Starting a Business
A detailed plan on how to achieve a profit
A business plan
An individual who creates a business and keeps the profit
Who is an entrepreneur
Which function requires the entrepreneur to be able to identifying the various sources of finance, such as personal savings, loans, or fundraising activity
What is accessing finance
State any 3 role of the entrepreneur
conceptualizing, planning, accessing finance, organizing, evaluating business performance, operating the business, risk bearing,
Three types of collateral that can be used to secure financing when starting a business.
property, vehicle, cash surrender value of life insurance
The expenses required to start a business
What is Capital
At least three qualities of a successful entrepreneur
Risk taker, creative, innovative, persistent, flexible, goal oriented
Which function requires for the forecasting of your business venture, and gathering the necessary resources so that production can run smoothly.
What is planning
The entrepreneur researches information by talking to potential customers to identify their needs, or by checking the statistics
What is conceptualizing?
A bank loan can either be _________________ or ________________
secured or unsecured
Generating ideas, recognizing opportunity, and studying the market?
What is Conceptualizing
This is a key aim of any business
What is making a profit
One has a higher interest rate and shorter payment term and the other has longer payment term and lower interest rate
what is an unsecured loan vs a secured loan
This function is important if the business is losing money, so that corrective actions can be taken.
What is managing losses
A forecast of future revenue and expenses for a business.
What is a Financial Projection
This function requires careful monitoring at different stages to assess targets against plans so that measures can be taken to correct any areas of concern as needed.
What is evaluating the performance of the business
As entrepreneurs start and grow businesses, they support ________ ________ and reduce the country's ___________ rate.
What is job creation and unemployment