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Section 8 Study Questions (15.0 points) Answer each question fully. Complete sentences are not necessary. Lesson 1 (5.0 points) 1. What is a business opportunity? (1.0 points) A business opportunity is a consumer problem, need, or desire that a business could provide a solution for.
2. What are five things to consider when evaluating a business opportunity? (2.0 points) Five things to consider when evaluating a business opportunity are consumer demand, competitions, timing, money, and personality and skills. 3. What are four common types of changes and trends that can offer business opportunities? (2.0 points) Four common types of changes and trends that can offer business opportunities are demographics, inventions and technology, lifestyle, and style and entertainment. Lesson 2 (5.0 points) 1. What are four reasons to set a company purpose? (1.0 points) Four reasons to set a company purpose are differentiations, investors, business strategy, and morale. 2. What is a mission statement? (1.0 points) A mission statement is a short explanation of the company's purpose. 3. What is a vision statement? (1.0 points) A vision statement is a short explanation of the company's goals for the future.
4. What are company values? (1.0 points) A company's values are the priorities, principles, and beliefs that guide the company.
5. What are four reasons to limit the scope of a small business? (1.0 points) Four reasons to limit the scope of a small business are quality, brand identity, marketing, and direction. Lesson 3 (5.0 points) 1. In a SWOT analysis, what are strengths? (0.5 points) Strengths are the positive internal characteristics of your company.
2. In a SWOT analysis, what are weaknesses? (0.5 points) Weaknesses are the negative internal characteristics of your company.
3. In a SWOT analysis, what are opportunities? (0.5 points) Opportunities are positive external factors that can affect your
2. What are five things to consider when evaluating a business opportunity? (2.0 points) Five things to consider when evaluating a business opportunity are consumer demand, competitions, timing, money, and personality and skills. 3. What are four common types of changes and trends that can offer business opportunities? (2.0 points) Four common types of changes and trends that can offer business opportunities are demographics, inventions and technology, lifestyle, and style and entertainment. Lesson 2 (5.0 points) 1. What are four reasons to set a company purpose? (1.0 points) Four reasons to set a company purpose are differentiations, investors, business strategy, and morale. 2. What is a mission statement? (1.0 points) A mission statement is a short explanation of the company's purpose. 3. What is a vision statement? (1.0 points) A vision statement is a short explanation of the company's goals for the future.
4. What are company values? (1.0 points) A company's values are the priorities, principles, and beliefs that guide the company.
5. What are four reasons to limit the scope of a small business? (1.0 points) Four reasons to limit the scope of a small business are quality, brand identity, marketing, and direction. Lesson 3 (5.0 points) 1. In a SWOT analysis, what are strengths? (0.5 points) Strengths are the positive internal characteristics of your company.
2. In a SWOT analysis, what are weaknesses? (0.5 points) Weaknesses are the negative internal characteristics of your company.
3. In a SWOT analysis, what are opportunities? (0.5 points) Opportunities are positive external factors that can affect your