Small Business
Small businesses have < this number of employees
What is 500
The desire to create a new business is called
What is entrepreneurial spirit
A carefully constructed guide for a person starting a business
What is a business plan
A license to operate an individually owned business as though it were part of a chain of outlets
What is a franchise
Provides management assistance, counseling, training, conferences, workshops publications, financing and loan assistance to emerging businesses
What is the Small Business Administration
Small businesses fall into one of 3 broad categories
What is distribution, service & production
Give one reason for wanting to start your own business
What is independence, determining your own identity, the challenge of it, & continuation of family history
Business plans are scrutinized by what type of people
Who are potential investors & finance institutions
The organization granting a franchise and the person purchasing the franchise
What is a franchisor and a franchisee
A group of businesspeople who volunteer their services to emerging small businesses
What is the Service Corps of Retired Executives (SCORE)
Give one advantage of being a small business
What are personal relationships, ability to adapt, simple record keeping, independence, keep profits, and low cost of going into and getting out of.
Name one group in which entrepreneurship is growing
Who are women, minorities, teens, and immigrants
The 3 basic purposes of a business plan
What is communication, management, & planning
Give one advantage of franchising to a franchisee
What is advice provided, minimized marketing/advertising costs, participation in national promotional campaigns, supply and equipment discounted costs, and providing an already successful brand
Money that is invested in small firms that firms that have the potential to be successful
What is venture capital
Give one disadvantage of being a small business
What is risk of failure, limited potential, & limited ability to raise capital.
Give one reason why some entrepreneurs/businesses fail
What is lack of funding, poor management and poor planning
Name the sections of a business plan
What is the introduction, executive summary, benefits to the community, company & industry, management team, manufacturing and operations plan, labor force, marketing plan, financial plan, exit strategy, critical risks and assumptions & appendix.
The main disadvantage of franchising to a franchisee
What is the franchisor retains a great deal of control
Financing by entrepreneurs which needs to be repaid at a later date
What is debt financing
Give one reason why many small businesses fail
What is lack of funding, poor management, poor planning, poor cash flow & over expansion.
Give one factor which motivates entrepreneurs
What is to be their own boss, pursue a passion, dissatisfied with corporate life, presented with a good opportunity, got laid off/outsourced, not ready to retire, experience a life event
The four questions banking officials and investors are most interested in are
What is the nature and mission, why is this a good idea, what are your goals, & how much will the new venture cost
The main disadvantage of franchising to the franchisor
What is the failure of the franchisee to operate the franchise properly and within the terms of the franchise agreement
Entrepreneurs post descriptions of their business/ project and then invite people in the public to contribute
What is crowdfunding