Gmetrix: Domain 1 Lesson 2.3 Business Opportunity/Plan

A business opportunity is best defined by a a consumer need or want that can be potentially filled by a new business.

• True

• False

The business idea stages are: 1) Researched 2)Refined 3) Revised 4)Shaped 5)Reshaped 5)Tested

• True

• False

Viability is best defined as

• the potential for failure

• the potential for success and survival of the business

• the potential to lose money

• the potential for anything

Market size is best described by the total size of demand for a product or service.

• True

• False

Without a market you don't have a viable business.

• True

• False

Managing cash flow is how you will secure funding to keep the business up and running and how that funding is utilized in the business.

• True

• False

A network with regards to business is best described as a

• a television channel

• a place where you use a net at work

• a group of people connected by similar ideas and desires

• a group of disconnected people

Cash flow is the difference of money coming into and out of the business.

• True

• False

Management skill set is trusting management and the skills they possess to create an successful business.

• True

• False

A formal document that details how a business will be structured, managed, run, and grown is a _____________.

• Business idea

• Business contract

• Business structure

• Business plan