Final quizlet ent 2113
The typical categories analyzed in the gap analysis include finance, time, risk, non-financial resources, and blank.
Competitors
Did the following are disadvantages associated with subchapter S corporation's?
Expensive, complex formation compared with some soul proprietor ships. May require a lawyer to process paperwork. Limitation on the number of shareholders.
identify the typical triggers for starting a business
Experiencing the inability to climb the corporate ladder due to circumstances, receiving evidence that an idea is not only doable, but there is a concrete way to improve on a given problem, being spread into action by attending a seminar, reading a book, or talking with successful entrepreneurs
When starting a business, one must understand the relationship between blank and the expected return
Time commitment
Which of the following are reasons why entrepreneurial businesses are successful?
Tend to be more focused than large corporations Free to place energy into satisfying the needs of customers Fewer layers of management
What are the key financial issues involved with starting a new business?
The flow of information in the new business. The establishment of an accounting system. The funding and the funding level of the firm.
Recent trends indicate that larger corporations have been _________while entrepreneurial businesses have been _________rapidly.
downsizing; growing
A difference between entrepreneurial businesses and venture capital-backed firms is that________
entrepreneurial businesses' resources are more constrained than those of venture capital-backed businesses
Civic leaders often look to ___________as a means to promote economic strength for a community, region, or state.
entrepreneurs
Blank theory argues that people judge how they are treated relative to how they see others being treated.
equity
True or false: according to the contract law, the term length of lease contracts involving new businesses should be more than 2 years.
false
True or false: if the thermostats are less than $2 million, there is a fast track version of chapter 11 they gets creditors more control than in a larger organization Chapter 11 filing.
false
Enneagram's nine personality types include
reformer, helper, achiever, individualist, investigator, loyalist, enthusiast, challenger, peacemaker
According to the text, which of the following is an important driver of the economic success of a community?
New business development
Which of the following are provided by the Economic Gardening program in the United States?
Financing for the venture Tax incentives Support classes
The business plan for a new entrepreneurial business is developed to serve as a guide to manage the business, to provide potential investors with critical information to evaluate the business, and to:
provide a self-evaluation
A chart of accounts is simply a listing of each type of activity and each type of assets within the company. Rank the categories of accounts from first to last associated with a chart of accounts.
1ne income category. 2 expense category. 3 asset category
According to the bureau of labor statistics, medical benefits cost blank percent of total compensation cost for an employee.
31.4%
The European Union considers any business with fewer than ________employees to be a small business.
50
Which of the following are potential outcomes of a poorly managed credit card?
An increase in the interest rate. Possible bankruptcy of a firm.
When should the entrepreneur consider the topic of exit in harvest for the business?
At the beginning of business start up
Which of the following are the results of violating a trademark?
Be required to change the name and be required to pay monetary damages
Blank ensure his businesses from damages caused by workers in the performance of their jobs.
Bonding
Which of the following are considered sources of debt for starting a new business?
Credit cards, banks, suppliers.
The following are types of patents?
Design, plant, utility
Large firms can obtain economies of scale in some industries because of their ability to operate on a larger scale than can a small firm.
Economies of scale
Which of the following points in an entrepreneur keep in mind regarding the negotiation of a sale?
Entrepreneur should know the buyer. Entrepreneur should retain his or her own advisers. Entrepreneur should use a professional mediator for anything but the most basic of discussions.
Which of the following are ways entrepreneurial businesses can act as catalysts for societal change?
Entrepreneurial businesses are willing to pursue smaller markets ignored by large corporations. Entrepreneurial businesses have an understanding of the local community
True or false: the founders should avoid personally lending money to the new business because it is an unsecured investment.
False
I was discussing potential business ideas with family members in a tractive way to identify business opportunities
Family members can provide an honest perspective, family members know your abilities, family members know your disposition
Which of the following are reasons for the recent growth in the number of women starting new businesses?
Greater control over work-life balance Frustration with the glass ceiling
Individuals from outside and industry are able to establish a new business in a manner not previously considered because they
Have bounded rationality
Which of the following are benefits of factoring for a new business?
The business gets the money from the accounts receivable immediately. The business does not have to spend time and effort trying to collect from the account receivables.
Did the following statements are true regarding skills?
Skills are relatively idiosyncratic to the individual, skills are derived from our history, and skills are derived from hobbies.
