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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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Ghosts of the past will know
My weakest hour, and whisper to me,
And coldly go.
And hers in deep of sleep,

Clothed in its mortal beauty I shall see,
And, waking, weep.
Naught will my mind then find

In man's false Heaven my peace to be:
All blind, and blind.
THE CAGE
Why did you flutter in vain hope, poor bird,

Hard-pressed in your small cage of clay?
'Twas but a sweet, false echo that you heard,
Caught only a feint of day.
Still is the night all dark, a homeless dark.

Burn yet the unanswering stars. And silence brings
The same sea's desolate surge—sans bound or mark—
Of all your wanderings.
Fret now no more; be still. Those steadfast eyes,

Those folded hands, they cannot set you free;
Only with beauty wake wild memories—
Sorrow for where you are, for where you would be.
THE REVENANT
O all ye fair ladies with your colours and your graces,

And your eyes clear in flame of candle and hearth,
To'rd the dark of this old window lift not up your smiling faces,
Where a Shade stands forlorn from the cold of the earth.
God knows I could not rest for one I still was thinking of;
Like a rose sheathed in beauty her spirit was to me;
Now out of unforgottenness a bitter draught I'm drinking of,
'Tis sad of such beauty unremembered to be.
Men all are shades, O Women.—Winds wist not of the way they
blow.
Apart from your kindness, life's at best but a snare.
Though a tongue now past praise this bitter thing doth say, I know
What solitude means, and how, homeless, I fare.
Strange, strange, are ye all—except in beauty shared with her—

Since I seek one I loved, yet was faithless to in death.
Not life enough I heaped, so thus my heart must fare with her,
Now wrapt in the gross clay, bereft of life's breath.
MUSIC
When music sounds, gone is the earth I know,
And all her lovely things even lovelier grow;
Her flowers in vision flame, her forest trees,
Lift burdened branches, stilled with ecstasies.
When music sounds, out of the water rise

Naiads whose beauty dims my waking eyes,
Rapt in strange dream burns each enchanted face,
With solemn echoing stirs their dwelling-place.
When music sounds, all that I was I am

Ere to this haunt of brooding dust I came;
While from Time's woods break into distant song
The swift-winged hours, as I hasten along.
THE REMONSTRANCE
I was at peace until you came

And set a careless mind aflame.
I lived in quiet; cold, content;
All longing in safe banishment,
Until your ghostly lips and eyes
Made wisdom unwise.
Naught was in me to tempt your feet

To seek a lodging. Quite forgot
Lay the sweet solitude we two
In childhood used to wander through;
Time's cold had closed my heart about;
And shut you out.
Well, and what then? ... O vision grave,

Take all the little all I have!
Strip me of what in voiceless thought
Life's kept of life, unhoped, unsought!—
Reverie and dream that memory must
Hide deep in dust!
This only I say,—Though cold and bare

The haunted house you have chosen to share,
Still 'neath its walls the moonbeam goes
And trembles on the untended rose;
Still o'er its broken roof-tree rise
The starry arches of the skies;
And 'neath your lightest word shall be
The thunder of an ebbing sea.
NOCTURNE
'Tis not my voice now speaks; but as a bird

In darkling forest hollows a sweet throat—
Pleads on till distant echo too hath heard
And doubles every note:
So love that shrouded dwells in mystery
Would cry and waken thee.
Thou Solitary, stir in thy still sleep;

All the night waits thee, yet thou still dream'st on.
Furtive the shadows that about thee creep,
And cheat the shining footsteps of the moon:
Unseal thine eyes, it is my heart that sings,
And beats in vain its wings.
Lost in heaven's vague, the stars burn softly thro'

The world's dark latticings, we prisoned stray
Within its lovely labyrinth, and know
Mute seraphs guard the way
Even from silence unto speech, from love
To that self's self it still is dreaming of.
THE EXILE
I am that Adam who, with Snake for guest,

Hid anguished eyes upon Eve's piteous breast.
I am that Adam who, with broken wings,
Fled from the Seraph's brazen trumpetings.
Betrayed and fugitive, I still must roam
A world where sin—and beauty—whisper of Home.
Oh, from wide circuit, shall at length I see

Pure daybreak lighten again on Eden's tree?
Loosed from remorse and hope and love's distress,
Enrobe me again in my lost nakedness?
No more with wordless grief a loved one grieve,
But to heaven's nothingness re-welcome Eve?
THE UNCHANGING
After the songless rose of evening,
Night quiet, dark, still,
In nodding cavalcade advancing
Starred the deep hill:
You, in the valley standing,
In your quiet wonder took
All that glamour, peace, and mystery
In one grave look.
Beauty hid your naked body,
Time dreamed in your bright hair,
In your eyes the constellations
Burned far and fair.
NIGHTFALL
The last light fails—that shallow pool of day!

