ITB XHS Basics of Entrepreneurship

a disadvantage of this business is that the owner is responsible for all debt

______ is where an owners financial liability is limited to a fixed sum amount.

_____ is an intangible product that is carried out by a process or activity

An advantage of this business is that the owner gets all the profits

A type of business with two or more owners that share liability

This business personality can be impulsive, quickly lose focus, prone to making snap decisions. Is in it for the money.

_________ is another name for a business

Loves to build the business. The type of business is lessimportant than the fact that it can be built to conquer.

Doesn’t plan to be an entrepreneur; the business popped uparound an idea. Motivated by the impact of product/service.

A type of business that has only one owner

________ is a tangible product that can be consumed

Good and services are

Process of recognizing a need in a market to open a business & gathering all resources to do so

The person who organizes a business, taking on the financial risk that is involved.

An advantage to this type of business is that decision making is shared between owners.

A type of business where stock of ownership is involved by a group of owners

An advantage of this business type is that shareholders are only liable up to their investment

_____ is a tangible product

Which is a unique factor of an Entrepreneur?

____ is a intangible product

Develops a skill; builds a business around skill. Business based on expertise and ability to deliver a product/service.

Which is a unique factor of an Entrepreneur?

Which is a characteristic of a successful entrepreneur?

Which business type is easier to start up?