NGPF Understanding Entrepreneurship Exit Ticket

What is an example of entrepreneurship?

• Working for a large corporation

• Saving money in a bank account

• Starting a new business

• Investing in the stock market

Kacey started a new business and has rapidly expanded since gaining the support of outside investors. What type of entrepreneurship is this?

• Small business

• Scalable startup

• Large company/intrapreneurship

• Social entrepreneurship

What is one way entrepreneurship impacts the economy?

• By creating jobs

• By promoting international trade

• By reducing taxes

• By increasing government spending

Which of the following best describes the role(s) an entrepreneur plays within their business?

• Focused on multiple roles and functions of the business

• Focused only on Human Resources

• Focused on the role they have the most experience in

• Focused only on Sales and Marketing

What are the top two reasons reported as why startups fail?

• Got outcompeted/flawed business model

• Ran out of cash/no market need

• Legal challenges/pricing issues

• Poor product/conflict among team

To make sure a company lives up to its mission statement, it should establish and follow the guidelines of a...

• Non-profit organization

• Legal entity

• Code of ethics

• Business plan

Which of the following best describes a business plan?

• A document that is legally required in order to start a business

• A document that will allow you to expand your business to other states

• A document that outlines your goals and how you plan to achieve them

• A document that protects your business from bankruptcy in its first year of operation

Each of the following is a common section included in a business plan EXCEPT...

• Executive summary

• Market analysis

• Tax history

• Financial projections

Which of the following best describes an executive summary?

• A description of your company, including its value proposition

• Detailed projections of your business’s financial performance

• Any additional information you feel is important that you’d like readers to see

• An overview of your entire business plan that will give readers a high level look at your overall business

Which consideration before starting a business will help most if you run into cash flow problems (not having cash when you need it)?

• Know the law

• Pay off your debt

• Get the right insurance

• Build an emergency fund