax treatment.
D. high market demand.
E. size of initial capital investment required.
43. Which of the following statements about service businesses that are classified as small businesses is
TRUE?
A. Service businesses appeal to the innovative nature of many entrepreneurs.
B. A service company that gift wraps gifts for people too busy to do it themselves is an example of a small
business if it is privately owned and has only four employees.
C. A small business offering a car repair service is like other service businesses in that it offers a higher return
on time invested.
D. The service industry attracts small business owners because it requires so few start-up resources.
E. All of these choices
44. In which of the following ventures would a small business operator be most effective?
A. Construction
B. Transportation
C. Services
D. Manufacturing
E. Wholesale
45. In which of the following areas of retailing are small businesses most likely to create jobs through success?
A. Gas station
B. Creating organic health products
C. General hardware
D. Department store
E. Factory outlet
46. Which of the following statements explains why small businesses are generally more effective than large
companies in specialty retailing?
A. Large companies generally lack the specialists that are needed to make a retail store profitable.
B. Specialty retail stores are generally located in small towns where large organizations tend not to compete.
C. Specialty retailing requires a different organizational structure than is usually found in large companies.
D. Innovative people leave the bureaucracy of big business to start their own firms.
E. Specialty retailing relies on customization, which is not cost effective for large companies.
47. Which of the following statements is TRUE about the industries that small business owners may consider
entering?
A. Small businesses dominate the construction industry.
B. Since the deregulation of banks, the small local bank has completely disappeared.
C. Barriers to entry are generally small.
D. There are no small businesses in the wholesaling industry.
E. More than any other industry, discounting lends itself to the skills of the small business owner.
48. Why are some small business owners successful in the wholesaling industry?
A. A wholesaling business does not require a large capital investment.
B. Small businesses have access to more technology.
C. Wholesaling businesses serve more customers than retail businesses.
D. Small business owners are able to develop personal working relationships with their buyers.
49. In which of the following industries are you LEAST likely to find a small business owner performing well
due to a lack of economies of scale?
A. Construction
B. Transportation
C. Service
D. Retailing
E. Manufacturing
50. In which of the following industries are small businesses typically poorer performers than large businesses?
A. Construction
B. Manufacturing
C. Service
D. Retailing
E. Transportation
51. Research has shown that manufacturing costs often fall as the number of units produced by an organization
increases. This relationship between cost and production is called
A. economy of scale.
B. the scalar principle.
C. the equifinality principle.
D. synergy.
E. the 80/20 principle.
52. Large businesses are more likely to succeed in the manufacturing industry than small businesses due to
A. the principle of synergy.
B. economies of scale.
C. divesting.
D. the need for minimal start-up resources.
E. proven business plans.
53. Which of the following is NOT considered to be a distinctive competency for small business?
A. Ability to move quickly to seize new opportunities
B. Ability to achieve economies of scale
C. Ability to identify new niches in established markets
D. Ability to identify new markets
E. Ability to exploit a first-mover advantage
54. Which of the following is an example of identifying a new niche in an established market?
A. Modifying a cell phone keyboard to alphabetical order
B. Reducing the number of outlets that sell computers
C. Reducing the price of a printer so that it is more affordable
D. Introducing a new computer in an industrialized country
E. Designing a computer that can control traffic flow on a freeway
55. An entrepreneur looking to enter the manufacturing industry is more likely to fail due to
A. size of initial capital investment.
C. labor requirements.
D. market saturation.
E. all of these choices.
56. Whole Foods has succeeded in bringing natural foods to mainstream retail. A small business entering the
natural food retail market would have a(n)
A. established market competitor.
B. advantage due to size.
C. niche market.
D. price advantage.
E. advantage in exporting.
57. Which of the following is an example of a first-mover advantage?

A. Orange County Choppers, builders of custom motorcycles, can exploit their own reality television show.
B. The manufacturer of Blistex lip cream, a U.S.-made product, is introduced for the first time to consumers in
Europe.
C. Coca-Cola introduces its own brand of bottled water after the success of a number of other brands of water.
D. Kroger supermarkets add a new line of cosmetics for teens to its shelves.
E. Purina introduces a new package design for its dog food.
58. Webkinz was the first toy company to sell stuffed animals with codes for play on an Internet game site. It
was a
A. niche creator.
B. company with a first-mover advantage.
C. service business.
D. Strategy imitator.
E. product assimilator.
59. Sara Blakely started Spanx after unsuccessfully searching for control undergarments that would not ride up
while being worn. This is an example of
A. identifying a niche.
B. a company with a first-mover advantage.
C. a distribution company.
D. a new market identifier.
E. a product assimilator.
60. The overall purpose of a business plan is to

A. identify all actions required up to the point when the firm opens its doors.
B. outline activities for the business in its first year of operation.
C. provide prospective lenders with a blueprint for action.
D. determine potential demand for the firm's product or service.
E. determine the most appropriate form of ownership.
61. Which activity in developing a business plan is the most important?
A. Choosing a business location
B. Researching the market
C. Choosing a product mix
D. Developing a production plan
E. Developing an organization chart
62. Jane's Candy Shack was a quaint shop, in a small town, with high end items that never attracted many
customers. Its failure was probably attributable to failure to
A. do market research.
B. pay decent wages.
C. raise enough capital.
D. contact the SBIC.
E. hire a consultant.
63. The text lists several questions that the business plan should answer for the entrepreneur who is planning to
open a business. Which of the following is one of the questions?
A. What does she or he want to accomplish?
B. What financing is available?
C. What is the demand for the product/service?
D. What is the most effective production strategy?
E. What does the competitive situation look like?
64. The first step for the entrepreneur in planning his or her business is to
A. forecast sales revenues.
B. develop an organizational plan.
C. choose a business location.
D. develop an organizational chart.
E. engage in self-analysis.
65. The most important part of the small business financial plan is the
A. income statement.
B. balance sheet.
C. inventory analysis.
D. cash budget.
E. break-even chart.
66. The ____ tells how much money is needed to operate a new business.
A. income statement
B. profit and loss statement
C. cash budget
D. t-account
E. balance sheet
67. After watching the royal wedding, Susan wants to start her own hat making company in the United States.
To help her determine whether this is a good idea, she needs to find the answers to which of the following
questions?
A. Who are my customers, and where are they?
B. Who are my competitors, and where are they?
C. How can I differentiate my product from that of my competitors?
D. In what quantities and at what price will my customers buy my service?
68. What is the most common source of funds for entrepreneurs?

A. Bank loans
B. Money from venture capitalists
C. Personal financial resources
D. Issuing stock in the business
E. Forming strategic alliances
69. ____ are a group of small investors seeking to make profits on companies with rapid growth potential.
A. Intrapreneurs
B. Hierarchical allies
C. Stakeholders
D. Venture capitalists
E. Bondholders
Where should she look first for financing?
A. Personal resources
B. SBA
C. Strategic alliances
D. SBICs
E. Venture capital companies
71. Which of the following is NOT a source of management advice for an entrepreneur?
A. Management consultants
B. Small Business Administration (SBA)
C. Networking
D. Advisory boards
E. Securities and Exchange Commission (SEC)
A. Federal Trade Commission (FTC)
C. Service Corps of Retired Executives (SCORE)
D. Active Corps of Executives (ACE)
E. Small Business Institute (SBI)
73. Jane's Candy Shack is in danger of failing. She needs some major consulting help but she has limited
financial resources. She contacts the SBA. She will most likely get help from the
A. Federal Trade Commission (FTC).
B. Small Business Administration (SBA).
C. Service Corps of Retired Executives (SCORE).
D. Active Corps of Executives (ACE).
E. Small Business Development Center (SBDC).
74. Under the guidance of the ____, veteran business professors and students seeking advanced degrees work
with small business owners to help solve specific problems like shoplifting and ineffectual advertising.
A. Active Corps of Executives (ACE)
B. National Federation of Independent Businesses (NFIB)
C. Small Business Development Center (SBDC)
D. Small Business Institute (SBI)
E. Service Corps of Retired Executives (SCORE)
75. Jane's Candy Shack has ineffective advertising. Where should she go for help with a promotion program?
76. Why should a new entrepreneur who has to be careful how she spends every penny join the National
Federation of Independent Businesses (NFIB)?
A. The organization offers excellent networking opportunities.
B. The organization is the source of financial resources.
C. The organization is full of venture capitalists.
D. The organization provides generic promotional campaigns free of charge to new businesses.
E. There is no good reason for wasting money on this organization.
77. Jay wants to start a new business. With which of the following methods of starting a new business will he
pay a share of the income from the business in return for the use of such things as trademarks and business
formulas?
A. Venture capitalism
B. Franchising
C. Buying an existing business whose purchase price includes goodwill
D. Starting a new business with loans from the SBA
E. Industrial revenue sharing
78. Which of the following statements about recent trends in franchising is TRUE?
A. Franchising grew rapidly but has leveled off at one-third of retail sales.
B. Franchising is growing rapidly and is projected to account for half of all retail sales.
C. Franchising grew rapidly until about 1975, but its percentage of retail sales is now on the decline.
D. Franchising has not been a big factor in U.S. retail sales due to its high costs.
E. Franchising has declined in popularity because of the high risk it involves.
79. The most significant disadvantage to franchising as a means of acquiring a business is

