Chapter 5 Entrepreneurship

Entrepreneurs might face which challenge when starting a business

• losing the business

• start-up funds

• being fully responsible

• all of the above

People who use the business plan include all of the following except

• investors

• customers

• management team

• the entrepreneur

The company description section of a business plan includes

• the size of the business

• the scope of the business

• the type of business

• all of the above

Main reason people become an entrepreneur

• to be creative

• to be the boss

• to work hard

• because they have to

More than 99 percent of businesses in the US are small businesses

• True

• False

Characteristics of entrepreneurs included all of the following except

• risk taker

• goal-oriented

• cost-conscious

• creative

The vision and mission statement in the business plan state the guiding principles of a business

• True

• False

Small businesses only serve a small area and employ no more than 100 people.

• True

• False

Research to learn about the business's customers is included in which part of the business plan?

• market analysis

• operational plan

• executive summary

• marketing plan

The executive summary includes a brief account of key points located within the business plan.

• True

• False