Chapter 5 Intro to Business

Entrepreneurship is the process of

• recognizing a business opportunity

• using marketing research to determine if there is a market for a product or service

• gathering the resources needed to go into business

• all of the above

In a business plan, the description of the business's advertising plan is included in the

• competitive analysis

• marketing plan

• vision statement

• product and service plan

One of the biggest obstacles in starting a business is

• accepting responsibility

• being good at something

• obtaining financing

• having a good idea

All of the following are examples of an industry except

• auto mechanics

• medical supply companies

• financial services firms

• food service businesses

A vision statement

• explains why the venture will succeed

• establishes the scope and purpose of the company

• expresses the specific aspirations of the company

• includes the major goals that the company will try to reach

All of the following are recommended traits for a career in entrepreneurship except being

• enthusiastic

• goal-oriented

• a risk-taker

• cost-conscious

A brief account of the key points contained in a business plan is the

• company description

• executive summary

• mission statement

• vision statement

In business plan, research about the business's customers is included in the

• market analysis

• operational plan

• marketing plan

• competitive analysis

SBA is an acronym that stands for the

• Start-Up Business Administration

• Small Business Administration

• Small Business Agency

• Small Businesses of America

The company description section of a business plan helps investors understand

• the type of business

• the size of the business

• the scope of the business

• all of the above