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Creating a Business Plan Flashcards | StudBud
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Creating a Business Plan
Creating a Business Plan
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StudBud Administration
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entrepreneurship, business plan
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
What is a Franchise?
Existing employees that come with a previous business
An existing business trade name that can be purchased
Sales to existing customers that will create instant income
Existing images of a business that can be used for yours
2
What are two advantages of being an Entrepreneur?
Being your own boss
Dictating your own hours
Working early hours of the day
Stress and worry
3
What are two disadvantages of being an entrepreneur?
Creating a marketing plan
The uncertainty of possible income
Hiring family members
Increase personal wealth
4
Choose the best description for Market Research
Doing surveys on how much to charge for products
Analyzing store records
Ask customers about their day as they come to your business
Collecting info about customers and business opportunities
5
How many businesses fail within the first year?
One third
None
Ten percent
Two thirds
6
If you are an Entrepreneur, would you consider buying an existing business?
No
Yes
Only if I get a partner
Absolutely no!
7
Choose the best description for a Target Market?
group of people that buy a particular product
the name given to a group of Commerce students
group of people who shop at the same store
group to whom the business intends to sell its products
8
Choose all the questions one may ask when doing Market Research
Is my idea or product something to sell easy?
What sets me apart from the competition?
Who are your customers?
Why would they buy your product?
9
What is an Entrepreneur?
Someone who teaches Commerce Courses
Someone who starts up a new venture, runs it and takes risks
Someone who makes a little money on his/her own
Someone who works as a District Manager
10
What is NOT a characteristic of an Entrepreneur?
Self-motivation and Leadership
Willing to learn
Being lazy and disorganized
Having an open mind to suggestions
