What is the primary purpose of the SWOT Analysis?

To evaluate 4 areas important to a businesses success

To decide if you should change locations

What is the primary purpose of the PESTEL Analysis?

To examine external variables that affect your business model

To see if you are paying your employees enough

Intellectual property is important to understand because:

It will protect your idea, product or service from someone stealing your idea.

It's a way of understandign the competition.

IP protects you from going bankrupt.

Company culture is NOT:

an important asset to a thriving company

a belief in eithics and morals.

activities including all employees.

The primary differences between the BMC and Business Plan would be:

The business plan is a formal written plan used to secure funding

no differences, both of them are the same.

A business plan is always written before you work through the Buisness Model Canvas.

The business model canvas is a tool that is outdated and the business plan incorporates current trends in entreprenuership.

BizInnovator Startup - Launching Your Startup

Authored by Jacobson Institute

Business

9th - 12th Grade

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17 questions

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MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Select the key advantages as they apply to: (Sole) Proprietorship

All decisions made by 1, few restrictions, low startup costs, no add fed. taxes, all profit kept by 1

Low failure rate, business assistance, buying power, name recognition, potential for large profits

Owners can deduct many losses on personal returns; losses share between partners

Protected from liability, easy startup, no add fed. taxes

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Select the key advantages as they apply to: General Partnership

Owners can deduct many losses on personal returns; losses share between partners

Good for raising money; Gen partners get money but maintain authority; Ltd partners can leave any time

Protected from liability, easy startup, no add fed. taxes

Low failure rate, business assistance, buying power, name recognition, potential for large profits

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Select the key advantages as they apply to: Limited Partnership

Good for raising money; Gen partners get money but maintain authority; Ltd partners can leave any time

Owners can deduct many losses on personal returns; losses share between partners

Stocks provide funding options; many tax deductions; no shareholder liability

Protected from liability, easy startup, no add fed. taxes

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Select the key advantages as they apply to: C-Corp (default corporation)

Stocks provide funding options; many tax deductions; no shareholder liability

All decisions made by 1, few restrictions, low startup costs, no add fed. taxes, all profit kept by 1

Owners can deduct many losses on personal returns; losses share between partners

Low failure rate, business assistance, buying power, name recognition, potential for large profits

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Select the key advantages as they apply to: S-Corp

No corporate taxation; no double taxation, no shareholder liability

Serve the common good, exempt from taxes

Owners can deduct many losses on personal returns; losses share between partners

Protected from liability, easy startup, no add fed. taxes

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Select the key advantages as they apply to: LLC

Protected from liability, easy startup, no add fed. taxes

No corporate taxation; no double taxation, no shareholder liability

Owners can deduct many losses on personal returns; losses share between partners

Low failure rate, business assistance, buying power, name recognition, potential for large profits

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Select the key advantages as they apply to: Nonprofit

Serve the common good, exempt from taxes

Employees only taxed on income

Owners can deduct many losses on personal returns; losses share between partners

Low failure rate, business assistance, buying power, name recognition, potential for large profits

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BizInnovator Startup - Launching Your Startup

Select the key advantages as they apply to: (Sole) Proprietorship

Select the key advantages as they apply to: General Partnership

Select the key advantages as they apply to: Limited Partnership

Select the key advantages as they apply to: C-Corp (default corporation)

Select the key advantages as they apply to: S-Corp

Select the key advantages as they apply to: LLC

Select the key advantages as they apply to: Nonprofit

Select the key advantages as they apply to: Co-op

Select the key advantages as they apply to: Franchise

What is the primary purpose of the SWOT Analysis?

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