Ch+3+Review

=ENTREPRENEURSHIP PERIOD 3 := =**CHAPTER 3 REVIEW**=

VOCABULARY

Need a better definition
 * outsourcing -** contract with other companies for services
 * goodwill -**being loyal to one another
 * franchisee, franchisor, franchise -** Buyer, seller, and the agreement to run a business under a larger company.
 * creativity -** create a enviroment that is friendley for all custamers.
 * strategic alliance -** partnership with another company
 * opportunity -** is a possibility due to a favorable combination of circumstances
 * trade show -** where companies in a specific industry get together and showcase their products and ideas
 * demographic changes -**set of characteristics for a particular population
 * innovation -** is a new way of doing something or new items that are made successful.
 * trade magazines -** for people in a specific industry
 * specialty magazines -**for special interests ex. hunting

PRACTICE QUESTIONS 1. Problems 2. Changes (laws, situations) 3. Inventions 4. Competition (other people selling the same product or service) 5. Technology advances 6. Unique knowledge **What was the purpose of watching John G. Miller discuss the messages in his book Question Behind the Question? **
 * List and explain the 6 ROOTS OF OPPORTUNITY?**

The message was that the harder you work for your customers you will be rewarded.
 * What was the message in the story of Jacob Miller, John G. Miller’s waiter at Rock Bottom Brewery? **

I would invest in Jamba Juice because there is no other store like it in central Iowa which would create less competition.
 * If given the choice, what franchise would you choose to invest in & why? **

**What are the advantages to owning a franchise rather than starting your own business? ** A franchise is trademarked and the company you want to franchise is usually well known. There is a reduced risk of failure. You will have people help you through the startup process telling you what to do and how to do it. **Identify & explain examples of current entrepreneurial trends** green power: using recycled products to make products. discount retail: people dont want to pay full price for goods anymore. they go to dicount stores and get the same goods for less. strategic alliance: partnership with another company outsourcing: contract with other companies for services