Chp 4 - Entrepreneurship

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What are Basic Business Skills?

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Basic Business Skills are fundamental skills that help entrepreneurs understand and manage various aspects of a business, including finance, marketing, and operations.

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Why do people become entrepreneurs?

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People become entrepreneurs to be in charge of their own business, make independent decisions, and pursue their passions.

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What is a franchise?

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A franchise is a business model where an individual (franchisee) purchases the rights to operate a business using the branding and business model of an established company (franchisor).

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What skills are necessary for creating financial statements?

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Math skills are necessary for creating financial statements as they involve calculations, data analysis, and financial reporting.

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True or False: In the United States, nearly as many small businesses close as begin each year.

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True.

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What is entrepreneurship?

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Entrepreneurship is the process of starting and running a new business, typically involving risk and innovation.

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What is the role of decision-making skills in entrepreneurship?

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Decision-making skills are crucial for entrepreneurs as they need to make informed choices that affect the direction and success of their business.

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What are some common challenges faced by entrepreneurs?

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Common challenges include securing funding, managing cash flow, competition, and navigating regulations.

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What is a business plan?

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A business plan is a formal document that outlines the goals, strategies, and financial projections of a business.

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What is the importance of market research for entrepreneurs?

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Market research helps entrepreneurs understand their target audience, industry trends, and competitive landscape, enabling informed business decisions.