Lesson 1.1
Poor Work Ethics, lack of time management, Unable to delegate
Weaknesses for an entrepreneur
buy and resell a variety of non-competing products or services
Licensors
an unincorporated business with one owner
Sole Proprietorship
Sets the strategic direction of a business
Chief Executive Officer
Will help you to understand who they are, what challenges they face, and what they require
Empathize with your customers
Knowledgeable of product, self-reliant, confident, passionate, and ambitious
Positive traits of an entrepreneur
Replacement of outdated technology and Financial liabilities from the previous owner
disadvantages of buying an existing business
the simplest form of business with more than two owners.
Partnership
is responsible for the company’s entire operations
Chief Operating Officer
A ______ problem statement will act as your compass to guide and set goals for your business.
defined
Use Scheduling Software & Establish clear priorities
ways an entrepreneur can compensate for a time management weakness.
In a ________ agreement owners receive support from a larger company.
Franchise
All members agreeing to be responsible for the business’s debts, called unlimited liability.
General Partnership
Oversees all business and financial operations.
Chief Finance Officer
brainstorming in a judgment-free environmen
Ideate
If an entrepreneur is having difficulty carrying too much workload they may decide to bring on a _____________ to share financial responsibility and support various operational aspects of the business
Partner
A __________ or multi-level marketing business sells a company's products and services in addition to recruiting other representatives to do so
Network
Must have at least one general partner who assumes responsibility for all the debts of the business
Limited Partnership
responsible for all computer-related information technology within an organization.
Chief Information Officer
Designers take the information gathered from the research and analysis and create an initial model called a _______
Prototype
True or False
Entrepreneurs are entitled to a steady paycheck because they are responsible for ensuring sufficient cash flow for the business to operate and succeed
False
buy and resell a variety of non-competing products or services
Distributorship
It is different from the other types because it is taxed separately from its shareholders.
C Corporation
traditionally responsible for overseeing the financial health and operational performance of their particular business unit (department)
Senior Managers/Supervisors
The process of _______ will reveal whether the problem has been solved or whether further refinements are necessary
Testing