Bsg 2410 Study Guide For Small Business
Study Guide Test 1
Small Business
BSMG 2410 TEST 1 REVIEW
MULTIPLE CHOICE
1. How a business plan can be useful. A working blueprint outlining finances and direction for a new start-up or expansion. Gives you something you “see”. 2. The doorways to small business ownership. There are three doorways to small business ownership.
1. Buy an existing business.
2. Buy a franchise
3. Start a new business.
3. Not one of the ten killer factors. The Ten Killer Factors for Entrepreneurs
1. Weak personality
2. The loner syndrome
3. Nebulous business ideas
4. No plan
5. Too little financial backing
6. Cash-flow troubles
7. No marketing strategy
8. No controlling
9. The wrong people
10. Underestimating the competition
4. Not one …show more content…
I’ve been dealing with entrepreneurs for more than 30 years now, and I’ve never seen even one of them who worked less while building a business than when he or she was an employee, or a student, or something else.
Failure can cost you big time. Businesses do fail, and not always through the fault of the owner. Even good decisions have bad outcomes. There are a lot of factors you can’t control. I know people whose business failure cost them their sense of self, plus their life relationships. If you can’t deal with the possibility, don’t go there.
28. Provide an advantage and a disadvantage of each of the three methods of getting into business.
Starting from scratch, buying an existing business, franchise
Chapter 2:
29. Explain through the use of an example what is meant by “new eyes” research. Trends, what people will be doing in the future. Helps provide feedback
30. What are the four (4) stages of a product life cycle and explain which one should be avoided.
A. Embryo
B. Growth
C. Mature
D. Decline: you want to avoid because this means you an a downhill ride and there is no more opportunity for expanding.
31. Explain the concept of …show more content…
Explain how the NASIC/SIC codes are set-up and how they can be used for gathering business information. (pg.62)
The North American Industry Classification System (NAICS, pronounced Nakes) was developed as the standard for use by Federal statistical agencies in classifying business establishments for the collection, analysis, and publication of statistical data related to the business economy of the U.S. NAICS was developed under the auspices of the Office of Management and Budget (OMB), and adopted in 1997 to replace the old Standard Industrial Classification (SIC) system. It was also developed in cooperation with the statistical agencies of Canada and Mexico to establish a 3-country standard that allows for a high level of comparability in business statistics among the three countries. NAICS is the first economic classification system to be constructed based on a single economic concept. The Standard Industrial Classification (SIC) was originally developed in the 1930's to classify establishments by the type of activity in which they are primarily engaged and to promote the comparability of establishment data describing various facets of the U.S. economy.
34. Explain how a matrix to mesh desires with ideas works for the
Small Business
BSMG 2410 TEST 1 REVIEW
MULTIPLE CHOICE
1. How a business plan can be useful. A working blueprint outlining finances and direction for a new start-up or expansion. Gives you something you “see”. 2. The doorways to small business ownership. There are three doorways to small business ownership.
1. Buy an existing business.
2. Buy a franchise
3. Start a new business.
3. Not one of the ten killer factors. The Ten Killer Factors for Entrepreneurs
1. Weak personality
2. The loner syndrome
3. Nebulous business ideas
4. No plan
5. Too little financial backing
6. Cash-flow troubles
7. No marketing strategy
8. No controlling
9. The wrong people
10. Underestimating the competition
4. Not one …show more content…
I’ve been dealing with entrepreneurs for more than 30 years now, and I’ve never seen even one of them who worked less while building a business than when he or she was an employee, or a student, or something else.
Failure can cost you big time. Businesses do fail, and not always through the fault of the owner. Even good decisions have bad outcomes. There are a lot of factors you can’t control. I know people whose business failure cost them their sense of self, plus their life relationships. If you can’t deal with the possibility, don’t go there.
28. Provide an advantage and a disadvantage of each of the three methods of getting into business.
Starting from scratch, buying an existing business, franchise
Chapter 2:
29. Explain through the use of an example what is meant by “new eyes” research. Trends, what people will be doing in the future. Helps provide feedback
30. What are the four (4) stages of a product life cycle and explain which one should be avoided.
A. Embryo
B. Growth
C. Mature
D. Decline: you want to avoid because this means you an a downhill ride and there is no more opportunity for expanding.
31. Explain the concept of …show more content…
Explain how the NASIC/SIC codes are set-up and how they can be used for gathering business information. (pg.62)
The North American Industry Classification System (NAICS, pronounced Nakes) was developed as the standard for use by Federal statistical agencies in classifying business establishments for the collection, analysis, and publication of statistical data related to the business economy of the U.S. NAICS was developed under the auspices of the Office of Management and Budget (OMB), and adopted in 1997 to replace the old Standard Industrial Classification (SIC) system. It was also developed in cooperation with the statistical agencies of Canada and Mexico to establish a 3-country standard that allows for a high level of comparability in business statistics among the three countries. NAICS is the first economic classification system to be constructed based on a single economic concept. The Standard Industrial Classification (SIC) was originally developed in the 1930's to classify establishments by the type of activity in which they are primarily engaged and to promote the comparability of establishment data describing various facets of the U.S. economy.
34. Explain how a matrix to mesh desires with ideas works for the