A. the amount of paperwork.
B. the absence of economies of scale.
C. high start-up costs.
D. government regulation.
E. low break-even points.
80. The most significant change in small business is

A. the increase in the number of male-owned businesses.
B. the increase in the number of small business failures.
C. the decline in the number of sources of financing for small businesses.
D. the rapid emergence of electronic commerce.
E. the luring of entrepreneurs back to corporate America for financial security.
81. Four general factors contribute to the failure rate of small businesses. They include
A. managerial inexperience.
B. overcapitalization.
C. rapid growth.
D. the lack of an innovative spirit.
E. managerial competence.
82. Most experts say that anyone opening a new business should be financially strong enough to operate without
business income for
A. 1-3 months.
B. 3-6 months.
C. 6-12 months.
D. 1-3 years.
E. 2-5 years.
83. Four general factors contribute to the failure rate of small businesses. Which of the following is NOT one of
those factors?
A. Insufficient capital
B. Managerial incompetence or inexperience
C. Low start-up costs
D. Weak control systems
E. Owner neglect
84. Four general factors contribute to the success rate of small businesses. Which of the following is NOT one
of those factors?
A. Managerial competence
B. Luck
C. Hard work, drive, and dedication
D. Empathy with customers
E. Careful analysis of market conditions
85. ____________________ are people who engage in planning, organizing, operations, and assuming risk in a
business venture.
________________________________________
86. A(n) ____________________ is an enterprise with sales and assets that are not large enough to influence its
environment.
________________________________________
87. Entrepreneurial business ____________________, more than business size, accounts for most new job
creation.
________________________________________
88. ____________________ businesses supply over half of all "innovations" introduced into the U.S.
marketplace each year.
________________________________________
89. ____________________ businesses provide ____________________ businesses with many of the services,
supplies, and raw materials they need.
________________________________________
90. The three strategic challenges facing small firms are choosing an industry in which to compete, emphasizing
distinctive competencies, and ____________________.
________________________________________
91. Rachel wants to sell products designed for churches that meet in movie theaters. She has found a(n)
____________________ market.
________________________________________
92. Primarily because they require few resources, ____________________ businesses are the fastest-growing
segment of small-business enterprise.
________________________________________
93. A(n) ____________________ business sells directly to consumers products manufactured by other firms.
________________________________________
94. The distinctive competencies of small business usually fall into three areas: the ability to identify new
niches in established markets, the ability to identify new markets, and the ability to move
____________________.
________________________________________
95. According to the National Federation of Independent Businesses, ____________________ are the most
important sources of money for entrepreneurs.
________________________________________
96. The SBA program that is designed to help small businesses that cannot afford consultants is called
____________________.
________________________________________
97. In addition to helping small business operators obtain funding, the SBA also provides
____________________ assistance.
________________________________________
98. Minorities and women are starting ____________________ small businesses than in the past.
________________________________________
99. ____________________ systems are needed to keep a business on track and to help alert entrepreneurs to
potential trouble.
________________________________________
100. The most common causes of small business success are hard work, ____________________, managerial
competence, and luck.
________________________________________
101. Match the following. You may use a response once, more than once, or not at all.
1. Entrepreneurs who are overly optimistic about

when they will start earning a profit Control system ____
2. Characterized by entrepreneurs who assume Insufficient
common sense and hard work will lead to success capital ____
3. Characterized by entrepreneurs who try to launch Managerial
businesses in their spare time incompetence ____
4. This is needed to alert entrepreneurs to trouble Neglect ____
102. Special Exercises
Jennifer Laurash was a middle manager in corporate America. She switched to work as a full time mother when
her children were young. Then she started the Tiny Little T-shirt Company in her basement. Her clothing line is
now international.
Match the following. You may use a response once, more than once, or not at all.
1. Because she has a start-up business, she needs a

business mentor, preferably one who is familiar
with the retail distribution business and who is not
caught up in running his or her own business. Small Business
Where can she find such a person? Administration (SBA) ____
2. She was having a problem deciding on what
went in her business plan and heard of other
businesses getting college business classes to Service Corps of
design a plan for them. Where did she go to locate Retired Executives
such a program? (SCORE) ____
The National
Association of Women
Business Owners
3. Where can she go to network? (NAWBO) ____
4. If she wanted to ask advice later from someone
currently in business who would be unbiased and
able to give her an honest answer, which agency Small Business
should she contact? Institute (SBI) ____
5. Where should she go for a loan if she is unable Active Corps of
to get private financing at reasonable terms? Executives (ACE) ____
103. What is the nature of entrepreneurship?

104. The media often portray big business as crushing small business. In fact, what is the relationship between
big and small business more likely to be like?
105. Describe the role of entrepreneurship in society.
106. Briefly describe industries in which small businesses seem to be most effective and why this seems to be
the case. In what area are small businesses least successful in comparison to large businesses?
107. The distinctive competencies of small business usually fall into three areas. Briefly discuss each of those
areas.
108. Describe the four major types of information presented in a business plan.
109. When the business plan is finished, the entrepreneur must choose a structure. What does that mean?
110. Imagine you are working for 3M, a company known for supporting innovation. In your private time you
create a new product. Will you start your own company? Why or why not?
111. A new business can be started either from scratch or by buying an existing business. Which method seems
best to you? Explain your answer.
112. You have a great idea for a new children's toy. Describe your financing options.
113. List and briefly describe the four programs available from the SBA that are designed to help small business
operators gain access to management expertise. What is the SBA's other primary function?
114. Insead is a business school in France. Half of its alumni go on to start their own business or purchase one.
Describe recent trends in small-business start-ups and how an Insead education could help an entrepreneur.
115. How has e-commerce affected entrepreneurship?

116. List and briefly describe the major causes of small business failure and success.
117. What is the current trend for minority and women-owned businesses? Why is it happening?
Chapter 10--Managing New Venture Formation and
Entrepreneurship Key
1. Entrepreneurship is the process of planning, organizing, leading, and controlling.

FALSE
2. A small business can only have one owner.

FALSE
3. Professional managers, whose job is running someone else's business, are entrepreneurs.
FALSE
4. Most U.S. workers are employed by large firms.

FALSE
5. The strong presence of small businesses in the United States is typical of the rest of the mature economies.
TRUE
6. According to the Small Business Administration, small businesses account for a small percentage of all U.S.
exports.
FALSE
7. Small business¾especially in certain industries¾is an important source of new (and often well-paid) jobs in
the United States.
TRUE
8. History has shown that major innovations are as likely to come from small businesses (or individuals) as
from big businesses.
TRUE
9. The more resources an industry requires, the harder it is to start a business and the less likely that the industry
is dominated by small firms.
TRUE
10. More than any other industry, manufacturing lends itself to small business.
FALSE
11. A first-mover enters a segment of a market that offers a new opportunity because it is not currently being
satisfied.
TRUE
12. The business plan should describe the match between the entrepreneur's abilities and the requirements for
producing and marketing a particular product or service.
TRUE
13. The business plan is made up of a cash budget, an income statement, balance sheets, and a breakeven chart.
FALSE
14. Market research is a key step in building a business plan.

