NASCLA Contractors Guide Arkansas 8th Edition Questions with 100% Correct Answers | Verified | Updated 2024

NASCLA Contractors Guide Arkansas 8th Edition Questions with 100% Correct Answers | Verified | Updated 2024 Poor _________ and inadequate ____________ are overriding factors in business failure Planning; Management entrepreneur A person engaged in strategic activities that involve the initiation and development of a new business, created to build long term value and steady cash flow Calculated risk a risk that is well - thought through where all outcomes are considered rewards of owning your own business - being your own boss -having flexibility of time -having more freedom and independence -making your own decisions -receiving personal satisfaction from completing a job A business plan should be a _________ ____________ that changes as your business and the market change living document Business plan key functions 1. Planning tool 2. Loan or investor document 3. Benchmark tool Elements of a business plan 1. cover page 2. Executive summary 3. Company summary 4. Products and Services 5. Market analysis 6. Market strategy 7. Financial plan Business Plan Pitfalls - make sure your assumptions are realistic - keep the language simple - cover the risk as well as the opportunities - analyze your competition thoroughly Sole Proprietorship this business structure offers easy formation and operation, however, unlimited personal liability is a concern because the business and owner are considered the same legal entity Advantages of a Sole Proprietorship - Minimal legal restrictions - simple ownership form