Bundle: Foundations of Business, 4th + MindTap Introduction to Business, 1 term (6 months) Access Code
4th Edition
ISBN: 9781305242579
Author: William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher: Cengage Learning
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Chapter 5, Problem 1DQ
Summary Introduction
To determine: The steps to take in order to protect from business failure.
Introduction: A small business administration is an autonomous organization of the United States government that secures the interests of independent or small business ventures and guarantees that they get a decent amount of government contracts.
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Chapter 5 Solutions
Bundle: Foundations of Business, 4th + MindTap Introduction to Business, 1 term (6 months) Access Code
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- 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_forward1. 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?arrow_forwardWhy is it important to write a simple or comprehensive business plan before starting up a business?arrow_forward
- Why does the business go bankrupt? What do you think are the main reasons for the failure of many businesses, especially micro and small-scale enterprises? What can be done to keep small businesses viable and to increase their chances of growing bigger and stronger?arrow_forwardHow can small businesses compete with big businesses that sell similar goods and services?arrow_forwardexplain briefly How does the entrepreneurial mindset and skillset contribute to personal and professional growth, even if a venture does not succeed?arrow_forward
- What advice would you offer an entrepreneurial friend who has just suffered a business failure?arrow_forwardWould you prefer to start and organize an entirely new business than buy an existing firm? Discussarrow_forwardWhich form of business is generally most costly to set up but offers the most personal protection? a) Sole proprietorship b) Partnership c) Corporation d) Franchisearrow_forward
- You have just graduated from the MBA program of a large university, and one of your favorite courses was “Today’s Entrepreneurs.” In fact, you enjoyed it so much you have decided you want to “be your own boss.” While you were in the master’s program, your grandfather died and left you $1 million to do with as you please. You are not an inventor, and you do not have a trade skill that you can market; however, you have decided that you would like to purchase at least one established franchise in the fast-food area, maybe two(if profitable). The problem is that you have never been one to stay with any project for too long, so you figure that your time frame is 3 years. After 3 years you will go on tosomething else. You have narrowed your selection down to two choices: (1) Franchise L, Lisa’s Soups, Salads, & Stuff, and (2) Franchise S, Sam’s Fabulous Fried Chicken. The net cash flows shown below include the price you would receive for selling the franchise in Year 3 and the forecast…arrow_forwardThe majority of people who start a small business are aware of the high failure rate and what are the factors that contribute to it?arrow_forward
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