TRUE
15. The Internet has virtually rewritten all of the rules for starting and operating a small business.
TRUE
16. Entrepreneurs who decide to start from scratch rather than buy an existing business have better odds of
success.
FALSE
17. If someone is technically challenged, they should avoid starting a business because e-commerce is where
small businesses are finding success.
FALSE
18. The purpose of the SBA's SCORE program is to evaluate the managerial performance of small businesses
and then to assign scores that are used to determine the amount of loans that individual businesses can obtain.
FALSE
19. The purpose of the SBA's SBDC program is to consolidate information from various disciplines and
institutions, including technical and professional schools.
TRUE
20. A franchise usually involves less uncertainty and less risk than starting a business from scratch.
TRUE
21. Less and less often businesses are being started by people who have opted to leave big corporations and put
their experience and know-how to work for themselves.
FALSE
22. Women tend to start their own businesses because they really like being their own bosses.
TRUE
23. More people are discouraged to test their skills as entrepreneurs because the failure rate among small
businesses has been increasing in recent years.
FALSE
24. Starting a new business requires an overwhelming time commitment.

TRUE
25. New businesses need six to twelve months of capital before they launch.
TRUE
26. Few successful entrepreneurs succeed alone or straight out of college.

TRUE
27. Luck plays a role in the success of some firms.
TRUE
28. An entrepreneur does all of the following EXCEPT

A. organize.
B. plan.
C. hire professional managers.
D. assume risk.
E. operate.
29. Teresa Walsh and Bonnie Kelly started Silpada Designs, jewelry sold through home parties. They are best
classified as
A. intrapreneurs.
B. franchisers.
C. venture capitalists.
D. entrepreneurs.
E. franchisees.
30. Which of the following describes an entrepreneur?

A. Richard Ames, an investor in Red Raider, which is run by his two partners
B. Chad Olsen, who hired a consulting firm to research his business idea and help him set up Help-Doc, which
he now manages
C. James Hill, who owns Midtown TV but works as a Motorola engineer
D. Sidney Pell, who runs Midtown TV for its owner, James Hill
E. None of these choices
31. Sara Blakely developed the idea to make Spanx undergarments. She filed a patent and researched
production. She now sells Spanx through department stores. She is an example of a(n)
A. intrapreneur.
B. leaseholder.
D. entrepreneur.
E. franchisee.
32. Which of the following is NOT an example of an entrepreneur?
A. Madeline runs a neighborhood lemonade stand by herself.
B. Diane Molberg started By Request, a successful home bakery business that guarantees that any item it sells is
no more than 24 hours old.
C. Elmer Olsen created the successful Bayfield Apple Jam Company using a recipe from his wife and some
investment capital.
D. Cindy has a yard sale once a year.
E. Donna Cook wanted to start a little home business 10 years ago; now she has a company that produces and
markets more than 150 dry cooking mixes.
33. Kristen owns and operates a photography studio. She has no employees. She is a(n)
A. small business owner.
B. intrapreneur.
D. networker.
E. leaseholder.
34. A small business

A. is publicly owned.
B. creates jobs faster than big businesses.
C. has less than 100 employees.
D. is easily discernible from a big business.
E. has sales so small it cannot influence its environment.
35. Which of the following statements comparing small businesses to large businesses is FALSE?
A. More new jobs are created by small than by large businesses.
B. Large businesses show better financial performance than small businesses.
C. Small businesses represent the majority of new businesses started each year.
D. Small businesses can typically produce and deliver specialty products more efficiently than large businesses.
E. Small businesses outnumber large businesses by nearly 100 to 1.
36. Which of the following is NOT generally considered to be a role performed by small businesses?
A. Creation of new jobs
B. Development of new products
C. Manufacture of materials for large businesses
D. Distribution of products made by large businesses
E. Provision of capital for expansion of large businesses
37. In terms of the number of new jobs formed each year, how does small business compare to big business?
A. Small business creates more than 99 percent of the new jobs.
B. Big business loses the most jobs each year.
C. Small business was recently passed by big business in creating new jobs
E. Big business is responsible for nearly all of the new jobs created.
38. Which of these statements comparing large and small businesses is TRUE?
A. Big businesses outnumber small businesses by a wide margin.
B. Tax policies favor medium-sized businesses.
C. Small businesses show consistently lower financial performance than big businesses.
E. Small business formations are on the decline, but the rate for big businesses is increasing.
39. While watching her Dad cook bacon in the microwave, 10-year-old Abby Fleck asked, "Wouldn't it be less
messy if you hung the bacon to cook?" After breakfast, she and her Dad went to the basement and created the
Makin Bacon, a gadget for making bacon cooking less messy. Abby, her parents, and her grandparents own and
operate a company that makes and sells Makin Bacon trays. Her first big customer was Armour Bacon, which
purchased the gadget to sell as a premium on its packages of bacon. This is a small business that has contributed
by its
A. innovation and its importance to a big company.
B. financial performance and impact on its external environment.
C. innovation and its impact on the internal environment of Armour.
D. job creation, innovation, and importance to big business as a whole.
E. job creation and innovation.
40. If an entrepreneur were considering a new business, which of the following would be a DESIRABLE
characteristic of the industry being considered?
A. Several companies are engaged in highly competitive advertising, which indicates that the product is
desirable.
B. The new company will sell a newly patented invention that is not yet well known but is expected to dominate
the market.
C. Start-up costs are high, so only a few companies are in business.
D. The new company will be able to sell only to selected buyers.
E. Customers have substitute products from which to choose if the new company cannot produce the products
as rapidly as needed.
41. In which of the following industries are you most likely to find small business success?
A. Retailing
B. Department store retailing
C. Wholesaling
D. Airline
E. Manufacturing
42. Service businesses are the fastest growing segment of small-business enterprises primarily because of
A. low labor requirements.
B. lack of owner commitment.
C. favorable tax treatment.
D. high market demand.
E. size of initial capital investment required.
43. Which of the following statements about service businesses that are classified as small businesses is
TRUE?
A. Service businesses appeal to the innovative nature of many entrepreneurs.
B. A service company that gift wraps gifts for people too busy to do it themselves is an example of a small
business if it is privately owned and has only four employees.
C. A small business offering a car repair service is like other service businesses in that it offers a higher return
on time invested.
D. The service industry attracts small business owners because it requires so few start-up resources.
44. In which of the following ventures would a small business operator be most effective?
A. Construction
B. Transportation
C. Services
D. Manufacturing
E. Wholesale
45. In which of the following areas of retailing are small businesses most likely to create jobs through success?
A. Gas station
B. Creating organic health products
C. General hardware
D. Department store
E. Factory outlet
46. Which of the following statements explains why small businesses are generally more effective than large
companies in specialty retailing?
A. Large companies generally lack the specialists that are needed to make a retail store profitable.
B. Specialty retail stores are generally located in small towns where large organizations tend not to compete.
C. Specialty retailing requires a different organizational structure than is usually found in large companies.
D. Innovative people leave the bureaucracy of big business to start their own firms.
E. Specialty retailing relies on customization, which is not cost effective for large companies.
47. Which of the following statements is TRUE about the industries that small business owners may consider
entering?
A. Small businesses dominate the construction industry.
B. Since the deregulation of banks, the small local bank has completely disappeared.
C. Barriers to entry are generally small.
D. There are no small businesses in the wholesaling industry.
E. More than any other industry, discounting lends itself to the skills of the small business owner.
48. Why are some small business owners successful in the wholesaling industry?
A. A wholesaling business does not require a large capital investment.
B. Small businesses have access to more technology.
C. Wholesaling businesses serve more customers than retail businesses.
D. Small business owners are able to develop personal working relationships with their buyers.
49. In which of the following industries are you LEAST likely to find a small business owner performing well
due to a lack of economies of scale?
A. Construction
B. Transportation
C. Service
D. Retailing
E. Manufacturing
50. In which of the following industries are small businesses typically poorer performers than large businesses?
A. Construction
B. Manufacturing
C. Service
D. Retailing
E. Transportation
51. Research has shown that manufacturing costs often fall as the number of units produced by an organization
increases. This relationship between cost and production is called
A. economy of scale.
B. the scalar principle.
C. the equifinality principle.
D. synergy.
E. the 80/20 principle.
52. Large businesses are more likely to succeed in the manufacturing industry than small businesses due to
A. the principle of synergy.
C. divesting.
D. the need for minimal start-up resources.
E. proven business plans.
53. Which of the following is NOT considered to be a distinctive competency for small business?
A. Ability to move quickly to seize new opportunities
B. Ability to achieve economies of scale
C. Ability to identify new niches in established markets
D. Ability to identify new markets
E. Ability to exploit a first-mover advantage
54. Which of the following is an example of identifying a new niche in an established market?
A. Modifying a cell phone keyboard to alphabetical order
B. Reducing the number of outlets that sell computers
C. Reducing the price of a printer so that it is more affordable
D. Introducing a new computer in an industrialized country
E. Designing a computer that can control traffic flow on a freeway
55. An entrepreneur looking to enter the manufacturing industry is more likely to fail due to
A. size of initial capital investment.
C. labor requirements.
D. market saturation.
E. all of these choices.
56. Whole Foods has succeeded in bringing natural foods to mainstream retail. A small business entering the
natural food retail market would have a(n)
A. established market competitor.
B. advantage due to size.
C. niche market.
D. price advantage.
E. advantage in exporting.
57. Which of the following is an example of a first-mover advantage?

