1. Which of these types of startup situation is the one most liked by a bank loan manager? *1 point

Buying an existing business

Buying into a franchising system

Starting a "new business-new idea" company

Starting a "new business-old idea" company

2. If you're looking to buy an existing business that's for sale, you might choose to work with a business _________. *

1 point

Your answer

3. The three most important sections in a business plan for a new restaurant would be: *

1 point

Executive Summary

Marketing

Operations

Financials

This is a required question

4. A franchise is best suited to an entrepreneur with ideas about how to improve the franchise system. *

1 point

True

False

5. Using Dave Snowden's Cynefin model, we call the progression of a "new-new" startup from idea to established, profitable company the Entrepreneur's ____________. *

1 point

Your answer

6. When writing a business plan, it's most important to: *

1 point

Once you've hooked the reader, keep the flow going so they keep reading.

Promise exciting returns to the investor in the financial projections.

Demonstrate at all times that you've done extensive e research and planning.

Assemble a team of well-known names in the business community to build the reader's confidence.

7. Which of these are essential skills or traits for the budding entrepreneur to have? *

1 point

Decisiveness

Team-building

Management experience

Financial analysis

8. Which stage (in Cynefin) is the company in when it ships its first product? *

1 point

Chaotic

Complex

Complicated

Smiple/Obvious

9. The evolution and refinement of a new technological application at the heart of your "new idea" takes place via safe-to-fail experimentation that explores options and finds out which pathways to build upon. *

1 point

True

False

10. Just before leaving the Complex domain for the Complicated domain on the Entrepreneur's Journey, the entrepreneur should use the progress made to raise significant amounts of ___________ to carry the company through the next phase. *

1 point

Your answer

11. When making an offer to buy an existing business, the price you offer should take into account the actual value of the assets plus the ______________ of the existing customer base. *

1 point

Your answer

12. The founders of the company appear on its incorporation application; employees do not. *

1 point

True

False

13. Which of these cannot invest $1,000 in your new company? *

1 point

An extended family member associated with an employee.

A founder's best friend.

A stranger you meet at a diner who talks briefly with you and likes your idea.

A stranger with a net worth of over $1 million and at least $250,000 in cash.

14. An entrepreneur can lose control of her/his own company by having to raise too much money relative to the value of the company. *

1 point

True

False

15. If you can't handle ___________, you shouldn't be an entrepreneur. *

1 point