BUS112 Final

Question 1

1. What is entrepreneurship?

Answer 1

When a person takes a risk on a business opportunity, usually with no professional experience. In hopes for profit

Question 2

2. Main sections of the business plan

Answer 2

Executive summary consists of listing what products or services your company provides, target customers, and the goals that you have for your business.

Profits and losses
Is a huge part of your business plan, it can help you determine if the business would be worth it in the long run.

Product and service line
List the products and services you provide, name how you will price your services, also naming how far along in the life cycle stage you are with your business.

Target audience
profit loss
Executive summary
3-5 sentences

Question 3

3. Name Different legal structures of a business and define the advantages and disadvantages

Answer 3

LLC works like a corporation but treated as a partnership for tax purposes disadvan: filing fee, must pay quarterly taxes

SOLE PROPRIETORship 100% of profits loss and complete authority or biz disad difficult to raise capital unlimited liability for claims against biz

Nonprofit: tax exempt can seek cash contributions can apply for grants… assets must be distributed to another tax exempt organization cannot make substantial profit
C Corp
S Corp

Question 4

4. Name the different sources of capital and the advantages and disadvantages

Answer 4

Business Loan
Angel investors 
Crowdfunding 
Grants 
Family friends loan
Self funded

Question 5

5. What is your target market and how do you define it?

Answer 5

Describe

Question 6

6. The SWOT analysis and how it can help the entrepreneur.

Answer 6

Study by a company to identify internal strengths and weaknesses as well as external opportunities and threats

Question 7

7. Different ways that an entrepreneur can learn about their customer base

Answer 7

Research businesses similar to yours …

Question 8

8. Things that made Black Wall St successful and can also be used today

Answer 8

Creatong business that are a necessity in the community and Keeping money within community.

Question 9

9. Different types of intellectual property.

Answer 9

Intangible information Trade marks logos or slogans

, copyright, trade secrets: surveys data collected during operation of business, patents protect inventions

Question 10

10. Surprise

Answer 10

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