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entrepeneur chapter 4

ways to become an entrepreneur
purchase an existing business
ways to become an entrepreneur
enter a family business
ways to become an entrepreneur
start your own business
business broker
a person who sells businesses for a living
advantages of buying a existing business
existing business already has customers, suppliers, and producers
advantages of buying a existing business
the seller may train the new owner
advantages of buying a existing business
there are prior records of revenues, expenses, and profits.
disadvantages of buying a existing business
business may not be making any money
disadvantages of buying a existing business
you may inherit serious problems
disadvantages of buying a existing business
capital is required
disadvantages of buying a existing business
poorly located
the owner of a business may sell the business because of insufficient sales or profits.
true
a valuator
helps determine a price to offer for a business and can write a sales contract.
when buying an existing business, you should analyze financial accounting report of operations for at least
3 years
Franchise
A legal agreement that gives an individual the right to market a company’s products or services in a particular area.
Franchisee
the person or company that purchases a franchise agreement
franchisor
the person or company that offers a franchise for purchase.
initial franchise fee
The fee the franchise owner pays in return for the right to run the business.
start up costs
the costs associated with beginning a business
royalty fees
weekly or monthly payments made by the owner of the franchise to the seller of the franchise
advertising fees
fees paid to support television, magazine, or other advertising of the franchise as a whole
advantages of owning a franchise
you are provided with an established product or serivce
advantages of owning a franchise
franchisors offer management, technical, and other assisstance
advantages of owning a franchise
euipment and supplies can be less expensive
advantages of owning a franchise
a guarantee of consistency attracts customers
disadvantages of owning a franchise
franchises can cost a lot of money and cut down on profits
disadvantages of owning a franchise
owners of franchises have less freedom to make decisions than other entrepreneurs
disadvantages of owning a franchise
franchisees are dependent on the performance of other franchisees in the chain
disadvantages of owning a franchise
the franchisor can terminate the franchise agreement
Advantages of owning your own business
complete control to make your own decisions about everything
disadvantages of owning your own business
complete control to make your own decisions about everything
the owner of a franchise must pay a weekly or monthly royalty fee to the seller of the franchise
true
sole proprietorship
a business owned and operated by one person.
partnership
legal agreement between two or more people to be responsible for a business
general partnership
partners share equal liability in the profits and losses of the business
limited partnership
A partnership where each partner is liable for the debts only up to the amount of the investment.
corporation
a business that is chartered by a state and legally operates apart from the owner
S corporation
Corporation that gives small business owners limited liability protection, but taxes company profits only once, when they are paid out as dividends.

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