Entrepreneurship CHAPTER 3 SECTION 2

 Values – beliefs and principles you choose to live by  Your values define who you are.  Core values do not change in different situations, and they endure over time.  Goals are the objectives you are trying to achieve.  Joining a family business is one way to experience entrepreneurship

 The greatest advantage of a family business is the trust and togetherness that family members share.  The greatest disadvantages of a family business is that its owners can never get away from the business.  Another way to acquire a business is to buy an existing one.  Buying a business is less risky that starting a new one.

 A franchise is another way to purchase a business opportunity.  Franchise – legal agreement to begin a new business in the name of a recognized company  Franchisee – buyer  Franchisor - seller

 People find businesses in many ways.  One way is in the newspaper.  Business broker – someone whose job is to bring buyers and sellers together

 Questions to ask before you purchase a business: 1.Is the business interesting to me and others 2.Why is the owner selling 3.What is the business’s potential for growth