Chapter 3 REVIEW QUESTIONS - Success hard work drive and...

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Chapter 3: Entrepreneurship, New Ventures, and Business Ownership REVIEW QUESTIONS 1-4 Pgs. 82 1. Why are small businesses important to the U.S. economy? They are a source of new and often well-paid jobs. 2. Which industries are easiest for start-ups to enter? Which are hardest? Why? Electronic commerce is the easiest because now internet is the new way most people do business. Small businesses are often harder because they are not always aimed to grow. 3. What are the primary reasons for new business failure and success? Failure: managerial incompetence or inexperience, neglect, weak control system, and insufficient capital.
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Unformatted text preview: Success: hard work, drive, and dedica³on, market demand for the products or services being provided, managerial competence, and luck. 4. What are the basic forms of noncorporate business ownership? What are the key advantages and disadvantages of each? Sole proprietorship-Advantage is the freedom to run the business any way you want but the disadvantage is unlimited liability. Partnership-Advantage is the ability to grow but the disadvantage is the unlimited liability. Corpora³on-Advantage is limited liability but the disadvantage is the complica³on of transferring ownership....
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