Bus Planning - Influences in Establishing an SME, some of bus planning process

Michael has recently completed his university degree in Business Management and has decided to open a mobile phone retail outlet. During his time in casual employment, Michael regularly clashed with his supervisors. He found that he could frequently see a better way to complete tasks and often found managers reluctant to listen to his suggestions. What is the likely reason for his decision to become an entrepreneur?

• To have a personal challenge

• To be his own boss

• To create his own job

• To please his parents

Jannali was 12 years old when his parents cut off his pocket money because of his bad behaviour. He noticed that many people were willing to pay for their lawn to be mowed rather than spending a long time doing it themselves on the weekend. He began mowing his neighbour’s lawn and was soon employing his friends to mow lawns while he organised marketing and mowing equipment. By the time he was 18, he was making as much money as his father. What quality does Jannali possess that will help him be a successful entrepreneur?

• He has a capacity for innovation.

• He has a capacity for hard work.

• He is alert to change and

  opportunity.

• He is good at maths.

Which organisation provides demographic data collected through a census taken every five years?

• Australian Bureau of Statistics

• Business Enterprise Centre

• Department of State and Regional

  Development

• Australian Business Ltd

Why are government organisations established to assist entrepreneurs operating in the private sector?

• Small businesses provide many of the opportunities for employment

  growth.

• Small businesses will pay taxes to the government.

• Small businesses create wealth for owners.

• Small business owners are not included in unemployment statistics.

Who provides the funds in debt financing?

• Customers

• Government grants committee

• Banks and financial institutions

• Shareholders

Which of the following is a method of completing a situational analysis?

• Break-even point analysis

• SWOT

• SMART

• Critical Path

Which of the following would be a threat in a SWOT analysis undertaken by a business?

• Lower interest rates on business loans

• Increased competition in the marketplace

• New technology available for this industry

• Rising levels of accounts receivable

What is the name of the statement that enables owners to visualise an ideal position for their business in the future?

• Mission statement

• Vision statement

• Income statement

• Executive statement

Which of the following areas does an individual business have direct control over?

• Internal influences

• Only economic and legal influences

• Only political and economic influences

• External influences