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WorksheetsENTREPRENEURSHIP
Total questions: 150
Worksheet time: 1hrs 25mins
What can you do to make your idea better? Check all that apply.
Listen to what your friends say about the business you want to go into
Change your idea slightly to possibly gain more customers
My idea is already perfect, why does it need changing?
Create goals based on doing things better than other companies like you
Why should we share our ideas with other people? Check all that apply.
Because they can give unbiased advice.
Because they can help make our ideas better.
We shouldn't share them because everyone else will laugh at the ideas.
all of the above
Which of the following is NOT a typical source of ideas in entrepreneurship?
Social media
Passions
Complaints
Ego
Why was dropbox invented?
Because the creator had no more space on his phone
Because the creator wanted to share files with people around the world
Because the creator kept forgetting their flash drive
Because the creator wanted to be the first to create a cloud storage platform
Which are the building blocks of entrepreneurial innovation?
Having an idea
Solving a problem
Creating a solution
Believing in yourself
All of the above
What could Mary have done to make her gluten-free bakery more successful?
Changed her logo and color scheme
Made her cream puffs less expensive
Changed her hours of operation to be open on the weekends
Spoke to potential customers to discover ways in which she could increase sales
Who should you share your ideas with?
Customers and other people with the problem you're trying to solve.
Other business owners.
Your social media friends.
Your bus.
What are the major areas financial lenders care about?
your story
an idea that no one has ever thought of
an understanding of your customers
financial plan
proof your idea works and is wanted
What is a business plan?
Written document that only outlines the business practices of the new business.
Written document that describes the financial aspects of the business.
Written document that only describes the ownership of the business.
Written document that describes all the steps necessary for opening and operating a successful business.
What is value proposition?
it is the reasoning behind why the customer wants what you are selling
proposing value to the customer
its extremely important to understand your customer in order to have a successful business
true
false
In 2019, over ____% of Netflix's business came from subscribers outside the U.S.?
20
40
50
65
In what ways does Netflix make money?
Subscriptions
Advertisements in Netflix
Pay-by-movie
Which of the following are costs for Netflix?
R & D (Research and Development)
Employee Payroll
Corporate Offices Rent
Servers and Digital Storage
Licensing for rights to movies
How long does a business plan generally projects?
3-5 Years
5-7
1-2
9-10
The __________________________ states, "The development of a comprehensive business plan shows whether or not a business has the potential to make a profit."
Service Corps of Retired Executives (SCORE)
Small Business Administration
US Bureau of Labor
Trade Association
1. Although clarifying direction in the business plan lets you know where you're starting, ________________________ allows you to have goals to reach for.
Clarifies Direction
Future Vision
Attracts Financing
Attracts Team Members
A business plan conveys the ___________________________ of your business, including titles of directors or officers and their individual duties.
Operational Milestones
Organizational Structure
Management Tool
Objectives and Goals
Graphics can make the business plan longer, ______________________________________.
but they make the business plan less boring
but they make banks interested in investing in your business
but they add real value
but they take up less pages
There are ___________________ primary parts to a business plan.
Five
Four
Three
Two
A ____________________________ describes the nature of your business and list the marketplace needs that you are trying to satisfy.
Market Analysis
Financial Reports
Appendix
Company Description
With the exception of the ______________________, all of the information in the executive summary should be covered in a concise fashion and kept to one page.
Company Information
Financial Information
Mission Statement
Growth Highlights
If you own an established business, you will be requested to supply ____________________ related to your company's performance.
A Mission Statement
Sales Forecast
Prospective Financial Data
Historical Data
Every business is structured ___________________.
To make money
As a Sole Proprietorship
Differently
The same
The primary purpose of a business plan is to define what the business is or what it intends to be over time.
True
False
Marketing plans can be shared with the executive candidates or desired partners to help convince them of the potential for the business, and persuade them to join the team.
True
False
Effective business writing is easy to read.
True
False
The mission statement should highlight the strengths of your overall plan and therefore be the last section you write.
True
False
The Mission Statement – This explains what your business is all about. It should be between several sentences and a paragraph.
True
False
Company Information – Include a short statement that covers when your business was formed, the names of the founders and their roles, your number of employees, and your business location(s).
True
False
Growth Highlights – Include examples of company growth, such as financial or market highlights (for example, “XYZ Firm increased profit margins and market share year-over-year since its foundation). Graphs and charts can be helpful in this section.
True
False
Summarize Future Plans -- Briefly describe the products or services you provide.
True
False
Financial Information – If you are seeking financing, include any information about your current bank and investors.
True
False
Your Products/Services – Explain where you would like to take your business.
True
False
Summarize Future Plans – Explain where you would like to take your business.
