Foundations of Entrepreneurship-Module 4

A __________ is a written document that outlines your goals and how you plan to reach those goals.

• Business plan

• Business summary

• Business description

• Business marketing

What type of business insurance protects you from damage to your equipment?

• Liability insurance

• Property insurance

• Health insurance

• Professional insurance

What does it mean to figure out what your platform will be?

• Identify what your specific policies will be

• Identify how you will take payment

• Identify where your business will live online

• Identify how you will ship your product

Why is it important to have a time limit on your goals?

• You have to be able to measure your goals

• You don't want to use someone else's goals

• It gives you a definite date to work toward

• It helps you increase your profits by 15%

Writing down your goals will do what for you?

• Hold you accountable

• Help you remember them

• Keep them in front of you

• All of these

In addition to being yours and written down, strong goals must have what three qualities?

• Specific, meaningful, and have a common thread

• Singular, measurable, and have a foundation

• Singular, meets a need, and have a time limit

• Specific, measurable, and have a time limit

Which of the following questions is NOT something to be concerned about when hiring an employee?

• Is this a part-time or full-time position?

• How will you handle overtime, holidays, sick time, and vacations?

• How often will you pay an employee?

• How often will you provide a free lunch?

Starting small in your business means you may NOT be able to:

• Build a loyal customer base

• Establish your business name

• Hire more people right away

• Develop a good reputation

When hiring staff, what is a good trial period to make sure they are the right person for the job?

• 30-day

• 90-day

• 60-day

• 100-day

What is the best advice to keep in mind as you grow your business?

• Grow at the speed of cash

• Grow as quickly as you can

• Hire extra help so you can make more money

• Use debt to help you grow faster