Business Start-Up Strategies
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Course Introduction
Business Start-Up Strategies provides students with a comprehensive overview of the key components and processes involved in launching a successful new venture. The course covers idea generation, market analysis, business model development, legal considerations, funding options, and the creation of a robust business plan. Emphasizing practical application, students will learn how to evaluate opportunities, mitigate risks, and develop effective strategies for customer acquisition and growth. Real-world case studies and interactive activities will equip students with the entrepreneurial mindset and tools needed to navigate the dynamic challenges of starting and managing a new business.
Recommended Textbook
Building Your Dream A Canadian Guide to Starting Your Own Business 9th Edition by Walter Good
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Chapter 1: Buying a Franchise
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39 Verified Questions
39 Flashcards
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Sample Questions
Q1) The best entrepreneurs have a keen sense of their own strengths and weaknesses and of the competitive environment in which they operate.This makes them _______ -oriented.
A)Success
B)Action
C)Goal
D)Reality
Answer: D
Q2) In a study of inductees into the Babson University Academy of Distinguished Entrepreneurs,the three attributes and behaviours cited as the principal reasons for entrepreneurial success are:
A)Openness to change,personal initiative,and perseverance.
B)Commitment,dedication,and perseverance.
C)Positive attitude,social savvy,and intellectual intelligence.
D)Emotional intelligence,social intelligence,mathematical intelligence.
Answer: A
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Chapter 2: Marketing
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31 Flashcards
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Sample Questions
Q1) Most "mom-and-pop" stores are considered:
A)High-growth ventures
B)No-growth ventures
C)Lifestyle ventures
D)Stable,enduring ventures
Answer: C
Q2) Of the three basic categories into which most new concepts fall,which of the following types provides a product which currently exists in the market,but offers greater value?
A)Type A
B)Type B
C)Type C
D)Type D
Answer: C
Q3) A key factor in starting a high-growth venture is:
A)Selecting the correct location.
B)Choosing the right industry to enter.
C)Retaining the best leadership.
D)Attracting the most investors.
Answer: B
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Chapter 3: Financing Your Business and Accounting Practices
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66 Flashcards
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Sample Questions
Q1) A discount expressed as "2/10 net 30" means the customer can take a 2 percent cash discount for making payment within 10 days.Otherwise,the customer must increase the invoice total by 2 percent and pay that amount in 30 days.
A)True
B)False
Answer: False
Q2) Cloud computing is an example of a product that is:
A)A new invention
B)Highly innovative
C)Moderately innovative
D)Slightly innovative
Answer: B
Q3) _______ gives you a method of moving inventories that you may otherwise have to carry over to the following year.
A)Cash discounts
B)Quantity discounts
C)Quality discounts
D)Seasonal discounts
Answer: D
Page 5
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Chapter 4: Legal Considerations
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Sample Questions
Q1) How do many small retail and wholesale businesses determine their cost of goods sold?
Q2) What do leverage ratios measure?
Q3) The debt-to-equity ratio is an example of a(n):
A)Liquidity ratio
B)Profitability ratio
C)Asset ratio
D)Leverage ratio
Q4) Non-cash accounting entries that may show up on an income statement such as depreciation,amortization,and asset transfers are ignored in forecasting the cash flow statement.
A)True
B)False
Q5) The current ratio is an example of a(n):
A)Liquidity ratio
B)Profitability ratio
C)Asset ratio
D)Leverage ratio
Q6) Briefly outline the key information that must be available to construct a pro forma income statement.
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Chapter 5: Business Plans
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Sample Questions
Q1) If you have used professional advisers,such as lawyers,accountants,insurance brokers,etc.,you should provide their names and contact information in your business plan under the heading "Management team".
A)True
B)False
Q2) In what ways can an effective business plan serve you externally,or outside of the immediate internal planning function.
Q3) The typical business plan is roughly 20 pages in length.
A)True
B)False
Q4) Rather than using page count as a way to measure the length of a business plan,expert Tim Berry recommends that you measure a plan based on:
A)Readability and grammar
B)Sentence structure and summarization
C)Readability and summarization
D)Sentence structure and grammar
Q5) Contingency plans are not described in a business plan.
A)True
B)False
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Chapter 6: Cost and Profitability Assessment
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Sample Questions
Q1) As a sole proprietor,your taxes are:
A)More complex,compared to a corporation.
B)Declared on a separate form provided by Revenue Canada.
C)Fairly simple,since your business income is declared on your personal tax return.
D)Paid in installments throughout the year,but keep separate from your personal employment income.
