Question81) Most home-based businesses are simple cottage indu

81) Most home-based businesses are simple cottage industries such as crafts or sewing.

82) Not all family-owned businesses are small; in fact, approximately one-third of the Fortune 500 companies a

83) Of the 25 million businesses in the U.S., about 40 percent are family owned and managed.

84) Ninety-percent of businesses in the United States are family-owned and managed and account for 62 percent of total U.S. employment.

85) Family-owned and managed businesses account for 78 percent of all new jobs.

86) Most family businesses survive to the fourth generation.

87) Successful “copreneurs” create a division of labor based on expertise.

88) About 20 percent of downsized corporate managers have become entrepreneurs.

89) Corporate downsizing has spawned a generation of entrepreneurs known as “corporate castoffs.”

90) Because they have college degrees, a working knowledge of business, and years of management experience, both corporate castoffs and corporate dropouts who become entrepreneurs will most likely increase the small business survival rate.

91) David Birch considers “gazelles” those businesses that grow at 20 percent or more per year and gross at least $100,000 in annual sales.

92) Small companies have created at least two-thirds of the net new jobs in the U.S. economy.

93) Small businesses actually create more jobs than the number of jobs big businesses create.

94) Large companies create significantly more patents and other forms of innovations per research and development dollars spent than small firms.

95) Because of their size and limited resources, small businesses rarely create innovations that are important to the U.S. economy.

96) About 51 percent of new businesses fail within five years.

97) Most entrepreneurs have invested the time to develop a sound business plan.

98) An often fatal error made by many small business owners is to open their businesses on a “shoestring,” causing them to be undercapitalized.

99) About 75 percent of the businesses in the U.S. can be considered “small” businesses.

100) The faster a small company grows, the greater its appetite for cash.

101) The primary cause of small business failure is lack of capital.

102) Entrepreneurs realize that failure is a possibility, but are not paralyzed by that fear.

103) To boost sales, small businesses, especially start-ups, should grant credit to anyone who wants to buy their products or services.

104) As an entrepreneur, you are always working for someone else-your customers.

105) Establishing prices that will generate the necessary profits means that business owners must understand how much it costs to make, market, and deliver their products and services.

106) If an entrepreneur has a good enough product or service to sell, a business plan is not really necessary since the product or service will sell itself.

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