True
False
The executive summary should highlight the strengths of your overall plan and therefore be the last section you write.
True
False
Business plans can be shared with the executive candidates or desired partners to help convince them of the potential for the business, and persuade them to join the team.
True
False
Your Products/Services -- Briefly describe the products or services you provide.
True
False
The decision as to the conditions under which the entrepreneur is willing to go forward with the business concept
FEASIBILITY DECISION
INDUSTRY OR MARKET ANALYSIS
TITLE PAGE
TIMELINE TO LAUNCH
Pro forma income statement (1-3 years) by month or quarter
FOUNDING TEAM
FINANCIAL PLAN
TECHNICAL FEASIBILITY AND PRODUCT DEVELOPMENT PLAN
TABLE OF CONTENTS
Who is the customer?
INDUSTRY OR MARKET ANALYSIS
EXECUTIVE SUMMARY
THE BUSINESS CONCEPT
BIBLIOGRAPHY OR ENDNOTES
Break-even analysis
APPENDICES
FOUNDING TEAM
TECHNICAL FEASIBILITY AND PRODUCT DEVELOPMENT PLAN
FINANCIAL PLAN
Plan for prototyping and testing
FINANCIAL PLAN
FEASIBILITY DECISION
TECHNICAL FEASIBILITY AND PRODUCT DEVELOPMENT PLAN
TITLE PAGE
What is the value proposition or benefits being offered to customers?
THE BUSINESS CONCEPT
FEASIBILITY DECISION
INDUSTRY OR MARKET ANALYSIS
FOUNDING TEAM
How critical tasks will be covered
TIMELINE TO LAUNCH
FOUNDING TEAM
TECHNICAL FEASIBILITY AND PRODUCT DEVELOPMENT PLAN
THE BUSINESS CONCEPT
Spin-offs and potential for growth
BUSINESS CONCEPT
INDUSTRY OR MARKET ANALYSIS
BIBLIOGRAPHY OR ENDNOTES
TITLE PAGE
Distribution channels
TECHNICAL FEASIBILITY AND PRODUCT DEVELOPMENT PLAN
INDUSTRY OR MARKET ANALYSIS
FOUNDING TEAM
FINANCIAL PLAN
Competitor analysis and competitive advantages
TIMELINE TO LAUNCH
TECHNICAL FEASIBILITY AND PRODUCT DEVELOPMENT PLAN
FINANCIAL PLAN
INDUSTRY OR MARKET ANALYSIS
Refers to what you are selling, including all of the features, advantages and benefits that your customers can get.
Price
Packaging
Promotion
Product
It details how the proposed business will sell its product to the target consumer.
Marketing Plan
Financial Plan
Organizational Plan
Introduction
Refers to the staff and salespeople who work for your business, including yourself.
Positioning
Promotion
Place
People
It may come in the form of a sole proprietorship, a partnership, or a corporation.
Roles and Responsibility
Form of the Business
Organizational Structure
Liability of the Owner
What is a business plan?
Written document that only outlines the business practices of the new business.
Written document that describes the financial aspects of the business.
Written document that only describes the ownership of the business.
Written document that describes all the steps necessary for opening and operating a successful business.
Why do you need a business plan?
To explain your idea
the ability to get financing.
it's a road map that sets objectives and goals for the business.
To help reduce the risk of business failure.
All of the above.
Why do you need a business plan?
To explain your idea
the ability to get financing.
it's a road map that sets objectives and goals for the business
All of the above
Which of the following statements about business plans is TRUE?
Business plans eliminate risk to lenders
Business plans reduce risk to lenders
Business plans increase risk to lenders
Business plans have no impact on risk to lenders
Which of these pieces of information would NOT be in a business plan put together by a new business?
Target market
Market research
Profit
Estimated cashflow
A ____________________________ describes the nature of your business and list the marketplace needs that you are trying to satisfy.
Market Analysis
Financial Reports
Appendix
Company Description
PLAN B FOR A SITUATION IS:
MONITOR
ACCOUNTABLE
CONTINGENCY PLAN
ACCOUNTABILITY
Your company has got a good communication inside or outside the company
communication strategy
off track
accountability
project dashboard
Most companies want to gauge the effectiveness of the advertising to assure that the resources spent were all worth it.
Advertising Analysis
Business Analysis
Consumer Demand
Evaluating Advertising Effectiveness
Relatively similar to the market situation analysis, this analyzes “what the organization might become”, and it seeks the overall future development of a company.
Business Review
Consumer Analysis
Case Study
Feasibility Study
The ________ is the process group of formalizing and confirming the project goals and objectives
Goal Setting
Planning Process
Policy framing
The fourth step of the planning process is ____________ available to the managers.
setup plans
Test Procedures
Identify the alternatives
__________ are secondary plans help with the implementation of the main plan.
Supporting Plans
Negotiation Plans
Narrative Plans
While framing the objectives of the organization which of the following points should be kept in mind.
