A consumer need or want that can potentially be met by a new business.

• Business Opportunity

• Window of Opportunity

• Business Idea

The period of time you have to act on a business opportunity before it disappears

• Business Opportunity

• Timeline

• Window of Opportunity

• Want

Internal sources for creating business opportunities include (Check all that apply)

• Hobbies

• Interests

• Talents

• Money

External sources of business opportunity include all of the following except:

• Problems

• New Discoveries

• Talents

• Unique Knowledge

A business broker is

• A franchise buyer

• Someone who is licensed to sell a business

• A franchise seller

A franchisor is someone

• Who sells the franchise business

• Who buys the franchise business

• Who is licensed to sell businesses

People may choose to buy a franchise for which of the following reasons (select all that apply):

• Proven system

• Customer awareness

• Exclusive geographical areas

• Easier financing

All of these are drawbacks to buying a franchise except:

• Initial and ongoing fees

• Less entrepreneurial freedom

• Training and marketing support

Which of the following are ways to test the feasibility of your idea?

• Cost/benefit analysis

• Opportunity cost analysis

• Pro/con list

• SWOT analysis

The process of adding up all the expected benefits of an opportunity and subtracting all the expected costs.

• SWOT Analysis

• Cost/Benefit analysis

• Opportunity cost