Fact Check: Two truths and a lie

Can you spot the lie

• One of the benefits of being an entrepreneur is it is easy to find capital

• Another benefit is that entrepreneur are able to put their ideas into practice

• Entrepreneurs choose how to use their time and money

Can you spot the lie

Characteristics of an entrepreneur

• Optimistic

• Innovative

• Dependent

Can you spot the lie

• In the business plan: the product and service describes what the business delivers or sells

• In the business plan: the product and service describes the market the business is targeting

• In the business plan: the product and service describes how the firm delivers products and services to customers

Can you spot the lie

In the business plan: the market includes

• Analysis of competition

• Predicted cost

• Forecast sales revenue from the product

Can you spot the lie

Government support business start-ups because

• To benefit society

• To decrease unemployment

• To decrease competition

Can you spot the lie

How does government support start-ups

• Providing customers

• Providing research

• Providing premises

Can you spot the lie

When an owner opens a new branch this is considered as

• External growth

• Conglomerate growth

• Internal growth

Can you spot the lie

• When a bakery takes over a windmill this is considered as backward vertical integration

• When a bakery takes over a windmill this is considered as forward vertical integration

• When a bakery takes over a windmill this is considered as horizontal integration

Can you spot the lie

• When a car retail takes over a restaurant this is considered as vertical integration

• When a car retail takes over a restaurant this is considered as horizaontal integration

• When a car retail takes over a restaurant this is considered as conglomerate integration

Can you spot the lie

Problem linked to business growth

• Expansion cost are little

• Larger business leads to poor communication

• Larger business is harder to control