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Before purchasing an existing business, an entrepreneur should analyze both its existing and its potential customers.

For the question(s) below, consider the following competitive profile matrix: Competitive Profile Matrix Key Success Factors Your Business Weighted Competitor 1 Weighted Competitor 2 Weighted Weight Rating Score Rating Score Rating Score Quality .35 4 1.40 2 .70 1 .35 Service .20 4 .80 2 .40 2 .40 Convenience .15 2 .30 4 .60 1 .45 On-Time Delivery .20 2 .40 4 .80 3 .60 Location .10 3 .30 1 .10 2 .20 Total 1.00 3.20 2.60 1.70 Which company has the strongest competitive position?

When evaluating a business as a potential candidate for purchase, an entrepreneur should determine the real reason the current owner wants to sell.

Conducting a SWOT analysis for her/his own business and for her/his key competitors allows an entrepreneur to gain a competitive edge by matching her/his company’s strengths against her/his competitors’ weaknesses.

A company’s mission statement defines what it stands for, why it exists, and its reason for being.

For the question(s) below, consider the following competitive profile matrix: Competitive Profile Matrix Key Success Factors Your Business Weighted Competitor 1 Weighted Competitor 2 Weighted Weight Rating Score Rating Score Rating Score Quality .35 4 1.40 2 .70 1 .35 Service .20 4 .80 2 .40 2 .40 Convenience .15 2 .30 4 .60 1 .45 On-Time Delivery .20 2 .40 4 .80 3 .60 Location .10 3 .30 1 .10 2 .20 Total 1.00 3.20 2.60 1.70 Which company has the worst location?

“Big box retailers” present an opportunity for many small business owners.

Steps in the patent process include ________.

A creditor’s claim against an asset is referred to as lien.

Entrepreneurs tend to be overly ________ and commonly misjudge the ________ requirements of going into business.