Problem
Answer the following questions:
A. Describe three potential rewards of becoming an entrepreneur that appeal to you.
B. Explain why it is important to consider opportunity cost when making a decision.
C. Describe mission, vision, and culture.
D. Describe the factors of competitive advantage. How do you decide if your competitive advantage is strong enough, and give an example?
E. How are demographic, psychographic, and behavioral segmentation different?
F. Define customer service and give examples of offering good customer service.
G. Describe how an entrepreneur should protect his/her financial records.
H. Define debt and equity and explain the difference between them. Where does each appear on financial statements?
I. How is financing with equity different from financing with debt?
J. How is a legal entity, such as a corporation, similar to a person? If you owned a business, why might you want it to be incorporated?
K. What is franchising and how is it different from licensing?
L. What are the four basic exit strategy possibilities? Describe them.