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3 ENTREPRENEURSHIP Flashcards | StudBud

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Which of the following is NOT a disadvantage of franchising?

What is the advantage to starting a business from scratch instead of buying an existing business?

3 ENTREPRENEURSHIP

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Answers

1
What is the advantage to starting a business from scratch instead of buying an existing business?
There are no ill-effects from the previous owner.
There is a proven ability to attract customers.
There is a clearer picture of what to expect in terms of start-up.
Profit is generated sooner.
2
Which of the following is NOT a disadvantage of franchising?
royalty fees
brand recognition
competition
3
A __is a formal document that states the goals of the business as well as the intended process for reaching those goals.
strategy
vision statement
prospectus
business plan
4
In which section of the business plan do you explain your business and what you wish to accomplish?
Management and key personnel
Operations plan
Mission and objective
Marketing strategy
5
What is considered to be a significant disadvantage of owning a franchise?
Start-up costs
Difficulty obtaining loans
Operational guidelines
Competition
6
Highlight the contributions small businesses make to the economy.
they can react to market changes more quickly than larger companies
they are mostly launched with more financial backing than larger companies
they have a wider focus compared to larger companies
they are more bureaucratic compared to larger companies
7
Which of the following is an advantage of buying into a franchise system?
It requires very little risk.
It requires the owner to establish brand recognition from scratch.
It comes with a workforce.
It comes with an established business system.