Entrepreneurship
Process of running a business of one’s own
marketing concept
Uses the needs of customers as the primary focus during the planning, production, distribution, and promotion of a product or service.
business plan
A written document that describes all the steps necessary for opening and operating a successful business.
Entrepreneurs must realize there are other stake holders to make their business successful.
True
Which of the following is a retailing business?
auto repair shop
grocery store
gold mine
(d) farm
Grocery store
corporation
A business that has the legal rights of a person but is independent of its owners.
marketing plan
Defines the market, identifies customers and competitors, outlines a strategy for attracting and keeping customers, and anticipates change.
Demand
The quantity of a good or service that consumers are willing to buy at a given price.
When starting up a business, it is not important to look at who your competitors are.
False
Which of the following is not a purpose of a business plan?
to describe the backgrounds and experience of your suppliers
to explain the idea behind your business
to explain how you expect to achieve specific objectives
to describe the backgrounds and experience of your suppliers
sole proprietorship
A business is owned exclusively by one person.
marketing mix
Blending of the product, price, distribution, and promotion used to reach a target market.
Profit
Difference between the revenues earned by a business and the costs of operating the business.
Business Plans explains the idea behind your business and spells out how your product or service will be produced and sold
True
Your business plan should have a cover sheet that includes ________________.
a statement of the amounts of capital you need
the name, address, and phone number of the company
a listing of the contents of the business plan
(a brief description of the business
the name, address, and phone number of the company
partnership
A business owned by two or more people.
market research
A system for collecting, recording, and analyzing information about customers, products, services, and customers.
opportunity costs
Value of the next-best alternative.
The Financial Management lets you identify any risk your business may face and how you plan to deal with it.
True
Your executive summary should ________________.
include your projections for sales, costs, and profits
state the amount of money you want to borrow
be written after the business plan is completed
state how to advertise your business
be written after the business plan is completed
S corp
a special type of corporation that is designed to avoid the double taxation drawback of regular c corp
target market
Individuals or companies that are interested in a product or services and are willing to pay for it.
needs
Things that a person must have in order to survive.
Goals do not help you stay on task and follow through with your plans
False
Documents that might appear in the appendix are ____________.
pro forma financial statements
future expansion plans
resume, advertisements, and business Cards
magazine articles
resume, advertisements, and business Cards