Business Start Up
Financial risk, stress and undesirable duties are ___________ of business ownership?
disadvantages
Someone who identifies a business opportunity and assumes the risk of creating and running a business to take advantage of it is known as a(n):
Entrepreneur
Independence, lifestyle and creative freedom are all ___________ of business ownership
advantages
Starting from _______ is the most common and riskiest option for starting a business?
scratch
Koby started a candle manufacturing company in college and is trying to distinguish his business idea from other similar ideas. His next steps are to figure out how to manufacture the candles, cheaper, faster or better than his _____.
Bad business idea, cash problems and managerial inexperience are all reasons for business _________?
failure
Innovation, Running a business and Risk taking are all characteristics of _________ activity?
entrepreneurial
Creating jobs, sparking innovation and providing opportunities are all activities of a _____ business?
Small
What is the name of the government agency that provides many kinds of support for small businesses, including information and funding assistance?
SBA
Which sector includes companies in manufacturing, construction and agriculture
Goods-producing
A business ________ identifies the goals of your proposed business and explains how these goals will be achieved.
Plan
Entrepreneurs always work with a degree of uncertainty, and can’t know the outcomes of many of the decisions they have to make. This is known as ______ taking.
Risk
Finding new ways of doing old things, offering appealing environments, fast decision making and focused research programs are all examples of why small business are so __________?
Innovative
The riskiest form of business ownership.
Starting From Scratch
A group of companies that compete with one another and sell similar products is a(n):
Industry
A royalty fee is typically required when buying a franchise. In addition to one’s initial investment, the owner will be required to pay fees on a monthly basis for continued support from the franchiser and the right to keep using the company’s trade name. A typical royalty fee might range from 3- ___%?
12%
In contrast to entrepreneurs many people either start or buy a ________ business for the sole purpose of providing an income for themselves and their families. They do not intend to be particularly innovative or expand significantly.
Small
Three ways you can become a small business owner.
1.Starting a new business
2. Buying an existing one
3. Obtaining a franchise
Right to use a company’s brand name and sell its products and help in picking a location are advantages of?
Franchises
The 2 broad types of industries or sectors include goods and _______?
Services
The money that you’ll need to get your business off the ground.
Financing
Being independently owned and operated, exerting little influence in its industry and having fewer than five hundred employees are all characteristics of a _______ business?
Small
Already have a proven product, current customers, active suppliers, a known location, and trained employees are all advantages of busing an ________ business?
Existing
Information and funding assistance, help with management and technical-service tasks, online courses, training programs and individualized advice are services provided by?
SBA
Current breakdown of small businesses in the United States includes _____% goods-producing sector and ______% service sector
20%, 80%