Chapter 5- Entrepreneurship Exam Questions and Correct Answers Latest Update 2024 (Graded A+)
Entrepreneurship - Answers process of 1)recognizing a business opportunity, 2) using market research to determine if there is a market for a product or service, and 3) gathering the resources needed to go...
Entrepreneurship - Answers process of 1)recognizing a business opportunity, 2) using market research to
determine if there is a market for a product or service, and 3) gathering the resources needed to go into
business.
Venture - Answers A new business undertaking that involves risk
Recommended traits for entrepreneurs - Answers 1) risk-taker, 2)
Virtual business - Answers business that operates on the Internet
Most US businesses are - Answers sole proprietorships
One of the biggest obstacles in starting a business - Answers obtaining financing
Business Plan - Answers a written description of a business venture that describes all aspects of the
business
A business plan is used by - Answers 1) potential investors to see if they want to invest in the business,
2) top management involved in the start-up of a new business, and 3) the entrepreneur to keep focused
on the goals of the business
The company description section of a business plan - Answers helps investors understand 1) the size of
the business, 2) the scope of the business, and 3) the type of the business
Vision Statement - Answers establishes the scope and purpose of the company
Market Analysis - Answers in a business plan, it includes research about the business' customers
Executive Summary - Answers a brief account of the key points contained in a business plan
Media Plan - Answers in a business plan, this is included in the marketing plan
SBA - Answers Small Business Administration
Entrepreneurs - Answers unlike people who run corporations or partnerships, these people do not have
to consult with others before making a decision
partnership - Answers is owned and run by two or more people
4 out 5 businesses - Answers fail in their first 5 years
market research - Answers research that is done to determine if there is a demand for your product or
service
small business - Answers an independently owned business that usually has the owner as its manager
significant - Answers having a special meaning or importance
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