Which of the following statements is true about business startup requirements*2 pointsNew business owners usually need to register for patent protection.The financial needs to start a new business depend on the nature of the venture.Purchasing a franchise is usually easy and inexpensive for startup business owners.Equipment is the least expensive requirement for a startup business.

Which of the following would an entrepreneur typically not need to start a new company:Question 25Select one:a.Product or service likely to be profitable and sustainableb.Previous business experiencec.Source of start-up moneyd.A board of directors

The type of capital resources that a startup business needs to begin operating usually depends on the*1 pointvendors' lead time.location.owner's preferences.industry.

Thomas is an aspiring entrepreneur who is innovative and creative. He likes to take control, to make decisions, to make operational changes and to have total flexibility and autonomy. He would like to start a business through a franchise. Which of the following statements suggest that entering a franchise will not be a good idea for Thomas?a. The franchisee needs to comply with the franchise standards.b. The franchise allows access to lower prices.c. The franchise provides training and knowledge.d. Creative entrepreneurs may find franchising frustrating.e. Maintaining consistency in the franchising process is critical for the franchisor.

What is the main advantage of a franchise as a form of business ownership?Complete autonomyGuaranteed successEstablished brand and operational supportNo initial investment required

D. Assimilation 20 minutes Starting a business requires a lot of hard work. Therefore, persons must be readywhen deciding to start up a business to dedicate a lot of time and energy to thestart-up. It is also very costly and therefore capital will have to be identified toinject into a new business. To better understand, here are some reasons forstarting a business. (Mindshapers Co., Inc)1. Being your own boss where you can make decisions about the directionand operation of the business.2. Financial independence where starting the business would give you theopportunity to be a successful businessperson and achieve financialindependence.3. Self-actualization/Fulfillment in which owning and operating a successfulbusiness will give a feeling of accomplishment.4. Creation of employment for relatives, friends and community memberswhich can assist in providing jobs for persons in communities with highlevels of unemployment.5. Use of skills and knowledge for yourself where the skills, knowledge andexperience that you have acquired can be put to work for you.Activity No. 4Direction: As a future businessperson, discuss the importance of business intoday’s generation and create your own reason for starting a business.V. ASSESSMENT 15 minutes Activity No. 5Let us check your understanding.Direction: Write T if the statement is True and F if the statement if False.1. Business enterprises are legal entities operating in an economy toprovide goods and services at a profit.2. Businesses will close if they are making losses.3. Firms produce commodities/goods and services that satisfy needs andwants for its market.4. Government manages the economy. They set the laws that governhouseholds and businesses.5. Households consume the goods and services provided by firms.6. Households are known as consumers.7. Whether man lives in a simple economy or in a more sophisticated one,he must survive.8. A man is seen as an economic animal. To survive, he must be involvedin economic activities such as production, consumption andexchange.9. Firms are the producers in an economy. They obtain and maintainmarkets through consistent advertising and sales promotion.10. Government provides the necessary services (road, water,transportation, communication, etc.) so that businesses may operateefficiently. Households and businesses must in turn pay their taxes.