Exam 5: The Challenges of Starting a Business

The final step in the process of starting a business is _____.

Accounting, finance, management, marketing, and production are the _____ areas of business.

The question "What is the outlook for the industry" is taken up in the _____ section of the business plan.

The _____ section of a business plan specifies the firm's cash needs and explains how the owners will be able to repay its debts.

The startup phase of a business usually lasts for more than _____.

Because an owner can delegate both authority and responsibility, entrepreneurs often have more free time than people who work for someone else.

Which of the following is not a characteristic of an entrepreneur

Entrepreneurs usually start _____, beginning with _____ resources.

A(n) _____ is someone who identifies a business opportunity and assumes the risk of creating and running a business to take advantage of it.

As someone who has identified a business opportunity and assumed the risk of creating and running a business to take advantage of it, Rick Jurmain is an entrepreneur.

What does a mission statement do?

List three reasons why some businesses fail.

The most important step in the process of starting a business is creating a business plan-a document that identifies a company's goals and explains how they'll be achieved.

The _____ section of the business plan describes the purpose of the proposed business-its reason for existence.

Which of the following topics is/are included in the "Marketing" section of the business plan

Which of the following is not a reason that prevents some people from starting a business

The "Financial Plan" section of the business plan reports the amount of cash needed by the company for startup and initial operations.

When you believe in what you're doing and make a strong personal commitment to your business, you are displaying:

It is unlikely that you'd decide to set up a new company to make cars.

Which of the following is an advantage to starting a business