Chapter 5 Entrepreneurship

Defining a prospective business by writing a clear and concise business concept is important

A business plan should be written prior to conducing a feasibility analysis.

A clear and concise description of a business opportunity is referred to as:

Business concepts need to be tested in the market

A feasibility analysis can help determine whether business conditions are appropriate

The feasibility analysis is testing the business concept's

A business plan presents a strategy for turning a feasible business concept into a business.

The product or service, the customer, the benefit, and the distribution are part of the:

The operational plan describes the distribution channel of the product or service

To save time, investors and lenders rely on the business plan for decision making

Distinctive aspects, qualities, or characteristics of a product or service are

The process that tests a business concept

People most likely to buy a business’s products and services are referred to as:

The distribution channel through which a product flows from the producer to the customer.

The management team presents your qualifications and those of any partners.

The company description section of the business plan outlines the managers background info

To begin developing a business plan

A group of businesses with a common interest is referred to as:

A business plan will help the entrepreneur develop a strategy for executing the concept.

Things that promote or enhance the value of a product or a service to the customer are

Research into the companies providing similar goods is covered in the industry overview

A feasibility test should not be used to test a concept in the marketplace

A brief recounting of the key points contained in a business plan

A document that describes a new business and a strategy to launch that business

A working model used to determine what it takes to develop their products or services

Delivering a service or product directly to the customer is

The marketing plan includes

A tool for organizing important information about a business venture’s competition

Research on the customer profile gathered from primary/secondary marketing research resources

The nature of your business and the unique features of the product or service is covered in

The executive summary is written ________ the business plan

A description of how entrepreneurs plan to make money with their business concepts is

Delivering a service or product using a middleman is