Turning Ideas Into a Business Quiz

What is the first step to turning an idea into a business?

• Gain knowledge in your field

• Identify problem and solve it

• Ensure financial stability

• Have passion and apply it to your business

What is the purpose of a SWOT analysis in business?

• To make an action plan

• To ensure financial stability

• To set goals in writing

• To identify strengths, weaknesses, opportunities, and threats related to business competition or project planning

What is a key part of knowing your needs for your business startup?

• Setting goals in writing

• Participating in classes and research

• Passion and drive

• Financial plan

What is the main reason why businesses fail in their first five years?

• Inadequate financial stability

• Lack of passion

• Lack of knowledge in the field

• Poor planning

What should you do to ensure you are always learning in your field?

• Ignore your problems and wish they will go away

• Make an action plan

• Ensure financial stability

• Take classes, research, read, explore, and learn from others

What is the purpose of setting goals in writing?

• To gain knowledge in your field

• To ensure financial stability

• To identify strengths, weaknesses, opportunities, and threats

• To make the goal real and tangible

What is a technique used to help a person or organization identify strengths, weaknesses, opportunities, and threats related to business competition or project planning?

• Ensure financial stability

• SWOT analysis

• Make an action plan

• Set goals in writing

What is a key part of turning an idea into a business?

• Having passion and applying it to your business

• Making an action plan

• Setting goals in writing

• Ensuring financial stability

What does the S stand for in SMART GOALS

• Specific

• Special

• Standard

• Sports

What does the M stand for in SMART Goals

• Mighty

• Mediocre

• Measurable

• Most