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WorksheetsStarting Versus Buying a Business
Total questions: 10
Worksheet time: 6mins
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