Objectives should be framed for a single activity in mind.
Objectives should not be vague, they should be quantitative and measurable.
Both a & b
Procedures are the step wise guide for the routine to carry out the activities.
False
True
Financial Planning applies only to the area of business finance.
TRUE
FALSE
1. It serves as a practical, concise, and tool for tourism practitioners on future action plans that are carefully studied
Business Plan
Marketing Plan
Case Study
What does S in SMART stands for______?
Specific
Standard
Set
It is expressed in monetary terms , and units of measurements
Quantitative
Quantity
Qualitative
Includes tourism promotions, development of airline routes and infrastructure
Competitive Analysis
Marketing Trends
Environmental Factors
A marketing plan is important in any organization EXCEPT;
Assists the budgeting process to match resources with marketing objectives.
impact of smartphones and social media on the dining choices of individuals
Serves as a road map for all marketing activities of the firm
What does T in SWOT stands for______?
Target
Threat
Test
This sections discuss the primary, secondary, and marginal accounts of the business.
Target market
Potential buyer
Primary Market
It include the key intermediaries that will be helpful in achieving the marketing objectives.
Distribution Strategy
Product Strategy
Pricing Strategy
A review of pricing objectives, pricing strategies, and possible discounting schemes.
Distribution Strategy
Product Strategy
Pricing Strategy
Compares sales performances versus sales target.
Competitive Analysis
Current Situation of the Company
Marketing Research Findings
Numerical Representation of the marketing commitment
(a)
goals that companies want to achieve within a certain period of time
(a)
What does A in SMART stands for (a) ?
What is a business plan?
Written document that only outlines the business practices of the new business.
Written document that describes the financial aspects of the business.
Written document that only describes the ownership of the business.
Written document that describes all the steps necessary for opening and operating a successful business.
Why do you need a business plan?
To explain your idea
the ability to get financing.
it's a road map that sets objectives and goals for the business.
To help reduce the risk of business failure.
All of the above.
Complete the sentence: A business plan...
is useful once your business is operational but not much help during the startup phase
is not usually needed once the business is up and running
can serve as a tool for helping a business during the startup phase and for managing your business once it is up and running.
A potential business owner’s qualifications and those of any partners
Company Description
Management Team
Growth Plan
Executive Summary
Describing how you came up with the idea for your business can help others understand how your business will operate.
True
False
Writing a business plan can force entrepreneurs to think about their goals.
True
False
A handwritten business plan is acceptable if it is neat, well organized, and inviting to read.
False
True
The marketing section of your business plan should describe the location of your business.
True
False
Your business plan should describe the location of your business because
location is often a critical factor in a business's success
all of these
every industry has an ideal type of location
different forms of ownership have different types of locations
The marketing section of your plan explains
all of these
how you plan to enter the market
who your prospective customers are
your advantages over the competition
In the financial management section, a new business must include
projected financial statements
copies of all rental agreements
current financial statements
all of these
A letter that introduces and explains an accompanying document is called a(n)
cover letter
introductory letter
statement of purpose
letter of intent
The appendix of a business plan might include
all of these
a copy of required licenses
letters of recommendation
tax returns of the business owner
The purpose of including supporting documents in a business plan is to
make the plan lengthy
provide additional information
give the readers more information than they might need
explain your business idea
Mistakes to avoid when preparing a business plan include all of the following except
providing unrealistic future projections
wasting time on research
ignoring the competition
failing to define the target market
Organizations made up of professionals in a specific industry are called
entrepreneurs
trade shows
trade associations
SBDCs
A nonprofit association made up of working and retired business professionals who volunteer their time to provide small businesses and entrepreneurs with free real-world advice and know-how
Small Business Administration
SCORE
Trade association
Small Business Development Centers (SBDC)
An independent agency of the federal government that was crated to provide support to entrepreneurs and small businesses
Small Business Administration
SCORE
Trade association
Small Business Development Centers (SBDC)
A business plan is important for all of the following reasons except
it makes you think about all aspects of your business
it helps 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
________________________ is a financing tool for companies and an investment vehicle for institutional investors and wealthy individuals.
Equity Securities
Debt Securities
Hybrid Securities
Venture Capital
________________________ are debt securities issued by corporations. Interest is generally paid semi-annually.
Equity Securities
Corporate Bonds
Municipal Bonds
Venture Capital
________________________ are issued by states or municipalities to fund projects or borrow money to meet general obligations.
