Onism
Entrepreneurs who are aware of their personal strengths and weaknesses increase their chances of
success
Formation date, business purpose, and managerial responsibilities are detailed in a(n)
operating or partnership agreement.
You are more likely to achieve your goals if they are
written down.
The single most important aspect of making a financial plan and setting goals is
getting started now.
Which of the following phrases best describes the S in setting SMART goals:
Specific details
Financial planning is important because it can help you do all of the following except:
Understand economics and finance
Emily has decided to use all of her savings to buy a new car instead of a used one. What are the opportunity costs of that decision?
The benefits she could have received by using the additional cost of a new car another way
Which of the following should businesses do first to legally establish ownership as a corporation:
Request a charter from the state in which the business is located
Owners of any business structure should protect an idea or product in the form of a
patent, trademark, or copyright.
Jackie needs to raise a large amount of capital to open additional restaurants. She wants to limit her personal liability. She should consider establishing her business as a
corporation.
What is the primary disadvantage in using the hybrid (e.g., LLC, LLP) business ownership option?
The lack of universal guidelines among states
An advantage in forming a business as a hybrid (e.g., LLC, LLP) is that the
structure offers members a great deal of flexibility.
Andrew exaggerated his company’s anticipated year-one income to entice a potential business investor. In other words, Andrew committed
puffery.
Maximizing long-term profitability, promoting the health and well-being of the community, and preserving the environment are all goals of
business sustainability.
Successful entrepreneurs enjoy their work and often start their businesses so that they can share their interests and enthusiasm with others. In other words, successful entrepreneurs have __________ what they do.
passion for
Which of the following best describes a business plan:
A company’s business model in written form
Which of the following is a way that entrepreneurship helps our society:
Creates new jobs
Michelle’s primary reason for starting her own business is her desire to make her own schedule. Michelle is looking forward to the __________ she hopes to have as a business owner.
flexibility and independence
What is a disadvantage of entrepreneurship?
Uncertain income
Ethical behavior is crucial for entrepreneurial success because
customers expect companies to act ethically.
“Cheating the system” in entrepreneurship often leads to
legal trouble.
Entrepreneurs who hold themselves to high moral standards from the very beginning
set their businesses up for success.
How do entrepreneurs develop their skills?
By training and practicing continuously
An investor is looking at a business plan but really only wants to look at the financial forecasts. Where should they turn to find where the financial plan is located?
Table of contents
A detailed competitive analysis should be included in which component of the business plan?
Market analysis