Which act officially organized the United States Small Business Administration (SBA)?
Small Business Act
by Providing resources the new businesses cannot otherwise afford on their own, incubators can help these businesses establish
Some level of legitimacy
Once a list of skills and abilities has been developed the next step is to perform a blank to examine the marketplace for an opportunity that exists between the demand for a product and the supply provided by firms in the market
gap analysis
What is the method used to identify an opportunity that exists between the demand for a product in the supply provided by firms in the market?
gap analysis
which of the following are true about organizational slack
in provides. it prefers. it is not a characteristic
which of the following are typical triggers
reaching, being, being
In their book entitled The Millionaire Next Door, Thomas Stanley and William Danko point out that almost two-thirds of U.S. millionaires are
self-employed
which of the following are correct regarding the characteristics of large businesses?
they have greater. no one person. knowledge is
Which of the following statements are true of the Americans with disabilities act
The act requires braille signs to be provided in a business. It requires businesses to provide unfettered access to both employees and customers were disabled. Require special accommodations to be made for employees who need physical adaptation to work at a business.
which of the following statements about family members are true?
members are lokely to be willing to contribute. family members best know one's. family members are likely to serve as a reality check
Supplier credit is a form of non-equity funding for physical assets as well as the actual supplies purchased.
supplier
The Capitalization of blank method of valuation is performed by taking the net profit of the organization, subtracting or adding any unusual items, and dividing that figure by capitalization rate.
Earnings
Women of color account for blank of business headed by women
1/3
Which form of equity investors refers to high net worth individuals that invest widely in business?
Business Angels
Which of the following are examples of hard assets?
Cash, buildings, equipment, signed contracts
True or false: Every business in the Fortune 500 started out as a large corporation.
False
Which of the following are potential negative issues related to owning and operating a family based business
Family members may be more difficult to reprimand or fire, family members may take advantage of their personal relationship with the owner, family members may bring nonwork issues related to the business
It is perfectly acceptable for companies to test their job candidates Blank
If there is a direct link between performance on the test and the skills required for success on the job.
The big five test compromises which of the following factors
Open mindedness, extroversion, emotional stability (This test involves these categories: openness, Consciousness, extroversion, agreeableness, neuroticism
Which of the following are important elements of a one-page pitch for your business?
Product offering Customer problem Business model
To the following are excellent sources of information regarding regulatory requirements?
Small business assistance centers, local Department of economic development, Chamber of Commerce, small business administration.
Why do individuals decide to start a new business?
The desire to be one's own boss
Which of the following are reasons why owners are a great asset to a new business
Their dedication, their personal involvement
Entrepreneurs prior experience plays a role in new business creation through
Their view of the world
Which of the following statements is true of venture capital start-ups?
They are often formed as high-tech ventures consisting of unique characteristics.
Identify the characteristics of loans as a source of funding for new businesses.
They are secure by assets or a personal guarantee. They are often re-paid monthly from cash flow.
A copyright can be claimed on creative materials generated, such as:
Unpublished music, books, advertising copy, artwork.
When are credit cards a good method of managing cash flow?
When used on a short-term basis. When paid off each month. When used as a tracking system for individual expenses within the company.
What significant, historical event marked the beginning of the decline of entrepreneurial businesses in the United States?
World War II
What is the generic term used to describe any type of non-equity funding tied to the business?
debt
Banks have traditionally been a major source of funds for:
established firms
entrepreneurs need to ensure they have sufficient
financial
Unlike the business plan of a venture capital-backed business, the entrepreneurial business plan is developed as a __________
guide for the running of the business
the greater the debt an entrepreneur is willing to take
higher
match the types of firms (in the left column) with their descriptions (in the right column)
it is owned>entreprenuial business the individuals who> a large, established
the founders and the leadership they provide play
more
there are successful people in all
personality
What is included in the second column of the chart used in gap analysis
Categories of analysis
Which of the following are typically the targets of grants?
Economic areas, particular industries, and disadvantaged groups.
Which of the following are potential business angels?
High income executives of large organizations, entrepreneurs who have cashed out, individuals with significant inheritance is, professionals such as doctors or lawyers.
Which of the following describe the rules that human resources management plays in business
Hiring new employees, managing new employees, inspiring employees.
Once a list of skills, abilities, and interest has been developed the next step is to:
Perform a gap analysis
A blank investment is funds received by a business in exchange for a percentage of ownership in the business.
