Entrepreneurship Refers to Developing a New Product or Service That

question 48

True/False

Entrepreneurship refers to developing a new product or service that is revolutionary,or earth-shaking,rather than developing a less noteworthy product or service.

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Definitions:

Sole Proprietorship

Business ownership in which there is no legal distinction between the sole proprietor’s status as an individual and his or her status as a business owner.

Partnership

A legal business structure where two or more individuals agree to share the profits and losses of a business.

Corporation

Legal organization with assets and liabilities separate from those of its owner(s).

Franchise

A licensing agreement where a franchisor allows a franchisee to use its brand, products, and operating methods.