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Money Smarts
Chapter 20 Money Smarts: Idea for a New Business
More than 75 percent of all businesses
in the United States are organized as sole proprietorships
(one owner). Most sole proprietorships are small business
operations owned by an entrepreneur. Entrepreneurs focus on
the job to be done, whether it’s accounting, plumbing,
or operating a retail store. In today’s business world,
it is essential that a small business owner give careful thought
to the idea that will form the basis of the business.
SCORE® “Counselors
to America’s Small Business” is a nonprofit association
that provides guidance to small businesses nationwide. Go
to SCORE’s 60-Second
Guide to Coming Up with a Powerful Business Idea.
Read the article and answer the following
questions.
- What is the foundation for achieving your goals?
- What types of behaviors and attitudes reflect a positive,
optimistic attitude?
- What is meant by the term “trade places”?
- Name some sources of feedback that you can use for developing
your business ideas.
- Explain the wingwalker’s code. How does it apply
to a potential entrepreneur?
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