TN Business and Law Exam |267 Questions and Answers(A+ Solution guide)

Success Factors in Your Business - organized, consistent approach Factors in Business Failure - poor planning and inadequate management Entrepreneur - a person engaged in strategic activities that involve initiation and development of a new business Calculated Risk - something that is well thought through where all outcomes are considered Rewards of Owning Your Own Business - own boss, flexible time, freedom and independence, personal satisfaction Challenges of Owning Business - long hours, manage cash flow, payroll, overwhelming responsibility, finding/keeping employees, taxes, government regulations Business Plan - a document that outlines business strategies and goals Key Functions of a Business Plan - planning tool, loan or investor document, benchmarking tool Element of a Business Plan - cover page, executive summary, company summary, products and services, market analysis, market strategy, financial plan What could be a pitfall to a business plan? - must portray an accurate picture of business What are the different types of business structures? - sole proprietorship, partnership, c corporation, s corporation, limited liability companySole Proprietorship - a business that has one individual as the owner who is responsible for 100% of the decisions made on behalf of the business and owns all of the business assets