Chapter 5 Entrepreneurship

Entrepreneurs might face which challenge when starting a business

• losing the business

• start-up funds

• competition

• all of the above

People who may want to view the business plan (select all that apply)

• investors

• customers

• management team

• the entrepreneur

Which business plan component includes the nature of the business and company objectives.

• Company Description

• Marketing Plan

• Executive Summary

• Product/Service Plan

Main reason people become an entrepreneur

• to be creative

• to be the boss

• to work hard

• because they have to

More than 99 percent of businesses in the US are small businesses

• True

• False

Characteristics of entrepreneurs included all of the following except

• risk taker

• goal-oriented

• cost-conscious

• creative

The vision and mission statement in the business plan state the guiding principles of a business

• True

• False

Small businesses only serve a small area and employ no more than 100 people.

• True

• False

Research to learn about the business's customers is included in which part of the business plan?

• market analysis

• operational plan

• executive summary

• marketing plan

The executive summary includes a brief account of key points located within the business plan.

• True

• False