- Identify three rewards and three drawbacks of entrepreneurial careers.
- Discuss several factors that indicate a readiness for entrepreneurship.
- Discuss the factors that make the family business unique.
- Identify management practices that enable a family business to function effectively.
- Define and list the major advantages and limitation of franchising.
- List and explain the different types and sources of startup ideas.
- Summarize four basic approaches for determining a fair value for a business.
- Define competitive advantage.
- Define market segmentation and related strategies.
- What is a business plan? Explain the need for a business plan from perspectives of both the entrepreneur and the investor. (Include the features of a business plan in your discussion)
- Describe small business marketing.
- Identify the components of a formal marketing plan.
- Describe the characteristics and value of a strong management team.
- Identify and explain the six forms of legal organization discussed in the text.
- Identify and explain the general considerations affecting the choice of a business location.
- Explain how efficiency can be achieved in the layout of a physical facility.
- Describe the purpose and content of financial statements.
- Describe the various sources of financing available to small firms.
- Explain the choice between debt financing and equity financing.
- Identify the key characteristics of consumer behavior.
- Explain product strategy and related concepts.
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