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11 Cards in this Set
- Front
- Back
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What are some benefits of being a small business owner?
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Independence, financial rewards, lifestyle, learning opportunities, creative freedom, using your own skills.
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What are some disadvantages of being a small business owner?
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Financial risk, stress, time management, performing undesirable duties
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What does a franchise contract consist of?
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Includes a franchise fee and royalty
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What is a franchise?
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Branded product/service, assigned territory, supplies, financial aid, training/procedures, and monitoring
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What are some advantages of a franchise?
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Recognized name/product, help in start-up, advertising, on-going support
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What are some disadvantages of a franchise?
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Expensive, franchiser's rules, franchiser may not follow through (fraud)
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Where do small businesses get funding?
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Personal savings, family and friends, banks, Firms (venture capitalists), angels (individuals), micro lenders, crowdfunding (like kick-starter or kiva)
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What is a business plan comprised of?
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Executive summary
Description of business/industry Management plan Goods/services Development and Production Marketing Global Issues Financial plan Appendices (also a selection of risks) |
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What is a business plan?
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A document that identifies the goals of your company and explains how they will be achieved.
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What is an incubator (government assisted program)?
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Government funded source for shared office space
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What are the reasons why small businesses fail?
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Bad business idea
Cash problems Inexperience or incompetence Lack of customer focus Inability to handle growth |
