Strategic Entrepreneurship Review

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In order for a business to generate a profit, its operating costs must be

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less than the gross margin

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Variable expenses increase in direct proportion to the

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production rates

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A disadvantage of a general partnership is that

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each partner is liable for the business's losses.

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A major advantage of a sole proprietorship is

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ease of start up.

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Joseph starts a tennis school. His former pro advises him with the school's start-up.

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The former pro is acting as a mentor

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What is often a positive result of accepting responsibility for a poor decision?

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You gain others respect.

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A reliable online source of general business start-up information: Google, University of Cincinnati's website, Small Business Administration (www.sba.gov), National Federation of Retailers

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Small Business Administration (www.sba.gov).

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An entrepreneur considers venture location and financial needs during the

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planning process.

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Emotional risks that many entrepreneurs face include: unemployment, competition, family problems, inflation.

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family problems

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Entrepreneurs often discover business start-up ideas by looking for gaps between what is currently being done and what needs to be done.

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what is currently being done and what needs to be done.