Key Terms
A person who owns, operates, and takes the risk of running a business.
entrepreneur
This type of business produces products to sell.
manufacturing
More than half of all new businesses fail within this time frame.
10 years
The first step of the problem-solving model.
identify the problem
This organization regulates food and drugs, not businesses.
FDA
A natural ability to learn a particular kind of job or skill
aptitude?
This type sells to other businesses, not directly to consumers.
wholesaling
Entrepreneurs are motivated by more than just this.
money
The last step of the problem-solving model.
evaluate the results
This 2009 Act was passed to stimulate the economy after the 2008 slowdown
American Recovery and Reinvestment Act?
An evaluation of strengths and weaknesses.
self-assessment
This type sells products directly to the people who use them
retailing
People often start businesses to set their own schedule, pursue dreams, or do this at home
earn income
This creative technique involves generating many ideas without judgment
brainstorming
One way businesses can “go green” is by doing this.
recycling
A possibility for success that arises from existing conditions.
opportunity
This type of business provides services rather than products.
service
There are more of these businesses in the U.S., but large businesses create more jobs.
small businesses
The more you practice this model, the better your decision-making becomes
problem-solving model
This government act helped small businesses with loans, credit, tax relief, and equity capital.
American Recovery and Reinvestment Act
Goals that are Specific, Measurable, Achievable, Relevant, and Time-bound.
SMART goals
This type generates fresh produce and farm products
agricultural
Opportunities don’t disappear in bad economies, they ______
change
True or False: The best way to make decisions is to rely only on intuition or “gut feelings
False
Special meetings where industries display products and services.
trade shows