Vocabulary
Rivalry among businesses for consumer dollars.
What is Competition?
Considered to be the biggest reward of owning a business, it gives you freedom to make your own decisions.
What is Being your own Boss?
Not a lot of spare time.
What is working long hours?
Being willing to work until the job is done.
What is persistence?
Person to person, telephone, written, and electronic
What are communication skills?
The amount of money a person puts into their business as capital.
What is Investment?
Being able to shape a business in ways employees cannot.
What is Being Creative?
This keeps most people from becoming an entrepreneur. When business is bad, this is low. When business is good, this can be profitable.
What is having an uncertain income?
Not "passing the buck" but answering for your decisions and actions.
What is Responsibility?
Skills that allow you to maintain business records (purchases, profits, financial, etc) required to run a business.
What are Math skills?
This includes the buildings, equipment, tools, and other goods needed to produce a product or the money used to buy these things.
What is Capital?
Flexibility to determine when and where you work.
What is setting your own schedule?
Having all the weight of the business on your shoulders.
What is full responsibility?
Making your own decisions.
What is Independence?
Changes everyday. Important in setting up the processes and tech a business uses every day.
What are Technical and computer skills?
A set of characteristics or qualities that identifies a type or category of person.
What is a Profile?
An entrepreneur controls their own destiny, as long as the business is successful.
What is Job Security?
This can be intense and make business ownership extremely difficult.
What is competition?
When an entrepreneur wants to know as much as possible about whatever affects their new venture.
What is being inquisitive?
Choosing the best options for solving problems.
What are decision-making skills?
These are skills that entrepreneurs use regularly in setting up and running a business.
What are Foundational Skills?
Business ownership carries with it a certain amount of prestige.
What is being recognized in the community?
You could risk losing this as an entrepreneur. This could come from you or from someone else.
What is an Investment?
You are not reckless, but you calculate these decisions.
What is risk?
Skills needed to interact with other people like employees, customers, and vendors.
What are social skills?