Business Essentials Ch 6

Most business plans are updated

• every six months

• annually

• every five years

• whenever the business hires a new employee

Many entrepreneurs own their first business while in their teens.

• True

• False

Most of the $ needed to start a business comes from the entrepreneur and their bank

• True

• False

The American private enterprise system discourages risk-taking and innovation.

• True

• False

Part of a business plan that discusses sales forecasts & location and number of potential customers

• inventory

• description of competition

• Small Business Administration

• customer analysis

Part of a business plan that discusses the industry characteristics and the economy.

• customer analysis

• description of competition

• inventory

• venture capital

Products or raw materials a business keeps on hand.

• customer analysis

• description of competition

• inventory

• venture capital

The first step in developing a business plan is to just wing it and start the business

• True

• False

A good example of an entrepreneur is a(n)

• police officer

• UPS delivery driver

• Timmy

• checkout clerk at Target

Personal characteristics of successful entrepreneurs include

• Hard Worker

• Recklessness

• Greedy

• Pessimism