Starting a Small Business

Goal

"To increase our brand recognition" is an example of

The decision to buy or lease equipment should be

A team decision

Is NOT suggested to prevent groupthink

Avoid members with dominant personalities

What is the first and primary question you should ask yourself before starting a small business?

Do I have what it takes?

Experience

NOT one of the considerations to determine if you "have what it takes" to start a business

Development calendar

NOT one of the key elements of a business plan

Increase

Site locators do this to your ability to promote your business and be successful

Mission statement

The clear, broad statement describing the purpose of a business is known as

Groupthink

The phenomenon demonstrating individuals' desire to get along and avoid conflict

When conducting a market analysis, you should forecast the next

Three to five years

When starting a new business, you should be prepared for?

Twelve-hour workdays six to seven days each week

Learning-based

business structure that works great for small businesses

description of family

not a management profile

Secretary of State

office where you register your business name

Objectives

term for specific, time-sensitive accomplishments used to measure the short-term progress of an organization

Marketing and sales

the section of the business plan that discusses how you plan to enter the industry and grow your business

Market analysis

the section of the business plan that identifies a target market

Service and/or product line

the section of the business plan that should be the bulk of the plan

Networking

the type of market test engages the snowball effect

Hierarchical

this structure adopts the chain-of-command methodology