Becoming an Entrepreneur

A business chartered by the state that legally operates as a separate entity from the owner is 

The three legal forms of business ownership are ___.

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

A proven product, established management systems, and customer goodwill are 3 advantages of __.

An existing business can be for sale because ___.

The expenses involved in going into business, such as purchasing equipment is called ___.

Entrepreneurs are self-motivated and recognize opportunities around them.

The loyalty of customers to a business is called ___.

Franchises tend to have better success rates than non-franchised businesses.

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

A document that outlines specific information about your product, location and marketing info 

A business completely owned by one person is called a _____.

A legal arrangement where two or more people share ownership of a business is called a ___.

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

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

Location is not important for a business.

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

Before buying an existing business, you need to identify if the problems can be fixed.

Buying an existing business _____.

What must a person have to recognize needs that are not being met?

A disadvantage to joining a family business is that _____.

A business' success depends on 4 key factors: financing, location, management and ___.

A business plan describes the start-up costs & operating expenses of a new business.

If you borrow money from a bank to finance a business, you must submit a business plan and a 

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

The advantages of being an entrepreneur are _____.

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