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3 ENTREPRENEURSHIP Flashcards | StudBud

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In which section of the business plan do you explain your business and what you wish to accomplish?

Which of the following is NOT a disadvantage of franchising?

3 ENTREPRENEURSHIP

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Questions 7

Answers

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