A business plan is a written document that summarizes the ________.
proposed business venture, goals, and plans for achieving those goals
A company that licenses elements of its business system to other companies is called a ________.
A company’s ________ defines how it will generate revenue and produce a profit.
A corporation’s first offering of shares of stock to the public is called ________.
an initial public offering (IPO)
Andy, an entrepreneur, plans to open a bakery in his neighborhood. He realizes that there are no branded bakeries in the locality, even though there are a number of independent bakeries. He approaches Soft Bakes, an international bakery chain, and signs an agreement with them that gives him the right to open a bakery shop that uses Soft Bakes’ name and management methods. In this scenario, which of the following business methods does Andy use?
Compared to starting a new business, buying an existing business can involve more work and more risk. True or False
Investors who provide money to finance new businesses or turnarounds in exchange for a portion of ownership, with the objective of reselling the business at a profit are called ________.
Money used or needed to set up a new business is ________.
One of the general characteristics of a small business is that it typically sells fewer products ________.
to fewer market segments
________ provide a small business with a wide array of support resources and services during its early growth phase.
The failure rate of new businesses is usually high during the first year. True or False
A business plan summarizes the proposed business venture, goals, and plans for achieving those goals. True or False
Small companies tend to differ from large ones because ________.
they can react to market changes and make decisions more quickly than larger companies
Three factors contributing to the increased number of small businesses are technologies such as e-commerce, growing diversity in entrepreneurship, and ________.
downsizing and outsourcing
Well-known examples of ________ include Taco Bell, Pizza Hut, The UPS Store, and Curves fitness centers.
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