BMG 140 Entrepreneurship

A

100

To be considered a small business in the manufacturing industry, how many employees must I have?

Less than 500

200

What is an entrepreneur?

A person who starts a business, take all the risk and reward and turn a profit(or non-profit)

300

What does the executive summary of the business plan?

Where your company is and where it is going

400

What are examples of funding request a business should consider?

Equity – Seed funding, Angel Investors, etc.

Debt – Lines of Credit, SBA Loans, Bonds, Equipment Financing

500

What are some disadvantages of starting a business?

Time, Financial Resources, Uncertainty, Risk

B

100

What do you call a business tax id?

EIN, Employee Identification Number

200

Before you OPEN for business what is the most important thing you should do as a business owner?

Market Analysis - RESEARCH RESEARCH RESEARCH

300

What are some traits of an entrepreneur?

Creativity

Risk Tolerance

Persistence

Resilience

Passion

Flexible

Leadership Skills

Optimistic

Vision

400

For an existing business how many years of financial data should you present to a lender for financing? 

3-5 years

500

If you are a new business - what type of financial data should you present to a lender for financing?

Prospective financial data

C

100

What are the 4 P's of Marketing?

Product, Place, Price, Promotion

200

Out of the 4 P's of Marketing which one is the most important?

Promotion

300

What are some ideas we should consider when doing a market analysis?

Industry description and outlook, Information about your target market, Distinguishing characteristics, Size of the primary target market, Market share potential, Pricing and gross margin targets, Competitive analysis, Regulatory restrictions

400

What should we consider when choosing a business location?

Business Friendly location, Proximity to suppliers, Zoning Laws and state taxes, Competition, Target Market

500

What are at least 4 steps to writing a business plan?

Executive Summary, Company Description, Market Analysis, Management, Product or Service Line, Marketing and Sales Funding, Financial Projections, Appendix

D

100

What is a business plan?

Roadmap that covers what the company is about and what are its goals. 

200

What is the government entity that overs a variety of loans to help grow your business?

SBA or Small Business Administration

300

What are some advantages of starting a business?

Independence, Financial gain, Control, Prestige, Equity, Opportunity to contribute to society

400

What are the 3 considerations you must take when starting a business? 

Motivation, Strategy, Realistic Vision

500

Give me 4 reasons why business fail?

Lack of planning

•Failure to delegate

•Unwillingness to change

•Forgetting that cash is king

•Lack of objective targets

•Failure to ask the right

questions