Stock
A(n) __________is a unique document that clearly lays out the crucial information about a new business idea and provides an effective starting point for every potential employee, investor, or supplier.
V one-page pitch sheet
The process of generating ideas result in a list of 3 to 5 business ideas that
Appear to be an opportunity, and match the founders skills
Which of the following are characteristics of a family business
Family members work together to support the business, a family business has unique issues
The glass ceiling refers to the fact that women and minorities may be hired by large firms but they experience limits placed on their advancement within the firm.
Glass ceilling
Which of the following contribute to personal skill sets
Hobbies, family history, current work experience, past work experience
Which of the following statements are true regarding the price/earnings valuation method?
It is a straightforward system that uses the industry in which the start up operates, and requires the founder to locate the P/P ratio for public companies in the same industry, the P/E ratio should be multiplied by the net cash flow for year 5 and discounted back as a sales price in your 6.
Which of the following are the characteristics of a gap analysis methodology for a new venture using a chart?
It is reasonably quick analysis, it requires minimal research
Which of the following statements regarding unemployment compensation are correct?
It pays a certain amount of money directly to the former employee, the taxes paid by the employer-based in part on the company's history of unemployment, people are expected to look for unemployment while they are receiving unemployment compensation.
Dinner fied the typical requirements for a new business to obtain a city or county business license.
It should be a set fee which is usually less than $100. It should agree to report basic information about its performance on a set schedule.
Which of the following are types of corporations to build by the US legal system?
LLC, subchapter C, subchapter S
Identify the reasons individuals can become frustrated with working in a large corporation.
Lack of promotion opportunities Inflexibility of large corporations in dealing with the needs of an individual's family and children
Identify the important pieces of information that need to be considered by an entrepreneur who seeks to place an advertisement on a job placement website.
Leadership in viewership of the website, statistics on reply rates, rates charge for placing the advertisement.
Blank are very inexpensive to form in this type of organization is formed by simply submitting the paperwork to the state government and having a charter issued prior to beginning operations
Limited liability corporation's
List the steps that are important to the development of a quality business idea
List and evaluate one's personal skill sets. Analyze the market and look for a gap or need that is not being met affectively. Compare one's ability to fill the identified gaps with an opportunity available.
A blank involves a contractual agreement whereby the business receive some amount of money that must be repaired over a specified period of time how do you specified interest rate.
Loan
Blank is key and successfully starting a new business venture.
Making quick adjustments using lean start up and evolution
I found her I found the team must have synergy, which is a combination of:
Understanding of an industry, skill set, and competitive advantage.
Which of the following are questions and entrepreneur should answer regarding work experience?
What businesses have you worked? What skills are critical to the jobs you performed? And what areas would you be considered an expert? What aspects of the job are most enjoyable?
The Americans with disabilities act applies fully do any business with more than blank employees and in some communities has been applied to all businesses.
15
Title nine of the civil rights act applies to firms with more than blank employees
25
A venture capital-backed business plan typically runs from _______pages long.
25 to 45
Process involved in the gap analysis is more blank then blank
Art than science
It is important to record and balance the company count on at least a blank basis.
Monthly
Which of the following are part of the hiring process?
Writing a job description and advertising for a job position
If they turn on effort does not succeed, blank may need to be filled by the entrepreneur.
bankruptcy
motivations come from the individuals themselves
personal
A(n) harvest plan is a plan to exit the business that allows the investors to take advantage of growth.
harvest
Silicon Valley and Boston's 128 corridor are well known for: (Check all that apply.)
providing a growing tax revenue base. providing a basis to the area's economic vitality. generating new employment with entrepreneurial ventures.
The process of forming and managing a new entrepreneurial business in a clear, sequential manner that is rich in practical application and grounded in research is the ____________part of entrepreneurial business development.
science
The finance category on the gap analysis chart examines the:
Amount of money required to operate a business, the amount of family resources that could be committed, and the amount of money required to start a business.
Small business development assistance centers provide
Free advice to new businesses
What are special funds that are neither equity or debt funds that are designed to aid businesses in specific areas?
Grants
Which of the following are true about market capitalization established by a public company?
It accounts for future earnings and all future prospects that are known today. It is the value of the business as it exists at the present time.
Which of the following statements are true regarding liability insurance?