A. Orange County Choppers, builders of custom motorcycles, can exploit their own reality television show.
B. The manufacturer of Blistex lip cream, a U.S.-made product, is introduced for the first time to consumers in
Europe.
C. Coca-Cola introduces its own brand of bottled water after the success of a number of other brands of water.
D. Kroger supermarkets add a new line of cosmetics for teens to its shelves.
E. Purina introduces a new package design for its dog food.
58. Webkinz was the first toy company to sell stuffed animals with codes for play on an Internet game site. It
was a
A. niche creator.
B. company with a first-mover advantage.
C. service business.
D. Strategy imitator.
E. product assimilator.
59. Sara Blakely started Spanx after unsuccessfully searching for control undergarments that would not ride up
while being worn. This is an example of
A. identifying a niche.
B. a company with a first-mover advantage.
C. a distribution company.
D. a new market identifier.
E. a product assimilator.
60. The overall purpose of a business plan is to

A. identify all actions required up to the point when the firm opens its doors.
B. outline activities for the business in its first year of operation.
C. provide prospective lenders with a blueprint for action.
D. determine potential demand for the firm's product or service.
E. determine the most appropriate form of ownership.
61. Which activity in developing a business plan is the most important?
A. Choosing a business location
B. Researching the market
C. Choosing a product mix
D. Developing a production plan
E. Developing an organization chart
62. Jane's Candy Shack was a quaint shop, in a small town, with high end items that never attracted many
customers. Its failure was probably attributable to failure to
A. do market research.
B. pay decent wages.
C. raise enough capital.
D. contact the SBIC.
E. hire a consultant.
63. The text lists several questions that the business plan should answer for the entrepreneur who is planning to
open a business. Which of the following is one of the questions?
A. What does she or he want to accomplish?
B. What financing is available?
C. What is the demand for the product/service?
D. What is the most effective production strategy?
E. What does the competitive situation look like?
64. The first step for the entrepreneur in planning his or her business is to
A. forecast sales revenues.
B. develop an organizational plan.
C. choose a business location.
D. develop an organizational chart.
E. engage in self-analysis.
65. The most important part of the small business financial plan is the
A. income statement.
B. balance sheet.
C. inventory analysis.
D. cash budget.
E. break-even chart.
66. The ____ tells how much money is needed to operate a new business.
A. income statement
B. profit and loss statement
C. cash budget
D. t-account
E. balance sheet
To help her determine whether this is a good idea, she needs to find the answers to which of the following
questions?
A. Who are my customers, and where are they?
B. Who are my competitors, and where are they?
C. How can I differentiate my product from that of my competitors?
D. In what quantities and at what price will my customers buy my service?
68. What is the most common source of funds for entrepreneurs?

A. Bank loans
B. Money from venture capitalists
C. Personal financial resources
D. Issuing stock in the business
E. Forming strategic alliances
69. ____ are a group of small investors seeking to make profits on companies with rapid growth potential.
A. Intrapreneurs
B. Hierarchical allies
C. Stakeholders
D. Venture capitalists
E. Bondholders
Where should she look first for financing?
A. Personal resources
B. SBA
C. Strategic alliances
D. SBICs
E. Venture capital companies
A. Management consultants
C. Networking
D. Advisory boards
E. Securities and Exchange Commission (SEC)
A. Federal Trade Commission (FTC)
C. Service Corps of Retired Executives (SCORE)
D. Active Corps of Executives (ACE)
E. Small Business Institute (SBI)
73. Jane's Candy Shack is in danger of failing. She needs some major consulting help but she has limited
financial resources. She contacts the SBA. She will most likely get help from the
A. Federal Trade Commission (FTC).
B. Small Business Administration (SBA).
C. Service Corps of Retired Executives (SCORE).
D. Active Corps of Executives (ACE).
E. Small Business Development Center (SBDC).
74. Under the guidance of the ____, veteran business professors and students seeking advanced degrees work
with small business owners to help solve specific problems like shoplifting and ineffectual advertising.
75. Jane's Candy Shack has ineffective advertising. Where should she go for help with a promotion program?
76. Why should a new entrepreneur who has to be careful how she spends every penny join the National
Federation of Independent Businesses (NFIB)?
A. The organization offers excellent networking opportunities.
B. The organization is the source of financial resources.
C. The organization is full of venture capitalists.
D. The organization provides generic promotional campaigns free of charge to new businesses.
E. There is no good reason for wasting money on this organization.
77. Jay wants to start a new business. With which of the following methods of starting a new business will he
pay a share of the income from the business in return for the use of such things as trademarks and business
formulas?
A. Venture capitalism
B. Franchising
C. Buying an existing business whose purchase price includes goodwill
D. Starting a new business with loans from the SBA
E. Industrial revenue sharing
78. Which of the following statements about recent trends in franchising is TRUE?
A. Franchising grew rapidly but has leveled off at one-third of retail sales.
B. Franchising is growing rapidly and is projected to account for half of all retail sales.
C. Franchising grew rapidly until about 1975, but its percentage of retail sales is now on the decline.
D. Franchising has not been a big factor in U.S. retail sales due to its high costs.
E. Franchising has declined in popularity because of the high risk it involves.
79. The most significant disadvantage to franchising as a means of acquiring a business is

A. the amount of paperwork.
B. the absence of economies of scale.
C. high start-up costs.
D. government regulation.
E. low break-even points.
80. The most significant change in small business is

A. the increase in the number of male-owned businesses.
B. the increase in the number of small business failures.
C. the decline in the number of sources of financing for small businesses.
D. the rapid emergence of electronic commerce.
E. the luring of entrepreneurs back to corporate America for financial security.
81. Four general factors contribute to the failure rate of small businesses. They include
A. managerial inexperience.
B. overcapitalization.
C. rapid growth.
D. the lack of an innovative spirit.
E. managerial competence.
82. Most experts say that anyone opening a new business should be financially strong enough to operate without
business income for
A. 1-3 months.
B. 3-6 months.
C. 6-12 months.
D. 1-3 years.
E. 2-5 years.
83. Four general factors contribute to the failure rate of small businesses. Which of the following is NOT one of
those factors?
A. Insufficient capital
B. Managerial incompetence or inexperience
C. Low start-up costs
D. Weak control systems
E. Owner neglect
84. Four general factors contribute to the success rate of small businesses. Which of the following is NOT one
of those factors?
A. Managerial competence
B. Luck
C. Hard work, drive, and dedication
D. Empathy with customers
E. Careful analysis of market conditions
85. ____________________ are people who engage in planning, organizing, operations, and assuming risk in a
business venture.
Entrepreneurs
86. A(n) ____________________ is an enterprise with sales and assets that are not large enough to influence its
environment.
small business
87. Entrepreneurial business ____________________, more than business size, accounts for most new job
creation.
success
88. ____________________ businesses supply over half of all "innovations" introduced into the U.S.
marketplace each year.
Small
89. ____________________ businesses provide ____________________ businesses with many of the services,
supplies, and raw materials they need.
Small, big
90. The three strategic challenges facing small firms are choosing an industry in which to compete, emphasizing
distinctive competencies, and ____________________.
writing a business plan
91. Rachel wants to sell products designed for churches that meet in movie theaters. She has found a(n)
____________________ market.
niche
92. Primarily because they require few resources, ____________________ businesses are the fastest-growing
segment of small-business enterprise.
service
93. A(n) ____________________ business sells directly to consumers products manufactured by other firms.
retail
94. The distinctive competencies of small business usually fall into three areas: the ability to identify new
niches in established markets, the ability to identify new markets, and the ability to move
____________________.
quickly to take advantage of new opportunities
95. According to the National Federation of Independent Businesses, ____________________ are the most
important sources of money for entrepreneurs.
personal resources
96. The SBA program that is designed to help small businesses that cannot afford consultants is called
____________________.
ACE
97. In addition to helping small business operators obtain funding, the SBA also provides
____________________ assistance.
management
98. Minorities and women are starting ____________________ small businesses than in the past.
more
99. ____________________ systems are needed to keep a business on track and to help alert entrepreneurs to
potential trouble.
Effective control
100. The most common causes of small business success are hard work, ____________________, managerial
competence, and luck.
market demand
101. Match the following. You may use a response once, more than once, or not at all.
1. Entrepreneurs who are overly optimistic about when

