Deck 6: Innovation and Pathways to Entrepreneurial Ventures

Question 1

The action plan covers 3 primary areas: the owner, the finances, and other vital factors.

Answer 1

True

Question 2

It is not uncommon for a buyer to be faced with a franchise fee of 250,000 to 1,000,000.

Answer 2

False

Question 3

An advantage associated with franchising is

A)training and guidance provided by the franchisor.
B)brand-name appeal of the franchise
C)track record of the other franchisees as proof of success
D)all of the above

Answer 3

all of the above

Question 4

Have a seller retain a _____interest in the business.

A)minority
B)majority
C)20%
D)40%

Question 5

Which franchise is not included in the top ten franchises?

A)7-eleven Inc.
B)Subway
C)Pizza Hut
D)Jimmy John's

Question 6

Which is not a cost of franchising?

A)Insurance
B)Debt Service
C)Payroll
D)All are costs

Question 7

Some ways to develop a creative mind include

A)reading a variety of textbooks on entrepreneurship.
B)creative minds are born not made.
C)observing other entrepreneurs.
D)getting away from it all.

Question 8

The Small Business Innovation Development Act directs that small firms get at least a fixed minimum percentage of research and development awards made by federal agencies with sizable R&D budgets. What are the implications of this act?