It covers the business for accidents. It covers product negligence. It helps protect against lawsuit judgments.
Which of the following statements is true regarding the Great Depression of the 1930s?
It encouraged industrial concentration.
Why do companies invest in a new venture with the idea of ultimately purchasing the venture?
It helps the companies maintain access to the latest thinking in the field. Also it is one of the least expensive means for the companies to try out new ideas.
Support from companies in the network help a new firm
It helps the new firm in obtaining credit. It helps to indicate to others the staying power of the new farm
Which of the following are common forms of debt for a new business?
Loans, supplier credit, credit cards
Which of the following need to be evaluated in order to provide potential investors with the critical information required when developing a business plan for a new entrepreneurial business?
Management team Cash flow Competitive advantage
__________are often for only a few dollars each and are made directly to entrepreneurs to encourage self-development in developing nations.
Microloans
Blank motivations come from the individuals themselves
Personal
Which of the following are key reports of business should generate?
Petty cash, expense account, payroll, accounts payable.
Which of the following are components of the entrepreneurial orientation
Prior experience, risk tolerance, personality orientation
Stakeholders include key suppliers, customers, and employees. These individuals are critical to the success of a business.
Stakeholders
Which of the following statements about recordkeeping are correct?
The company should keep track of the records in case someone alleges that the company discriminates and it's hiring practices. The company should keep track of all advertisements that have been run whether a physical publication or on the Internet. The company should maintain a record of who responded and the jobs criteria.
A key aspect of how the funding will be used as found in the information provided by the business, and that comes from:
The data flow management. The accounting system.
The accounting system of a firm is a powerful I said that should be used as a fine grand tour to provide data about when in our inventory is needed.
accounting
The United States Small Business Administration was organized to:
aid, counsel, and protect the interests of small businesses. provide assistance at all levels of management for entrepreneurial businesses. provide information at all levels of organizational development for entrepreneurial businesses.
Silicon Valley and Boston's 128 corridor are well known for:
correct generating new employment with entrepreneurial ventures. providing a growing tax revenue base. providing a basis to the area's economic vitality.
When using the cash flow method entrepreneur will take the net cash flow figure it generated for each year and blank that cash flow back to today's dollars.
discount
True or false: today, women lead businesses are formed at a rate 50% less or than that of men lead businesses
false
The process of a new business is unique and has developed into a popular area of study at colleges around the globe. (Check all that apply.)
initiating developing running
Do you effective application of blank is one means to limit liability concerns of the new venture
insurance
This is expensive to obtain and maintain, a blank should only be obtained if it contributes to the substantial competitive advantage of the organization.
patent
True or false: both a check register and a petty cash register are required by an entrepreneur to form an annual record of all expenses.
true
True or false: the high-level a family commitment is a key reason why family businesses are able to survive and prosper
true
Who or false: the Myers-Briggs test is one of the most widely used personality tests
true
true or false: an entrepreneur's prior expirience places boundaries
true
The World Bank estimates that one of the strongest factors in the growth of any nation's GNP is the presence of entrepreneurial __________enterprises.
small- and medium-sized
The U.S. government considers any business with fewer than __________employees to be a small business.
500
Which of the following are important elements of a one-page pitch for your business?
Business model Customer problem Product offering
Which of the following statements are true regarding the closure of military bases in the United States?
Cities with base closings experienced increases in new businesses. Cities with base closings experienced higher income growth. Cities with base closings offered tax breaks and programs to support new business development.
Which category on the gap analysis chart would examine companies doing the same thing as the new potential business?
Competitors
What are the typical categories used to analyze a business idea?
Competitors, risk, time, non-financial resources, finance.
Which valuation is the most widely excepted method of valuation in the most insightful?
Discounted future net cash flow
The underlying philosophy of the blank test is that people are a result of all the experiences in their life
Enneagram
What method of inventory control six to minimize excess capital investment in inventory by having a present only shortly before it is used?
Just in time inventory
Which method of valuation requires the founder to find the P/E ratio of a similar company and then multiply the P/E ratio by the net cash flow for your five and discount back as a sales price in your six?
Price/earnings valuation
In what time period did the United States see a decline in large multinational firms and a rise of new opportunities for entrepreneurial businesses?
The late 1970s to early 1980s
Identify the issues a new business uses to determine the quality of accounts receivable.
