Entrepreneurs vs. Small-Business Owners vs. Managers
Small businesses and entrepreneurs are important to society because they:
create jobs
How many employees does a solopreneur have including themselves?
1
Name a reason to start a business?
flexibility
An angel investor helps start-ups by:
providing capital
Being an entrepreneur, particularly in the early stages, usually requires excessive and irregular hours, and produces___________.
irregular paychecks
Entrepreneurs usually assume more ____________ than small business owners:
Risk
One positive impact small businesses have on society is:
they pay taxes and governments spend that money on roads and schools and other infrastructure
Entrepreneurs share this in common: they have ____________ for their vision, their purpose, for the problem they are trying to solve, and the company they are trying to build.
Passion
Governmental policy can encourage entrepreneurship by:
reducing regulations and taxes
What is one of the disadvantages associated with entrepreneurship?
irregular and excessive hours
Small business owners are usually more concerned about this than entrepreneurs are:
a steady income
You can reach more potential customers today, more easily, and more cost effectively, than ever before, due to:
digital marketing and social network channels
Sarah enjoys yard work as a hobby and decides to start a landscaping business. She is most likely doing this for her:
personal satisfaction
Patrick is good with handy work around his house. He notices that older people are living longer and living in their homes longer, and that they need help fixing their homes so they can live in them more easily. Patrick is thinking about becoming an entrepreneur because of this ____________ he noticed:
trend
Entrepreneurs receive the rewards associated with a successful venture, but while building their businesses they also assume ____________.
The risk
What percentage of companies in the United States are considered to be “small” businesses?
over 90%
Nearly all business employers are:
small business employers
Mary Kay Ash, founder of Mary Kay cosmetics, left the company she was working for and started her own company. Why did she leave the company she was working for?
Discrimination
Due to the growth of technology and e-commerce, and some family-time benefits, and some cost savings, and even perhaps some tax advantages, about half of all businesses:
start and remain in their homes
Being an entrepreneur can be a lonely experience and can take a personal toll on you. One way to help manage this is to:
find a business partner to share the work, the pressures, the fears, as well as the upside, the rewards, and the success
find an accountability partner, that will hold you accountable
network, find peers, meet people, make human connections with others going through the same thing
Entrepreneurs try to create something ___________ than what is currently available
different
Local governments and chambers of commerce are usually very supportive of small businesses because:
of their overall importance and impact they have on the economy and society as a whole
An obstacle, barrier, or problem that might get in the way of the desired objective or goal
Challenge
One method entrepreneurs use to identify opportunities, is to find _________in the marketplace, wants or needs that can be fulfilled with a business idea.
Voids
Shark Tank’s Lori Greiner says, “Entrepreneurs are willing to work 80 hours a week to avoid working 40 hours a week.” What does she mean?
the eventual rewards hopefully compensate for the extra effort required to get your business established.