Ch.1 Sec.3 Becoming an Entrepreneur

The advantages of being an entrepreneur are _____.

B.) Flexibility, independence, and salary potential

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 _____.

B.) Sight and foresight

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

B.) Start-up costs

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

C.) Buying a franchise

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

C.) Doesn't have experience developing management systems

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

C.) Ignore customer satisfaction

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

C.) Sight and foresight, decision making, and motivation

An existing business can be for sale because _____.

D.) All of the above

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

False

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

True