Business Final Exam_Fall 2023

Why is it important that your goals have deadlines?

• You need details.

• So you can tell if you have accomplished it or not.

• So you know what you are trying to accomplish.

• So you will actually work towards achieving it in a timely manner.

Who should set your goals?

• Mom

• You

• Your teacher

• Your best friend

Why is goal setting important for EVERYONE?

• It's inspiring to work towards things important to you.

• To help you succeed in life.

• To help your life stay on the track you want it to go.

• All of the above.

I will score 15 soccer goals this season.

• SMART goal

• NOT a SMART goal

Why is it important that SMART goals are measurable

• So you know exactly what you are trying to accomplish

• So you know when you have accomplished it or not

• So you have a deadline you are working within

• So it is something you care about

Setting goals will help you...

• Identify some specific steps to take to help work toward goals

• be the first in line to lunch

• help you make the basketball team

• fail science for the 2nd nine weeks

What is a business plan?

• Written document that only outlines the business practices of the new business.

• Written document that describes the financial aspects of the business.

• Written document that only describes the ownership of the business.

• Written document that describes all the steps necessary for opening and operating a successful business.

Why do you need a business plan?

• To explain your idea

• the ability to get financing.

• it's a road map that sets objectives and goals for the business.

• To help reduce the risk of business failure.

• All of the above.

Complete the sentence: A business plan...

• is useful once your business is operational but not much help during the startup phase

• is not usually needed once the business is up and running

• can serve as a tool for helping a business during the startup phase and for managing your business once it is up and running.

Looks at likely risks to the business

• Contingency Plan
• Management Team Plan
• Marketing Plan
• Industry Overview