they will start earning a profit Control system 4
2. Characterized by entrepreneurs who assume common
sense and hard work will lead to success Insufficient capital 1
3. Characterized by entrepreneurs who try to launch Managerial
businesses in their spare time incompetence 2
4. This is needed to alert entrepreneurs to trouble Neglect 3
102. Special Exercises
Jennifer Laurash was a middle manager in corporate America. She switched to work as a full time mother when
her children were young. Then she started the Tiny Little T-shirt Company in her basement. Her clothing line is
now international.
Match the following. You may use a response once, more than once, or not at all.
1. Because she has a start-up business, she needs a

business mentor, preferably one who is familiar with
the retail distribution business and who is not caught
up in running his or her own business. Where can she Small Business
find such a person? Administration (SBA) 5
2. She was having a problem deciding on what went
in her business plan and heard of other businesses Service Corps of
getting college business classes to design a plan for Retired Executives
them. Where did she go to locate such a program? (SCORE) 1
The National
Association of Women
Business Owners
3. Where can she go to network? (NAWBO) 3
4. If she wanted to ask advice later from someone
currently in business who would be unbiased and
able to give her an honest answer, which agency Small Business
should she contact? Institute (SBI) 2
5. Where should she go for a loan if she is unable to Active Corps of
get private financing at reasonable terms? Executives (ACE) 4
103. What is the nature of entrepreneurship?
Answer not provided.
104. The media often portray big business as crushing small business. In fact, what is the relationship between
big and small business more likely to be like?
105. Describe the role of entrepreneurship in society.

106. Briefly describe industries in which small businesses seem to be most effective and why this seems to be
the case. In what area are small businesses least successful in comparison to large businesses?
107. The distinctive competencies of small business usually fall into three areas. Briefly discuss each of those
areas.
108. Describe the four major types of information presented in a business plan.
109. When the business plan is finished, the entrepreneur must choose a structure. What does that mean?
110. Imagine you are working for 3M, a company known for supporting innovation. In your private time you
create a new product. Will you start your own company? Why or why not?
111. A new business can be started either from scratch or by buying an existing business. Which method seems
best to you? Explain your answer.
112. You have a great idea for a new children's toy. Describe your financing options.

113. List and briefly describe the four programs available from the SBA that are designed to help small business
operators gain access to management expertise. What is the SBA's other primary function?
114. Insead is a business school in France. Half of its alumni go on to start their own business or purchase one.
Describe recent trends in small-business start-ups and how an Insead education could help an entrepreneur.
115. How has e-commerce affected entrepreneurship?
116. List and briefly describe the major causes of small business failure and success.
117. What is the current trend for minority and women-owned businesses? Why is it happening?

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METEOROLOGICAL TABLE.
Date. Hours. Faht. Bar.

1825. Badagry.
Dec. 2 6 A.M. 80°. 29°.813 Calm and hazy.
Noon. 91 .705 South-west winds.
3 P.M. 91½ .653
3 6 A.M. 78 .912 Cloudy and calm.
Noon. 92 .631 South, fine breezes.
3 P.M. 91 .515
4 6 A.M. 77 .854 Calm.
Noon. 90 .568 South, fine breeze.
3 P.M. 90 .532 Moderate.
5 6 A.M. 79 .786 Thin showers.
Noon. 89 .623 South-east, fine breezes.
3 P.M. 86 .578 Cloudy, thick weather.
6 6 A.M. 76 .829 ⎱
Thin rain, light breezes, and cloudy.
Noon. 90 .524 ⎰
1826. Chiado.
Jan. 10 3 P.M. 89 28.700 Hazy.
6 85 .700 South south-west light air.
11 6 A.M. 75 .750 Calm and clear.
9 82 .750 Same.
Noon. 90 .695 Light airs.
3 P.M. 94 .675 Ditto and clear.
5 90 .675
Koosoo.
14 6 P.M. 89 .800 Calm.
15 6 A.M. 75 Strong breezes, east by north Harmattan.
Noon. 89
3 P.M. 90 .709
Atepa.
20 1 P.M. 91 .696 ⎫
2 91 ⎪
3 93 .646 ⎬North north-east strong Harmattan.
4 92 ⎪
5 84 ⎭
Katunga or Eyeo.
25 6 A.M. 83 28.640 North north-west, clear.
Noon. 89½ .580 Strong breeze, fine, north-east.
3 P.M. 90 .549 East.
26 6 A.M. 70 Clear, light breezes, and cool.
9 83 .587 Fresh breezes, north north-east.
Noon. 89 .524 Light ditto.
3 P.M. 90 .519 Mild ditto.
27 Noon. 81 .552 Tube broke.
Feb. 3 6 A.M. 74 .560 Dull and hazy.
9 82 .516
Noon. 88 .606
4 6 A.M. 79 .510
9 89 .510
Noon. 89 .458
3 P.M. 77 .458 Thunder storm.
5 6 A.M. 77 .510 Cloudy, and strong breeze.
6 6 77 .458 Fresh breeze and clear.
9 89 .558
Noon. 91 .500 Moderate breezes.
3 P.M. 91½ .488 Calm and clear.
7 6 A.M. 78 .500 Fresh breeze during the night.
9 88 .555 Moderate, north-east.
Noon. 94 .517 Calm.
3 P.M. 91 .480 Light airs.
8 6 A.M. 75 .552 Light airs and hazy.
9 84 .611 Ditto and flying clouds.
Noon. 89 .568 Mild, east-north-east.
3 P.M. 90 .484
9 6 A.M. 72 .497 Fresh breeze, clear and cool, south-west.
9 87 .521 West-north-west.
Noon. 91 Light airs.
3 P.M. 89 .449 Calm.
10 6 A.M. 76 .524 Moderate and clear.
9 82 .568 West-north-west, flying clouds.
Noon. 92 .515 Light airs, east-north-east.
3 P.M. 88 .475
11 6 A.M. 75 .535 Light breezes and clear.
9 85 .543
Noon. 90 .472
3 P.M. 93 .455 Calm.
12 6 A.M. 76 .506 Fresh breezes, north-west.
9 86 .544 Light airs.
Noon. 92 .509 Squally, north-east.
3 P.M. 94 .420 Fresh breeze.
13 6 A.M. 78 .472 Strong breeze and cloudy.
9 86 .540 Moderate and cloudy, north-east.
Noon. 97 .475 Light airs and clear.
3 P.M. 94 .435 Ditto and cloudy.
14 6 A.M. 80 .505 Strong breeze and cloudy.
9 84 .550 Moderate breeze.
Noon. 91 .504 Light airs.
3 P.M. 94½ .440 ⎱
Cloudy—midnight, fresh breeze and cloudy.
15 6 A.M. 75 .537 ⎰
9 84 .591 Clear and moderate.
Noon. 91 .539
3 P.M. 91½ .420
16 6 A.M. 80 .590 ⎱
Harmattan from north-east all day.
3 P.M. 91 .537 ⎰
17 6 A.M. 74 .612 Strong ditto from north-east.
9 83 .696
Noon. 89 .628
3 P.M. 89¾ .568
18 6 A.M. 75 .600 Harmattan from north-east.
9 84 .708
Noon. 89 .635
3 P.M. 92 .515 ⎫
19 6 A.M. 70 .500 ⎪
Noon. 84 .534 ⎬Strong Harmattan from north-east, with thick fog.
3 P.M. 88 .426 ⎪
20 6 A.M. 70 .510 ⎭
9 82 .580 ⎫
Noon. 88 .530 ⎬Harmattan continued.
3 P.M. 88 .475 ⎭
21 6 A.M. 70 .568 ⎫
Noon. 80 .602 ⎬The same.
3 P.M. 89 .572 ⎭
22 6 A.M. 70 .520 ⎫
9 80 .580 ⎪
⎬The same.
Noon. 85 .534 ⎪
3 P.M. 86 .460 ⎭
23 6 A.M. 70 .535 ⎫
9 79 .552 ⎪
⎬The same.
Noon. 84 .520 ⎪
3 P.M. 86 .482 ⎭
24 6 A.M. 69 .545 ⎫The same.
⎬
⎬
⎭
9 78 .571
Noon. 88 .500
25 6 A.M. 72 .442 ⎫
9 80 .571 ⎪
⎬The same.
Noon. 88 .510 ⎪
3 P.M. 89 .430 ⎭
AT VARIOUS PLACES ON THE ROUTE.
Week, Mo. Time of Therm.

