Becoming an Entrepreneur

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

F

Location is not important for a business.

F

Entrepreneurs are self-motivated and recognize opportunities around them.

T

An existing business can be for sale because _____.

all of the above

Buying an existing business _____.

allows the owner to build upon the goodwill of previous customers

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

competition

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

corporation

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

doesn't have experience developing management systems

A person who organizes a business and then runs it is called a(n) _____.

entrepreneur

A disadvantage to joining a family business is that _____.

family relationships may be negatively affected

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) _____.

financial plan

The advantages of being an entrepreneur are _____.

flexibility, independence, and salary potential

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

ignore customer satisfaction

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

sight & foresight, decision making, and motivation

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 _____.

sight and foresight