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(Answered) Entrepreneurs who write business plans early on are _______ times as likely to actually start their businesses than those who do not.

Entrepreneurs who write business plans early on are _______ times as likely to actually start their businesses than those who do not.

Entrepreneurs who write business plans early on are​ _______ times as likely to actually start their businesses than those who do not.A.2.5B.6C.4.5D.7.5E.9Which test of a business plan involves proving that a market for the product or service really does exist and that the company can produce the product or provide the service at a reasonable​ cost?A.competitiveB.priorityC.benefitD.valueE.realityWhich test of a business plan involves proving to potential lenders and investors that the proposed business offers a high probability of repayment or an attractive rate of return on investment.A.realityB.competitiveC.benefitD.valueE.priorityWhich of the following statements about creating a business plan is false​?A.Creating a business plan can reveal important problems that an entrepreneur must overcome to launch a business successfully.B.Entrepreneurs who create business plans and realize that the business just​ won't work have wasted valuable time and resources.C.Building a business plan reduces the risk and uncertainty of launching a company.D.The real value in preparing a plan is not as much in the plan itself as it is in the process the entrepreneur goes through to create the plan.E.Exposing the flaws in a business idea and model with the help of a business plan allows an entrepreneur to address them and increases the chances of the business​ venture's successWhich of the following statements about writing a business plan is true​?A.The best business plans follow a standard​ "cookie-cutter" approach so that potential lenders and investors can easily find the sections that they want to read.B.In addition to providing all of the relevant facts and analysis of a business​ opportunity, the best business plans also include a compelling story.C.Including financial forecasts and cash flow projections in a business plan really is not necessary.D.Every business plan should include the same elements covered in the same order.E.A business plan should be 50 to 100 pa ge long to ensure that an entrepreneur has explained the business opportunity thoroughly.Which section of the business plan equates to a written version of the​ entrepreneur's elevator​ pitch?A.executive summaryB.mission strategyD.industry statementWhich of the following elements is not recommended as part of an​ entrepreneur's elevator​ pitch?A.Benefit dash- The benefit or advantage that the company offers customers.B.Context dash- What the company does in​ easy-to-understand terms.C.Profit ​ - The amount of profit the company expects to earn in its first year of operation.D.Point of differentiation dash- How a company sets apart its​ products, services, or solutions from other companies that provide similar offerings.E.Target customers dash- The group of customers for whom the company provides a benefit.In a business​ plan, the​ ____________ is the broadest expression of a​ company's purpose, defines the direction in which the company will​ move, and serves as a thesis statement for the entire business plan by answering the​ question, "What business am I​ in?"A.executive summaryB.mission statementC.product or service descriptionD.competitor analysisE.plan of operationA​ ________ is a descriptive fact about a product or​ service; a​ _________ is what the customer gains from the product or service feature.A.unique selling​ proposition; featureB.​feature; profileC.​benefit; featureD.​feature; benefit.E.​characteristic; featureWhen creating projected financial statements for a business​ plan, an entrepreneur should not​:A.include an income​ statement, a balance​ sheet, a cash flow​ forecast, and a schedule of planned capital expenditures.B.include most likely forecasts but have available both pessimistic and optimistic financial forecasts in case potential lenders and investors ask for them.C.​"fudge the​ numbers" to make them look better than the entrepreneur actually expects them to be because most lenders and investors discount forecasted revenues and inflate forecasted expenditures when they review them.D.include a​ break-even analysis.E.include a statement of the assumptions on which the financial statements are built.__________, one of the​ "five Cs of​ credit", is a synonym for cash flow.A.CharacterB.CollateralC.CapacityD.CapitalE.ConditionsThe most common reason banks give for rejecting small business loan applications​ is:A.the​ entrepreneur's poor credit rating.B.the entrepreneur lacks sufficient collateral to cover the loan in case the business fails.C.undercapitalization or too much debt.D.the​ company's lack of profit.E.the​ entrepreneur's lack of professionalism.Which one of the​ "five Cs of​ credit" includes assets that an entrepreneur pledges as security for repayment of a​ loan?A.conditionsB.capitalC.collateralD.capacityE.characterWhen potential lenders and investors consider this component of the​ "five Cs of​ credit", they are evaluating factors that are beyond the​ entrepreneur's control, such as the overall condition of the​ economy, the intensity of competition the business​ faces, and other