Influences Part 1

Which of the following is not a personal quality that influences SME establishment

• Qualifications

• Motivation

• Location

• Gender

Which of the following is a good motivation for starting an SME

• To make millions

• Flexibility

• To have others do the work

• To earn a stable income

True or false: An entrepreneur must be willing to take moderate risks

• True

• False

What percentage of SMEs in Australia are led by women?

• 30%

• 52%

• 76%

• 33%

Three sources of information are:

• Professional, family & competition

• Family, friends & trade associations

• Professional, Industry Agencies & Government

• Accountants, competition & employers

___________ are good sources of information for advice related to managing budgets, tax obligations and legal structures.

List three ways in which a business idea may arise

Two ways of achieving competitiveness are:

• Cost

• Choosing a good location

• Duplicating a competitors product

• Differentiation

List 4 advantages of purchasing a franchise

Describe 3 disadvantages of starting a brand new business