Becoming an Entrepreneur Answers

A business chartered by a state that legally operates as a separate entity from the owner(s) is called _____.

Buying an existing business _____.

An existing business can be for sale because _____.

A proven product, established management systems, and customer goodwill are three advantages of _____.

Buying a franchise might be a good decision for someone who _____.

Franchises tend to have better success rates that non-franchised businesses.

The expenses involved in going into business, such as buying a space and purchasing equipment, are examples of _____.

In order for a teen to have a successful business, they must to do all of the following EXCEPT _____.

Jefferson is interested in starting his own business. He plans to borrow money from the local bank in order to finance the business. They will require him to submit a business plan and a(n) _____.

Entrepreneurs are self-motivated and recognize opportunities around them.

In order for a person to recognize needs that are not being met and make a career out of fulfilling unmet needs, that person must have _____.

An entrepreneur’s life has few challenges, few risks, and minimal rewards.

Location is not important for a business.

The advantages of being an entrepreneur are _____.

A business’ success depends on four key factors: financing, location, management, and _____.

The three traits an entrepreneur must possess to be successful are _____.

If you purchase a franchise, you get to keep all of the profits you make.

Taking over a family business can help to maintain the goodwill of the customers.

A disadvantage to joining a family business is that _____.