Entrepreneurship--Lesson 3-1 Slides

Drag and Drop

Two personal motivations for starting a business are the desire for ​

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and to make a ​

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,

Drag these tiles and drop them in the correct blank above

independence

profit

to fulfil a social need

meeting a market need

money/wealth

difference in society

Match

Match the business plan component to its description

• Summarizes what one wants to accomplish with a business, the products and services one sells, financial outlook, the funding needed, one's goals, and one's achievements.

• Determines the size of a market with the marketing analysis and describes potential customers to provide a customized plan to reach them.

• Provides an overview of the employees and others that are part of a business

• Includes a budget, a 12 month profit/loss projection, cash flow statements, a breakeven analysis, and capital requirements to show investors how their money will be spent.

executive summary

marketing plan

organizational structure/management bios

financial plan

• executive summary

• marketing plan

• organizational structure/management bios

• financial plan

Drag and Drop

An Entrepreneur is someone who ​

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Drag these tiles and drop them in the correct blank above

creates, owns, and may run a business.

makes a profit from a business.

manages a business.

Multiple Choice

Which of the following is NOT a common way to find out which businesses are for sale?

• Advertisements

• Business broker

• Landlords and leasing agents

• Online gaming forums

Multiple Choice

Which of the following is an advantage of buying an existing business?

• You must build a customer base from scratch.

• There are no prior records of revenues.

• Financial arrangements can be easier.

• You have to create procedures yourself.

Multiple Choice

What is a potential disadvantage of buying an existing business?

• The business may have a strong profit record.

• You will not inherit any problems.

• Capital is required.

• All businesses for sale are successful.

Multiple Choice

Which steps should be taken before making an offer to purchase a business?

• Write specific objectives and meet with sellers.

• Ask for important information in written form and determine how to finance the business.

• Visit during business hours and get expert help.

• All of the above.

Fill in the Blanks

The United States economy is dominated by

businesses.

Multiple Choice

Which of the following is NOT a common source for finding businesses that are for sale?

• Advertisements

• Business broker

• Family and friends

• Bankruptcy announcements

Multiple Choice

Which of the following is NOT a disadvantage of a family business as described in the slide?

• Senior management positions are often held by family members, regardless of their ability.

• Family politics often enter into business decision making.

• Family businesses have more access to external funding.

• The distinction between business life and private life is blurred.