Planning a Business
The part of a business plan that includes an organizational chart, material resources, and staffing plan is the ____ section.
operations
Which of the following is an example of a hard skill needed by entrepreneurs?
performing calculations
The form of business ownership in which a single person owns the business and accepts all of the risks and responsibilities is a ____.
sole proprietorship
The relationship between two or more people who join to create a business is called a(n) ______________________________.
partnership
In many areas, sole proprietors are required to apply for a(n) ______________________________ to register their business under a name other than that of the business owner.
DBA license or fictitious name registration
The part of a business plan that explains the goals, products, and ownership structure of the business is the ____ section.
description of business
Someone who starts a new business.
entrepreneur
Which type of business is considered the "backbone" of the US economy?
small businesses
The ______________________________ process is the process of finding a need for a product.
entrepreneurial discovery
The critical, job-specific skills needed to perform work-related tasks are known as ______________________________ skills.
hard
The part of a business plan that describes the current state of the industry and economy and describes competitors is the ____ section.
market evaluation
Name three risks involved in becoming an entrepreneur.
Possible answers: being responsible for the success or failure of the business; working long hours; risking personal finances.
Type of business that includes a managing partner and at least one limited partner.
limited partnership
The ______________________________ of a business describes how the business will be funded and how it will make a profit.
financial plan
The behavioral and emotional characteristics that make each person unique are called ______________________________.
traits
The appendices of a business plan contain ____.
additional information that is helpful, but not necessary to the business plan
Name four rewards associated with becoming an entrepreneur.
(Any four) controlling your destiny, being your own boss, taking advantage of earning potential, enjoying your career, and making a difference in the world.
Type of business that has most of the legal rights of an actual person.
corporation
People who have purchased a percentage of ownership in a corporation are known as ______________________________.
stockholders
The purpose of a(n) ______________________________ analysis is to determine whether a business idea is worth pursuing.
feasibility
What is the purpose of the executive summary of a business plan?
The executive summary presents the key points in a way that makes the reader excited about your business and its potential for success. Its function is to draw the reader into the proposed plan and predispose the reader to approve the plan.
What are the five Ps of entrepreneurship?
passion, perseverance, persistence, planning, and problem solving.
In a general partnership, ____.
all partners have unlimited liability
A partnership ______________________________ describes how much each partner will invest, each partner's responsibilities, and how profits are to be shared.
agreement
Before deciding to become an entrepreneur, you should complete a(n) ______________________________ to measure your actions or attitudes related to career performance.
self-assessment