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?