Principles

What is the first step that you would logically take after you have come up with a business idea?

• Create a Business Plan

• Talk it out with trusted allies

• Apply for a Bank Loan

• Create a Prototype

A business that can finance itself without looking to investors or bank loans is referred to as

• A Corporation

• A Partnership

• Bootstrapped

• Crowdfunded

A business uses social media to fund itself by receiving small "micro-donations."

• Bootstrapped

• Source Funding

• Crowdfunded

• None of these

What is a disadvantage of bank loans?

• You must first create a business plan to get one

• The interview process

• You must pay back more money than you borrow in the form of interest

• There are no disadvantages

When you go to an investor to help fund your business, it is likely that the investor will...

• Ask you to provide a business plan

• Want a percentage "stake" in your business

• Loan you the money but require you to pay interest

• Both 1 and 2

What are 4 ways to conduct market research?

Type of entrepreneur that builds a business and then typically sells the business to begin another venture.

• Investor

• Inventor

• Serial

• Lifestyle

Type of entrepreneur who turns their interests/passions into a business.

• Serial

• Lifestyle

• Investor

• Home-Based

The first item that should be included in any business plan

• Executive Summary

• Financial Projections

• Management Team

• Setup

A business plan should be at least 3 pages long

• True

• False