ENTREPRENEURS
ADVANTAGES AND DISADVANTAGES
GOING INTO BUSINESS
OWNING A BUSINESS
SUCCEEDING IN BUSINESS
100
What is an Entrepreneur?
What is a person that organizes and runs his/her own business.
100
Name one advantage of Entrepreneurship
What is Great job satisfaction
100
Name the four main ways to go into business.
What is 1) Start a new business 2) Buy an existing business 3) Buy a franchise 4) Join a "family business"
100
What are some of the disadvantages of buying an existing business/
What is 1) The location may be poor 2) the market out-look for potential sales may be low 3) The building or equipment may need extensive repairs 4) The business may have a poor reputation
100
What are the three basic forms of legal ownership
What is 1) sole proprietorship (Business completely owned by one person) 2) Partnership (Two or more people share ownership) and 3) Corporation (Chartered by a state that legally operates apart from the owner(s). the owners buy shares or parts of the company)
200
What two things must an entrepreneur do to make a business succeed?
What is 1) make good dicisions 2) find inventive soulutions to problems
200
What is second advantage of Entrepreneurship?
What is Entrepreneurship can lead to a good income
200
What is oneof the major challeges for a person starting a new business.
What is "Start-up cost" (The expenses involved in going into business) are usually high
200
what are some of the advantages of ouwing a franchise?
What is 1) A recognized product 2) Established proocedures and management systems 3) Business reputations and goodwill4) 5) Training and support services 6) financing
200
What will one need to get money to start a business?
What is 1) business plan 2) financial plan
300
What are the three traits of all successful entrepreneurs?
What is 1) motivation 2) sight and foresight 3) good decision making skills.
300
What is a third advantage of Entrepreneurship?
What is "You are in charge."
300
Give three examples of expenses included in start-up cost.
What is 1) rent or buying 2) Buying equipment, 3) office supplies 4) Buying insurance
300
what are the disadvantages of buying a franchise
What is 1) A portion of your profits go to the parent company 2) You must follow the parent companies guidelines 3) Less personal satisfaction (because you did not start the company)
300
What is a financial plan?
What is financial plan spells out your start-up cost and operating expenses (the cost of doing business for the first few months)
400
What percentage of the American business world does " Small Businesses" represent. these are businesses wiwth 500 emplyees or less.
What is 99%
400
Name two disadvantages of entrepreneurship.
What is 1) financial risk 2) Entrepreneurs work long hours
400
What are four challeges new entrepreneurs face when starting a new business?
What is 1) Requires more time and effort then buying an established business 2) Start-up cost are often high 3) T borrow money you have convince lenders that your business idea is sound 4) there are no guarantees that your business will succeed.
400
What are the three advantages of owning a family business
What is 1) relatives help you 2) family member tend to be loyal 3) Relatives can teach you the business 4) working as a team can achieve more than as individuals
400
What is a business plan?
What is business plans give specific informationabout your business (describes the product and states where your business will be located; how many employees you will have; the salaries of the employees.
500
What is the greatest challege to an aspiring entrepreneur?
What is 1) planning a new business enterprise 2) making it succeed.
500
Name two more disadvantages of entrepreneurship
What is 1) competition can be difficult to overcome 2) there are no guarantees of success. almost half of all new businesses fail within the first four years.
500
What are one advantage and one disadvantage of buying an existing business?
What is 1) One advantage is that if the business has succeeded you have the "goodwill" of the customers 2) You can save on start-up cost by taking advantage of the previous owner's agreements. 3) You can purchase existing office furniture
500
Potential disadvantage of owning a family business
What is difficulties at work can affect family relationships
500
What financial records will you need to keep for your business if you are to receive additional financing?
What is 1) Income statement (shows your revenue or income from sales-gross profit and net profit 2) balance sheet (Summarizes the businesses assets, liabilities, and owners equity 3) Cash flow statement (Monthly plan showing when you anticipate cash coming into yur business and when you expect to dispense cash) It helps you see if you have enough money to pay bills
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