What is the primary purpose of conducting an initial feasibility study?

• To select a business opportunity

• To determine business start-up costs

• To identify industry trends, competition, and market segment

• To develop a company vision and mission

What is essential for entrepreneurs to have?

• Business plan

• Market segment

• Technical skills and characteristics

• Financial resources

What should be included in a management plan?

• Marketing strategies and financial projections

• Only staffing and human resource plans

• Only legal requirements and business protection

• Quality control, operations, and legal requirements

What is the purpose of developing an organizational chart?

• To develop staffing and human resource plans

• To identify industry trends and competition

• To select a business opportunity

• To determine the business start-up costs

What is a key benefit of evaluating different types of business ownership/organization structures?

• It allows entrepreneurs to understand the advantages and disadvantages of each structure.

• It helps entrepreneurs develop a company vision and mission statement.

• It enables entrepreneurs to determine the most profitable business model.

• It helps entrepreneurs identify the most suitable business idea.

What is the primary purpose of conducting market research in a feasibility study?

• To develop a company vision and mission statement.

• To determine the business start-up date and location.

• To identify potential competitors in the market.

• To identify industry trends and market segments.

What is an essential characteristic of entrepreneurs?

• Technical skills in a specific industry.

• Financial management skills.

• Risk aversion and caution.

• Strong communication and leadership skills.

What is a key aspect of developing a business plan?

• Conducting market research to identify industry trends.

• Developing a financial/budgeting plan.

• Creating a company logo and branding strategy.

• Selecting a business opportunity based on research.

What is an important consideration when determining a business start-up date and location?

• The sentimental value of the location.

• The proximity to suppliers and vendors.

• The number of competitors in the market.

• The availability of funding and resources.

What is a key advantage of selecting a business opportunity based on research?

• Reducing market competition

• Increasing the likelihood of success

• Eliminating the need for market research

• Decreasing the need for financial planning