Starting Versus Buying a Business

Beliefs and principles you choose to live by:

• Priorities

• Rewards

• Values

• Objectives

Goals that you are trying to achieve:

• Values

• Goodwill

• Challenges

• Objectives

The greatest advantage of a family business is the _________ and togetherness that family members share.

• Arguments

• Trust

• Aggravation

• Frustration

Starting a new business requires more time and effort than opening a franchise.

• True

• False

Instead of starting a new business, you could enter a ______________ or buy an existing business.

• Franchise

• Family Business

• Corporate Venture

• Strategic Alliance

How can you avoid conflict when entering a family business?

• Establish clear lines of responsibility

• Have a good relationship with shareholders members

• Keep decisions unaffected by personal emotions

• Respect individual family members’ needs

What you need to think about before starting your own business?

• Motivation

• Risk level

• Desired Profit & income

• Required Capital

What are advantages of a franchise?

• Employees are hired

• The Franchisee gets on going quality support

• High risk

• Benefits from marketing and national advertising effort

What are things you need to keep in mind before buying an existing business?

• The business has bad reputation

• The business has high debt & financial liability

• Does the business have on going quality support

• Shareholders status

All of the following are advantages of buying a business except:

• Procedures are already established

• The company already has customers

• The equipment are already in place

• Profit is guaranteed