The size of the transaction and the debtors credit rating
Which of the following are characteristics of venture capital-backed firms?
They either start or grow quickly to employ a relatively large number of employees. They have a developed organizational structure. They are formed with a harvest plan in place.
Entrepreneurs can examine business respect considering three threats to business success those three threats are:
Threats to the profit margin, threats to sales generation schemes, threats to operational financing
Which of the following are required in the initial analysis of a business opportunity
Time financial investments and focus
Which of the following are true regarding the process of generating ideas
Time, interaction, consideration, evaluation, and iteration
Which of the following are probable questions potential business owner should ask themselves regarding hobbies?
What is it about the hobby that is exciting? What specific cells were required at the hobby? What products/services were used in these hobbies?
Which of the following question should be addressed by an entrepreneur when reflecting on family experience?
What skill sets exist within your nuclear family? Are there unique things your family does that others are interested in? What is your family history with new business ventures?
Which of the following questions could be explored to identified additional skill sources?
What skills were involved in the three greatest accomplishments of my life? And what industry what I prefer to work? What type of magazines and books do I read?
In new corporations, the shareholders of the board of blank are often the same individuals.
directors
if one has low risk tolerance
less;more
Identify the reasons individuals can become frustrated with working in a large corporation.
Lack of promotion opportunities Inflexibility of large corporations in dealing with the needs of an individual's family and children
Which of the following statements are true regarding education as it relates to skill sets?
Knowledge gained from formal education provides skill set. Technology skills acquired through the education can be particularly valuable. And opportunity that uses your education is another source of business.
Which of the following is a characteristic of general partnerships that is similar to proprietorships?
The owners report their shares of losses or profits on their own personal income tax returns in proportion to their interest in the firm.
Which of the following question should be considered by an entrepreneur when analyzing the non-financial resources category of a gap analysis for a new business
What do you need capabilities provide the entrepreneur a competitive advantage? What unique skills will be required to run the business?
Alone provided for the purchase of a necessary asset for the business is called Blake lending.
Asset based
Economies of scale is the condition that allows the long-run average cost to continue as production
downward; increases
True or false: to calculate the maximum amount to obtain an outside financing, it is advisable for an entrepreneur to calculate the entire cash flow projection by adding an all equity investments.
false
Along with the business idea, what else should be included in the first column of the gap analysis chart?
A brief explanation of the business idea
A personality test can help one
Select the type of business to start
The cash flow method of valuation requires which of the following?
The net cash flow must be projected for five years into the future. A salvage value for the firm must be added.
Which of the following descriptions are characteristics of entrepreneurial firms?
The operation is designed in the image of the founder. The number of employees will not be expected to grow beyond 100. The start-up is self-funded or closely funded.
In inventory record will include:
A description of the item, and item number, the quantity of the item, and a unit and total cost.
True or false: The Great Depression of the 1930s was harder on larger more mature businesses than on entrepreneurial businesses.
False
Why is discussing potential businesses with family members in a tractive way to identify business opportunities?
Family members know your disposition, family members can provide an honest perspective, and family members know your abilities.
Hi development costs, rapid expansion plans, and hind and Tori needs are considered threats to:
Operational financing
A blank that uses your education is a potential source of a business
Opportunity
Which type of Gap analysis examines the opportunities in the marketplace side-by-side with individuals ability to address those gaps?
Opportunity analysis
The three key issues involved with starting a business and include the funding of the firm, the creating of the accounting system, and blank.
The flow of information in the new business.
Which of the following are goals of the business plan for a new entrepreneurial business?
To provide investors with necessary information To provide self-evaluation Also To be a guide to managing the business
Which of the following are goals of the business plan for a new entrepreneurial business?
To provide self-evaluation To provide investors with necessary information To be a guide to managing the business
starting a business is often the result of an event or condition within an individual's environment
trigger
The business owner whose business is both a vocation and an application is difficult to be
vocation:avocation
A trademark lasts blank years
10
Individual's work experience builds blank sites that can have direct applicability to the pursuit of a new business.
skill
Which of the following are sources of non-equity capital to start a business?
Debt and grants.
people should start a new business that
they enjoy
Fully utilize family resources, entrepreneur should blank
Make a list of members that they have regular contact with, list the capabilities those individuals possess that might be helpful
What is the most important single factor in the business's success?
