What are 3 motives of becoming an entrepreneur?
Escape an uninteresting job
To have more fun
Easier
A new idea
Seen a gap in the market
Less risk
opportunity costs are: the costs of an activity expressed in terms of the next best alternative.
There is only 2 ways to protect a business.
A franchisee is the person who is selling the franchise to another individual.
Break even output is calculated as:
fixed costs / contribution per unit
contribution per unit X number of units sold
selling price - variable cost
A business plan should include: (tick all that apply)
legal structure
old ideas
start date
vision for the business
pricing
business advisors advice
benefits to customers
government agencies
there are 3 types of sampling
qualitative data is:
data about opinions, attitudes and feelings.
data in numerical form
