Entrepreneurship and Small Business Flashcard

Front

What is the primary purpose of a business plan?

Back

To outline the business goals and strategies

Front

Which of the following is a common source of funding for small businesses? Government grants, Personal savings, Lottery winnings, Inheritance

Back

Personal savings

Front

What is a key component of a marketing strategy?

Back

Product pricing

Front

Which mindset is essential for an entrepreneur? Options: Risk aversion, Fixed mindset, Growth mindset, Pessimistic outlook

Back

Growth mindset

Front

What is a SWOT analysis used for in business planning?

Back

To assess strengths, weaknesses, opportunities, and threats

Front

Which of the following is a benefit of bootstrapping a business? High-interest rates, Retaining full ownership, Immediate large capital, Increased debt

Back

Retaining full ownership

Front

What is the primary goal of market research?

Back

To understand customer needs and preferences

Front

Which of the following is a characteristic of an entrepreneurial mindset? Fear of failure, Resistance to change, Proactive problem-solving, Dependence on others

Back

Proactive problem-solving

Front

What is an angel investor?

Back

A wealthy individual who invests in startups.

Front

Which marketing strategy involves using social media platforms to promote products?

Back

Digital marketing