What is the immediate future of virtual or online businesses?

more and more are coming on the scene

What is the most important reason for having a business plan?

to help you focus on how to succeed in your new venture

What is the most important reason many small businesses fail?

entrepreneurs may not start with good financial planning

Why do people have trouble getting money to start their own businesses?

banks are concerned that they won't be repaid

Who would NOT be considered an entrepreneur

a doctor who is employed by a hospital

What is a characteristic of the executive summary in a business plan?

it tells the most important points of the business plan

What does a mission statement do?

tells the major goals of a business

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ENT - Chapter 5

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entrepreneurship

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Questions 15

Answers

1
Which part of a business plan describes management and tells who will run the firm?
financial
operational
growth
organizational
2
What is the immediate future of virtual or online businesses?
more and more are coming on the scene
they are on the decline
no one can predict what will happen next
people aren't as interested in starting them now
3
What is the most important reason for having a business plan?
to make a checklist
to help you focus on how to succeed in your new venture
to do market research
to find out what to produce in your business
4
Which would most likely describe a successful entrepreneur?
self-starter
shy
lazy
bossy
5
What is the most important reason many small businesses fail?
entrepreneurs work alone too often
entrepreneurs get bought out by bigger companies
entrepreneurs feel insecure
entrepreneurs may not start with good financial planning
6
Why do people have trouble getting money to start their own businesses?
banks give more money to corporations
banks don't give loans to entrepreneurs
banks are concerned that they won't be repaid
banks want to own the entrepreneur's business
7
What is a corporation?
a business with many owners
a business bought out by someone new
a business owned by two people
a business owned by one person
8
Who would NOT be considered an entrepreneur
a doctor who writes a book in his spare time
a doctor who starts own practice
a doctor who works as a consultant
a doctor who is employed by a hospital
9
Which is NOT a reward of entrepreneurship?
being the boss
risking capital resources
doing what you enjoy
being creative
10
Which is often especially important to a small business
electronics
digitizing
accounting
creativity
11
What is a characteristic of the executive summary in a business plan?
it tells the most important points of the business plan
it discusses how you will fill in any gaps in expertise
it contains details
it describes your service plan
12
Which is NOT a small business
a delivery service consisting of ten teens with bikes
a web store
a babysitting team
a fast food chain
13
What is a quahog?
a type of edible grain
a farm animal
a clam
a motorcycle gang
14
What other piece of the business plan is related to the market analysis?
industry overview
marketing plan
mission statement
competitive analysis
15
What does a mission statement do?
reflects the purpose of the company
tells the major goals of a business
tells your business concept
describes the company

ENT - Chapter 5 Flashcards | StudBud