A government agency that helps small business owners develop business plans and obtain financing and other support for their companies
What is small business administration (SBA)
100
The money needed to pay for the current operating activities of a business
What is short term financing
100
An invention or creation that is brand new
What is an innovation
100
A written description of the business idea and how it will be carried out, including all major business activities
What is a business plan
100
An independent business with fewer than 500 employees
What is a small business
200
Money provided by large investors to finance new products and new businesses that have a good chance to be very profitable
What is venture capital
200
The amount of money needed to open the business
What is start up financing
200
Someone who takes a risk in starting a business to earn a profit
What is entrepreneur
200
Money needed for the important resources of a business (such as land, buildings and equipment) that will last for many years
What is long term financing
200
A designed change that increases the usefulness of a product, service, or process
What is an improvement
300
The process of starting, organizing, managing and assuming the responsibility for a business
What is entrepreneurship
300
These four items are possible sources of financing for entrepreneurs
What is personal savings, friends and family, venture capital and bank loans
300
True or False: The primary reason that businesses started by entrepreneurs close is disagreements with business partners
What is False. Reasons normally are inexperience in management and unprepared for the financial and time commitments involved
300
SBA considers a business small if it employs fewer than ___ employees
What is 500
300
These are the five main components of a business plan
What is description of business, customer analysis, operations plan, marketing plan, financial plan
400
These are the three types of financing for a small business
What is start up, short term, long term
400
True or False. A business plan does not have to be written because the business owner is well aware of the information in the plan
What is False. A business plan should be written
400
This is the % of employees in the U.S. that work for small businesses
What is 50%
400
This is where you would list the strengths of your company in your business plan
What is the description
400
This is where you would put your human resource plans in your business plan
What is the operations plan
500
These are the 6 reasons that entrepreneurs close
What is:
Lack of adequate capital
Low sales
High than expected expenses
Competitive pressure
An owner unprepared to manage a growing business
Operations require more time than the owner is willing to commit
500
These are the 2 advantages of a small business
What is:
Meeting customer needs
Providing unique services
500
List the 6 problems associated with small businesses
What is:
Not keeping adequate records
Not having enough start-up money
Lack of management experience
Lack of experience with the type of business
Not controlling operating expenses
Poor location for the business
Failure to manage credit offered to customers
500
This is the name for alternative plans for production, staffing and financing of your business plan
What is strategic alternatives
500
On average, small businesses are responsible for creating ____ to _____ % of all new jobs