Relevance of Entrepreneurship to an Organization

Question 1

the growth or establishment of a small enterprise is the specific contribution of entrepreneurship in every economy of the world.

Answer 1

helps the economy grow

Question 2

provides entry-level jobs that are so necessary to learn or acquire experience for unskilled employees.

Answer 2

CREATION OF JOB OPPORTUNITIES

Question 3

Entrepreneurship promotes creativity that brings new ideas, products, technology, the industry, the quality of goods, etc. to the economy, thus rising gross domestic products and people’s standard of living

Answer 3

INNOVATION

Question 4

promotes abundant retail facilities, a higher level of homeownership, fewer slums, better sanitation standards, and higher expenditure on education, recreation, and religious activities

Answer 4

IMPACT ON COMMUNITY DEVELOPMENT

Question 5

If the business or company collapses, many will lose their jobs; suppliers and financial institutions face a crisis of recovery

Answer 5

THE CONSEQUENCE OF BUSINESS FAILURE

Question 6

entrepreneurship is the most productive way to incorporate those who feel discarded and excluded into the economy

Answer 6

POLITICAL AND ECONOMIC INTEGRATION OF OUTSIDERS

Question 7

Entrepreneurship is a breeding ground for new inexperienced adventurers

Answer 7

SPAWNS ENTREPRENEURSHIP

Question 8

Entrepreneurship, by its creativity, provides enormous types of good and different natures

Answer 8

ENHANCES THE STANDARD OF LIVING

Question 9

Entrepreneurship offers research and development funds to universities and academic institutions.

Answer 9

PROMOTES RESEARCH AND DEVELOPMENT

Question 10

The brief introduction to your business plan
It describes your business, the problem that it solves, your target market, and financial highlights
Written last but appears first in the business plan

Answer 10

Executive Summary

Question 11

Furnish relevant information about the company, its legal operation, the principal owners, and key personnel.

Answer 11

Mission Statement

Question 12

What you want to accomplish (specific goals that can be measured), as well as how you’d achieve your goals.

Answer 12

Objectives & Key to Success

Question 13

Start-up cost, marketing, sales, and inventory cost.
Funding for the company comes from two major sources: owners’ investments and bank loans.

Answer 13

Financial Requirements and Features

Question 14

 The what and why of your business.
 This is where you elaborate on what you do (and the product or service you offer), who you serve, and why you’re different (and better) than the competitors.

Answer 14

Business Description

Question 15

One individual who owns and operates the enterprise.

Answer 15

Sole Proprietorship

Question 16

General Partnership vs. Limited Partnership

Answer 16

Partnership

Question 17

A blend of sole proprietorship/ partnership and corporation Owners have liability protection like corporations but less paperwork. Member or owner is allowed a full participatory role in the business’s operation.

Answer 17

Limited Liability Company (LLC)

Question 18

A business organization that’s intended to promote educational or charitable purposes.

Answer 18

Nonprofit

Question 19

The enterprise exists as a legal entity separate from its owners. This type of business structure separates the liabilities and obligations incurred by company operations from being the responsibility of the owners.

Answer 19

Corporation

Question 20

Designed to provide enough facts to convince an investor, potential partner or other reader that your business has enough customers in a growing industry and can earn sales DESPITE the competition.

Answer 20

Market Analysis

Question 21

The competition section indicates where your products or services fit in the competitive environment.
Think as broadly as possible when devising a list of competitors by characterizing competitors as any business customers may patronize for similar products or services.

Answer 21

Competitive Analysis

Question 22

This section of your business plan describes both the strategy and tactics you will use to get customers to buy your products or services.

Answer 22

SALES AND MARKETING PLAN

Question 23

Best way to expose your services/products/ brand identity to possible customers

Answer 23

Marketing Channel

Question 24

Logo, business cards, website, etc.

Answer 24

Marketing Materials

Question 25

Cost-plus pricing, Demand pricing, Competitive pricing, Price skimming, Penetration Pricing, Value Based Pricing

Answer 25

Pricing Strategy

Question 26

Describes your management team, staff, resources, and how your business ownership is structured.

Answer 26

OWNERSHIP AND MANAGEMENT PLAN

Question 27

Designed to describe just how the business functions on a continuing basis.

Answer 27

OPERATING PLAN

Question 28

A summary of your funding criteria, your detailed financial statements and an overview of your financial statements must.

Answer 28

Financial Plan

Question 29

The place to include any additional documents that will help to build the legitimacy of your business concept, your product, marketing, services and so on.

Answer 29

Appendices & Exhibits