Micro enterprise nine steps Flashcards
there are 9 steps to launching a small business
true
The higher your insurance deductible is the lower your premium will be
true
Step 7 requires that you set up your business on the small business association website
false
The first few times a pro forma is completed by a new business it shows negative results.
true
Steps one through six are considered administrative requirements for starting your own business.
false
Creating a differentiated offering means that you are creating something that no one else has.
true
All entrepreneurs staring a new business should create an elevator speech about themselves to tell potential investors.
false
Errors and omissions insurance protects your company from malpractice suits.
true
In identifying your target market, you are deciding which products you will sell.
false
Property insurance covers anything that happens at your business.
true
incase employees are injured
worker’s compensation
is the annual costs of your insurance
premium
to protect your building, inventory, and equipment from fire, flood, or/and vandalism
property insurance
how you intend to communicate to large numbers of customers, motivating them to learn more about your business
marketing
the protect the business and the owner’s families in case the entrepreneur passes away
key person life insurance
an entrepreneurs actions & decisions are guided by a set of beliefs about how he/she wants the business to succeed
mission driven
indicates the amount you will pay before the insurance company reimburses you for a loss
deductible
protects against a number of hazards (customer injured in store) (customer injured by your product)
general liability insurance
how you move specific customers to buy from you
selling
to protect your vehicle, your employees while driving for the business & anyone who might be injured in an accident involving your employees and vehicles
commercial vehicle insurance
the same basic rule that should guide all human behavior; act towards your stakeholders as your hope they would act towards you.
business ethics
to protect a service business from any malpractice errors they make
errors and omissions insurance
how many steps are required to launch a small business
9
What is the name of the website that all businesses must register with in the state of Louisiana?
GeauxBiz portal
name one type of accounting software
quickbooks
