Identify and describe the pros and cons of starting a business from scratch
Starting a Business from Scratch
Key Pros Key Cons
·It's all YOU: Your concept, your
decisions, your structure, and so on. ·It's all YOU. That's a lot of pressure.
You don't have to deal with the prior
owner's mistakes.
·It takes time, money, and sheer sweat
equity to build a customer base.
·Without a track record, it's harder to get
credit from both lenders and suppliers.
·From securing permits to hiring
employees, the logistics of starting a
business can be challenging.
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What will be an ideal response?
Auditing is the process of verifying the accuracy of the financial statements
a. True b. False Indicate whether the statement is true or false
Some firms serve both ultimate consumers and industrial consumers
Indicate whether the statement is true or false
At the beginning of the year, Berkshire Manufacturing had the following account balances:
The following additional details are provided for the year:
Calculate the gross profit Berkshire will report for the year.
A) $250,000
B) $297,000
C) $304,000
D) $455,000