Entrepreneurship Spring Final Exam

A sentence describing a company's function, markets and competitive advantages; a short written statement of your business goals and philosophies. It also explains what an organization is, why it exists, its reason for being.

• Mission Statement

• Exit Strategy

• Opening Statement

• Values

What are the advantages of creating a business plan?

• It allows the entrepreneur to focus on what they want to accomplish

• Allows the process they will take to do it become simple and easy

• Allows the process they will take to do it become simple and easy

• All of the above

Ignoring competition is a mistake you should avoid making when creating your business plan.

• True

• False

These protect a business' logo.

• Trademarks

• Patents

• Copyrights

• Privacy

The purpose of a business plan includes which of the following?

• it explains your idea for a product or service

• it sets specific objectives and describes how they will be achieved

• it describes the backgrounds and experiences people who will run the business

• all answers are correct

This part of a business plan shows the knowledge of the industry and includes statistics on marketing data for the companies products/services, and evaluates competition

• Executive Summary

• Company Description

• Strategy

• Market Analysis

A business plan is important for businesses seeking funding?

• True

• False

What you are selling is called?

• Product

• Price

• Place

• Promotion

Where do you state the vision for the company, how much money you need, and how you hope to pay the money back well as the opportunity?

• Executive Summary

• Financial Plan

• History

• Table of Contents

A business plan is important for a new business for all of the following reasons EXCEPT

• it makes you think about all aspects of your business

• it can help you communicate your ideas to others

• it guarantees you will get financing for your business

• it can serve as a tool for managing your business