Intro to Creating a Business

Entrepreneurship is

• a. copying something new of value

• b. exposing something new of value

• c. creating something new of value

• d. recognizing something new of value

A business plan is a written document that describes all the steps necessary for opening and operating a successful business.

• True
• False

This section of your business plan should describe the products and/or services you will offer,  the market, the industry, and your location

• Operations
• Marketing
• Statement of Purpose
• Appendix

This section of the business plan will help determine your financial needs.

• Financial Management
• Operations
• Marketing
• Introduction

This section of your business plan, will explain how the business will be managed on a day-to-day basis.

• Marketing
• Statement of Purpose
• Appendix
• Operations

The purpose of a business plan includes which of the following?

• it explains your idea for a product or service
• it sets specific objectives and describes how they will be achieved
• it describes the backgrounds and experiences people  who will run the business
• all answers are correct

A business plan is important for a new business for all of the following reasons EXCEPT

• it makes you think about all aspects of your business
• it can help you communicate your ideas to others
• it guarantees you will get financing for your business
• it can serve as a tool for managing your business

Writing a business plan

• is a quick and easy process
• is quick but difficult
• requires patience, research, thought, and time
• none of the above

Ignoring competition is a mistake you should avoid making when creating your business plan.

• True
• False

It isn't necessary to include the location of your business in your business plan.

• True
• False