Entrepreneurial Concepts and Planning

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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?

executive summary or company overview; a marketing plan; a vision and mission statement; a management plan Signup and view all the answers

International trade specialists that buy goods at a discount from small businesses and resell them abroad are called?

export trading companies Signup and view all the answers

Which of the following is a reason why small business thrives in the United States?

Rapidly changing technology Signup and view all the answers

Are minorities interested in becoming entrepreneurs?

True Signup and view all the answers

What is the Executive Summary in a business plan?

a brief overview of the entire marketing plan Signup and view all the answers

What is a Vision and Mission Statement?

state the principles and goals of the business Signup and view all the answers

What does the Company Overview include?

mission statement, company summary, company history, main people, location or locations Signup and view all the answers

What does the Product and Service Plan describe?

describes the product or service you want to offer Signup and view all the answers

What is a Marketing Plan?

a written document that acts as a guidebook of marketing activities for the marketing manager Signup and view all the answers

What is a Management Plan?

divides a company into different departments run by different managers Signup and view all the answers

What does an Operating Plan define?

designed for a 1-year period, defines how you conduct your business based on the action plan, identifies clear targets such as revenue, cash flow, and market share Signup and view all the answers

What is a Financial Plan?

a set of goals for spending, saving, and investing the money you receive Signup and view all the answers

What is included in the Appendix of Supporting Documents?

Resumes, contracts, layouts, promotional materials, etc. Signup and view all the answers

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.