factors.A.conditionsB.capacityC.collateralD.characterE.capitalWhich of the following statements concerning making a business plan presentation is false​?A.The amount of time an entrepreneur has to present his or her plan usually is at least 40 minutes to an hour.B.Before making a business plan​ presentation, an entrepreneur should​ rehearse, rehearse, and rehearse again.C.When making a business plan​ presentation, an entrepreneur should not begin with a detailed and highly technical explanation of the technology on which the product or service is based.D.A business plan presentation should include an explanation of the​ company's business model dash- how it intends to satisfy​ customers' needs, generate​ revenue, and make a profit.E.A business plan presentation should demonstrate a​ company's competitive​ edge, the combination of factors that set it apart from the competition.Which component of intellectual capital consists of the​ talents, creativity,​ skills, and abilities of a​ company's work force and shows up in the innovative​ strategies, plans, and processes the people of the organization develop and​ pursue?A.customerB.structuralC.abstractD.humanE.cognitiveThe value proposition that sets a small business apart from its competitors and gives it a unique position in the market that is superior to its rivals is​ its:A.missionB.strengthC.core competencyD.visionE.competitive advantageThe unique set of capabilities that a company develops in key​ areas, such as superior​ quality, customer​ service, innovation,​ responsiveness, and​ others, that allow it to vault past competitors is known as the​ company's:A.core competenciesB.missionC.competitive advantageD.strengthE.vision________ are negative internal factors that inhibit a​ company's ability to accomplish its​ mission, goals, and objectives.A.ThreatsB.OpportunitiesC.StrengthsD.Key success factorsE.Weaknesses_________ are factors that vary from one industry to another and determine a​ company's ability to compete successfully in the marketplace.A.ThreatsB.WeaknessesC.Key success factorsD.StrengthsE.OpportunitiesMike owns a shop that specializes in​ submarine-style sandwiches,​ fries, and side​ items, including salads. Across the street is a​ quick-service franchise affiliated with a national chain that sells burgers and​ fries, but its menu also includes chicken​ sandwiches, fish​ sandwiches, and onion rings. To​ Mike, the franchise represents a​ _________ competitor.A.moderateB.directC.indirectD.significantE.minisculeMike owns a shop that specializes in​ submarine-style sandwiches,​ fries, and side​ items, including salads. Less than a mile away is a submarine sandwich shop affiliated with a national chain whose product line is very similar to​ Mike's. To​ Mike, this nearby franchise represents a​_________ competitor.A.minisculeB.directC.indirectD.moderateE.significantShere Vincente operates a travel service that specializes in arranging trips for​ women, giving special attention to their needs and preferences from security and comfort to activities and events designed to appeal to her target customers. Vincente is pursuing which type of competitive​strategy?A.consolidationB.differentiationC.​cost-leadershipD.focusE.positioningThe Ice Hotel in Sweden is unlike any other hotel in the world. Everything in the​ hotel, including the​ walls, the​ decorations, the​ glasses, and even the​ beds, is made out of ice. Despite​ below-freezing temperatures, thousands of guests pay up to​ 11,305 Swedish Kroner​ (about $1,350) for the adventure of staying there. The Ice Hotel is pursuing which type of competitive​ strategy?A.positioningB.​cost-leadershipC.consolidationD.focusE.differentiationThe Intuit Future of Small Business Report forecasts increasingly fragmented markets and​ customers' growing demand for customized products. Small companies pursuing which of the following strategies are most likely to benefit from this​ scenario?A.differentiationB.focusC.​cost-leadershipD.consolidationE.positioningThe best form of ownership is​ the:A.there is no​ "best" form of ownership because the form of ownership that suits one​ entrepreneur's needs and requirements may not suit those of another liability companyD.partnershipE.sole proprietorshipThe most popular form of ownership​ (percentage of​ businesses) in the United States is​ the:A.sole liability partnershipE.​S-corporationWhich form of ownership is least popular in the United​ States? partnershipB.C liability companyD.S corporationE.sole proprietorshipWhich form of ownership is the simplest and least costly to​ form?A.sole liability partnershipE.S corporationWhich of the following is the greatest disadvantage of the sole​ proprietorship?A.The cost associated with forming a sole proprietorship.B.The feeling of isolation the owner experiences as the sole owner of the business.C.The unlimited personal liability that the sole proprietor has for the​ business's debts.D.The tax treatment of the net income from a sole proprietorship.E.The limited access to capital that this form of ownership provides.Which of the following statements about partnerships is false​?A.The three key elements of a partnership are common ownership interest in the​ business, agreement on how the​ business's profits and losses will be​ shared, and the right to participate in managing the operation of the partnership.B.In a​ partnership, a general partner has unlimited liability for