From Exploring Business v3.0 Karen Collins

es Mailings Review View ABCDE Aa Bbcode AaBbCcDc ABCDE AaB No Spacing Heading 1 Heading 2 Normal ad improvements, choose Check for Updates 2 2 WHAT IS AN ENTREPRENEUR? Define entrepreneur" in your own words Describe the 3 characteristics of entrepreneurial activity? 2.3 THE IMPORTANCE OF SMALL BUSINESS TO THE U.S. ECONOMY How "small" is small business.? If a substantial number of small businesses suddenly closed in the U.S., would anyone care? Would it impact our economy? List who would be affected and how? 2.4 WHAT INDUSTRIES ARE SMALL BUSINESSES IN? Why are most small businesses found in the service-producing sector? Identify 5 service- producing small businesses that you give your business to? What kinds of small businesses are found in the goods-producing sector? Identify at least 3 small goods producing small businesses that you give your business to 2.5 ADVANTAGES AND DISADVANTAGES OF BUSINESS OWNERSHIP 1. First, identify five advantages of small-business ownership. Next, rank these advantages according to their importance to you. Why did you rank them as you did? What factors discourage individuals from small-business ownership? Indicate which of these factors might discourage you from starting a business. Explain why. 2. Because you're convinced that the best way to get rich is to work for yourself, you're thinking about starting your own business. You have an idea and $100,000 that you just inherited from a great-aunt. You even have a location: Palo Alto, California, which (according to a Forbes magazine article) is the best place in the United States to get rich. But there's a downside: to move to California and start your own business, you'll have to drop out of college. What financial risks should you consider in making your decision? What are your chances of succeeding with your plan? Are you willing to take the financial risk needed to start a business? Why, or why not? Are you really likely to make more money running your own business than working for someone else? 2.6 STARTING A BUSINES FOCO