Basics
True/False
All people who own or manage a business are entrepreneurs.
False
How many businesses are created annually?
Over 500,000
Someone who takes a risk in starting a business to earn a profit.
What is an Entrepreneur?
When a group of investors put their money together to invest in a business.
What is a venture capitalist?
From family, outside sources, and personal and business loans.
Where do most entrepreneurs get their start-up money?
How many businesses close annually.
Rough 550,000 businesses.
An entrepreneur uses their own money to fund their business.
What is bootstrapping.
Two questions to ask when leading business ideas.
What products or services that can be made or done better?
Having a real desire to be your own boss, developing a good initial plan, possessing special skills and abilities, developing innovative and important ideas
What are key factors in starting a business?
The percentage of many new business owners run their businesses with little or no help.
About 32%
Designed change that increases the usefulness of a product, service, or process.
What is an improvement?
Responsible for more than half of the U.S. GDP each year.
What are small businesses?
Unique skills and personal characteristics, confidence and capability to turn an idea into a business, many own their first business in their teens
What does it take to be an entrepreneur?
What is the percentage that Americans 18-64 are involved in any kind of Entrepreneurship activity?
13 percent of Americans
An invention or creation that is brand new.
What is an innovation?
Responsible for half of of all innovative products and services developed.
What are new businesses?
Low sales, Lack of adequate capital, Higher than expected expenses, Competitive pressure, An owner unprepared to manage a growing business
Why do businesses close?
The process of starting, organizing, maintaining, and assuming the responsibility for a business.
What is Entrepreneurship?
The organization that reports new businesses are 1/3 profitable, 1/3 do not profit but continue, and 1/3 businesses lose money.
What is the National Federation of Independent Businesses?