Basics Of Business Question Preview (ID: 37595)


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Having a summer clearance sale is an example of what stage of the entrepreneurial process?
a) Concept Development
b) Resourcing
c) Actualization
d) Harvesting

Offering shares of stock to the public is a part of what stage of the entrepreneurial process?
a) Harvesting
b) Concept Development
c) Actualization
d) Resourcing

Preparing a business plan, renting a store, and creating a website are all part of what stage of an entrepreneur?
a) Discovery
b) Concept Development
c) Resourcing
d) Actualization

If a business has been operating for two years, what stage of the entrepreneurial process?
a) Discovery
b) Harvesting
c) Actualization
d) Resourcing

Which is an example of the harvesting stage?
a) Seeking financial assistance
b) Having a grand opening
c) Gathering market research data
d) Considering opening a second store

Which personal characteristic reflects that successful entrepreneurs want to make their own decisions, set their own schedules, and can work without supervision?
a) Independent
b) Goal-oriented
c) Risk-takers
d) Self-confident

Which personal characteristic reflects that successful entrepreneurs are curious about things and are not afraid to ask questions?
a) Creative
b) Inquisitive
c) Persistent
d) Responsible

Seeking people and companies to invest in your business venture is a part of what stage of the entrepreneurial process?
a) Actualization
b) Concept Development
c) Discovery
d) Resourcing

Collecting, reviewing, and interpreting surveys are a part of what stage of the entrepreneurial process?
a) Actualization
b) Concept Development
c) Discovery
d) Harvesting

Which part of a business plan states how an owner will fund the business?
a) Industry/market analysis
b) Marketing plan
c) Operational plan
d) Financial plan

Which part of a business plan would an owner describe his training, knowledge, and experience?
a) Management team plan
b) Financial plan
c) Marketing plan
d) Growth plan

Which personal characteristic reflects that a successful entrepreneur develops a plan of action and makes decisions to help achieve that plan?
a) Self-confident
b) Risk-taker
c) Independent
d) Goal-oriented

Which part of the business plan gives a short description of the key points of the plan?
a) Executive summary
b) Growth plan
c) Industry/market analysis
d) Management team plan

Which part of the business plan would have survey results of competitors in the same area of the potential entrepreneur?
a) Industry/market analysis
b) Management team plan
c) Growth plan
d) Executive summary

Which part of the business plan describes the day to day activities of the business?
a) Operational plan
b) Organization plan
c) Industry/market analysis
d) Financial plan

Which part of a business plan would the entrepreneur state the target audience?
a) Marketing plan
b) Financial plan
c) Organizational plan
d) Product/service plan

Which part of the business plan would an entrepreneur discuss the future plans of expanding the business in 10 years?
a) Growth plan
b) Executive summary
c) Organizational plan
d) Operational plan

What could cause a new business to have very few sales in the first year?
a) Lack of a trademark for the company logo
b) Lack of a good advertising campaign
c) Failure to pay taxes for the new business
d) Failure to apply for a loan or grant

What could cause a new business to run short on cash during its first year?
a) Failure to apply for a loan or grant
b) Shortage of trained employees
c) Lack of good advertising
d) Failure to pay taxes

What could cause a new business to run short of cash during its first year?
a) Failure to secure proper permits and licenses
b) Shortage of trained employees
c) Failure to apply for a loan or a grant
d) Lack of good advertising

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