15 Questions
What is the formal process of identifying opportunities and threats in a business environment called?
Environmental scanning
Why is buying an existing business considered a viable option?
Because many entrepreneurs are looking for an exit strategy
What is a major concern for many organizations today?
Succession planning
What is an advantage of buying an existing business?
The business is well-established and the entrepreneur can learn from the previous owner
What is a demographic group looking to retire and pose an opportunity for entrepreneurs?
Baby boomers
What is essential when buying an existing business?
_Valuation, or estimating the economic value of the business
Which of the following is a key aspect of analyzing a company's strategy?
Evaluating the company's core competence
What is the primary purpose of ratio analysis?
To evaluate a company's cash flows and liquidity
Which of the following is an example of a stakeholder group that may not be immediately obvious?
The community surrounding the business
What is the term for a company's set of unique features that are perceived as superior to those of the competition?
Differential advantage
What is the primary focus of Porter's Five Forces?
Assessing the forces that shape competition within an industry
What is a pro forma financial statement?
A projected financial statement of future values
Which of the following is NOT one of the five forces that shape competition within an industry?
The core competence of a company
What is the term for a company's distinctive advantage that customers value?
Competitive advantage
What is the primary benefit of conducting a stakeholder analysis?
To understand how different groups may react to changes in the business
Learn about the three basic options for starting a business and the concept of 'pure' entrepreneurship. Explore sources of inspiration like personal interests, experiences, and environmental scanning for opportunities and threats.
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