When Creating a New Business,the First Step Is To

question 65

Multiple Choice

When creating a new business,the first step is to:

• A)write a business case or plan.
• B)acquire financing needed to make the business successful.
• C)investigate all existing opportunities.
• D)identify a consumer or business need that isn't presently being met.

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Definitions:

Profit-Making

The primary goal of most businesses and enterprises, which involves generating revenue in excess of its expenses to gain financial profit.

William Henry Harrison

The ninth President of the United States, whose term in 1841 was famously brief, lasting just one month before he died of pneumonia.

American System

An economic plan that emphasized high tariffs, a national bank, and federal subsidies for roads, canals, and other infrastructure projects to foster national growth and unity in the early 19th century.

Panic of 1837

A financial crisis in the United States triggered by a speculative fever, leading to bank failures, bankruptcies, and a five-year depression.