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Mini-Quiz: Basic Types of Entrepreneurial Enterprises

by Ron Kurtus (revised 26 January 2012)

Take this Mini-Quiz to check your understanding of the lesson material.



1. What is the biggest risk in starting up a new business?

Your assumption of the demand for your product or service may be invalid

Someone will steal your idea

You will have to be the boss over your employees

2. Why do people often buy a franchise?

They hope to steal the ideas, so they can start a competing business

Most often they don't know why they took the step

They see it as a easy way to own a viable and profitable business

3. What risk is there in buying an existing business?

The existing customers may not like your personality

There may be hidden problems that are motivating the owners to sell

Wal-Mart may open a store next door

If you got all three correct, you are on your way to becoming a Champion Entrepreneur. If you had problems, you had better look over the material again.


Are you ready to get started?


Resources and references

Ron Kurtus' Credentials

Websites

Entrepreneur Resources

Buying a Franchise: A Consumer Guide - From Federal Trade Commission

Franchise Gator - Listing of franchise opportunities

Buying a Business - From About.com

Pros and Cons of Buying a Business - From the U.S. Small Business Administration

Top 10 Mistakes Made When Buying a Business - From AllBusiness.com

Books

Top-rated books on Starting a Business

Top-rated books on being an Entrepreneur

Top-rated books on Buying a Franchise


Questions and comments

Do you have any questions, comments, or opinions on this subject? If so, send an email with your feedback. I will try to get back to you as soon as possible.


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