Barometer. REMARKS, &c.
Days. observation. Faht.
1826.
March 14 Noon. 94° 28°.420 ⎰City of Kiama in Borgoo. Fresh breezes
3 P.M. 94 .529 ⎱ and clear, wind north-east.
6 91
6 A.M. 78 .580 Fresh breezes, wind east-north-east.
9 88 .634 Fresh breezes, with light flying clouds.
15 Noon. 91 .604 The same.
3 P.M. 94 .510
6 91 .548 Calm and cloudy.
6 A.M. 74 .586 Calm, with light clouds.
9 85 .651 Light breezes from the east-north-east.
16 Noon. 91 .610 The same, with light flying clouds.
3 P.M. 93 .550 The same.
6 91 .540 The same.
6 A.M. 74 .595 Light airs and clear, wind-north-east.
Freshening breezes, with a slight haze,
9 82 .696
wind north-east.
17 Noon. 89 .625 Moderate and hazy.
3 P.M. 91 .575 Hazy and sultry, with little wind.
Village of Comie, in Wawaw province,
and kingdom of Borgoo, about 50 feet
April 7 8 A.M. 86 .411
above the river Quorra, on the west
bank.
Fresh breezes from the eastward, with a
9 89 .377
slight haze.
10 89½ .400 Cloudy, with fresh breezes.
Noon. 93 .375 The same.
Strong breezes, and dark cloudy
3 P.M. 90
weather.
Moderate breezes, with dark cloudy
5 89 .300
weather.
Dull cloudy weather, with little wind from
6 A.M. 79 29.320
the south-west.
9 82 .368 The same.
8 Noon. 90 .375 The same.
3 P.M. 99 .320 Clear, with light airs from the south-west.
6 93 .280 Calm and clear.
Town of Tabra in Nyffé. Cloudy, with
10 A.M. 89 29.85
moderate breezes, wind south-west.
3 P.M. 98 .45 Moderate breezes.
5 91 28.992 Calm, with light clouds.
City of Tabra in Nyffé. Calm with light
6 A.M. 74 .967
clouds.
Light breezes, flying clouds, wind south-
9 86 29.80
west.
18 Noon. 96 28.920 Moderate breezes, with light clouds.
3 P.M. 97½ .866 Light airs, wind south-west.
6 95 Light breezes and clear, wind south-west.
6 A.M. 80 .943 Dull and cloudy, with fresh breezes.
9 88 29.11 Fresh breezes, wind south-west.
19 Noon.
3 P.M. 97 28.953 Moderate and clear.
Light airs and cloudy, with thunder and
July 5 4 P.M. 80 27.862 lightning. City of Guari. During night a
tornado.
Moderate breezes, with dark cloudy
6 A.M. 73 .986
weather, wind south-west.
9 78 .942 Light airs and cloudy.
Light breezes, with thunder clouds to
3 P.M. 85 .940
eastward.
6 84 .952 Light airs and cloudy.
Dull and cloudy, with light breezes from
6 A.M. 75 28.011
the south-west.
9 77 .067 A little rain, with light airs from the south.
7 Noon. 85 .124 Moderate, with thick clouds.
3 P.M. 28. The same, wind south-west.
City of Zaria, the capital of the province
10 A.M. 79 27.917 of Zegzeg. Dull and cloudy, with light
airs from the south.
12 Noon. 81 .888 Light airs, with dull cloudy weather.
3 P.M. 83 .858 The same, wind south-west.
6 81 .785 Cloudy.
6 A.M. 75 28.820 Cloudy, with a fresh breeze.
9 77 .820 The same.
13 Noon. 84 .815 Cloudy, with light dull airs from the south.
Moderate breezes and cloudy, thunder
3 P.M. 85 .780
clouds to the south-east.
6 80 .785 Calm.
Fresh breezes and cloudy from the east,
6 A.M. 75 .805
with low clouds.
9 77 .842 Fresh breezes, and dark cloudy weather.
Strong breezes and squally, with thick
14 Noon. 80 .771
cloudy weather, wind west.
3 P.M. 82 .751 Thick cloudy weather.
Moderate breezes, with dull cloudy
6 80 .735
weather, wind south-west.
A single observation taken at the town of
Aushin, province of Zegzeg. Dull
17 6 P.M. 74 27.765
cloudy weather, with a fresh breeze
from the west-south-west.
Town of Baebaegie, province of Kano.
20 10 A.M. 75 .438
Calm and cloudy, with a little rain.
Fresh breezes and cloudy, wind south-
Noon. 78 .354
west.
3 P.M. 80 .289 Light airs and cloudy.
6 80 .260 Calm and cloudy.
City of Kano. Fresh breezes and cloudy,
Aug. 9 3 P.M. 85½ 28.252
threatening rain.
Moderate breezes and cloudy, wind
6 81 .237
south-east.
6 A.M. 76 .269 Light breezes with rain.
9 78½ .269 Fair; at 10 A.M. rain.
Fresh breezes from the south-west, with
10 Noon. 79 .251
rain; at 1 P.M. fair.
Fresh gales and cloudy, wind west-south-
3 P.M. 79 .199
west.
6 78 .191 Moderate and cloudy.
Moderate and cloudy, wind south; it had
6 A.M. 76 .192
rained all night.
9 79½ .234
west.
Fresh gales, with flying clouds, and a few
11 Noon. 81 .212
drops of rain.
Fresh gales and cloudy, rain, heavy
3 P.M. 84 .202
thunder clouds.
6 P.M. 80 .227 Moderate breezes, with light clouds.
Light airs, with light clouds; during the
6 A.M. 76 .320
night, cloudy.
Fresh breezes and cloudy, wind west-
9 79 .371
south-west.
Fresh breezes and cloudy, thunder and
12 Noon. 83 .346
rain, wind south-west.
Fresh breezes and cloudy, with a light
3 P.M. 82½ .305
haze.
6 81 .280 Light airs and light clouds.
Light breezes, cloudy, wind south-south-
6 A.M. 78½ .344
west.
Moderate and cloudy, with slight rain at
9 81 .375
times; at 11 A.M. heavy rain.
13 Noon. 76 .318 Heavy rain, thunder and lightning.
3 P.M. 77 .273 Light winds and heavy rain, wind south.
6 79 .240 Moderate breezes and cloudy.
Moderate and clear, with light flying
6 A.M. 75 .291 clouds; during night, cloudy, with a few
drops of rain.
Fresh breezes and cloudy, threatening
9 79 .368
rain.
Moderate breezes, with clouds and
14 Noon. 82½ .311
sunshine.
3 P.M. 86½ .220 Moderate and fine, wind south-west.
Variable, with dark cloudy weather,
6 84 .270
thunder and lightning.
9 A.M. 78 .364
west.
Moderate breezes, with light white
15 Noon. 83 .344
clouds, wind west-south-west.
3 P.M. 85 .270 The same.
6 86 .246 Light airs and fine.
Dull and cloudy, wind south by south-
6 A.M. 73 .325 west, with thunder, lightning, and rain;
during the night a tornado.
Moderate and cloudy, with a light haze,
9 79 .337
wind south-west.
Fresh breezes and cloudy from the
16 Noon. 83½ .329
south-west.
3 P.M. 85 .269 Moderate, with a light haze.
Moderate breezes, with light flying
6 83½ .329
clouds.
HEIGHT OF THERMOMETER IN KANO, AS OBSERVED BY

