module 3 venture

15.) Which of the following is NOT one of the four steps to preparing a sales forecast?

Select an organizational structure for your company

5.)George and Miguel are considering opening up a shoe store but first need to do market research. Which one of these is NOT part of the market research process?

Start promoting their shoe to ppl in the neighborhood.

11.) Which of the following is a start-up expense for Maria's food truck?

A A.) Kitchen appliances and other equipment need to conduct her business B.) Cell Phone Bill C.) Gas D.) All of the above

8.) Regina is looking to start a knitting business and completes a target market profile to include in her business plan. Identify which item in her target market profile is in the wrong category and where it should be moved.

"Don't spend money on unnecessary items"

7.)Which of these is NOT part of a consumer profile?

Polygraphics

4.) What are the four parts of a SWOT analysis?

Strengths, weaknesses, obstacles, and threats

10. ) Which of the following is a fixed expense for Maria's sandwich food truck?

{ All of the above } A.) Salaries for her employees B.) Truck Insurance C.) Advertising D.) All the Above

13.) Pete's disappointed with the projections of how much his cupcake cart will make in the first month. What could he do to try to improve his net profit?

{ All the above } A.) Increase the prices B.) Increase the # of cupcakes he sells C.) Decrease his fixed expenses D.) All the above

6.) George and Miguel want to know more about their local and online competitors and about the retail industry. What is the best way for them to find all of this information?

{All the above} A.) Go online to find trade associations, listings, of local and national competitors, and any information on finicials. B.) Explore websites of other shoe retail businesses and take notes. C.) Try to think of friends, family members or acquaintances who have experience in retail and ask hem bat it. D.) All the above

3.) Sharon realizes that she needs additional research before she approaches potential investors. What kind of research should she do to effectively evaluate her potential business opportunity?

Conduct market research to determine weather her business idea is a business opportunity that meets a consumer need or want.

12.) Pete wants to write a business plan for Pete's PB&J Cupcake Cart. He needs to identify all expenses associated with making a peanut butter and jelly cupcake for a Economics of One Unit. What is the most accurate way of determining his expenses?

Go thru the detailed process of making the cupcake step by step, measuring the ingredients he uses and calculating the cost per ingredient

2.)Sharon is thinking about opening a bakery. She knows she wants to set her own hours, reduce her stress and make a profit. But she still has a lot to think through. Which of the following would NOT be a good early step?

Immediately finding a storefront properly for her business, putting down a deposit and signing a lease

1.) Which of the following is NOT a creative thinking exercise entrepreneurs use to generate ideas?

Judge each idea as realistic or Not

Based on the diagram, has Pete's business broken even (meaning, covered its fixed expenses and become profitable)?

Yes

9.)Regina is creating her competitive analysis. She understands why it's important to know her direct competitors, but she's not sure why indirect competitors matter. She asks you if indirect competitors are important to know about. What should you say?

Yes. Indirect competition is important to understand, since the different product fulfills the same customer need.