Chapter 5: Owning and Operating a Business Flashcards
1
Q
Entrepreneur
A
a person who recognizes a business opportunity and assumes the risks of starting and operating a business
2
Q
Sole Proprietorships
A
a business owned by one person
3
Q
Partnerships
A
a business owned by 2+ people who will share its risks and rewards
4
Q
Corporations
A
a company that is registered by a state and operates apart from its owners
5
Q
Pros of Entrepreneurship
A
being the boss, doing what you enjoy, flexibility
6
Q
Cons of Entrepreneurship
A
long hours, getting funds to start the business, uncertainty
