Entrepreneurship (Chapter 4)

Start-up Costs:

• expenses involved in going into business

• the potential for future sales

• the costs of doing business

• document describing the start-up costs and operating expenses of a new business

Market Outlook

• the potential for future sales

• the costs of doing business

• document describing the start-up costs and operating expenses of a new business

• the loyalty of customers to a business

Operating Expenses:

• the costs of doing business

• the loyalty of customers to a business

• contract to use something for a specified period

• income from sales

Financial Plan:

• document describing the start-up costs and operating expenses of a new business

• contract to use something for a specified period

• expenses involved in going into business

• income from sales

Income Statement:

• document that shows how much a business has earned or lost

• expenses involved in going into business

• the potential for future sales

• contract to use something for a specified period

Goodwill:

• the loyalty of customers to a business

• contract to use something for a specified period

• expenses involved in going into business

• the costs of doing business

Lease:

• contract to use something for a specified period

• the costs of doing business

• the potential for future sales

• income from sales

Revenue:

• income from sales

• expenses involved in going into business

• the costs of doing business

• document that shows how much a business has earned or lost

One disadvantage of entering a family business is:

• you can't leave work by going home

• financing is especially difficult

• less job satisfaction

• high start-up costs

Location would be an especially important factor in the success of a:

• gas station

• fast-food restaurant

• grocery store

• all of the above.