busmanag_hw3_keagle - Tom Keagle 70-101 Ramirez HOMEWORK#3...

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Unformatted text preview: Tom Keagle 70-101 - Ramirez HOMEWORK #3 Chapter 3 Review 1,3,6 Analysis 7 1. Small businesses are important to the US economy because most of the US workers are employed by small businesses. Their main contributions are job creation, innovation, and contributions to big businesses. Small businesses are more likely to innovate than corporations and many big businesses outsource their work and products to small businesses to be sold so small businesses are vital to the US economy. 3. The business plan is where the business strategy and technique for implication of the strategy for the new business. The key components of the business plan are the setting of goals and objectives, sales forecasting, and the financial planning. It describes the match between the entrepreneur's abilities and the needs of the company. Also, it must use sound logic and market research to demonstrate the means to which the new company will compete and succeed. Then it must show the entrepreneur's plan to turn activities into dollars and include an income statement, balance sheet, breakeven chart, and...
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