The business owner
true or false: new businesses have greater flexibility
True
which of the following statements about incubators are correct?
provide office. provide common. provide many crit
Students need to consider that on resources and abilities early when they think about starting an entrepreneurial business because of the
Importance of a owner to a new business
How does support from companies in a network help a new firm
It helps to indicate to others the staying power of the new farm, it helps the new firm and obtaining credit
Individual professional background and hobbies are excellent sources for new business ideas because:
The individual knows these domains very well, the individual can see the current needs that are not being met, and the individual can easily see the shortcomings in the current business offerings.
Which of the following are true regarding the accounts payable?
The record should include date paid, amount paid, and check number or tracking number. All invoices received should be recorded. A record of payment toward each invoice should be included.
Did the following statements about the big five test are true
The researcher surveyed thousands of individuals, it was developed by two independent research firms, the five factors emerged from the researchers' analysis of the data
Identify the true statements about new business is triggered by circumstance
The staying power of these businesses is determined by other competing opportunities. They are opportunistic start ups
is a managerial theory that believes individuals act to maximize
agency theory
Blank blank is the rational decision making that is constrained by the background and history of the person making the decision
bounded rationality
Which of the following is not one of the three types of specific risks
Network
an entrepreneur's support and resources are typically
unique
Which of the following statements regarding negotiating the deal with a job candidate are correct?
The business owner should decide the points for which he or she is willing to negotiate. The business owner should finalize the agreed offer in writing. The offer should require a fairly prompt response from the candidate.
Which of the following supports the rationale for starting a business idea generation process by analyzing the skill sets of the potential founders
There are literally millions of opportunities, pursuing opportunities without the requisite skill set waste time, pursuing opportunities without the requisite skill set wastes money
Identify the true statements about the uniform partnership act and the revised uniform partnership act.
They are in effective means to handle the basics of partnership. Their provisions do not cover issues like non-compete agreements.
Which of the following shit entrepreneur is due to have a proper justification for firing employees?
They must be diligent in their efforts to assist poorly performing employees. They must have a paper trail regarding all employees
Which of the following statements about women entrepreneurs are true
They often run into a glass ceiling. They are one of the fastest growing segment of entrepreneurs. They start up businesses at a rate of 50% more than men
Which of the following statements are true regarding robber barons?
They took advantage of the economies of scale. They dominated the industrial sectors. They were responsible for some of the great abuses in business.
Which of the following are true with regard to managing the flow of data?
Data are obtained in a timely manner. Data are tied to the strategic needs of the business.
Which of the following are typically recommend it before seeking outside funding?
Determine the percentage of ownership for each founder. Determine the percentage of ownership reserved for investors. Determine a fair and valid estimation of the value of the firm.
What's the steps for selling a business in order.
Develop a sense of the true value of the business, prepare the business to be sold, negotiation and actual selling of the business.
What are the critical elements that an entrepreneur must solve for success?
Develop an ability to generate consistent and growing sales Sustainable operating profit margin Sufficient resources to get the business to a point where it is self-funding
Board of blank is required of corporations, but a board of blank is optional regardless of the legal form.
Directors: advisers
Which of the following statements make interviewing key successful entrepreneurs and attractive way to identify opportunities or gaps?
Most successful entrepreneurs are too busy with their own businesses to pursue new ventures, most successful entrepreneurs have great ideas, and entrepreneurs have a keen eye for what businesses are needed in an area.
The initial analysis is a process of:
Moving from 3 to 5 ideas to a single idea.
In excess of resources in an organization that allows for redundancy and the quick deployment of personnel is referred to as blank
Organizational slack
In the context of non-financial resources, for a gap analysis, which of the following are to be considered for a new business?
Physical location of the business, special contacts with customers, special contacts with suppliers.
Which of the following elements is not required when forming a subchapter C or subchapter S corporation?
Required: Location of the corporate headquarters, name of the corporation, bylaws of the organization. NOT REQUIRED: DETAILS OF THE SOCIAL RESPONSIBILITY POLICY
Who is associated not only with the success of the industrial base but also with the great abuses in business?
Robber barons
What is the connection between the entrepreneurial skills, understanding of an industry, and the ability to create competitive advantage such that the sum of the parts of the new business is greater than the individual parts alone
Synergy
Which of the following are goals of the business plan for a new entrepreneurial business?
To provide investors with necessary information To be a guide to managing the business To provide self-evaluation
