1:3 Explore Opportunities and Ideas

A SMART goal is specific, measurable, attainable, realistic, and timely.

True

Analyzing past experiences and jobs is a good way to come up with a business idea.

True

Assessing different business opportunities helps you identify those that have the best chance for success.

True

Financial goals may include how quickly you can pay off your debts.

True

To decide whether or not a business opportunity is realistic for you, compare your background and experience with the experience of people who own that kind of business

True

You can learn about business opportunities by talking to other entrepreneurs.

True

Non-financial goals are important for an entrepreneur because they (a) determine personal satisfaction, (b) increase sales, (c) guarantee success, (d) enable a business to earn a profit.

A

Special meetings where companies of the same industry or related industries display their products are (a) trade shows, (b) entrepreneurial conventions, (c) job fairs, (d) poor places to learn about opportunities.

A

Possibilities that arise from existing conditions are (a) ideas, (b) opportunities, (c) dreams, (d) goals.

B

The Small Business Administration (SBA) (a) holds trade shows, (b) publishes information that may be helpful for small businesses, (c) has a department in most public libraries, (d) buys products from entrepreneurs to help them make a profit.

B

Financial goals can include (a) the best retirement age, (b) the monetary value of serving a community need, (c) how much money you will earn, (d) how many employees you will have in ten years.

C

When comparing different business opportunities, an entrepreneur should (a) set financial goals, (b) set non-financial goals, (c) determine the hours a week needed to run the business, (d) perform a self-assessment.

C

All of the following can help you determine if a business opportunity is realistic except (a) the rate of business failure, (b) the market for that kind of business, (c) the background needed to run that kind of business, (d) the interest rates for loans at different banks.

D

People who excel at their jobs (a) have generally learned much about their profession, (b) see how successful marketing is conducted, (c) know how to satisfy customer needs, (d) all of these.

D

An opportunity is a thought or concept that comes from creative thinking.

False

It is not necessary to determine how much money it will take to start a business because you will be able to borrow the money that you need.

False

Non-financial goals are only for entrepreneurs who are solely interested in financial gain.

False