Entrepreneur Unit 7th Grade

Pro to buying an existing business

• Fully trained staff

• Potential lawsuit

• Existing advertising

• Long hours

Cons to buying an existing business

• Established business

• Long hours

• Cost of purchase

Pros to starting a new business

• Freedom to try something new

• Time-consuming

• Stress

• Flexible hours

Cons to starting a new business

• Profits

• High startup costs

• Little or no income to start

• Possibility of failure

Place entrepreneurs go for help

• •Internet

• •home

• •Small Business Administration (SBA)

____________Operates out of an entrepreneur’s home

• SBA

• Home based business

• Pizza Hut

_____________is someone who

takes a risk in starting a business

to earn a profit.

• entrepreneur

• entrepreneurship

• business plan

Personal Characteristics of Successful

Entrepreneurs

• Competitive

• Energetic

• Leadership

• Faithful

____________is an invention or creation

that is brand new.

• improvement

• innovation

• business plan

______________a designed change

that increases the usefulness of a product,

service, or process.

• improvement

• innovation

• business plan