The coursers of the dark stamp down to drink,
Arch their wild necks, lift their wild heads and neigh;
Their drivers, gathering at the water-brink,
With eyes ashine from out their clustering hair,
Utter their hollow speech, or gaze afar,
Rapt in irradiant reverie, to where
Languishes, lost in light, the evening star.
Come the wood-nymphs to dance within the glooms,

Calling these charioteers with timbrels' din;
Ashen with twilight the dark forest looms
O'er the nocturnal beasts that prowl within
Thorn-roofed thicket, where sweet waters gush.
Resounding roar wild torrent, hungry throat;
While in the dew-drowsed branches' ebon hush,
Pouring lament of joy, the night birds float.
'O glory of beauty which the world makes fair!'
Pant they their serenading on the air.
Sound the loud hooves, and all abroad the sky

The lusty charioteers their stations take;
Planet to planet do the sweet Loves fly,
And in the zenith silver music wake.
Cities of men, in blindness hidden low,
Fume their faint flames to that arched firmament,
But all the dwellers in the lonely know
The unearthly are abroad, and weary and spent,
With rush extinguished, to their dreaming go.
And world and night and star-enclustered space
The glory of beauty are in one enravished face.
INVOCATION
The burning fire shakes in the night,

On high her silver candles gleam,
With far-flung arms enflamed with light,
The trees are lost in dream.
Come in thy beauty! 'tis my love,

Lost in far-wandering desire,
Hath in the darkling deep above
Set stars and kindled fire.
EYES
O strange devices that alone divide

The seër from the seen—
The very highway of earth's pomp and pride
That lies between
The traveller and the cheating, sweet delight
Of where he longs to be,
But which, bound hand and foot, he, close on night,
Can only see.
LIFE
Hearken, O dear, now strikes the hour we die;
We, who in one strange kiss
Have proved a dream the world's realities,
Turned each from other's darkness with a sigh,
Need heed no more of life, waste no more breath
On any other journey, but of death.
And yet: Oh, know we well

How each of us must prove Love's infidel;
Still out of ecstasy turn trembling back
To earth's same empty track
Of leaden day by day, and hour by hour, and be
Of all things lovely the cold mortuary.
THE DISGUISE
Why in my heart, O Grief,

Dost thou in beauty bide?
Dead is my well-content,
And buried deep my pride.
Cold are their stones, beloved,
To hand and side.
The shadows of even are gone,

Shut are the day's clear flowers,
Now have her birds left mute
Their singing bowers,
Lone shall we be, we twain,
In the night hours.
Thou with thy cheek on mine,

And dark hair loosed, shalt see
Take the far stars for fruit
The cypress tree,
And in the yew's black
Shall the moon be.
We will tell no old tales,

Nor heed if in wandering air
Die a lost song of love
Or the once fair;
Still as well-water be
The thoughts we share!
And, while the ghosts keep

Tryst from chill sepulchres,
Dreamless our gaze shall sleep,
And sealed our ears;
Heart unto heart will speak,
Without tears.
O, thy veiled, lovely face—

Joy's strange disguise—
Shall be the last to fade
From these rapt eyes,
Ere the first dart of daybreak
Pierce the skies.
VAIN QUESTIONING
What needest thou?—a few brief hours of rest

Wherein to seek thyself in thine own breast;
A transient silence wherein truth could say
Such was thy constant hope, and this thy way?—
O burden of life that is
A livelong tangle of perplexities!
What seekest thou?—a truce from that thou art;
Some steadfast refuge from a fickle heart;
Still to be thou, and yet no thing of scorn,
To find no stay here, and yet not forlorn?—
O riddle of life that is
An endless war 'twixt contrarieties.
Leave this vain questioning. Is not sweet the rose?

