Exam 5: Creating Business From Opportunity

The function of a mission statement is to clarify what the business is trying to do in the present, but it can provide direction and motivation for future action through a clear and compelling message.

The decision process can occur in three different ways, all of which are market driven.

Business leaders create wealth by ________.

What is the average unit of sale for a restaurant that serves $3,250 per day in meals to 200 customers per day?

Before you can start your business, you must define it. Describe the questions that the business definition answers and its three elements.

How do you decide whether your competitive advantage is strong enough? Give an example.

A competitive advantage can be based on any of six factors. Which of the following is not one of the six?

Why is it a good idea to figure out your Economics of One Unit?

Competitive advantage must be sustainable over the long term.

Which of the following is not a strong method of identifying business opportunities?