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WorksheetsMs. Abreu's Bootcamp_1
Total questions: 20
Worksheet time: 5hrs 0mins
You need to INVEST in a business that has simple transactions, low inventory costs, and fast, free, product delivery
What type of business should you choose?
A business that sells Digital Products
A business that offers Cleaning Services
A business that is a Restaurant Franchise
A business that sells Products Directly to other businesses
What are TWO advantages of using the Lean Canvas business plan instead of the traditional business plan model?
A Lean Canvas includes financial projections, a market analysis, and the marketing strategy
A Lean Canvas is a quick, concise tool to document or update a business plan
A Lean Canvas is an extremely detailed, thorough, multi-page report
A Lean Canvas focuses on the problem, solutions, key metrics, and unique value proposition
You need to present a summary of your income statement to POTENTIAL INVESTORS
According to the information in the Income Statement, what is your OPERATING INCOME?
Income Statement for year ending December 31
Revenues
Sales: $200,000 Cost of Goods Sold ($50,000) Services $75,000
Total Revenues $225,000
Expenses
Rent & Utilities $30,000 Supplies $1,750 Insurance $1,000 Sales Reps $90,000 Staff $33,750 Administrative $22,500 Other $1,000
Total Expenses $180,000
Income Before Taxes $45,000
Net Income $38,700
$38,700
$45,000
$225,000
$275,000
You have a Small Business. Your first year financials are as follows
Start up costs $60,000
Gross Sales $65,800
Total Expenses $28,500
Income Taxes $6,370
What is the Return on Investment (ROI) for your business?
1.96%
51%
61%
92%
For which TWO reasons should a MEAL delivery company use Direct distribution channels over Indirect distribution channels? (choose 2)
To build stronger relationships with customers
To lower shipping cost
To quickly get products to customers before they spoil
To serve customers in a wide geographic area
What is a RISK of being an Entrepreneur?
Changing consumer trends
Negative Press or Media coverage
Lack of Financial Resources
Supply shortage
You need money for your Start-Up company? You have a few potential ideas for your business. You are 'seeking' mentorship and are willing to give up some EQUITY in your company
What type of FUNDING should you seek?
Crowdfunding
Angel Investor
Personal Loan
Small Business Loan
You are creating a business plan that includes your Value Proposition
Which THREE items should you include in your value proposition?
An overview of your business
Market research you conducted on similar businesses
Projected financial reports and operating costs
The differences between your business and your competitors businesses
The services you offer to customers
What is a benefit of being an Entrepreneur?
Limitless income potential
Predictable job description
Consistent 40-hour work weeks
Paid sick time and health insurance
You own an e-commerce website where customers can purchase the jewelry that you make.
What type of sales channel are you using?
Retail
Wholesale
Direct-to-Consumer
Business-to-Business
You own a business that manufactures pool chairs. For each pool chair, you determine the following
Labor $40 Materials $100 Desired Markup 40%
What should your Selling Price be?
$140
$180
$196
$280
Which TWO services does direct distribution provide that fulfillment centers do not?
Product manufacturing
Product storage
Product marketing
Product shipping
You need to perform a SWOT analysis
Strengths, Weaknesses, Opportunities, Threats
What identifies the INTERNAL factors that impact your business?
Strengths and weaknesses
Weaknesses and threats
Strengths and opportunities
Opportunities and threats
You have a cleaning company. You raised $10,000 from investors to get started. After three-months, you have $7,450
What is your BURN RATE and current 'Runway'?
$850 and about nine months of expenses covered
$850 and about twelve months of expenses covered
$1000 and about three months of expenses covered
$1000 and about ten months of expenses covered
Which TWO actions should you complete when conducting a competitive analysis?
Evaluate the competitors branding
Research the competitors strengths and weaknesses
Assess the competitors management style
Identify the competitors market share
Which TWO actions help start-up companies achieve Product/Market fit?
Identifying underserved customer needs
Hiring additional staff to handle exponential growth
Determining the primary competition
Testing the Minimum Viable Product (MVP) prototype with customers
In your business plan, you describe that in five years you plan to sell your company to another organization.
In what SECTION of the business plan should you include this information?
Vision
Financial projections
Executive Summary
Exit Strategy
You own a business that manufactures sandals. For each sandal, you determine the following:
Labor $20 Materials $30 Desired Markup 25%
What should your selling price be?
$50
$62.50
$65.50
$75.00
The (a) creates budgets and financial strategies
A (b) finds and invest resources to form the company and help it succeed
A (c) reports to the Board of Directors and is the highest ranking employee in the company
CFO
Stockholder
CEO
This segment describes statistical information about customers (a)
This segment describes where customers are located and how they can be reached (b)
This segment describes what customers think about and value, and how they live their lives (c)
This segment describes the benefits to customers based on their wants or needs and how they use the product (d)
demographic
geographic
psychographic
behavioral