Sings not the wild bird ere to rest he goes?
Hath not in miracle brave June returned?
Burns not her beauty as of old it burned?
O foolish one to roam
So far in thine own mind away from home!
Where blooms the flower when her petals fade,

Where sleepeth echo by earth's music made,
Where all things transient to the changeless win,
There waits the peace thy spirit dwelleth in.
VIGIL
Dark is the night,

The fire burns faint and low,
Hours—days—years,
Into grey ashes go;
I strive to read,
But sombre is the glow.
Thumbed are the pages,

And the print is small;
Mocking the winds
That from the darkness call;
Feeble the fire that lends
Its light withal.
O ghost, draw nearer;

Let thy shadowy hair,
Blot out the pages
That we cannot share;
Be ours the one last leaf
By Fate left bare!
Let's Finis scrawl,

And then Life's book put by;
Turn each to each
In all simplicity:
Ere the last flame is gone
To warm us by.
THE OLD MEN
Old and alone, sit we,

Caged, riddle-rid men;
Lost to earth's 'Listen!' and 'See!'
Thought's 'Wherefore?' and 'When?'
Only far memories stray

Of a past once lovely, but now
Wasted and faded away,
Like green leaves from the bough.
Vast broods the silence of night,

The ruinous moon
Lifts on our faces her light,
Whence all dreaming is gone.
We speak not; trembles each head;
In their sockets our eyes are still;
Desire as cold as the dead;
Without wonder or will.
And One, with a lanthorn, draws near,

At clash with the moon in our eyes:
'Where art thou?' he asks: 'I am here,'
One by one we arise.
And none lifts a hand to withhold

A friend from the touch of that foe:
Heart cries unto heart, 'Thou art old!'
Yet reluctant, we go.
THE DREAMER
O thou who giving helm and sword,

Gav'st, too, the rusting rain,
And starry dark's all tender dews
To blunt and stain:
Out of the battle I am sped,

Unharmed, yet stricken sore;
A living shape 'mid whispering shades
On Lethe's shore.
No trophy in my hands I bring,

To this sad, sighing stream,
The neighings and the trumps and cries
Were but a dream—a dream.
Traitor to life, of life betrayed—
O, of thy mercy deep,
A dream my all, the all I ask
Is sleep.
HAPPY ENGLAND
Now each man's mind all Europe is:

Boding and fear in dread array
Daze every heart: O grave and wise,
Abide in hope the judgment day.
This war of millions in arms

In myriad replica we wage;
Unmoved, then, Soul, by earth's alarms
The dangers of the dark engage.
Remember happy England: keep

For her bright cause thy latest breath;
Her peace that long hath lulled to sleep,
May now exact the sleep of death.
Her woods and wilds, her loveliness,

With harvest now are richly at rest;
Safe in her isled securities,
Thy children's heaven is her breast.
O what a deep contented night

The sun from out her Eastern seas
Would bring the dust which in her sight
Had given its all for these!
MOTLEY
Come, Death, I'd have a word with thee;

And thou, poor Innocency;
And Love—a lad with broken wing;
And Pity, too:
The Fool shall sing to you,
As Fools will sing.
Ay, music hath small sense,

And a tune's soon told,
And Earth is old,
And my poor wits are dense;
Yet have I secrets,—dark, my dear,
To breathe you all: Come near.
And lest some hideous listener tells,
I'll ring my bells.
They're all at war!—

Yes, yes, their bodies go
'Neath burning sun and icy star
To chaunted songs of woe,
Dragging cold cannon through a mire
Of rain and blood and spouting fire,
The new moon glinting hard on eyes
Wide with insanities!
Hush! ... I use words

I hardly know the meaning of;
And the mute birds
Are glancing at Love
From out their shade of leaf and flower,
Trembling at treacheries
Which even in noonday cower.
Heed, heed not what I said
Of frenzied hosts of men,
More fools than I,
On envy, hatred fed,
Who kill, and die—
Spake I not plainly, then?
Yet Pity whispered, 'Why?'
Thou silly thing, off to thy daisies go.

