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The Challenges of Starting a Business
- Define entrepreneur.
- Describe the three characteristics of entrepreneurial activity.
- Identify five potential advantages to starting your own business.
- Explain the differences among three types of start-up firms.
- Define a small business.
- Explain the importance of small businesses to the U.S. economy.
- Explain why small businesses tend to foster innovation more effectively than large ones.
- Describe some of the ways in which small companies work with big ones.
- Describe the goods-producing and service-producing sectors of an economy.
- Identify the industries in which small businesses are concentrated.
- Summarize the advantages and disadvantages of business ownership.
- Explain what it takes to start a business.
- Evaluate the advantages and disadvantages of several small business ownership options—starting a business from scratch, buying an existing business, and obtaining a franchise.
- Discuss the importance of planning for your business, and identify the key sections of a business plan.
- Discuss ways to succeed in managing a business, and explain why some businesses fail.
- Identify sources of small business assistance from the Small Business Administration.