Business Esentials, Student Value Edition Plus 2017 MyLab Intro to Business with Pearson eText -- Access Card Package (11th Edition)
11th Edition
ISBN: 9780134796741
Author: Ronald J. Ebert, Ricky W. Griffin
Publisher: PEARSON
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Question
Chapter 3, Problem 3.12A
Summary Introduction
To determine: Whether it makes more sense to start from scratch or to buy an existing business.
Introduction:
A business is an economic system whether the goods or services are exchanged for money. Production, buying of raw materials and selling of finished goods are the works related to the business. Business is the thing which improves the people’s standard of living.
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Students have asked these similar questions
1. If someone buys a business but hires professional managers to run it so they don’t have to be involved in the operations, are they an entrepreneur?
2. Is someone an entrepreneur if they buy into a franchise so they can follow a well-established formula for running the operation?
3. Is someone an entrepreneur because of what they do or because of how they think?
What are the steps to form, establish and grow a business? Give an example of acompany that started from scratch.
What is the biggest mistake when starting up a new business and why?
Chapter 3 Solutions
Business Esentials, Student Value Edition Plus 2017 MyLab Intro to Business with Pearson eText -- Access Card Package (11th Edition)
Ch. 3 - Prob. 3.1QRCh. 3 - Prob. 3.2QRCh. 3 - Prob. 3.3QRCh. 3 - Prob. 3.4QRCh. 3 - Prob. 3.5QACh. 3 - Prob. 3.6QACh. 3 - Prob. 3.7QACh. 3 - Prob. 3.8QACh. 3 - Prob. 3.9AECh. 3 - Prob. 3.10AE
Ch. 3 - Prob. 3.11ACh. 3 - Prob. 3.12ACh. 3 - Prob. 3.13ACh. 3 - Prob. 3.14ACh. 3 - Prob. 3.15ACh. 3 - Prob. 3.16TECh. 3 - Prob. 3.17TECh. 3 - Prob. 3.18TECh. 3 - Prob. 3.19EECh. 3 - Prob. 3.20EECh. 3 - Prob. 3.21EECh. 3 - Prob. 3.22CCh. 3 - Prob. 3.23CCh. 3 - Prob. 3.24CCh. 3 - Prob. 3.25CCh. 3 - Prob. 3.26CCh. 3 - Prob. 3.27CCh. 3 - Prob. 3.28CCh. 3 - Prob. 3.29CCh. 3 - Prob. 3.30C
Knowledge Booster
Similar questions
- In evaluating whether or not to buy a franchise operation, the potential investor should as a series of questions. What questions should the potential investor ask about the franchisor, the franchise, the market, and the potential investor (him or herself)?arrow_forwardImagine yourself as a entrepreneur / founder of a business . You want to expand the business and you need capital to that do . Your potential investors need to know about , Write a paragraph on each of the following points : • You ( and your related / relevant experience ) • Your product and it's market ( source of supply , level of demand etc ) • Your business idea • The reward they might obtain from investing in your business ( financial reward , prestige etc .arrow_forwardWhy is it important to write a simple or comprehensive business plan before starting up a business?arrow_forward
- 5. Is someone an entrepreneur if they buy into a franchise so they can follow a well-established formula for running the operation?arrow_forward1. Is someone an entrepreneur if they buy into a franchise so they can follow a well-established formula for running the operation? 2. Is someone an entrepreneur because of what they do or because of how they think?arrow_forwardYou love building and fine-tuning businesssystems in order to figure out the best ways to createand deliver products, solve customer problems, and soon. After 10 years in a corporate job, you’re ready toapply this passion to your own company. You’reintrigued by the systematic approaches the world’s mostsuccessful franchising operations use to multiply theirmarket reach. Would buying a franchise be a goodchoice for you? Why or why not?arrow_forward
- If you are dealing with an existing business, how did your company get to the point where it is today?arrow_forwardShould you write a business plan even if you do not need outside financing? Why or why not?arrow_forwardDo you think an entrepreneurial venture could run without defining the specific customer of the product? Why or why not?arrow_forward
- In your initial response, please respond to the following questions: 1. Why do some businesses succeed while others fail? List and explain three main reasons why businesses fail. 2. Starting a new business from scratch can seem like a daunting proposition. Accordingly, some entrepreneurs may choose to buy a business that is already established, or purchase a franchise from a business that already has name recognition.arrow_forwardIf an entrepreneur has a good idea and his or her startup is beginning to take off, is it better to get money for growth by taking an offer of equity financing from an angel investor or taking a business loan from a bank?arrow_forwardThe process of starting a new business can be difficult, especially when you are trying to break through the fear and confusion. We live in a world where we have an endless amount of opportunities, and it can be quite overwhelming to start looking at all the different options that are available to you. You may also feel like all business ideas have been done before and that you’ll never be able to come up with something that is unique and that would be successful. From the above scenario, we realized the challenge and opportunity in creating a new business venture in UNITEN. Using your own words, justify the following QUESTIONS: 1. Justify TWO (2) challenges to be considered when coming up with a new business idea in UNITEN. 2. Provide your own VISION and MISSION to start a new venture. 3. Describe ONE (1) passion in starting the new entrepreneurshiparrow_forward
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