Equity Securities
Corporate Bonds
Municipal Bonds
Venture Capital
Large, financially secure corporations finance their short term obligations by selling _________________, a short-term promissory note.
Commercial Paper
Corporate Bonds
Municipal Bonds
Venture Capital
_______________________ is a company engaged in the business of dealing with financial and monetary transactions such as deposits, loans, investments, and currency exchange.
Commercial Paper
Corporate Bonds
Municipal Bonds
Financial Institution
Some products are under development for years before they generate earnings. The up-front costs often exceed a firms ability to fund this activities on its own.
Lengthy Product Development Cycle
Cash Flow Challenges
Capital Investment
Finance
Inventory must be purchased, employees must be paid for before cash is generated from sales.
Lengthy Product Development Cycle
Cash Flow Challenges
Capital Investment
Finance
The cost of buying real estate, building, facilities and purchasing equipment typically exceeds a firms ability to provide funds for this needs on its own.
Lengthy Product Development Cycle
Cash Flow Challenges
Capital Investment
Finance
_______________ is one of the very subtle sectors of a business that can make or break entrepreneurs.
Lengthy Product Development Cycle
Cash Flow Challenges
Capital Investment
Finance
These money transactions are necessary to keep a business going. But without a proper system in place, they can be a great source of problems, particularly legal issues.
Cash Flow Management
Cash Flow Challenges
Capital Investment
Finance
TRUE OR FALSE.
SOLE PROPRIETORSHIP a corporation is an organization usually a group of people or a company authorized by the state to act as a single entity
True
False
TRUE OR FALSE.
CORPORATION is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interest.
True
False
TRUE OR FALSE.
PARTNERSHIP is a business that can be owned and controlled by an individual, a company or a limited liability partnership in the business.
True
False
TRUE OR FALSE.
COPYRIGHT is a legal term used to a describe the rights that creators have over their literary and artistic works.
True
False
TRUE OR FALSE.
A PATENT is an exclusive right granted for an invention. Generally speaking, a patent provides the patent owner with the right to decide how – or whether – the inventions can be used by others.
True
False
SITUATIONAL:
Ms.Aia of Bubbles Laundry is having a thorough inspection of the electrical lines of her shop. Upon seeing something wrong, she immediately called an electrician to fix the problem.
CLEARLY DEFINE YOUR BUSINESS
KNOW THE RULES
DEVELOP A BUSINESS PLAN
DECIDE HOW YOU'LL COVER YOUR START UP COST
CHECK YOUR PROGRESS AGAINST YOUR PLAN
SITUATIONAL:
Althea is preparing to borrow some amount to the KBM Lending because she understand that it takes time to build a relationship towards customer and establish a good cash flow.
CLEARLY DEFINE YOUR BUSINESS
KNOW THE RULES
DEVELOP A BUSINESS PLAN
DECIDE HOW YOU'LL COVER YOUR START UP COST
CHECK YOUR PROGRESS AGAINST YOUR PLAN
SITUATIONAL:
Junel is preparing a 5 year Sales Forecast as he will do his report to the board and the owners of the business this coming weekend.
CLEARLY DEFINE YOUR BUSINESS
KNOW THE RULES
DEVELOP A BUSINESS PLAN
DECIDE HOW YOU'LL COVER YOUR START UP COST
CHECK YOUR PROGRESS AGAINST YOUR PLAN
SITUATIONAL:
Ms.Chan agreed to become a partner in the proposal of Mr.Manaloto to invest in the construction of the 5 storey commercial building, 2 schools and 1 hospital project of Manaloto Holding Firms Inc.
CLEARLY DEFINE YOUR BUSINESS
KNOW THE RULES
DEVELOP A BUSINESS PLAN
DECIDE HOW YOU'LL COVER YOUR START UP COST
CHECK YOUR PROGRESS AGAINST YOUR PLAN
SITUATIONAL:
Janice, Melody and Mark do their campaigns on the social media 2 months before the opening of their Karaoke Hub business. They plan to cater middle ages to young professional customers.
CLEARLY DEFINE YOUR BUSINESS
KNOW THE RULES
DEVELOP A BUSINESS PLAN
DECIDE HOW YOU'LL COVER YOUR START UP COST
CHECK YOUR PROGRESS AGAINST YOUR PLAN
Which form of Finance is most risky for a business?
Debt
Equity
Which form of Finance is most risky for an investor?
Debt
Equity
What form of financing is best for a self-driving car start-up company?
Debt
Equity
What is the biggest advertising medium of the 21st Centure
Newspaper
Mobile Internet
Radio
Television
What is Marketing?
Connecting the business with customers
Buying products from a different country
Investing in Research & Development
What company failed to do Market Research and capitalize on the invention of the Smart Phone?
Apple
Samsung
Nokia