the​ partnership's debts and usually take an active role in managing the business.C.If the partners in a partnership fail to crete a partnership​ agreement, the Revised Uniform Partnership Act states that the partners share equally in the​ partnership's profits, even if their capital contributions were unequal.D.A limited partnership is composed of at least one general partner and at least one limited partner.E.The Revised Uniform Partnership Act requires every partnership to file a partnership agreement with the appropriate state​ office, usually the Secretary of State.In a​ partnership, a​ __________ partner is treated as an investor in the​ business, has limited liability for the​ business's debts, and cannot take an active role in managing the business.A.silentB.generalC.transientD.dormantE.limitedIn a​ partnership, a​ __________ partner has unlimited liability for the debts of the business and usually takes an active role in managing the business.A.limitedB.generalC.dormantD.silentE.transientA corporation whose shares of ownership are controlled by a relatively small number of​ people, often family​ members, friends, or​ employees, is called​ a(n) ___________ corporation.A.SB.publicly heldC.closely liabilityWhich type of corporation is taxed like a​ partnership?A.closely heldB.SC.CD.publicly heldE.generalWhich form of ownership suffers from the disadvantage of double​ taxation? liability companyB.sole proprietorshipC.partnershipD.C corporationE.S corporationAn S corporation can have no more than​ _____ shareholders.A.75B.125C.50D.35E.100The owners of a limited liability company are​ partnersB.stockholdersC.membersD.partnersE.investorsA limited liability​ company's ________ is similar to a​ corporation's bylaws and outlines the way the LLC will conduct business.A.founding contractB.charterC.articles of organizationD.operating agreementE.​founder's agreementA limited liability​ company's _____________ is similar to a​ corporation's articles of incorporation and create the LLC by establishing its​ name, address, method of​ management, duration, and the names and addresses of its organizers.A.​founder's agreementB.founding contractC.articles of organizationD.operating agreementE.charterIf an entrepreneur intends to make an initial public offering at some point in the future to raise money to fuel the growth of her​ company, which form of ownership should she​ use?A.S corporationB.sole proprietorshipC.C liability companyWhat percentage of business owners intend to leave their companies within the next decade and their most likely exit strategy is selling the business to​ someone?A.25B.75C.60D.50E.40The failure rate for entrepreneurs who purchase troubled companies in hopes of turning them around is​ _____ percent.A.65B.45C.85D.75E.35Which type of business buyer searches for a business that is manageable and easy to run alone or with a small group of​ employees?A.Corporate refugeeB.Main Street buyerC.Financial buyerD.Serial entrepreneurE.Social entrepreneurWhich type of business buyer searches for a service business that has commercial clients and existing contract​ revenue?A.Serial entrepreneurB.Social entrepreneurC.Corporate refugeeD.Main Street buyerE.Financial buyerWhat percentage of all business sales that are initiated fall​ through?A.25 to 40B.10 to 25C.75 to 90D.95E.50 to 75Art has decided to leave his job with a large corporation and realize his dream of owning a business of his own. Rather than start a business from​ scratch, Art prefers to buy an existing business. What should be his first ​step?A.Conducting a​ self-inventory to analyze his​ skills, abilities, and interests to determine the types of businesses that offer the best fit.B.Arranging financing from local banks or other lenders.C.Putting together a team of accountants and lawyers to help negotiate a deal.D.Conducting an Internet search to discover the types of businesses that are available for sale.E.Contacting a business broker to discover the types of businesses that are available for sale.The most common cause of a business sale failing to close is​ the:A.​seller's unwillingness to provide a portion of the financing of the purchase price.B.​buyer's unwillingness to pay the​ seller's asking price.C.​seller's unwillingness to negotiate on the price of the business.D.lack of available financing.E.higher failure rate associated with buying an existing business than with starting a business from scratch.In​ _____ percent of business​ sales, the seller provides at least some of the financing of the purchase price.A.90B.10C.30D.70E.50Which of the following statements about purchasing an existing business is false​?A.In a business​ sale, the party who is the better negotiator usually comes out on top.B.The hidden market of companies that might be for sale but are not advertised as being for sale is one of the richest sources for​ top-quality businesses.C.In a business​ sale, value is what a business is​ worth; price is what the buyer agrees to pay.D.Most business sellers are not willing finance any of the​ business's purchase price.E.After conducting a​ self-analysis to identify his or her​ skills, abilities, and​ interests, a business buyer should develop a list of criteria that a potential business acquisition must meet..


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Jan 02, 2020





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