Unit 2 Review Flashcards

Front

Consumer need or want that potentially can be met by a new business

Back

Business Opportunity

Front

Franchise Buyer

Back

Franchisee

Front

Something that people must have to survive, such as water, food, clothing, or shelter

Back

Need

Front

Business arrangement in which an established company sells the right for others to use the company's name and operating plan to sell products or services

Back

Franchise

Front

Product or service that people desire

Back

Want

Front

Period of time in which you have to act before a business opportunity is lost

Back

Window of opportunity

Front

A legal document in which a person or group agrees to keep certain information confidential.

Back

Non-disclosure agreement

Front

Business evaluation method that draws its name from the four areas it evaluates: Strengths, Weaknesses, Opportunities, and Threats

Back

SWOT Analysis

Front

Risk in which potential costs and benefits are carefully considered before starting a business

Back

Calculated Risk

Front

Process of adding up all the expected benefits of an opportunity and subtracting all of the expected costs

Back

Cost/Benefit Analysis