Mine was not news for child to know,
And Death—no ears hath. He hath supped where creep
Eyeless worms in hush of sleep;
Yet, when he smiles, the hand he draws
Athwart his grinning jaws—
Faintly the thin bones rattle, and—There, there;
Hearken how my bells in the air
Drive away care!...
Nay, but a dream I had

Of a world all mad.
Not simple happy mad like me,
Who am mad like an empty scene
Of water and willow tree,
Where the wind hath been;
But that foul Satan-mad,
Who rots in his own head,
And counts the dead,
Not honest one—and two—
But for the ghosts they were,
Brave, faithful, true,
When, head in air,
In Earth's clear green and blue
Heaven they did share
With beauty who bade them there....
There, now! Death goes—
Mayhap I 've wearied him.
Ay, and the light doth dim,
And asleep's the rose,
And tired Innocence
In dreams is hence....
Come, Love, my lad,
Nodding that drowsy head,
'Tis time thy prayers were said!
THE MARIONETTES
Let the foul Scene proceed:

There's laughter in the wings;
'Tis sawdust that they bleed,
But a box Death brings.
How rare a skill is theirs

These extreme pangs to show,
How real a frenzy wears
Each feigner of woe!
Gigantic dins uprise!

Even the gods must feel
A smarting of the eyes
As these fumes upsweal.
Strange, such a Piece is free,

While we Spectators sit,
Aghast at its agony,
Yet absorbed in it!
Dark is the outer air,
Coldly the night draughts blow,
Mutely we stare, and stare
At the frenzied Show.
Yet heaven hath its quiet shroud

Of deep, immutable blue—
We cry 'An end!' We are bowed
By the dread, ''Tis true!'
While the Shape who hoofs applause

Behind our deafened ear,
Hoots—angel-wise—'the Cause!'
And affright ev'n fear.
TO E. T.: 1917
You sleep too well—too far away,

For sorrowing word to soothe or wound;
Your very quiet seems to say
How longed-for a peace you have found.
Else, had not death so lured you on,

You would have grieved—'twixt joy and fear—
To know how my small loving son
Had wept for you, my dear.
APRIL MOON
Roses are sweet to smell and see,
And lilies on the stem;
But rarer, stranger buds there be,
And she was like to them.
The little moon that April brings,

More lovely shade than light,
That, setting, silvers lonely hills
Upon the verge of night—
Close to the world of my poor heart

So stole she, still and clear;
Now that she's gone, O dark, and dark,
The solitude—the fear.
THE FOOL'S SONG
Never, no never, listen too long,

To the chattering wind in the willows, the night
bird's song.
'Tis sad in sooth to lie under the grass,

But none too gladsome to wake and grow cold
where life's shadows pass.
Dumb the old Toll-Woman squats,

And, for every green copper battered and worn,
doles out Nevers and Nots.
I know a Blind Man, too,

Who with a sharp ear listens and listens the
whole world through.
Oh, sit we snug to our feast.
With platter and finger and spoon—and good
victuals at least.
CLEAR EYES
Clear eyes do dim at last,

And cheeks outlive their rose.
Time, heedless of the past,
No loving-kindness knows;
Chill unto mortal lip
Still Lethe flows.
Griefs, too, but brief while stay,

And sorrow, being o'er,
Its salt tears shed away,
Woundeth the heart no more.
Stealthily lave those waters
That solemn shore.
Ah, then, sweet face burn on,

While yet quick memory lives!
And Sorrow, ere thou art gone,
Know that my heart forgives—
Ere yet, grown cold in peace,
It loves not, nor grieves.
DUST TO DUST
Heavenly Archer, bend thy bow;
Now the flame of life burns low,
Youth is gone; I, too, would go.
Ever Fortune leads to this:

Harsh or kind, at last she is
Murderess of all ecstasies.
Yet the spirit, dark, alone,

Bound in sense, still hearkens on
For tidings of a bliss foregone.
Sleep is well for dreamless head,

At no breath astonished,
From the Gardens of the Dead.
I the immortal harps hear ring,

By Babylon's river languishing.
Heavenly Archer, loose thy string.
THE THREE STRANGERS
Far are those tranquil hills,

Dyed with fair evening's rose;
On urgent, secret errand bent,
A traveller goes.
Approach him strangers three,

Barefooted, cowled; their eyes
Scan the lone, hastening solitary
With dumb surmise.

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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

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.

And hers in deep of sleep,

Naught will my mind then find