Chapter 3 WORKSHEET (12pts) - Chapter 3 Entrepreneurship...

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Chapter 3: Entrepreneurship, New Ventures, and Business Ownership WORKSHEET (12 pts) Pgs. 58-82 1. Describe entrepreneurs: Business person who accepts both the risk and the opportunities involved in creating and operating a new business venture. 2. What is a business plan? Document in which the entrepreneur summarizes his or her business strategy for the proposed new venture and how that strategy will be implemented. What is the real benefit of a business plan? The fact that in the act of preparing it, the would-be entrepreneurs must develop the business idea on paper and firm up his or her thinking about how to launch it before investing time and money. 3. Name the three steps in a business plan: -setting goals and objectives -sales forecasting -financial planning 4. Do the experts recommend buying an existing business or starting from scratch? Most experts recommend buying an existing business if it’s already well-established and successful.
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Unformatted text preview: 5. The most signifcant recent trend is the rapid emergence oF: electronic commerce 6. The biggest advantage oF corpora±ons is: limited liability 7. Corpora±on can be classifed as either: public or private 8. What is the major disadvantage oF sole proprietorships? Unlimited liability, sole proprietors are held personally responsible for all debts incurred by the business. 9. In a partnership, what is a silent partner? A partner that invest all of the funds for the business but has not part in the management of it. 10. What is the most striking advantage oF general partnerships? Ability to grow by adding new talent and money 11. What is the greatest drawback oF a general partnership? Unlimited liability 12. Why do groups of sole proprietorships or partnerships agree to work together in cooperaTves? Because it combines the freedom of sole proprietorship with the Fnancial power of corporaTons....
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  • Spring '14
  • Business Law, Corporation, Types of companies, Legal entities, new ventures

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