Question $4$

How is SMART goal setting a tactic for getting things done?

You can set up several attainable goals over a period of time to build a more complex plan.

The SMART goals are arranged in order of likelihood of success or failure.

The concept aligns with the required components of a business plan.

The goals start over with the most complex and are broken down into smaller parts.

Difficulty: Moderate

$2\mathrm{.}5$ points

Question $5$

Which of the following is the type of agreement between an individual and a company that states that inventions belong to the company?

noncompete agreement

nondisclosure agreement

patent agreement

work$-$for$-$hire agreement

Difficulty: Easy

$2\mathrm{.}5$ points

Question $6$

Why should you develop the vision statement before the mission statement?

The vision statement is focused on the customer, not the product.

The vision statement is the only one included in the business plan.

You need to be able to state the venture$$s broader purpose and what it can become.

Investors are more concerned with the vision rather than the mission.

Difficulty: Moderate

$2\mathrm{.}5$ points

Question $7$

Why does an organization need a strong mission statement?

It ensures the business will be successful.

It helps prioritize action steps and guides decisions.

It is necessary to secure funding.

It states your aspirational goal.

Difficulty: Moderate

$2\mathrm{.}5$ points

Question $8$

Why is creating a vision statement an important step in the entrepreneurial process?

It will secure enough funding to begin selling products.

It is the elevator pitch you make to investors.

It is required to include in all business plans.

It can remind people what they are capable of in their market

Difficulty: Moderate

$2\mathrm{.}5$ points

Question $9$

The primary purpose of the pitch is to $\_\_\_\_\_\_\_\_.$

advertise new products

ask for something

find employees

inform customers

Difficulty: Moderate

$2\mathrm{.}5$ points

Question $10$

When pitching to investment firms, you should focus most on $\_\_\_\_\_\_\_\_.$

concrete numbers showing viability

creating and retaining jobs

why they are needed on the team

where the business will be located