Starting a Small Business
Market share
According to the segment, which of the following was NOT an issue in taking over a business?
Mission
Clear broad statement describing the purpose of the organization
Organizational Structure
Clear managerial structure for each function of the business
Market Analysis
Describes the current condition of the industry and forecasts where the industry is moving in the next three to five years
Target Market
Describes who a business is providing services for
Goals
General statements of what needs to be achieved and accomplished to achieve the mission
A description of family
Management profiles do NOT include which of the following?
Expansion capital
Money needed to expand for additional inventory, equipment, marketing cost, employees, etc. is known as which of the following?
Hierarchical Structure
Organizational structure in which business functions are subordinate to the other
Survey
Questionnaire asking various questions about people's interest in a product
Focus Groups
Soliciting individuals to consume a product and provide proactive feedback
Groupthink
The phenomenon demonstrating individuals desire to get along and avoid conflict is known as which of the following?
Do I have what it takes
What is the first and primary question you should ask yourself before starting a small business?
Objectives
What is the term for specific, time-sensitive accomplishments used to measure the short-term progress of an organization?
Learning based
Which of the following business structures work great for small businesses?
Experience
Which of the following is NOT one of the considerations to deter mine if you "have what it takes" to start a business?
Marketing and sales
Which section of the business plan discusses how owners plan to enter the industry and grow the business?
Market Analysis
Which section of the business plan identifies a target market?
Services and/or product line
Which section of the business plan should be the bulk of the plan?
Networking
Which type of market test engages the snowball effect?
Bussiness Plan
Written map for beginning and growing a business; includes a mission, business goals and objectives
Where will we buy equipment
According to the segment, which of the following is NOT a question asked in the strategy and development process?
Learning Based Structure
Allows functions to work together: they are not subordinate to each other
Objectives
Specific, time-sensitive accomplishments used to measure the progress toward achieving goals and the mission statement
Three to five years
When conducting a market analysis, you should forecast the next ____________.
Twelve-hour workdays six to seven days each week
When starting a new business. you should be prepared for which of the following?
