ADMS 3920 Chapter 2: CHAPTER 2.docx

49 views6 pages

Document Summary

Start-up creating a new business from scratch. There are several reasons for starting a new business rather than buying an existing firm or acquiring a franchise: To begin a new type of business on a recently invented or newly developed product or service. To take advantage of an ideal location, equipment, products or services. To avoid undesirable precedents, policies, procedures, and legal commitments of existing firms. Facts to consider when deciding whether a new business idea is a good investment opportunity: The product or service must meet a clearly defined market need and the timing must be right. A competitive advantage exists when a firm offers a product or service that customers perceive to be superior to those of its competitors. The venture needs to be financially rewarding, allowing for profit and growth potential. There must be a good fit between the entrepreneur and the opportunity; the entrepreneur must have the appropriate skills and experience to operate the venture.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents

Related Questions