Question

The key objective of a small business owner is to generate _______ . [Entrepreneurship and Small Business]
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Entrepreneurs are willing to take on new opportunities and unknown ______ to grow their businesses rapidly. [Entrepreneurship and Small Business]
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Tangible items that require pick-up or delivery are ___________ products. [Classify Types of Businesses]
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When a ______ purchases an item from a business, it is a business-to-consumer transaction. [Classify Types of Businesses]

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________ are for-profit corporations with limited liability. [Business Legal Structures]

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_____________ are ideal for international businesses. [Business Legal Structures]

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The ____________ oversees daily operational and administrative functions. [Business Roles and Responsibilities]

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A _____ votes on the management of a company. [Business Roles and Responsibilities]

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_____________ employees are paid a fixed amount each pay period. [Business Compensation Structures]

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Businesses can compensate employees for work they produce when being paid by ___________ . [Business Compensation Structures]

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Businesses can offer _________ in addition to a lower salary. [Business Compensation Structures]

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During the __________ stage of the business life cycle, a company is regularly taking on new customers and starting to generate a consistent income. [Business Life Cycle Stages]

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The owner may decide to sell their ownership in the company during the ____________ stage. [Business Life Cycle Stages]

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The five elements of the design thinking process are: empathize, define, ideate, _______ , and test. [The Design Thinking Process]

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allows one to see and experience a customer's perspective. [The Design Thinking Process]

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The design team creates multiple inexpensive versions of a product, known as _____________________ . [The Design Thinking Process]

Answer 1

Sure! Here are the answers to your fill-in-the-blank questions:

1. The key objective of a small business owner is to generate **profit**.

2. Entrepreneurs are willing to take on new opportunities and unknown **risks** to grow their businesses rapidly.

3. Tangible items that require pick-up or delivery are **physical** products.

4. When a **consumer** purchases an item from a business, it is a business-to-consumer transaction.

5. **Corporations** are for-profit corporations with limited liability.

6. **International corporations** are ideal for international businesses.

7. The **manager** oversees daily operational and administrative functions.

8. A **board of directors** votes on the management of a company.

9. **Salaried** employees are paid a fixed amount each pay period.

10. Businesses can compensate employees for work they produce when being paid by **commission**.

11. Businesses can offer **benefits** in addition to a lower salary.

12. During the **growth** stage of the business life cycle, a company is regularly taking on new customers and starting to generate a consistent income.

13. The owner may decide to sell their ownership in the company during the **decline** stage.

14. The five elements of the design thinking process are: empathize, define, ideate, **prototype**, and test.

15. **Empathy mapping** allows one to see and experience a customer's perspective.

16. The design team creates multiple inexpensive versions of a product, known as **prototypes**.

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