A patent protects the creator of original works of authorship such as for software.

Many small businesses prosper by sticking to niches in a market that are too small to attract the attention of large competitors.

After a company’s strengths and weaknesses are assessed, the strategic planning process should identify opportunities and threats facing the company and should isolate the key factors for success in business.

An entrepreneur should never purchase a business that is losing money.

Ninety-percent of businesses in the United States are family-owned and managed and account for 62 percent of total U.S. employment.

Kevin Abt noticed that people were cooking meals in their homes less often but wanted to avoid the hassle of going out to eat. They wanted to “eat in” without cooking. Abt launched a company, Takeout Taxi, that delivers restaurant-prepared food to his customers’ homes and businesses. Takeout Taxi is the result of a(n) ________.

An entrepreneur who is considering purchasing a business is analyzing a company’s accounts receivable. The following table summarizes her findings.How much should this potential buyer be willing to pay for these accounts receivable?

Earning a profit may be a company’s ________ responsibility.

For a new owner of an existing business, physical facilities and equipment costs are very similar to what would have been spent on a startup with all new facilities and equipment.

One way for a business buyer to avoid being surprised by liens against the assets purchased is to include a clause in the sales contract stating that any liability not shown on the balance sheet at the time of the sale remains the responsibility of the seller.