Questions and Answers
Many classic entrepreneurs are _____ who start small and plan to keep their business small.
micropreneurs
What is a characteristic of the entrepreneurial personality?
Ambitious
What is the first step in starting your own business?
a self-analysis
What should a well-written business plan contain?
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International trade specialists that buy goods at a discount from small businesses and resell them abroad are called?
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Which of the following is a reason why small business thrives in the United States?
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Are minorities interested in becoming entrepreneurs?
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What is the Executive Summary in a business plan?
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What is a Vision and Mission Statement?
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What does the Company Overview include?
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What does the Product and Service Plan describe?
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What is a Marketing Plan?
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What is a Management Plan?
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What does an Operating Plan define?
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What is a Financial Plan?
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What is included in the Appendix of Supporting Documents?
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Study Notes
Entrepreneurial Concepts
- Micropreneurs: Entrepreneurs who operate small businesses, embracing the risk while prioritizing a balanced lifestyle and pursuing their passion.
- Multipreneurs: Business individuals who initiate multiple companies throughout their careers.
Characteristics of Entrepreneurs
- Ambitious: Possessing a strong drive for success and achievement is crucial for entrepreneurial success.
Initial Steps to Entrepreneurship
- Self-Analysis: The critical first step in launching a business, assessing personal readiness and motivations.
- Checklist Before Starting: Includes identifying personal reasons, conducting self-analysis, evaluating skills, finding a niche, conducting market research, writing a business plan, and planning finances.
Business Planning Essentials
- Business Plan Components: Should include an executive summary, a marketing plan, a vision and mission statement, and a management plan.
- Executive Summary: Offers a concise overview of the entire marketing strategy.
- Vision and Mission Statement: Outlines the fundamental principles and objectives of the business.
- Company Overview: Details the mission statement, company history, key personnel, and location specifics.
Marketing and Management Plans
- Marketing Plan: A comprehensive document that serves as a guide for marketing strategies and activities.
- Management Plan: Organizes the company into distinct departments, each managed by different individuals.
- Operating Plan: Intended for a one-year period, detailing business operations, revenue targets, cash flow, and market share goals.
Financial Planning
- Financial Plan: Comprises set objectives for spending, saving, and investing income.
- Supporting Documents Appendix: Contains essential materials such as resumes, contracts, layouts, and promotional content.
Resources and Support
- Export Trading Companies: Specialize in purchasing discounted goods from small businesses for resale in foreign markets.
- Small Business Administration (SBA): Provides assistance to individuals looking to start and manage small businesses.
- Small Business Growth Factors: One key reason for the thriving small business sector in the U.S. is the rapid advancement of technology.
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Description
This quiz explores key entrepreneurial concepts such as micropreneurs and multipreneurs, along with essential characteristics of successful entrepreneurs. It also covers the initial steps to entrepreneurship, including self-analysis and business planning components. Test your knowledge on how to effectively start and manage a business.