RICHARD LANDER, AUGUST 25, 1826.
6 3
Aug. Noon.
A.M. P.M.
25. Dull morning, 6 A.M.; 12 noon, clear; 3 P.M. clear 76° 84° 85°
26. A thunder storm and heavy rain; 12 noon, dull; 3 P.M. do. 75 79 79
27. 6 A.M. clear light air; 12 noon, clear; 3 P.M. clear 76 81 84
28. Clear at 6 A.M.; 12 noon, calm and cloudy; 3 P.M. light airs 77 81 85
29. 6 A.M. heavy rain; 12 noon, clear and calm; 3 P.M. clear and
calm 73 82 83
30. 6 A.M. clear; 12 noon, a thunder storm and heavy rain 72 79 79
31. Clear and cold; 12 noon, clear and cold 73 80 84
Sept.
1. Dull morning; 12 noon, dull; 3 P.M. dull and cloudy 77 81 80
8. Dull morning; 12 noon, clear; 3 P.M. clear 76 83 82
10. Dull morning; 12 noon, dull; 3 P.M. heavy rain 77 80 79
11. Clear and calm 77 85 86
13. Clear and light air 79 84 83
18. Clear until noon; 3 P.M. a thunder storm and rain 79 86 83
20. Clear and calm until 3 P.M. and light air 78 84 87
22. Clear and calm until 12 noon, light air 76 85 88
23. Clear, light air 79 90 90
24. Clear and calm; 12 noon, and light air 80 89 89
26. Clear; 12 noon, light breezes 79 86 89
28. Clear; 12 noon, light rain 80 86 90
29. Clear; 3 P.M. heavy rain 79 86 89
30. Dull and foggy; 3 P.M. heavy rain and wind 79 85 87
Oct.
1. Heavy rain and a thunder storm 70 76 79
2. Clear and cold, light breezes 70 80 80
4. Clear, light air, and cold 71 84 84
5. Clear and light breezes 70 83 85
12. Clear and fine breezes 75 88 88
14. Clear, light breezes 76 87 87
24. Clear and cold 75 86 86
25. Clear light breezes 75 83 87
26. Clear and cold, light air 75 84 83
27. Clear and cold, light air 75 87 86
30. Clear; 12 at noon, light breeze from east 75 84 85
31. Clear; 12 noon, light breeze 76 85 86
Nov.
2. Clear; 12 noon, light air 76 88 88
4. Dull and hazy 76 86 86
5. Clear; 12 noon, a light breeze 75 87 86
8. Clear at 8; 12 noon, hazy and light breeze 75 85 86
9. Clear at 9; 12 noon, cloudy, and light breeze 75 86 87
10. Clear at 8; 12, light breezes 75 88 88
13. Clear at 9; 12, light air 76 85 86
14. Clear; 12, light breezes 75 85 87
15. Clear; 12 at noon, a light breeze 75 86 86
16. Clear; 12, light breezes 76 84 85
18. Clear; 12 noon, a light air 76 86 86
20. Clear, strong breeze, wind east 75 85 85
21. Clear, light breezes 75 89 89
SOCKATOO, JANUARY 7, 1827.
Jan.
7. Strong breeze from east-north-east, clear 70 90 92
8. Monday, 6 A.M. light breeze, hazy; 12 noon, wind east-
north-east 70 90 92
9. 6 A.M. cold and clear, a strong wind east-north-east; 12,
clear, light air 65 89 90
10. 6 A.M. cold and hazy; 12, strong breezes, clear, north-east
wind; 3 P.M. clear 60 90 90
11. Cold and hazy; 12, a fine breeze, wind north-east, clear,
light breeze 60 89 90
12. 6 A.M. cold and hazy; 12, light breeze, wind north-east, 64 86 85
clear; 3 P.M. clear
13. Clear and cold, wind north-east; 12 at noon, clear and cold;
3 P.M. clear 62 89 89
14. 6 A.M. hazy, calm; 12, strong breezes, wind north-east; 3
P.M. clear 62 88 88
15. Clear, cold, wind north-east; 12, strong breezes; 3 P.M. clear 62 86 86
16. Clear and cold, wind north-east, strong breeze, clear; 3 P.M.
clear 60 80 80
17. Hazy calm; 12 noon, strong breeze and clear, wind north-
east 62 80 80
18. Thursday, clear and cold, wind north-east; 12 noon, clear,
strong breeze, wind north-east 62 81 83
19. Clear and cold, a strong breeze from north-east 65 84 86
20. Clear; 12 at noon, strong breeze, wind east, 3 P.M. clear 64 88 89
21. Sunday, clear and calm; 12 noon, light breeze, wind east; 3
P.M. clear 64 88 89
22. Morning hazy, a light air; 12 noon, clear, light breeze, wind
east 62 89 90
23. Morning hazy; 12 noon, light breeze and clear, wind north-
east 65 90 93
24. Wednesday, morning hazy, calm; 12 noon, clear, fine
breeze, east; 3 P.M. clear 72 96 98
25. Morning hazy, calm; 12 noon, clear, a light breeze, wind
east; 3 P.M. clear 70 96 98
26. Hazy, calm; 12 noon, clear, a light breeze, wind north-east;
3 P.M. clear 72 94 95
27. Morning hazy and calm; 12 noon, light breezes, clear, wind
north-east; 3 P.M. clear 62 83 90
28. Morning hazy and calm; 12 noon, light breeze; 3 P.M. clear,
wind east 65 93 96
29. Morning clear, a light air; 12 noon, light breeze, clear, wind
east; 3 P.M. clear 75 99 100
30. Hazy and a light air; 12 noon, clear, light breeze, wind north-
31. Wednesday, clear; 12 noon, clear, light breeze, wind south-
Feb.
1. Thursday, morning hazy and calm; 12 noon, light breeze,
wind south-east, clear; 3 P.M. clear 75 98 100
2. Morning hazy and calm; 12 noon, a light breeze, wind north-
east; 3 P.M. clear 75 99 100
3. Morning hazy and calm; 12 noon, light breeze, wind north- 75 97 99
east; 3 P.M. clear
4. Sunday, morning hazy and calm; 12 noon, light breeze and
clear, wind north-east 75 98 99
5. Morning hazy and calm; 12 noon, light breeze, clear, wind
north-east 75 100 104
20. Morning hazy and calm; 12 noon, light breeze, clear, wind
ditto 75 95 100
east 75 100 100
22. Thursday, morning hazy; 12 noon, light breeze and clear,
wind north-east 75 100 100
east 77 100 100
24. Saturday, morning hazy; 12 noon, light breeze, clear, wind
north-east 75 95 100
25. Morning hazy; 12 noon, a fine breeze, wind north-east 75 100 100
26. Morning hazy, calm; 12 noon, light breeze, wind north-east;
3 P.M. clear 75 100 100
27. Tuesday, morning hazy, calm; 12 noon, light breeze, clear,
north-east wind 65 85 85
28. Strong gales, hazy; 12 noon, strong gales; 3 P.M. strong
gales, north-east wind 65 85 85
During a whirlwind at 2 P.M. the thermometer fell from 100½
to 98, and at 3 P.M. rose to 101.
March.
1. Strong gales during the day, and hazy, north-east wind 85 85 100
2. Strong gales and hazy during the day, north-east wind 65 85 85
3. Strong gales and cloudy during the day, north-east wind 65 85 85
4. Sundry light breezes during the day, north-east wind 74 89 90
5. Morning hazy; 12 noon, light breeze, north-east 72 95 98
6. Calm and hazy; 12 noon, clear, east wind; 3 P.M. hazy, light
air 71 96 96
7. 6 A.M. hazy, calm; 12 noon, cloudy, a light breeze, east
wind; 3 P.M. cloudy 72 95 96
8. Hazy, calm; 12 noon, hazy, a light breeze; 3 P.M. hazy, light
air 70 96 95
9. Friday, 6 A.M. hazy, calm; 12 noon, light breeze, clear, east
wind 70 95 96
10. 6 A.M. hazy and calm; 12 noon, strong breeze, clear; 3 P.M.
clear 70 99 96
11. Hazy and calm; 12 noon, a light breeze, clear; 3 P.M. clear,
east wind 70 98 96
12. Hazy and calm; 12 noon, fine breeze and clear, east wind 70 95 96
13. 6 A.M. strong breeze, south-by-east wind; 12 noon, strong
breezes, south-by-east wind; 3 P.M. a fine breeze 70 99 97
14. Hazy, light air; 12 noon, strong breeze, south-by-east wind,
clear 70 95 96
15. Hazy and calm; 12 noon, strong breezes, south-by-east
wind, clear; 3 P.M. clear 70 96 95
16. Light breeze and hazy; 12 noon, light breeze and clear; 3
P.M. clear 70 100 98
17. Hazy and calm; 12 noon, a light breeze, clear, east-north-
east wind; 3 P.M. clear 70 98 99
18. Sunday, calm and hazy; 12 noon, light breeze and clear,
east wind 70 100 100
19. 6 A.M. calm and clear; 12 noon, calm and clear; 3 P.M. light
wind 73 101 101
20. Calm and clear; 3 P.M. a light breeze, west wind 71 102 102
21. Calm and clear until 3 P.M., a fine breeze, west wind 75 102 103
22. 6 A.M. calm and clear; 12 noon, a strong breeze, east wind 75 104 105
23. 6 A.M. calm and clear; 12 noon, light breeze; 3 P.M. light
breeze, clear 74 101 100
24. 6 A.M. calm and hazy; 12 noon, light breeze, hazy; 3 P.M.
light air, east wind 74 100 100
25. Sunday, 6 A.M. calm and hazy; 12 noon, hazy, light breeze,
east wind 74 104 103
26. 6 A.M. a clear light breeze; 12 noon, hazy, a light breeze,
east wind; 3 P.M. a light breeze 74 101 100
27. 6 A.M. a light breeze; 12 noon, hazy, a light breeze, east
wind; 3 P.M. light breeze 73 104 101
28. 6 A.M. light breeze; 12 noon, a light breeze, clear, south-
east wind; 3 P.M. clear 72 100 100
29. 6 A.M. strong breeze, clear, south-east wind; 12 noon, light
air; 3 P.M. light air 72 99 100
30. 6 A.M. hazy, a light air; 12 noon, hazy, a light breeze, east
wind; 3 P.M. a light air 72 101 100
31. 6 A.M. hazy, a light south-east wind; 12 noon, hazy, light
south-east wind; 3 P.M. hazy, light air 57 106 105
April.
1. Sunday, sultry and hazy, calm; 12 noon, sultry and hazy 74 101 102
2. Hazy during the day, light air 70 101 105
3. Hazy and calm; 12 noon, light breeze, south-east wind, light
air 74 103 107
4. Calm and hazy; 12 noon, light breeze, south-west wind; 3 78 104 104
P.M. hazy, light breeze
5. A dull hazy day, light breezes 78 110 108
6. Dull and hazy; 3 P.M. a light breeze from west 77 100 100
7. Dull and hazy; 3 P.M. light breezes, south-west wind 79 100 100
8. Sunday, dull and hazy, light air during the day 77 102 103
9. Clear day and light breezes, south-west wind 77 103 104
10. Tuesday, clear day and light breezes, south-west wind 77 104 107
11. Clear, and light breezes from the south-west 77 104 103
12. Clear morning, and light breezes 3 P.M. 77 104 104
14. Clear morning, calm; 12 noon, light breezes, south-west
wind 77 105 106
15. Clear morning, calm; 3 P.M. light breezes, south-west wind,
clear 80 105 106
16. 6 A.M. misty and calm; 12 noon, light breezes, south-west
wind; 3 P.M. light breezes, south-west wind 79 106 106
17. 6 A.M. misty, west wind; 12 noon, light air; 3 P.M. calm and
misty 80 109 108
23. 6 A.M. clear morning, a fine breeze from the west; 3 P.M.
calm 76 105 106
24. Cloudy day, a fine breeze from the west 77 102 103
25. Cloudy and calm; 12 noon, a strong breeze from the west; 3
P.M. calm and clear; 6 P.M. a thunder storm 78 102 104
26. Clear and calm; 12 noon, light breeze from the west, and
clear; 3 P.M. calm and misty 77 103 105
27. Clear and calm; 12 noon, light breeze from the west; 3 P.M.
clear 78 105 106
28. Clear morning, light air; 12 noon, a fine breeze from the
west; 3 P.M. fine breeze 77 103 105
29. Sunday, morning clear and calm; 12 noon, cloudy, light
breeze; 3 P.M. a gale of wind, with thunder storm 76 100 90
30. Morning calm and clear; 12 noon, light breeze from the
west; 3 P.M. light breezes and clear 78 100 100
May.
1. Tuesday, cloudy during the day, light breeze from the west 77 100 102
THE END.
LONDON:
PRINTED BY THOMAS DAVISON, WHITEFRIARS.
Transcriber's note:
Moved table of Contents from: after Introduction to: after title-page

