The ______________ is a way of thinking that enables you to overcome challenges and strive to get better every day

All of the following are characteristics of an entrepreneur EXCEPT for which?

The goal of business is to make a profit. In order to make a profit, you have to ________ more money than you _______.

If demand for a product is high and the supply is low, typically what will happen to the price?

If demand for a product is low, and the supply is high, typically what will happen to the price?

A guide for your business that outlines goals and how they will be achieved.

Why do you need a business plan? Select ALL that apply.

This is the first section of the Business Plan, but it is suggested that you create it last. It provides a summary of the key points of your Business Plan.

A description of what product or service you are offering, does it fill a need, and what problem it solves is included in which section?

A detailed description of the people you are selling your product to. To create this section you need to gather as much information possible about your customer base so that you can know how to market and sell to them.

This section of the business plan takes a detailed look at your competitors, both current and future. It looks at their strengths, weaknesses, and what is your competitive edge against them.

This section of your Business Plan describes how you will generate profit for your business and how you will promote your business to best sell your product.

This section of the business plan describes the legal structure of your business (Sole Proprietorship, Partnership, Corporation, LLC, etc.) and short biographies of the people running the business.

This section of the Business Plan is a detailed description of what you plan to do on a day-to-day basis and depending on the type of business who is responsible for what tasks.

This section of the Business Plan is essential for potential investors to see. This is a breakdown of your financial projections. How much money you plan to make and what you plan to spend money on.

The Appendix and Exhibits section is documentation, spreadsheets, or images that support the information in your business plan.

This is a business that is owned and operated by one person.

A business owned by two or more people.

A legal entity that is separate and distinct from its owners.

In a _________________, you are your own boss & receive all the profits, BUT you have unlimited liability and all the financial responsibility as well as workload fall on you.

The full legal responsibility that business owners and partners assume for all business debts is known as __________. If the company can't pay debts their personal assets can be taken.

When a loss can not exceed the amount invested in the company.

A __________ provides you with more resources than a sole proprietorship and the ability to divide the labor, BUT you have to split profits & control and you're liable for others decisions.

A _________ makes it easier to raise capital because you can sell shares of the company to investors, BUT you are taxed heavily.

*BONUS* The __________ is where investors can buy and sell shares in companies.