Exam 2: Entrepreneurship

The _____

The "Executive Summary" provides an overview of your business plan by paraphrasing key sentences from each

The "Mission Statement"

As a business owner, you're in charge and can decide when and where you want to work.This managerial freedom best reflects the _____ advantage of small business ownership.

Among the disadvantages of business ownership, both brothers would probably balk at the prospect of _____.

Manufacturing is primarily the domain of _____ businesses.

As a practical businessman, Jones knows that his business plan must demonstrate his knowledge of his customers (including the demographics of various customer segments), product promotion, pricing, and the essentials of distribution.Thus his inclusion of a strong _____ plan.

Small businesses in the U.S.generate close to 50% of our gross domestic product (GDP).

Unfortunately for small business, the service-producing sector has been steadily decreasing in revenues over the past 10 years.

The critical financial concept of cash flow tracks money coming in as well as money going out of a business.

A ____ is considered a blueprint for a company.

Small businesses like Gonzalez's account for about 50 percent of the U.S.gross domestic product each year.

How does franchising work and in what industries do we find franchises?

The most important step in the process of starting a business is _____

About 80 percent of small businesses in the U.S.are concentrated in the _____ sector.

Managing the money that comes in and goes out of a business means managing _____.

Which of the following is an important reason for preparing a business plan?

Franchises are considered an easy, cost-efficient way to start your own business.

The key to developing a _____ is filling an unmet need.

One advantage of working for someone else is the likelihood of making more money than if you were running your own business.