Q2) Which of the following types of insurance will enable you to continue to pay the bills if your business should be closed down by damage due to fire,flood,or other catastrophe?
A)Credit insurance
B)Business interruption or loss-of-income insurance
C)Key-person insurance
D)General liability insurance
Q3) What are the three basic criteria that your device or invention must meet in order to be patentable?
Q4) What kind of protection is provided to the proprietor of a registered design?
Q5) List the typical duties performed by the board of directors.
Q6) What is the difference between a general partnership and a limited partnership?
Q7) Describe the three broad approaches to managing risk.
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Chapter 7: Market Feasibility Study
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Sample Questions
Q1) It is estimated that between 75 and 85 percent of new startups use some form of bootstrapping to help finance themselves.
A)True
B)False
Q2) What is meant by working capital?
Q3) In Canada,it is not mandatory for a small business to open an HST or GST account until their revenues reach:
A)$1000
B)$10,000
C)$30,000
D)$100,000
Q4) The most common source of equity financing for startup businesses is from venture capitalists.
A)True
B)False
Q5) The problem with using debt to finance business activities is that it can be difficult to service and a burden on your cash flows.
A)True
B)False
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Chapter 8: Exploring Business Ideas and Opportunities
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Sample Questions
Q1) Which of the following terms is a tweet-like message that is sent privately and can only be seen by the sender and the receiver?
A)Tweet
B)DM
C)Retweet
D)Unfollow
Q2) The essence of content marketing is:
A)To deliver specific informational material to the customer to permit you to charge higher prices for your product.
B)To strategize with others in the channel of distribution to facilitate expeditious,on-time delivery.
C)To deliver consistent,valuable information to buyers,in return for their business and loyalty.
D)To investigate as many viable content options for the production process in order to minimize costs.
Q3) Compare click-through landing pages to lead generation landing pages.
Q4) What is meant by the term "elevator pitch"?
Q5) What elements should be included in your "elevator pitch"?
Q6) Describe the eBay auction model.
Page 10
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Chapter 9: Assessing Your Potential for an Entrepreneurial Career
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Sample Questions
Q1) How should you deal with a prospective client for whom pricing is an issue?
A)Deal with this by offering the client a lower price immediately.
B)Deal with this by degrading the competitor's offering.
C)Deal with this by asking the client if the offering was identical to yours and offer to go over their proposal with them to ensure they are comparing apples to apples.
D)Deal with this by offering enhanced services and extending warranties beyond what the competitor is offering.
Q2) All of the following are listed in the Canadian Professional Sales Association's "9 Account Management Mistakes",except:
A)The buyer feels sold
B)Not enough follow-up
C)The customer feels misunderstood
D)Letting competitors outdo you
Q3) You have a meeting and sales presentation planned with an important prospective client.Where is the ideal place to position yourself in the room? Why?
Q4) The marketplace is the first stage in the prospecting funnel.
A)True
B)False
Page 11
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Chapter 10: Buying a Business
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28 Flashcards
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Sample Questions
Q1) Briefly describe the five most important financial factors you must consider before buying a business.
Q2) What might chronically low cash flow indicate?
Q3) Acquisition candidates may include present or potential competitors of your current employer,suppliers,customers,and perhaps even your present employer.
A)True
B)False
Q4) Which of the following is not one of the key marketing considerations when thinking about buying an existing business?
A)The company's trading area
B)The recent changes in the market
C)Population demographics
D)Interest rate fluctuations
Q5) Which of the following reasons for why an existing business is up for sale should concern you?
A)The owner wants to retire.
B)The owner is ill and cannot handle the responsibilities.
C)The owner wishes to pursue other interests.
D)The owner cannot raise adequate financing.
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Chapter 11: Sales
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34 Flashcards
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Sample Questions
Q1) As a growth strategy,franchising can provide you with the ability to improve your market share by increasing your number of points for distributing your product or service.
A)True
B)False
Q2) All of the following are advantages of franchising your business,except:
A)Since franchisees use their own capital you have no investment at the unit level so you can leverage the assets of these franchisees.
B)Because you have a smaller investment in the overall business,your ROI should be significantly higher.
C)Establishing franchises can enable you to grow much faster without increasing your investment or adding more employees.
D)Franchisees are less motivated since they think everything will be controlled by the owner.
Q3) In order to franchise your business,you must have a successful business concept that can be readily replicated in other locations.Describe four criteria which can assess the readiness of a company for franchising and the likelihood it will be successful as a franchisor.
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