Show:
Understanding ENTREPRENEURSHIP
Hurdles of Entrepreneurship
Planning and Pitching a Business
Launching a Business
How Do You Legally Set Up a Business?
100

How many employees can a business have to be considered a small business?

1-500

100

As your business’s Chief Financial Officer, what are the two major skills you will need?

Budgeting and Accounting

100

How much more likely is it for a business to launch if the founder creates a business plan?

260%

100

What are the three main categories of business funding?

Self funding, investors, and loans

100

Which of the following is a reason to separate your business money from personal money?

To protect your personal assets if the business fails

200

How does social entrepreneurship differ from traditional business entrepreneurship?

It focuses on social goals, rather than making a profit

200

Which of the following best describes the skill set needed for a business's Marketing Director?


A mix of statistics, psychology, and art

200

Describe two potential consequences of trying to launch a business without a business plan.

  • Difficulty getting loans or investments
  • Difficulty tracking your business’ progress
  • Slower or less-confident decision making
  • Delays in identifying problems (ie. cash flow problems)
  • Exposure to more risk (ie. competition, low market demand)  if you don’t identify weak spots
  • Team is less invested in your business’ success because they aren’t clear on the vision
  • More challenging to sell your business later on
200

What source of funding is used most often to start new businesses?

Personal or family savings

200

Which structure allows the owner to run the business under their personal name, leaves them personally responsible for debts of the business, and requires them to report the business’s profits and losses on their personal taxes?


Sole proprietorship

300

 What is an example of entrepreneurship?

Starting a new business

300

Which of the following best describes the role(s) an entrepreneur plays within their business?

Focused on multiple roles and functions of the business

300

Which of the following best describes a business plan?

A document that outlines your goals and how you plan to achieve them

300

Which consideration before starting a business will help most if you run into cash flow problems (not having cash when you need it)?

Build an emergency fund

300

Which structure requires a DBA (“doing business as”), a personal identification number, and requires the owners to report profits and losses on their personal taxes?


Partnership

400

Kacey started a new business and has rapidly expanded since gaining the support of outside investors. What type of entrepreneurship is this?

Scalable startup

400

What are the top two reasons reported as why startups fail?


Ran out of cash/no market need

400

Each of the following is a common section included in a business plan EXCEPT…


Tax history

400

In which business type(s) can the business owner(s) find themselves personally liable?


Sole proprietorship and partnership

400

Which structure legally protects the owner(s) from liability but still requires the owner(s) to report profits and losses on their personal taxes?


LLC

500

What is one way entrepreneurship impacts the economy?


By creating jobs

500

To make sure a company lives up to its mission statement, it should establish and follow the guidelines of a…


Code of ethics

500

Which of the following best describes an executive summary?


An overview of your entire business plan that will give readers a high level look at your overall business

500

Each of the following is a type of credit that can be used to start a business EXCEPT…


Stock dividends

500

Which structure legally protects the owner(s) from liability and allows the business to file its own taxes to report profits and losses?


Corporation