Entrepreneur Traits
this common trait means an entrepreneur wants to control their own work destiny
What is "desire to be your own boss"?
This government agency helps small business owners develop plans and obtain financing
What is the Small Business Administration (SBA)?
the most common first source of business startup funds
What are personal savings?
this document describes a business idea and how it will be implemented
What is a business plan?
This common reason leads to small business failure
What is lack of start-up money?
This personal characteristic helps entrepreneurs learn from setbacks and continue pursuing their goals
What is persistence?
A business that typically operates in one or few locations and serves a small market
What is a small business?
Money provided by large investors for potentially profitable new businesses
What is venture capital?
These three key elements should be included in the business description section
What are business idea, major products/services, and ownership structure?
three risks entrepreneurs face when starting a new business
What are low sales, higher expenses, and competitive pressure?
Entrepreneurs with this skill can quickly adapt and develop creative solutions to problems
What are problem-solving skills?
This type of business opportunity involves creating something entirely new
What is innovation?
These two personal sources of initial business funding are often used by new entrepreneurs
What are friends and family?
The three steps in developing a comprehensive business plan
What are gather information, develop strategic alternatives, and have an expert review?
These management-related issues can contribute to business failure
What are lack of experience and inadequate record-keeping?
This ability allows entrepreneurs to work effectively with others and build collaborative networks
What is the ability to partner?
These are two key advantages small businesses have over larger corporations
What are personalized service and ability to fill unique customer needs?
Three potential sources of borrowed funds for new businesses
What are banks, finance companies, and personal loans?
These five components are typically included in: company organization, major operations, resource analysis, and human resource plans?
What is a the operations plan?
Four personal characteristics that help entrepreneurs overcome business challenges
What are creativity, energy, goal-orientation, and reliability?
These three interconnected traits help entrepreneurs navigate uncertain business environments
What are self-confidence, independence, and tolerance for ambiguity?
These three elements are critical when making a business decision
What are idea, experience, and preparation?
The four types of business financing entrepreneurs might seek
What are start-up, short-term, long-term, and owner-supplied financing?
the critical financial sections entrepreneurs must include in their business plan
What are start-up costs, financial needs, financing sources, and financial statements?
The comprehensive approach to mitigating entrepreneurial risks
What is thorough preparation, research, and team collaboration?