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Questions and Answers
What are the three essential elements required to start a small business?
What are the three essential elements required to start a small business?
- Equipment, supplies, and legal structure
- Money, research, and planning
- Discipline, hard work, and financing
- Motivation, research, and planning (correct)
Why is a well-thought-out business plan crucial for the success of a small business?
Why is a well-thought-out business plan crucial for the success of a small business?
- It provides milestones to measure success only
- It helps you reach your business and personal goals (correct)
- It helps you reach your personal goals only
- It serves as a blueprint for how the business will be capitalized only
What should be included in a pre-business checklist?
What should be included in a pre-business checklist?
- Personal goals, business goals, and milestones
- Research, motivation, and planning
- Skill, discipline, and hard work
- Legal structure, equipment/supplies, insurance, financing, and compensation (correct)
What is the first step to take before starting a small business?
What is the first step to take before starting a small business?
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What does success in small business take?
What does success in small business take?
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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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