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Starting a New Business Essay

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					Mgmt. 4550 -A Exam 2/3 Essay Review Questions D. Howard 6 /16/04


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Essay

     1.   Identify the four objectives of preparing a written plan prior to starting a new venture.

     2.   Identify the various users of business plans and show how a plan is useful to each.

     3.   Discuss the features of business plans that make them attractive or unattractive to prospective investors.

     4.   List the key elements that make up the financial plan component of the business plan and identify important
          considerations in the construction of the financial plan.

     5.   Define the term market and explain the key ingredients of that definition.

     6.   What are the major elements of the formal marketing plan and what is the purpose of each of these elements?

     7.   Identify the six forms of legal organization discussed in the text.

     8.   What are the rights of stockholders in a corporation?

     9.   What is the principal advantage of an S corporation, and why is it given this name?

     10. In deciding on the location for a business, the entrepreneur must consider five major factors. Identify these
          factors and briefly summarize the impact each factor has on the entrepreneur’s decision.

     11. List and explain the attractions and challenges of operating a home-based business.

     12. Name and define three categories of assets.

     13. What four variables drive the amount of profit a company earns?

     14. What are the principles that govern the firm’s financing?




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