Midterm Review 4th Period

Which is a characteristic of a successful entrepreneur? (hint: choose 3 correct answers)

• Motivated

• Takes very little risk

• Passionate

• Hard-working

What is a disadvantage of being an entrepreneur?

• You have more control over your work

• You have a more flexible schedule

• You do not always receive a regular paycheck

• Your work schedule is always predictable

Elon Musk is one of the greatest innovators in the last 30 years. He... ((hint: choose 3 correct answers)

• Co-founded Google

• Co-founded Paypal

• Founded the company SpaceX

• Founded the company Tesla

What is the purpose of a business plan? (hint: choose 2 correct answers)

• To document your financial activity during one year

• Legal document to be filed with the SEC

• States the purpose and vision of your company

• States the amount of capital you need to run the company

Why do you need a business plan? (hint: choose 3 correct answers)

• To raise capital

• Gets everyone involved to focus on the same goals

• Gives an objective look at what you are doing and why

• It is required by law

A target market is

• a group of investors willing to put capital into a business

• a generational group of individuals

• a group of consumers at which a product/service is aimed

• an industry willing to sell and market your product

What information should NOT be included in a business plan?

• Your financing needs

• Your basic business concept

• Your marketing plan

• Your assets and liabilities

True or False: A standard business plan is one page in length.

• True

• False

Reid Hoffman is one of the greatest innovators in the last 30 years. He was the founder of

• Snapchat

• Twitter

• Groupon

• LinkedIn

Roasted is a community-driven coffee shop that opened locally. They have 10 employees. They are

• an example of a startup

• an example of a small business