Starting a Business: Methods and Inspiration
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Questions and Answers

What is the formal process of identifying opportunities and threats in a business environment called?

  • Succession planning
  • Valuation
  • Entrepreneurship
  • Environmental scanning (correct)

    • Why is buying an existing business considered a viable option?

  • Because many businesses cannot be purchased
  • Because it allows the entrepreneur to start from scratch
  • Because it is a less profitable venture
  • Because many entrepreneurs are looking for an exit strategy (correct)

    • What is a major concern for many organizations today?

  • Hiring skilled workers
  • Adapting to new technology
  • Succession planning (correct)
  • Marketing strategies

    • What is an advantage of buying an existing business?

    <p>The business is well-established and the entrepreneur can learn from the previous owner</p> Signup and view all the answers

    What is a demographic group looking to retire and pose an opportunity for entrepreneurs?

    <p>Baby boomers</p> Signup and view all the answers

    What is essential when buying an existing business?

    <p>_Valuation, or estimating the economic value of the business</p> Signup and view all the answers

    Which of the following is a key aspect of analyzing a company's strategy?

    <p>Evaluating the company's core competence</p> Signup and view all the answers

    What is the primary purpose of ratio analysis?

    <p>To evaluate a company's cash flows and liquidity</p> Signup and view all the answers

    Which of the following is an example of a stakeholder group that may not be immediately obvious?

    <p>The community surrounding the business</p> Signup and view all the answers

    What is the term for a company's set of unique features that are perceived as superior to those of the competition?

    <p>Differential advantage</p> Signup and view all the answers

    What is the primary focus of Porter's Five Forces?

    <p>Assessing the forces that shape competition within an industry</p> Signup and view all the answers

    What is a pro forma financial statement?

    <p>A projected financial statement of future values</p> Signup and view all the answers

    Which of the following is NOT one of the five forces that shape competition within an industry?

    <p>The core competence of a company</p> Signup and view all the answers

    What is the term for a company's distinctive advantage that customers value?

    <p>Competitive advantage</p> Signup and view all the answers

    What is the primary benefit of conducting a stakeholder analysis?

    <p>To understand how different groups may react to changes in the business</p> Signup and view all the answers

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