Answer each question fully. Complete sentences are not necessary.

Lesson 1 (5.0 points)

1. What is a business opportunity? (1.0 points)

2. What are five things to consider when evaluating a business opportunity? (2.0 points)

3. What are four common types of changes and trends that can offer business opportunities? (2.0 points)

Lesson 2 (5.0 points)

1. What are four reasons to set a company purpose? (1.0 points)

2. What is a mission statement? (1.0 points)

3. What is a vision statement? (1.0 points)

4. What are company values? (1.0 points)

5. What are four reasons to limit the scope of a small business? (1.0 points)

Lesson 3 (5.0 points)

1. In a SWOT analysis, what are strengths? (0.5 points)

2. In a SWOT analysis, what are weaknesses? (0.5 points)

3. In a SWOT analysis, what are opportunities? (0.5 points)

4. In a SWOT analysis, what are threats? (0.5 points)

5. What are four reasons for having a business plan? (2.0 points)

6. What part of a business plan should you write last? (1.0 points)