Starting a Small Business

What is the first and primary question you should ask yourself before starting a small business?

• Am I business savvy

• Where will I get the money

• Where should my business be located

• Do I have what it takes

When starting a new business, you should be prepared for which of the following?

• 6 hour workdays, 5 days a week

• 8 hour workdays, 5-6 days a week

• 10 hour workdays, 5-6 days a week

• 12 hour workdays 6-7 days a week

Money needed to expand for additional inventory, equipment, marketing cost, employees, etc. is known as which of the following?

• Competitive Risk

• Market Analysis

• Marketing

• Expansion Capital

The phenomenon demonstrating individuals desire to get along and avoid conflict is known as which of the following?

• Crowd concept

• Group think

• Dissonance repression

• Controversy avoidance

Which section of the business plan should be the bulk of your plan and time?

• Marketing and sales

• Organization and management

• Market analysis

• Service and/or product line

Which type of market test engages the snowball effect?

• Focus groups

• Surveys

• Networking

• Interviewing

Which section of the business plan discusses how owner(s) plan to enter the industry and grow the business?

• Marketing and sales

• Organization and managment

• Market analysis

• Service and/or product line

When conducting a market analysis, you should forecast the next _________________.

• 1-3 years

• 3-5 years

• 5-8 years

• 8-10 years

What is the term for specific, time-sensitive accomplishments used to measure the short-term progress of an organization?

• Goal

• Mission

• Plan

• Objective

Which of the following business structures work great for small businesses?

• Bureaucratic

• Hierarchical

• Learning Based

• Divisional