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Questions and Answers
What are the three key elements required to start a small business?
What are the three key elements required to start a small business?
- Motivation, research, and planning (correct)
- Education, creativity, and passion
- Experience, connections, and luck
- Money, location, and advertising
What is the importance of a well-thought-out business plan?
What is the importance of a well-thought-out business plan?
- It helps you reach your personal goals only
- All of the above
- It is crucial for success only (correct)
- It provides milestones to measure success only
What should a pre-business checklist include?
What should a pre-business checklist include?
- Industry trends, competitor analysis, and market research
- Product development, pricing strategies, and distribution channels
- Marketing strategies, customer service policies, and employee benefits
- Legal structure, equipment/supplies, insurance, financing, and compensation (correct)
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Study Notes
- Starting a small business requires motivation, research, and planning.
- A well-thought-out business plan is crucial for success.
- The plan should help you reach your business and personal goals.
- The plan should also provide milestones to measure success.
- Before starting, list your reasons for going into business and determine what business is right for you.
- Identify the niche your business will fill and conduct necessary research.
- Create a pre-business checklist to answer important questions.
- The checklist should include legal structure, equipment/supplies, insurance, financing, and compensation.
- The business plan should serve as a blueprint for how the business will be operated, managed, and capitalized.
- Success in small business takes skill, discipline, and hard work.
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