Although the $200,000 you inherited from your uncle provided you with a solid financial foundation upon which to start your business, you quickly realize that you're going to need a lot more to get the business going. You have decided that, in addition to your start-up costs, you will follow experts' advice and budget for sufficient capital to operate for 6-12 months without earning a profit. Show
You determine that you will need at least another $100,000 to make the business a reality. Unfortunately, you don't have anywhere near that amount in your personal savings, and your family isn't able to help. Where are you going to get those funds? What would be the best option to secure financing for your business? Which of the following is a true statement? - Buying an existing business, rather than creating one from scratch, frees the entrepreneur from the prior owner's errors. - Buying an existing business is less risky than starting a new business from scratch. - Most entrepreneurs buy an existing business, rather than starting a new business from scratch. - All of these. - Only "buying an existing business, rather than creating one from scratch, frees the entrepreneur from the prior owner's errors" and "buying an existing business is less risky than starting a new business from scratch." Review terms and
definitions Focus your studying with a path Get faster at matching terms 1. Why does owner want to sell?
Look for real reason. Sets with similar termsWhat are two advantages of buying an existing business quizlet?Understand the advantages and disadvantages of buying an existing business. equipment is installed and its productive capacity known; inventory is in place and trade credit established; the owner hits the ground running; the buyer can use the expertise of the previous owner; and, the business may be a bargain.
Which of the following is an advantage to buying an existing business?The business will have a financial history, which gives you an idea of what to expect and can make it easier to secure loans and attract investors. You will acquire existing customers, contacts, goodwill, suppliers, staff, plant, equipment and stock. A market for your product or service is already established.
Which three options are reasons to buy a franchise instead of starting a business from scratch?These eight franchisors and franchisees told Business News Daily why franchising is a great choice.. It gives you independence with guidance. ... . It has the benefits of a big company. ... . It's easier to get funding. ... . It's less risky than starting a business from scratch. ... . You can ask for help if you need it.. What is the benefit of purchasing new equipment in a business quizlet?Investing in equipment that enables employees to work faster and reduces manual and repetitive tasks, can increase both efficiencies and overall productivity.
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What is the advantage to starting a business from scratch instead of buying an existing business quizlet?
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