NASCLA Contractors Guide Arkansas 8th Edition || with Errorless Solutions 100%.

Poor _________ and inadequate ____________ are overriding factors in business failure correct answers Planning; Management entrepreneur correct answers 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 correct answers a risk that is well - thought through where all outcomes are considered rewards of owning your own business correct answers - 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 correct answers living document Business plan key functions correct answers 1. Planning tool 2. Loan or investor document 3. Benchmark tool Elements of a business plan correct answers 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 correct answers - make sure your assumptions are realistic - keep the language simple - cover the risk as well as the opportunities - analyze your competition thoroughly Sole Proprietorship correct answers 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 correct answers - Minimal legal restrictions - simple ownership form - low startup cost