2nd Partial exam

At the end of his conference, Daniel Gómez says: "there is an special age to start a business"

Is a document that outlines the basic concept underlying a business—specifically, what problem will be solved—and describes how you will execute your plan to solve the problem

John Mullins, the author of The New Business Road Test, says that the following three key elements should be in every business plan (select):

• A logical statement of a problem and its solution

• A significant amount of cold, hard evidence

• A significant amount of cold, hard evidence

• Users of Business Plans

In order to meet company goals, especially with friends and family who are involved with the company, Heidi has to:

• Elevate personal relationships above business relationships.

• Push others to perform relentlessly.

• Focus on managing by the numbers and be firm when people don't meet goals, no matter who they are.

• Trust that friends and family will do what is best for the brand.

Which of the following statements is the most accurate concerning personal factors in a business?

• A business should align with its owner’s personal goals

• If you do what you love, profit need not be considered.

• Planning kills the positive energy one’s dreams create.

• Businesses based on personal passions are always successful.

A _______ identifies the nature and types of income expected to come into the firm from the sale of products and services.

All of these elements must be evident from the feasibility analysis before you move on to the business plan EXCEPT:

• a. strong market potential.

• b. an attractive industry.

• c. agreeable banker.

• d. the right individual or team to execute the plan.

The least expensive and easiest formation of the forms of organization is--

• a. partnership.

• b. corporation.

• c. limited partnership.

• d. sole proprietorship

consists of individuals with supervisory responsibilities, as well as nonsupervisory personnel who play key roles in the business

The competence required in a management team does not depends on the type of venture and the nature of its operations.

• False

• True