Generally, an industry is more attractive when the items suppliers provide the industry
account for a relatively high portion of the cost of the industry’s finished product.
A patent gives the inventor the exclusive right to make, use, or sell an invention for 50
years.
In addition to other fees, franchisees must also pay royalties but only on net profits; in
other words, no profits, no royalties.
A cash budget allows a small business owner to anticipate cash shortages and cash
surpluses and gives her/him time to handle, or even avoid, approaching problems.
When choosing a location, a small business owner should match the characteristics of
the labor force her/his company requires with the characteristics of an area’s available
labor pool.
If an account receivable becomes past due, the best strategy is simply to wait; statistics
show that customers eventually pay their bills if business owners do not bother them
with repeated collection attempts.
Dynamic pricing may raise ethical questions.
Most entrepreneurs seeking money to launch their businesses need more than
$1,000,000 in startup capital.
Entrepreneurs are not willing to give up a steady paycheck.
Strengths are positive internal factors that contribute toward accomplishing the
company’s mission, goals, and objectives.
To give the interviewing process more consistency, a business owner should develop a
series of core questions and ask them of every candidate.