pg 10 Changed: yams, alavances to: calavances
pg 21 Changed: from W.N.W. to to E.S.E. to: W.N.W. to E.S.E.
pg 89 Changed: with th agreement to: the
pg 90 Changed: I mut go to Boussa to: must
pg 128 Changed: carrying my baggge to: baggage
pg 145 Changed: miradania, or butter tree to: micadania
pg 216 Changed: small millet or calavanees to: calavances
pg 222 Changed: Tauricks of the west to: Tuaricks
pg 235 Changed: old Ben Gusmo to: Gumso
pg 251 Changed: Taurick being hanged to: Tuarick
Minor changes in punctuation and fixes of typographical errors have been done
silently.
Other spelling inconsistencies have been left unchanged.
New original cover art included with this eBook is granted to the public domain.
*** END OF THE PROJECT GUTENBERG EBOOK JOURNAL OF A
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2. A small business can only have one owner.

4. Most U.S. workers are employed by large firms.

14. Market research is a key step in building a business plan.

24. Starting a new business requires an overwhelming time commitment.

26. Few successful entrepreneurs succeed alone or straight out of college.

28. An entrepreneur does all of the following EXCEPT

30. Which of the following describes an entrepreneur?

34. A small business

57. Which of the following is an example of a first-mover advantage?

60. The overall purpose of a business plan is to

68. What is the most common source of funds for entrepreneurs?

79. The most significant disadvantage to franchising as a means of acquiring a business is

80. The most significant change in small business is

1. Entrepreneurs who are overly optimistic about

1. Because she has a start-up business, she needs a

103. What is the nature of entrepreneurship?

105. Describe the role of entrepreneurship in society.

115. How has e-commerce affected entrepreneurship?

1. Entrepreneurship is the process of planning, organizing, leading, and controlling.

2. A small business can only have one owner.

4. Most U.S. workers are employed by large firms.

14. Market research is a key step in building a business plan.

24. Starting a new business requires an overwhelming time commitment.

26. Few successful entrepreneurs succeed alone or straight out of college.

28. An entrepreneur does all of the following EXCEPT

30. Which of the following describes an entrepreneur?

34. A small business

57. Which of the following is an example of a first-mover advantage?

60. The overall purpose of a business plan is to

68. What is the most common source of funds for entrepreneurs?

79. The most significant disadvantage to franchising as a means of acquiring a business is

80. The most significant change in small business is

1. Entrepreneurs who are overly optimistic about when

1. Because she has a start-up business, she needs a

103. What is the nature of entrepreneurship?

Answer not provided.

Answer not provided.

105. Describe the role of entrepreneurship in society.

Answer not provided.

Answer not provided.

Answer not provided.

Answer not provided.

Answer not provided.

Answer not provided.

Answer not provided.

Answer not provided.

Answer not provided.

Answer not provided.

115. How has e-commerce affected entrepreneurship?

Answer not provided.

Answer not provided.

Answer not provided.

Date. Hours. Faht. Bar.